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<SEC-DOCUMENT>0000950123-11-006964.txt : 20110131
<SEC-HEADER>0000950123-11-006964.hdr.sgml : 20110131
<ACCEPTANCE-DATETIME>20110131085058
ACCESSION NUMBER:		0000950123-11-006964
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20110131
DATE AS OF CHANGE:		20110131
EFFECTIVENESS DATE:		20110131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ternium S.A.
		CENTRAL INDEX KEY:			0001342874
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-171964
		FILM NUMBER:		11557655

	BUSINESS ADDRESS:	
		STREET 1:		46A, AVENUE JOHN F. KENNEDY 2ND FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-1855
		BUSINESS PHONE:		(352) 4661-11-3815

	MAIL ADDRESS:	
		STREET 1:		46A, AVENUE JOHN F. KENNEDY 2ND FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-1855
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>y89305fv3asr.htm
<DESCRIPTION>F-3ASR
<TEXT>
<HTML>
<HEAD>
<TITLE>fv3asr</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <!-- XBRL,dc --><B>As filed with the Securities and Exchange
    Commission on January&#160;31, 2011</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><!-- /XBRL,dc -->Registration
    No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

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

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;F-3</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

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

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Grand Duchy of
    Luxembourg</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Not Applicable</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Not Applicable</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I><FONT style="font-size: 8pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Translation of
    Registrant&#146;s<BR>
    name into English)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(IRS Employer<BR>
    Identification Number)</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>46a, Avenue John F. Kennedy&#160;&#151;
    2<SUP style="font-size: 85%; vertical-align: top">nd</SUP>

    floor</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>L-1855 Luxembourg</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Telephone: (352)&#160;26 68 31 52</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Address and telephone number of
    registrant&#146;s principal executive offices)</FONT></I>
</DIV>

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

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Jos&#233; Luis
    Malvicino</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Ternium International U.S.A.
    Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">2200&#160;West Loop South, 8th
    Floor,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Houston, TX 77027</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Telephone:
    (713)&#160;767-4400</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Name, address and telephone
    number of agent for service)</FONT></I>
</DIV>

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

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Please send copies of all communications to:</I></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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cristi&#225;n J. P. Mitrani<BR>
    Mitrani, Caballero, Rosso Alba, Francia,<BR>
    Ojam&#160;&#038; Ruiz Moreno Abogados<BR>
    Alicia Moreau de Justo 400, 3rd Floor<BR>
    C1107AAH&#160;&#151; Buenos Aires, Argentina<BR>
    Telephone: + 54
    <FONT style="white-space: nowrap">(11)&#160;4590-8600</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Robert S. Risoleo,&#160;Esq.<BR>
    Sullivan &#038; Cromwell LLP<BR>
    1701 Pennsylvania Avenue N.W.<BR>
    Washington,&#160;D.C. 20006<BR>
    Telephone: 212-956-7500</B>
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Approximate date of commencement of proposed sale to the
    public:&#160;&#160;</B>From time to time after the effective
    date of this registration statement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the only securities being registered on this Form are being
    offered pursuant to dividend or interest reinvestment plans,
    please check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is a registration statement pursuant to General
    Instruction&#160;I.C. or a post-effective amendment thereto that
    shall become effective upon filing with the Commission pursuant
    to Rule&#160;462(e) under the Securities Act, check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is a post-effective amendment to a registration
    statement filed pursuant to General Instruction&#160;I.C. filed
    to register additional securities or additional classes of
    securities pursuant to Rule&#160;413(b) under the Securities
    Act, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of <BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount to be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering <BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration <BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price per Unit</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Debt Securities
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Debt Warrants
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Ordinary Shares, par value USD1.00 per share(3)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    An indeterminate aggregate initial offering price or number of
    securities of each identified class is being registered as may
    from time to time be issued at indeterminate prices. In
    accordance with Rules&#160;456(b) and 457(r) under the
    Securities Act, the Registrant is deferring payment of the
    entire registration fee.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes an indeterminate number of debt securities that may be
    issued upon exercise of warrants registered hereby.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The ordinary shares may be represented by American Depositary
    Shares (&#147;ADSs&#148;), each representing ten ordinary
    shares, evidenced by American Depository Receipts
    (&#147;ADRs&#148;), to be issued upon deposit of the ordinary
    shares being registered hereby, and that have been registered
    pursuant to a separate registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-6</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-130952)</FONT>
    filed on January&#160;11, 2006, or will be registered pursuant
    to a further registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-6.</FONT></TD>
</TR>

</TABLE>

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

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

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

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

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

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

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

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89305y8930500.gif" alt="">
</DIV>

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">B 98668</FONT></B>
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time and subject to our articles of association and
    applicable law, we may offer, issue and sell debt securities,
    debt warrants, ordinary shares and American Depositary Shares
    (&#147;ADSs&#148;) representing ordinary shares in one or more
    offerings. This prospectus may also be used by a selling
    security holder to sell securities from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus describes some of the general terms that may
    apply to these securities and the general manner in which they
    may be offered. When securities are offered under this
    prospectus, we will provide a prospectus supplement describing
    the specific terms of any securities to be offered, and the
    specific manner in which they may be offered, including the
    amount and price of the offered securities. The prospectus
    supplement may also add, update or change information contained
    in this prospectus. If any securities are to be sold by selling
    security holders, information concerning the security holders
    will be included in a supplement or supplements to this
    prospectus. The prospectus supplement may also incorporate by
    reference certain of our filings with the Securities and
    Exchange Commission. This prospectus may not be used unless
    accompanied by a prospectus supplement or the applicable
    information is included in our filings with or submissions to
    the Securities and Exchange Commission. You should carefully
    read this prospectus and any prospectus supplement, together
    with any documents incorporated by reference, before you invest
    in any of our securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our ADSs are listed on the New York Stock Exchange
    (&#147;NYSE&#148;) and trade under the ticker symbol
    &#147;TX&#148;. Our ordinary shares are listed not for trading
    but only in connection with the registration of ADSs, which are
    evidenced by American Depositary Receipts (&#147;ADRs&#148;).
    Our headquarters are located at 46a, Avenue John F.
    Kennedy&#160;&#151; 2nd&#160;floor, L-1855 Luxembourg, and our
    telephone number is +(352) 26 68 31 52.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We <FONT style="white-space: nowrap">and/or</FONT>
    the selling security holders may offer and sell the securities
    directly to purchasers, through underwriters, dealers or agents,
    or through any combination of these methods, on a continuous or
    delayed basis. If securities are sold by selling security
    holders, we will not receive any proceeds from such sale.
</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: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investing in our securities involves risks. You should
    carefully consider the &#147;Risk Factors&#148; beginning on
    page&#160;5 of this prospectus, the &#147;Risk Factors&#148;
    beginning on page&#160;9 of our annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2009, filed with the
    Securities and Exchange Commission on June&#160;30, 2010, or the
    risk factors included in any subsequent annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    that we file, as well as the risk factors included in the
    applicable prospectus supplement.</B>
</DIV>

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prospectus dated January&#160;31, 2011.
</DIV>
<!-- XBRL Pagebreak Begin -->

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

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

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

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

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

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

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

<DIV align="left">
<A name="Y89305tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305101'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305102'>AVAILABLE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305103'>INCORPORATION OF CERTAIN INFORMATION BY
    REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305104'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305105'>TERNIUM S.A.&#160;</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 nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305106'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305107'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305108'>RATIOS OF EARNINGS TO FIXED CHARGES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305109'>PRICE HISTORY OF AMERICAN DEPOSITARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305110'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305111'>THE SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305112'>LEGAL OWNERSHIP</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305113'>DESCRIPTION OF DEBT SECURITIES</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='#Y89305114'>DESCRIPTION OF DEBT WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305115'>DESCRIPTION OF ORDINARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305116'>DESCRIPTION OF AMERICAN DEPOSITARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305117'>U.S. TAXATION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305118'>U.S. TAXATION OF ORDINARY SHARES&#160;AND
    AMERICAN DEPOSITARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305125'>MATERIAL LUXEMBOURG TAX CONSIDERATIONS FOR
    HOLDERS OF ORDINARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305119'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305120'>VALIDITY OF THE SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305121'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y89305122'>ENFORCEMENT OF CIVIL LIABILITIES AGAINST FOREIGN
    PERSONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv4w1.htm">EX-4.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv5w2.htm">EX-5.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv8w1.htm">EX-8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv8w2.htm">EX-8.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv10w1.htm">EX-10.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv12w1.htm">EX-12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89305exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<A name='Y89305101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In this prospectus, unless the context otherwise requires or if
    otherwise indicated, references to the &#147;Company&#148;,
    &#147;we&#148;, &#147;us&#148; or &#147;our&#148; refer to
    Ternium S.A. only and do not include its consolidated
    subsidiaries and references to &#147;Ternium&#148; are to
    Ternium S.A. and its consolidated subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a registration statement that we
    filed with the U.S.&#160;Securities and Exchange Commission (the
    &#147;SEC&#148;), using a &#147;shelf&#148; registration
    process. Under this shelf process, the securities covered by
    this prospectus may be sold in one or more offerings. Each time
    we or any selling security holder offers securities under the
    registration statement, we will provide a prospectus supplement
    that will contain specific information about the terms of that
    offering. The prospectus supplement may also add, update or
    change information contained in this prospectus. Before you
    invest in any securities offered under this prospectus, you
    should read this prospectus and the applicable prospectus
    supplement together with the additional information described
    under the heading &#147;Available Information.&#148; The
    registration statement that contains this prospectus (including
    the exhibits to the registration statement) contains additional
    information about us and the securities offered under this
    prospectus. Statements contained in this prospectus and the
    applicable prospectus supplement about the provisions or content
    of any agreement or other document are only summaries. If SEC
    rules require that any agreement or document be filed as an
    exhibit to the registration statement, you should refer to that
    agreement or document for its complete contents. That
    registration statement can be read at the SEC website or at the
    SEC offices mentioned under the heading &#147;Available
    Information.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus, any related free
    writing prospectus or the applicable prospectus supplement. We
    have not authorized anyone else to provide you with additional
    or different information. This prospectus may only be used to
    sell securities if it is accompanied by a prospectus supplement
    or the applicable information is included in our filings or
    submissions to the SEC. This prospectus may only be used where
    it is legal to offer and sell these securities. You should not
    assume that the information contained or incorporated by
    reference in this prospectus, the applicable prospectus
    supplement or any other offering material is accurate as of any
    date other than the dates on the front of those documents.
</DIV>

<A name='Y89305102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are subject to the information requirements of the
    U.S.&#160;Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;), applicable to a foreign private
    issuer and, accordingly, file or furnish reports, including
    annual reports on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    reports on
    <FONT style="white-space: nowrap">Form&#160;6-K,</FONT>
    and other information with the SEC. You may read and copy any
    documents filed by us at the SEC&#146;s public reference room at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room. Our
    filings with the SEC are also available to the public through
    the SEC&#146;s internet site at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    and through the New York Stock Exchange, 20&#160;Broad Street,
    New York, New York 10005.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    relating to the securities covered by this prospectus. This
    prospectus is a part of the registration statement and does not
    contain all of the information in the registration statement.
    Whenever a reference is made in this prospectus to a contract or
    other document of ours, please be aware that the reference is
    only a summary and that you should refer to the exhibits that
    are a part of the registration statement for a copy of the
    contract or other document. You may review a copy of the
    registration statement at the SEC&#146;s public reference room
    in Washington,&#160;D.C., as well as through the SEC&#146;s
    internet site.
</DIV>

<A name='Y89305103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN INFORMATION 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: transparent">
    The SEC&#146;s rules allow us to &#147;incorporate by
    reference&#148; information into this prospectus. This means
    that we can disclose important information to you by referring
    you to another document. Any information referred to in this way
    is considered part of this prospectus from the date we file that
    document. Any reports filed by us with the SEC after the date of
    this prospectus will be incorporated by reference into this
    prospectus and will automatically update and, where applicable,
    supersede any information contained in this prospectus or
    incorporated by reference in this prospectus (other than, in
    each case, documents or information deemed to have been
    furnished and not filed in accordance with SEC rules).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We also incorporate by reference into this prospectus the
    following documents or information filed or furnished, as
    appropriate, by us with the SEC:
</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: transparent">
    (1)&#160;Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    dated January&#160;27, 2006 filed on January&#160;27, 2006;
</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: transparent">
    (2)&#160;Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2009, filed on
    June&#160;30, 2010 (the &#147;Annual Report&#148;);
</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: transparent">
    (3)&#160;Report on
    <FONT style="white-space: nowrap">Form&#160;6-K,</FONT>
    dated January&#160;31, 2011;
</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: transparent">
    (4)&#160;Any future annual reports on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    filed with the SEC after the date of this prospectus and prior
    to the termination of any offering of the securities offered by
    this prospectus (including any supplement hereto);&#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: transparent">
    (5)&#160;Our reports on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    furnished to the SEC after the date of this prospectus only to
    the extent that the reports expressly state that we incorporate
    them by reference in this prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will provide without charge to each person, including any
    beneficial owner, to whom this prospectus is delivered, upon his
    or her written or oral request, a copy of any or all documents
    referred to above which have been or may be incorporated by
    reference into this prospectus. You may request a copy of these
    documents by writing or telephoning us at our registered office
    at the following address:
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Ternium
    S.A.<BR>
    <BR>
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">46a,
    Avenue John F. Kennedy&#160;&#151; 2nd Floor<BR>
    L-1855 Luxembourg<BR>
    Attention: Alicia Alvarez<BR>
    Telephone: (352)&#160;26 68 31 52
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We maintain an internet site at www.ternium.com. Information
    contained in or otherwise accessible through this website is not
    a part of this prospectus. All references in this prospectus to
    this internet site are inactive textual references to these
    URLs, or &#147;uniform resource locators&#148; and are for
    informational reference only. We assume no responsibility for
    the information contained on this web site.
</DIV>

<A name='Y89305104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: transparent">
    This prospectus, the accompanying prospectus supplement and the
    documents incorporated in this prospectus by reference contain
    statements which may constitute &#147;forward-looking
    statements&#148; within the meaning of and subject to the
    &#147;safe harbor&#148; provisions of the Private Securities
    Litigation Reform Act of 1995. These forward-looking statements
    are not based on historical facts but instead represent only our
    belief regarding future events, many of which, by their nature,
    are inherently uncertain and outside our control.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We use words such as &#147;aim&#148;, &#147;will likely
    result&#148;, &#147;will continue&#148;,
    &#147;contemplate&#148;, &#147;seek to&#148;,
    &#147;future&#148;, &#147;objective&#148;, &#147;goal&#148;,
    &#147;should&#148;, &#147;will pursue&#148;,
    &#147;anticipate&#148;, &#147;estimate&#148;,
    &#147;expect&#148;, &#147;project&#148;, &#147;intend&#148;,
    &#147;plan&#148;, &#147;believe&#148; and words and terms of
    similar substance to identify forward-looking statements, but
    they are not the only way we identify such statements. All
    forward-looking statements are management&#146;s present
    expectations of future events and are subject to a number of
    factors and uncertainties that could cause actual results to
    differ materially from those described in the forward-looking
    statements. In addition to the risks related to our business
    discussed under Item&#160;3.D. &#147;Key Information&#160;&#151;
    Risk Factors&#148; of our Annual Report incorporated in this
    prospectus by reference, other factors could cause actual
    results to differ materially from those described in the
    forward-looking statements. These factors include, but are not
    limited to:
</DIV>

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

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

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

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainties about the behaviour of steel consumers in the
    markets in which Ternium operates and sells its products;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the pricing environments in the countries in which
    Ternium operates;
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact in the markets in which Ternium operates of existing
    and new competitors, including competitors that offer less
    expensive products and services, desirable or innovative
    products, or have extensive resources or better financing, and
    whose presence may affect Ternium&#146;s customer mix, revenues
    and profitability;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increases in the prices of raw materials, other inputs or energy
    or difficulties in acquiring raw materials or other inputs or
    energy supply cut-offs;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the policies of, and the economic, political and social
    conditions in, the countries in which Ternium operates or other
    countries which have an impact on Ternium&#146;s business
    activities or investments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    inflation or deflation and foreign exchange rates in the
    countries in which Ternium operates;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the performance of the financial markets globally and in the
    countries in which Ternium operates;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in domestic and foreign laws, regulations and taxes;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    regional or general changes in asset valuations;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Ternium&#146;s ability to successfully implement its business
    strategy or to grow through acquisitions, greenfield projects,
    joint ventures and other investments;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other factors or trends affecting the flat and long steel
    industry generally and Ternium&#146;s financial condition in
    particular.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By their nature, certain disclosures relating to these and other
    risks are only estimates and could be materially different from
    what actually occurs in the future. As a result, actual future
    gains or losses that may affect our financial condition and
    results of operations could differ materially from those that
    have been estimated. You should not place undue reliance on the
    forward-looking statements, which speak only as of the date they
    are made. Except as required by law, we are not under any
    obligation, and expressly disclaim any obligation, to update or
    alter any forward-looking statements, whether as a result of new
    information, future events or otherwise.
</DIV>
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    <BR>
    3
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a public limited liability company (<I>soci&#233;t&#233;
    anonyme</I>) organized under the laws of the Grand-Duchy of
    Luxembourg on December&#160;22, 2003. Our registered office is
    located at 46a, Avenue John F. Kennedy, 2nd&#160;Floor,
    <FONT style="white-space: nowrap">L-1855,</FONT>
    Luxembourg, telephone (352)&#160;26 68 31 52. Our agent for
    U.S.&#160;federal securities law purposes is Ternium
    International U.S.A. Corporation, located at 2200&#160;West Loop
    South, 8th&#160;Floor, Houston, TX 77027, United States.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ternium is a leading steel producer in Latin America,
    manufacturing and processing a wide range of flat and long steel
    products for customers active in the construction, home
    appliances, capital goods, container, food, energy and
    automotive industries. Ternium believes that it is a competitive
    steel producer due to its proximity to customers and
    high-quality raw material sources,
    <FONT style="white-space: nowrap">state-of-the-art</FONT>
    and flexible production facilities and downstream integration
    into value-added steel products.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ternium produces and distributes mainly finished and
    semi-finished flat and long steel products which are sold either
    directly to steel processors or to end-users, after different
    value-adding processes. Flat steel products include slabs (steel
    in its basic, semi-finished state), hot-rolled coils and sheets,
    cold-rolled coils and sheets, tin plate, hot dipped galvanized
    and electrogalvanized sheets and pre-painted sheets. Long steel
    products include billets (steel in its basic, semi-finished
    state), wire rod and bars.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ternium has steel production facilities, service centers and
    distribution centers, in North, Central and South&#160;America
    and iron ore mining operations in North America. Ternium
    primarily sells its flat and long steel products in the regional
    markets of the Americas where it can leverage its strategically
    located manufacturing facilities to provide specialized products
    and delivery services to its clients and reduce freight costs.
    We believe that Ternium is the leading supplier of flat steel
    products in Mexico, the leading supplier of flat steel products
    in Argentina, and a competitive player in the international
    steel market for flat and long steel products. Through its
    network of commercial offices in several countries in Latin
    America, the United States and Spain, Ternium maintains an
    international presence that allows it to reach customers outside
    its local markets, achieve improved effectiveness in the supply
    of its products and in the procurement of semi-finished steel,
    and maintain a fluid commercial relationship with its customers
    by providing continuous services and assistance.
</DIV>
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    <BR>
    4
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>We have set forth risk factors in our Annual Report, which is
    incorporated by reference in this prospectus. Prospective
    investors should carefully consider all of the risks factors set
    forth therein. Prospective investors in ADSs should particularly
    consider the risk factors included in our Annual Report under
    the caption &#147;Risk Factors&#160;&#151; Risks Relating to our
    ADSs&#148;. We have also set forth below certain additional risk
    factors that relate specifically to debt securities or shares we
    may offer using this prospectus. We may include further risk
    factors in future reports on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    incorporated in this prospectus by reference, or in any
    prospectus supplement. You should carefully consider all these
    risk factors in addition to the other information presented or
    incorporated by reference in this prospectus before deciding to
    invest in our securities.</I>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to our Debt 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    may not be a liquid trading market for our debt securities,
    which could limit your ability to sell your debt securities in
    the future.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a liquid market for our debt securities does not develop, the
    price of our debt securities and the ability of a holder of our
    debt securities to resell such debt securities may be limited.
    Even if a secondary market for our debt securities develops, it
    may not provide significant liquidity and we expect transaction
    costs would be high.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Creditors
    of our subsidiaries will have priority over the holders of our
    debt securities in claims to assets of our
    subsidiaries.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be obligations of the Company. We
    conduct all of our operations and hold substantially all of our
    assets through our subsidiaries. Claims of creditors of our
    subsidiaries, including trade creditors and bank and other
    lenders, will have priority over the holders of our debt
    securities in claims to assets of our subsidiaries. In addition,
    our ability to meet our obligations, including obligations under
    the debt securities, will depend, in significant part, on our
    receipt of cash dividends, advances and other payments from our
    subsidiaries.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Judgments
    of Luxembourg courts enforcing our obligations under the debt
    securities would be payable only in a currency of legal tender
    in Luxembourg.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If proceedings were brought in Luxembourg seeking to enforce in
    Luxembourg our obligations in respect of debt securities, we
    would be required to discharge our obligations in Luxembourg in
    a currency of legal tender in Luxembourg. Under Luxembourg law,
    an obligation denominated in a currency which is not of legal
    tender in Luxembourg will be enforceable in a currency of legal
    tender in Luxembourg. As a result, the amount paid by us in a
    currency of legal tender in Luxembourg may not be readily
    convertible into the amount of U.S.&#160;dollars that we are
    obligated to pay under the indenture for our debt securities.
    However, any exchange losses incurred by the holders of our debt
    securities should be recoverable under Luxembourg law.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    insolvency laws may adversely affect a recovery by the holders
    of the debt securities.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Luxembourg law, if we were declared bankrupt, our
    obligations under the 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    would be enforceable in a currency which is of legal tender in
    Luxembourg;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    would be subject to the outcome of, and priorities recognized
    in, the relevant proceedings;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    would be satisfied at the time claims of all our unsecured
    creditors are satisfied if the relevant debt securities are
    unsecured;&#160;and
</TD>
</TR>


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


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

</TABLE>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    Luxembourg corporate law provisions do not apply to our debt
    securities.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As permitted by Luxembourg corporate law with respect to debt
    securities issued by a Luxembourg company under a law other than
    Luxembourg law, the debt securities will not be subject to the
    provisions of articles 86 to
    <FONT style="white-space: nowrap">94-8</FONT> of the
    Luxembourg law of 10th August 1915 on commercial companies, as
    amended (the &#147;Luxembourg Companies
</DIV>
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    <BR>
    5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Law&#148;) regarding bondholders&#146; rights. Accordingly,
    holders of our debt securities would not benefit from such
    provisions.
</DIV>

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

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

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

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">In
    deciding whether to purchase, hold or sell shares, you may not
    have access to as much information about us as you would in the
    case of a U.S. company.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There may be less publicly available information about us than
    is regularly published by or about U.S.&#160;issuers. Also,
    Luxembourg corporate and securities regulations governing
    Luxembourg companies may not be as extensive as those in effect
    in the United States, and Luxembourg law and regulations in
    respect of corporate governance matters might not be as
    protective of minority shareholders as state corporation laws in
    the United States. Furthermore, IFRS, the accounting standards
    in accordance with which we prepare our consolidated financial
    statements, differ in certain material aspects from
    U.S.&#160;GAAP.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Holders
    of shares in the United States may not be able to exercise
    preemptive rights in certain cases.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to Luxembourg corporate law, existing shareholders of
    the Company are generally entitled to preemptive subscription
    rights in the event of capital increases and issues of shares
    against cash contributions. Under the Company&#146;s articles of
    association, the board of directors has been authorized to
    waive, limit or suppress such preemptive subscription rights
    until July&#160;15, 2015. The Company may, however, issue shares
    without preemptive rights only in connection with any issuance
    of shares for, within, in conjunction with or related to an
    initial public offering of the Company&#146;s shares on one or
    more regulated markets (in one or more instances), or if the
    newly-issued shares are issued for consideration other than
    cash, or are issued to directors, officers, agents or employees
    of the Company, its direct or indirect subsidiaries or its
    affiliates, or are issued upon conversion of convertible bonds
    or other instruments convertible into shares (provided, however,
    that the preemptive subscription rights of the then existing
    shareholders will apply in connection with any issuance of
    convertible bonds or other instruments convertible into shares).
    We intend to evaluate, at the time of any rights offering, the
    costs and potential liabilities associated with the exercise by
    holders of shares of the preemptive rights for shares, and any
    other factors we consider appropriate at the time, and then to
    make a decision as to whether to register additional shares.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">It may
    be difficult to enforce judgments against us in U.S.
    courts.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company is a corporation organized under the laws of
    Luxembourg, and most of its assets are located outside the
    United States. Furthermore, most of the Company&#146;s directors
    and officers named in our annual report reside outside the
    United States. As a result, investors may not be able to effect
    service of process within the United&#160;States upon us or our
    directors or officers or to enforce against us or them in
    U.S.&#160;courts judgments predicated upon the civil liability
    provisions of U.S.&#160;federal securities law. Likewise, it may
    be difficult for a U.S.&#160;investor to bring an original
    action in a Luxembourg court predicated upon the civil liability
    provisions of the U.S.&#160;federal securities laws against the
    Company, directors and officers. There is also uncertainty with
    regard to the enforceability of original actions in courts
    outside the United States of civil liabilities predicated upon
    the civil liability provisions of U.S.&#160;federal securities
    laws. Furthermore, the enforceability in courts outside the
    United States of judgments entered by U.S.&#160;courts
    predicated upon the civil liability provisions of
    U.S.&#160;federal securities law will be subject to compliance
    with procedural requirements under applicable local law,
    including the condition that the judgment does not violate the
    public policy of the applicable jurisdiction.
</DIV>
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    <BR>
    6
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we indicate otherwise in the applicable prospectus
    supplement, we intend to use the net proceeds from any sales by
    us of the securities offered under this prospectus and the
    accompanying prospectus supplement to provide additional funds
    for general corporate purposes. We may set forth additional
    information on the use of net proceeds from the sale of
    securities we or selling security holders offer under this
    prospectus in the prospectus supplement relating to a specific
    offering.
</DIV>

<A name='Y89305108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets out Ternium&#146;s ratios of earnings
    to fixed charges for each of the five years ended
    December&#160;31, 2009, 2008, 2007, 2006 and 2005 and for the
    nine month period ended September&#160;30, 2010, calculated in
    accordance with International Financial Reporting Standards and
    IFRIC interpretations as issued by the International Accounting
    Standards Board and adopted by the European Union, or IFRS. IFRS
    differ in certain significant respects from generally accepted
    accounting principles in the United States, commonly referred to
    as U.S.&#160;GAAP.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
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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="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" 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="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Nine Month<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year 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>September&#160;30, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratios in accordance with IFRS</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.54
</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">
    4.85
</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">
    6.90
</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">
    5.64
</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">
    8.01
</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">
    7.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of computing the ratios of earnings to fixed
    charges, earnings have been calculated by adding income before
    equity in earnings of associated companies and income tax, fixed
    charges, amortization of capitalized interest and distributed
    income of equity investees and subtracting interest capitalized,
    and preference security dividend requirements of consolidated
    subsidiaries. Fixed charges consist of adding interest expense,
    amortized premiums related to indebtedness and an appropriate
    portion of rentals representative of the interest factor within
    rental expense.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<A name='Y89305109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s ADSs are listed on the NYSE under the symbol
    &#147;TX&#148;. Trading on the NYSE began on February&#160;1,
    2006. As of December&#160;6, 2010 a total of
    2,004,743,442&#160;shares were registered in the Company&#146;s
    shareholder register.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of January&#160;28, 2011, a total of 27,364,319 ADSs were
    oustanding under Ternium&#146;s ADS program. On January&#160;28,
    2011, the closing sales price for the ADSs on the NYSE was
    USD&#160;38.30 per ADS.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">New York
    Stock 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: transparent">
    Each ADS represents ten&#160;shares of the Company&#146;s stock.
    The Bank of New York Mellon acts as the Company&#146;s
    depositary for issuing ADRs evidencing the ADSs. The following
    tables sets forth, for the periods indicated, the high and low
    daily quoted closing prices for the Company&#146;s shares, in
    the form of ADSs, traded on the NYSE.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&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="3%" 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="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price in USD per ADS</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>Full Financial Years Since Listing</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.18
</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">
    22.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.34
</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">
    4.58
</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: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.10
</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">
    5.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.07
</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">
    28.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&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="3%" 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="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price in USD per ADS</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>Full Financial Quarters in 2009</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.98
</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">
    5.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.38
</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">
    6.95
</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: -10pt; margin-left: 10pt">
    Third quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.32
</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">
    17.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fourth quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.10
</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">
    23.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&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="3%" 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="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price in USD per ADS</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>Full Financial Quarters in 2010</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.75
</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">
    28.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.44
</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">
    29.36
</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: -10pt; margin-left: 10pt">
    Third quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.94
</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">
    30.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fourth quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.07
</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">
    32.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&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="3%" 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="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price in USD per ADS</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>Last Six Months</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.84
</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">
    30.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.29
</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">
    31.53
</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: -10pt; margin-left: 10pt">
    October 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.85
</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">
    32.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36.93
</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">
    33.67
</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: -10pt; margin-left: 10pt">
    December 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.07
</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">
    35.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January 1 to January 28, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.26
</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">
    38.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<A name='Y89305110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth Ternium&#146;s consolidated
    capitalization as of September&#160;30, 2010. This table was
    prepared in accordance with IFRS. You should read this table in
    conjunction with the financial statements and other financial
    information included and incorporated by reference in this
    prospectus that were prepared in accordance with IFRS.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="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 -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As of September&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</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">
    <B>Thousands of U.S. dollars</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Borrowings:</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>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Current borrowings(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    509,674
</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: -10pt; margin-left: 30pt">
    Bank borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    514,256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Less: debt issue costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,852
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Non-current borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,420,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Bank borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,424,436
</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: -10pt; margin-left: 30pt">
    Less: debt issue costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,818
</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>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total borrowings</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,930,292
</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: -10pt; margin-left: 10pt">
    <B>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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Capital and reserves attributable to Ternium&#146;s equity
    holders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,784,299
</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: -10pt; margin-left: 20pt">
    Non-controlling interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,108,031
</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>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,892,330
</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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total capitalization including non-controlling interest</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,822,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></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: transparent">

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    In January 2011, Ternium Mexico made a scheduled repayment of
    USD249&#160;million under its outstanding credit agreement.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<A name='Y89305111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We, or the selling security holders, as the case may be, may
    from time to time offer under this prospectus, separately or
    together:
</DIV>

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

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

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

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ordinary shares, which may be represented by ADSs, evidenced by
    ADRs.
</TD>
</TR>

</TABLE>

<A name='Y89305112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In this prospectus and in any accompanying prospectus
    supplement, when we refer to the &#147;holders&#148; of
    securities as being entitled to specified rights or payments, we
    mean only the actual legal holders of the securities. While you
    will be the holder if you hold a security registered in your
    name, more often than not the registered holder (also referred
    to as the &#147;direct&#148; holder) will actually be either a
    broker, bank, other financial institution or, in the case of a
    global security, a depositary. Our obligations, as well as the
    obligations of the trustee, any warrant agent, any transfer
    agent, any registrar, any depositary and any third parties
    employed by us or the other entities listed above, run only to
    persons who are registered as holders of our securities, except
    as may be specifically provided for in a warrant agreement,
    warrant certificate, deposit agreement or other contract
    governing the securities. For example, once we make payment to
    the registered holder, we have no further responsibility for the
    payment even if that registered 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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we choose or the selling security holder chooses to issue,
    offer or sell ordinary shares represented by ADSs, the
    underlying ordinary shares represented by ADSs will be directly
    held by a custodian or depositary. Your rights and obligations
    will be determined by reference to the terms of the relevant
    deposit agreement. A copy of the deposit agreement, as amended
    from time to time, with respect to our ordinary shares is on
    file with the SEC and incorporated by reference in this
    prospectus. You may obtain a copy of the deposit agreement from
    the SEC&#146;s Public Reference Room. See &#147;Available
    Information.&#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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Street
    Name and Other Indirect Holders</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holding securities in accounts at banks or brokers is called
    holding in &#147;street name.&#148; If you hold our securities
    in street name, we will recognize only the bank or broker, or
    the financial institution that the bank or broker uses to hold
    the securities, as a holder. These intermediary banks, brokers,
    other financial institutions and depositaries pass along
    principal, interest, dividends and other payments, if any, on
    the securities, either because they agree to do so in their
    customer agreements or because they are legally required to do
    so. This means that if you are an indirect holder, you will need
    to coordinate with the institution through which you hold your
    interest in a security in order to determine how the provisions
    involving holders described in this prospectus and any
    prospectus supplement will actually apply to you. For example,
    if a debt security in which you hold a beneficial interest in
    street name can be repaid at the option of the holder, you
    cannot redeem it yourself by following the procedures described
    in the prospectus supplement relating to that security. Instead,
    you would need to cause the institution through which you hold
    your interest to take those actions on your behalf. Your
    institution may have procedures and deadlines different from or
    additional to those described in the applicable prospectus
    supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you hold our securities in street name or through other
    indirect means, you should check with the institution through
    which you hold your interest in a security to find out:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how it handles payments and notices with respect to the
    securities;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how it handles voting, if 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how and when you should notify it to exercise on your behalf any
    rights or options that may exist under the securities;
</TD>
</TR>

</TABLE>
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    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether and how you can instruct it to send you securities
    registered in your own name so you can be a direct holder as
    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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how it would pursue rights under the securities if there were
    any event triggering the need for holders to act to protect
    their interests.
</TD>
</TR>

</TABLE>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A global security is a special type of indirectly held security.
    If we choose to issue our securities, in whole or in part, in
    the form of global securities, the ultimate beneficial owners
    can only be indirect holders. We do this by requiring that the
    global security be registered in the name of one or more
    financial institutions or clearing systems, or their nominees,
    which we select and by requiring that the securities included in
    the global security not be transferred to the name of any other
    direct holder unless the special circumstances described under
    the heading &#147;&#151;&#160;Special Situations When a Global
    Security Will Be Terminated&#148; occur. A financial institution
    or clearing system that we select for any security for this
    purpose is called the &#147;depositary.&#148; A security will
    usually have only one depositary which will act as the sole
    direct holder of the global security but it may have more. Any
    person wishing to own a security issued in global form must do
    so indirectly through an account with a broker, bank or other
    financial institution that in turn has an account with the
    depositary. As a result, an investor whose security is
    represented by a global security will not be a holder of the
    security, but only an indirect owner of the interest in the
    global security. The prospectus supplement will indicate whether
    the securities will be issued only as 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: transparent">
    Each series of securities will have one or more of the following
    as the depositaries:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Depository Trust&#160;Company, New York, New York, which is
    known as &#147;DTC&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a financial institution holding the securities on behalf of
    Euroclear Bank S.A./ N.V., as operator of the Euroclear system,
    which is known as &#147;Euroclear&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a financial institution holding the securities on behalf of
    Clearstream Banking, <I>soci&#233;t&#233; anonyme</I>,
    Luxembourg, which is known as &#147;Clearstream&#148;;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other clearing system or financial institution named in the
    applicable prospectus supplement.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositaries named above may also be participants in one
    another&#146;s systems. Thus, for example, if DTC is the
    depositary for a global security, investors may hold beneficial
    interests in that security through Euroclear or Clearstream, as
    DTC participants. The prospectus supplement will indicate
    whether the securities will be issued only as global securities
    and will name the depositary or depositaries for the securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A global security may represent one or any other number of
    individual securities. Generally, all securities represented by
    the same global security will have the same terms. We may,
    however, issue a global security that represents multiple
    securities of the same kind, such as debt securities, that have
    different terms and are issued at different times. We call this
    kind of global security a master global security. Your
    prospectus supplement will indicate whether your securities are
    represented by a master global security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the prospectus supplement for a particular security indicates
    that the security will be issued in global form only, then the
    security will be represented by a global security at all times
    unless and until the global security is terminated. We describe
    the situations in which this can occur below under
    &#147;&#151;&#160;Special Situations When a Global Security Will
    Be Terminated&#148;. If termination occurs, we may issue the
    securities through another book-entry clearing system or decide
    that the securities may no longer be held through any book-entry
    clearing system.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Considerations for Global Securities</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As an indirect owner, an investor&#146;s rights relating to a
    global security will be governed by the account rules of the
    depositary and those of the investor&#146;s financial
    institution or other intermediary through which it holds its
    interest (e.g., Euroclear or Clearstream, if DTC is the
    depositary), as well as general laws relating to securities
    transfers. We do not recognize this type of investor or any
    intermediary as a holder of securities and instead deal only
    with the depositary that holds the global security.
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If securities are issued only in the form of a global security,
    an investor should be aware of the following:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an investor cannot cause the securities to be registered in his
    or her own name, and cannot obtain non-global certificates for
    his or her interest in the securities, except in the special
    situations we describe below;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an investor will be an indirect holder and must look to his or
    her own bank or broker for payments on the securities and
    protection of his or her legal rights relating to the securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an investor may not be able to sell interests in the securities
    to some insurance companies and other institutions that are
    required by law to own their securities in non-book-entry form;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an investor may not be able to pledge his or her interest in a
    global security in circumstances where certificates representing
    the securities must be delivered to the lender or other
    beneficiary of the pledge in order for the pledge to be
    effective;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the depositary&#146;s policies will govern payments, deliveries,
    transfers, exchanges, notices and other matters relating to an
    investor&#146;s interest in a global security, and those
    policies may change from time to time. We and the trustee will
    have no responsibility for any aspect of the depositary&#146;s
    policies, actions or records of ownership interests in a global
    security. We and the trustee also do not supervise the
    depositary in any way;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the depositary will require that those who purchase and sell
    interests in a global security within its book-entry system use
    immediately available funds and your broker or bank may require
    you to do so as well;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    financial institutions that participate in the depositary&#146;s
    book-entry system and through which an investor holds its
    interest in the global securities, directly or indirectly, may
    also have their own policies affecting payments, deliveries,
    transfers, exchanges, notices and other matters relating to the
    securities, and those policies may change from time to time. For
    example, if you hold an interest in a global security through
    Euroclear or Clearstream, when DTC is the depositary, Euroclear
    or Clearstream, as applicable, will require those who purchase
    and sell interests in that security through them to use
    immediately available funds and comply with other policies and
    procedures, including deadlines for giving instructions as to
    transactions that are to be effected on a particular day. There
    may be more than one financial intermediary in the chain of
    ownership for an investor. We do not monitor and are not
    responsible for the policies or actions or records of ownership
    interests of any of those intermediaries.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Situations When a Global Security Will Be Terminated</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the prospectus supplement for a particular security indicates
    that the security will be issued in global form only, then the
    security will be represented by a global security at all times
    unless and until the global security is terminated. In a few
    special situations described below, a global security will be
    terminated and interests in it will be exchanged for
    certificates in non-global form representing the securities it
    represented. After that exchange, the choice of whether to hold
    the securities directly or in street name will be up to the
    investor. Investors must consult their own banks or brokers to
    find out how to have their interests in a global security
    transferred on termination to their own names, so that they will
    be direct holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we specify otherwise in the prospectus supplement, the
    special situations for termination of a global security are as
    follows:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the depositary notifies us that it is unwilling, unable or no
    longer qualified to continue as depositary for that global
    security and we do not appoint another institution to act as
    depositary 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if we notify the trustee that we wish to terminate that global
    security;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of a global security representing debt securities
    issued under an indenture, if an event of default has occurred
    with regard to these debt securities and has not been cured or
    waived.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement may also list additional circumstances
    in which a global security may be terminated that would apply to
    the particular securities covered by the prospectus supplement.
    If a global security is terminated, only the depositary, and not
    us or the trustee for any debt securities, is responsible for
    deciding the
</DIV>
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    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    names of the institutions in whose names the securities
    represented by the global security will be registered and,
    therefore, who will be the holders of 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Considerations
    Relating to Euroclear and Clearstream</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Euroclear and Clearstream are securities clearance systems in
    Europe. Both systems clear and settle securities transactions
    between their participants through electronic, book-entry
    delivery of securities against payment.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Euroclear and Clearstream may be depositaries for a global
    security. In addition, if DTC is the depositary for a global
    security, Euroclear and Clearstream may hold interests in the
    global security as participants in DTC. As long as any global
    security is held by Euroclear or Clearstream, as depositary, you
    may hold an interest in the global security only through an
    organization that participates, directly or indirectly, in
    Euroclear or Clearstream. If Euroclear or Clearstream is the
    depositary for a global security and there is no depositary in
    the United States, you will not be able to hold interests in
    that global security through any securities clearance system in
    the United States.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments, deliveries, transfers, exchanges, notices and other
    matters relating to the securities made through Euroclear or
    Clearstream must comply with the rules and procedures of those
    systems. Those systems could change their rules and procedures
    at any time. We do not have control over those systems or their
    participants and we take no responsibility for their activities.
    Transactions between participants in Euroclear or Clearstream,
    on one hand, and participants in DTC, on the other hand, when
    DTC is the depositary, would also be subject to DTC&#146;s rules
    and procedures.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Timing Considerations for Transactions in Euroclear and
    Clearstream</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investors will be able to make and receive through Euroclear and
    Clearstream payments, deliveries, transfers, exchanges, notices
    and other transactions involving any securities held through
    those systems only on days when those systems are open for
    business. Those systems may not be open for business on days
    when banks, brokers and other institutions are open for business
    in the United States.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, because of time-zone differences,
    U.S.&#160;investors who hold their interests in the securities
    through these systems and wish to transfer their interests, or
    to receive or make a payment or delivery or exercise any other
    right with respect to their interests, on a particular day may
    find that the transaction will not be effected until the next
    business day in Luxembourg City or Brussels, as applicable.
    Thus, investors who wish to exercise rights that expire on a
    particular day may need to act before the expiration date. In
    addition, investors who hold their interests through both DTC
    and Euroclear or Clearstream may need to make special
    arrangements to finance any purchases or sales of their
    interests between the U.S.&#160;and European clearing systems,
    and those transactions may settle later than would be the case
    for transactions within one clearing system.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>In the remainder of this document, &#147;you&#148; means
    direct holders and not street name or other indirect holders of
    securities. Indirect holders should read the previous subsection
    starting on page&#160;[10] entitled &#147;Street Name and Other
    Indirect Holders.&#148;</B>
</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<A name='Y89305113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This section describes the general terms and provisions of
    the debt securities that we may issue (separately or upon
    exercise of a debt warrant) in the form of one or more series of
    debt securities. You should read the more detailed provisions of
    the indenture, including the defined terms, for provisions that
    may be important to you. You should also read the particular
    terms of a series of debt securities, which will be described in
    more detail in the applicable prospectus supplement. The
    following summary is subject to and is qualified in its entirety
    by reference to all the provisions of the indenture and its
    associated documents, including the definitions of certain
    terms, and, with respect to any particular debt security, to the
    description of the terms of such debt securities that will be
    included in the applicable prospectus supplement.</I>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be issued under an indenture, to be
    entered into between us and a trustee to be named in the
    applicable prospectus supplement, the form of which is filed as
    an exhibit to the registration statement of which this
    prospectus is a part. The indenture will provide that debt
    securities may be issued from time to time in one or more
    series, without limitation as to aggregate principal amount. We
    may specify a maximum aggregate principal amount for the debt
    securities of any particular series. Specific issuances of debt
    securities may also be governed by a supplemental indenture, an
    officer&#146;s certificate or a document evidencing the
    authorization of any corporate body required by applicable law.
    The particular terms of each series, or of debt securities
    forming part of a series, will be described in the prospectus
    supplement relating to that series. Those terms may vary from
    the terms described here. This section summarizes material terms
    of the debt securities that are common to all series, unless
    otherwise indicated in this section or in the prospectus
    supplement relating to a particular 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: transparent">
    We may issue debt securities at par, at a premium or as original
    issue discount securities, which are debt securities that are
    offered and sold at a substantial discount to their stated
    principal amount. We may also issue debt securities as indexed
    securities or securities denominated in currencies other than
    the U.S.&#160;dollar, currency units or composite currencies, as
    described in more detail in the prospectus supplement relating
    to any such debt securities. We will describe the
    U.S.&#160;federal income tax consequences and any other special
    considerations applicable to original issue discount, indexed or
    foreign currency debt securities in the applicable prospectus
    supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement relating to a series of debt
    securities will describe the following terms of the series:
</DIV>

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

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

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

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit on the aggregate principal amount of such debt
    securities or the series of which they are a part (including any
    provision for the future offering of additional debt securities
    of such series beyond any such limit);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be issued in registered or
    bearer form;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which the debt securities of the series
    will mature, if any, and any other date or dates on which we
    will pay the principal of the debt securities of the series, 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates, which may be fixed or variable, at which the
    debt securities will bear interest, if any, and the date or
    dates from which that interest will accrue;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which any interest on the debt securities
    of the series will be payable and the regular record date or
    dates we will use to determine who is entitled to receive
    interest payments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the principal and any premium and
    interest in respect of the debt securities of the series 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the period or periods within which, the price or prices at
    which, and the terms and conditions on which any of such debt
    securities may be, at our option, redeemed or repurchased, in
    whole or in part, and the other material terms and provisions
    applicable to our redemption or repurchase rights;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the obligation, if any, we may have to redeem or repurchase any
    such debt securities, including at the option of the holder, the
    period or periods within which, the price or prices at which,
    and the terms and conditions on
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    which any of such debt securities will be redeemed or
    repurchased, in whole or in part, pursuant to such obligation;
</TD>
</TR>

</TABLE>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be senior or subordinated
    securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be our secured or unsecured
    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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than $1,000 or an even multiple of $1,000, the
    denominations in which the series of debt securities will be
    issuable;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than U.S.&#160;dollars, the currency in which the debt
    securities of the series will be denominated or in which the
    principal of or any premium or interest on the debt securities
    of the series 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if we or you have a right to choose the currency, currency unit
    or composite currency in which payments on any of the debt
    securities of the series will be made, the currency, currency
    unit or composite currency that we or you may elect, the period
    during which we or you must make the election and the other
    material terms applicable to the right to make such elections;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than the full principal amount, the portion of the
    principal amount of the debt securities of the series that will
    be payable upon a declaration of acceleration of the maturity of
    the debt securities of the series;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any index or other special method we will use to determine the
    amount of principal or any premium or interest on the debt
    securities of the series;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the applicability of the provisions described under
    &#147;Defeasance and Covenant Defeasance&#160;&#151; Defeasance
    and Discharge&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of material U.S.&#160;federal and
    Luxembourg income tax, accounting or other considerations
    applicable to the debt securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if we issue the debt securities of the series in whole or part
    in the form of global securities as described under &#147;Legal
    Ownership&#160;&#151; Global Securities,&#148; the name of the
    depositary with respect to the debt securities of the series,
    and the circumstances under which the global securities may be
    registered in the name of a person other than the depositary or
    its nominee if other than those described under &#147;Legal
    Ownership&#160;&#151; Global Securities&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the securities clearance system(s) for the debt securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any covenants to which we will be subject with respect to the
    debt securities of the 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other special features of the debt securities of the series
    that are not inconsistent with the provisions of 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the prospectus supplement will state whether we
    will list the debt securities of the series on any stock
    exchange and, if so, which one.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt securities may bear interest at fixed or floating rates. We
    may issue our debt securities at an original issue discount,
    bearing no interest or bearing interest at a rate that, at the
    time of issuance, is below market rate, to be sold at a discount
    below their principal amount. Certain special U.S.&#160;federal
    income tax considerations, if any, applicable to debt securities
    sold at an original issue discount may be described in the
    applicable prospectus supplement. Moreover, certain special
    U.S.&#160;federal income tax or other considerations, if any,
    applicable to any debt securities which are denominated in a
    currency or currency unit other than the U.S.&#160;dollar may be
    described in the applicable prospectus supplement.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Form,
    Exchange and Transfer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be issued, unless otherwise indicated
    in the applicable prospectus supplement, in denominations that
    are even multiples of $1,000 and in global registered form. You
    may have your debt securities broken into more debt securities
    of smaller denominations or combined into fewer debt securities
    of larger denominations, as long as the total principal amount
    is not changed. This is called an exchange. You may exchange or
    transfer your registered debt securities at the office of the
    trustee. The trustee will maintain an office in New York,
</DIV>
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    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York. The trustee acts as our agent for registering debt
    securities in the names of holders and transferring registered
    debt securities. We may change this appointment to another
    entity or perform the service ourselves. The entity performing
    the role of maintaining the list of registered holders is called
    the &#147;security registrar.&#148; It will also register
    transfers of the registered debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will not be required to pay a service charge to transfer or
    exchange debt securities, but you may be required to pay any tax
    or other governmental charge associated with the exchange or
    transfer. The transfer or exchange of a registered debt security
    will only be made if the security registrar is satisfied with
    your proof of ownership.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we designate additional transfer agents, they will be named
    in the prospectus supplement. We may cancel the designation of
    any particular transfer agent. We may also approve a change in
    the office through which any transfer agent acts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the debt securities are redeemable and we redeem less than
    all of the debt securities of a particular series, we may block
    the transfer or exchange of debt securities in order to freeze
    the list of holders to prepare the mailing during the period
    beginning 15&#160;days before the day we mail the notice of
    redemption and ending on the day of that mailing. We may also
    refuse to register transfers or exchanges of debt securities
    selected for redemption. However, we will continue to permit
    transfers and exchanges of the unredeemed portion of any debt
    security being partially redeemed.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    and Paying Agents</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your debt securities are in registered form, we will pay
    interest to you if you are a direct holder listed in the
    trustee&#146;s records at the close of business on a particular
    day in advance of each due date for interest, even if you no
    longer own the security on the interest due date. That
    particular day, usually about two weeks in advance of the
    interest due date, is called the &#147;regular record date&#148;
    and will be stated 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: transparent">
    We will pay interest, principal, additional amounts and any
    other money due on the registered debt securities at the
    corporate trust office of the applicable trustee in New York
    City. You must make arrangements to have your payments picked up
    at or wired from that office. We may also choose to pay interest
    by mailing checks. Interest on global securities will be paid to
    the holder thereof by wire transfer of
    <FONT style="white-space: nowrap">same-day</FONT>
    funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders buying and selling debt securities must work out between
    themselves how to compensate for the fact that we will pay all
    the interest for an interest period to, in the case of
    registered debt securities, the one who is the registered holder
    on the regular record date. The most common manner is to adjust
    the sales price of the debt securities to pro-rate interest
    fairly between the buyer and seller. This pro-rated interest
    amount is called &#147;accrued interest.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Street name and other indirect holders should consult their
    banks or brokers for information on how they will receive
    payments.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may also arrange for additional payment offices, and may
    cancel or change these offices, including our use of the
    trustee&#146;s corporate trust office. These offices are called
    &#147;paying agents.&#148; We may also choose to act as our own
    paying agent. We must notify you of changes in the paying agents
    for the debt securities of any series that you hold.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided in a prospectus supplement relating to
    any debt securities, our debt securities will not be secured by
    any of our assets or properties. As a result, the securities
    will effectively be subordinated to our secured indebtedness, if
    any, and indebtedness preferred 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will indicate whether the
    debt securities are subordinated to any of our other debt
    obligations. If they are not subordinated, in the event of
    bankruptcy or liquidation proceeding against us, they will rank
    equally with all our other unsecured and unsubordinated
    indebtedness, except for indebtedness having priority by
    operation of law.
</DIV>
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    <BR>
    16
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Other than as described below under
    &#147;&#151;&#160;Consolidation, Merger and Sale of
    Assets,&#148; the indenture will not contain any provisions that
    would limit our ability to make payments, dispose of assets,
    enter into sale and leaseback transactions, issue and sell
    capital stock, enter into transactions with affiliates, create
    or incur liens on our property, engage in businesses other than
    our present business or incur indebtedness or that would afford
    holders of debt securities protection in the event of a sudden
    and significant decline in our credit quality or a takeover,
    recapitalization or highly leveraged or other transaction
    involving us. Accordingly, we could in the future enter into
    transactions that could increase the amount of indebtedness
    outstanding at that time or otherwise affect our capital
    structure or credit rating. Restrictive covenants, if any, with
    respect to any of our debt securities may be contained in the
    applicable supplemental indenture and described in the
    applicable prospectus supplement with respect to those
    securities. You should refer to the prospectus supplement
    relating to a particular series of debt securities for
    information about any deletions from, modifications of or
    additions to, the Events of Default or covenants of ours
    contained in the indenture, including any addition of a covenant
    or other provision providing event risk or similar protection.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: transparent">
    Under the indenture, except as described below, we will be
    generally permitted to consolidate or merge with another entity.
    We will also be permitted to sell or lease all or substantially
    all of our assets to another entity or to buy or lease all or
    substantially all of the assets of another entity. Generally, no
    vote by holders of debt securities approving any of these
    actions will be required, unless as part of the transaction we
    make changes to the indenture requiring your approval, as
    described later under &#147;&#151;&#160;Modification and
    Waiver.&#148; We may take these actions as part of a transaction
    involving non-related third parties or as part of an internal
    corporate reorganization. We may take these actions even if they
    result in:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a lower credit rating being assigned to the debt
    securities;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional amounts becoming payable in respect of withholding
    tax, and the debt securities thus being subject to redemption at
    our option, as described later under &#147;&#151;&#160;Optional
    Tax Redemption.&#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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will have no obligation under the indenture to seek to avoid
    these results, or any other legal or financial effects that are
    disadvantageous to you, in connection with a merger,
    consolidation or sale or lease of assets that will be permitted
    under the indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may merge into or consolidate with or convey, transfer or
    lease all or substantially all of our assets to another entity,
    <I>provided </I>that we may not take any of these actions unless
    all the following conditions are met:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we merge out of existence or sell or lease all or
    substantially all of our assets, the other entity assumes our
    obligations under the debt securities and the indenture. In the
    case of sale or lease of all or substantially all of our assets,
    the assumption of the obligations under the debt securities and
    the indenture may be pursuant to a full and unconditional
    guarantee.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Immediately after giving effect to a merger, consolidation or
    sale or lease of all or substantially all of our assets, no
    event of default shall have occurred and be continuing under the
    debt securities 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the restrictions noted above, we may transfer or
    lease all or substantially all of our properties and assets to
    any wholly owned subsidiary, <I>provided </I>that we may not
    take such actions unless such wholly owned subsidiary expressly
    assumes the obligations under the debt securities and the
    indenture pursuant to a full and unconditional guarantee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is possible that the U.S.&#160;Internal Revenue Service or
    another relevant tax authority may deem a merger or other
    similar transaction to cause for U.S.&#160;federal income tax
    purposes an exchange of debt securities for new securities by
    the holders of the debt securities. This could result in the
    recognition of taxable gain or loss and possible other adverse
    tax consequences.
</DIV>
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    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in the applicable prospectus
    supplement, your debt security will not be entitled to the
    benefit of any sinking fund; that is, we will not deposit money
    on a regular basis into any separate custodial account to repay
    your debt securities. In addition, other than as set forth in
    &#147;&#151;&#160;Optional Tax Redemption&#148; below, we will
    not be entitled to redeem your debt security before its stated
    maturity unless the applicable prospectus supplement specifies a
    redemption commencement date. You will not be entitled to
    require us to buy your debt security from you, before its stated
    maturity, unless the applicable prospectus supplement specifies
    one or more repayment dates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement specifies a redemption
    commencement date or a repayment date, it will also specify one
    or more redemption prices or repayment prices, which may be
    expressed as a percentage of the principal amount of your debt
    security or by reference to one or more formulas used to
    determine the applicable redemption price. It may also specify
    one or more redemption periods during which the redemption price
    or prices relating to the redemption of debt securities during
    those periods will apply.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement specifies a redemption
    commencement date, we may redeem your debt security at our
    option at any time on or after that date. If we redeem your debt
    security, we will do so at the specified redemption price,
    together with interest accrued to the redemption date. If
    different prices are specified for different redemption periods,
    the price we pay will be the price that applies to the
    redemption period during which your debt security is redeemed.
    If less than all of the debt securities are redeemed, the
    trustee will choose the debt securities to be redeemed by lot,
    or in the trustee&#146;s discretion, pro-rata.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement specifies a repayment
    date, your debt security will be repayable by us at our option
    on the specified repayment date at the specified repayment
    price, together with interest accrued and any additional amounts
    to the repayment date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that we exercise an option to redeem any debt
    security, we will give to the trustee and the holder written
    notice of the principal amount of the debt security to be
    redeemed, not less than 30&#160;days nor more than 60&#160;days
    before the applicable redemption date. We will give the notice
    in the manner described under the heading
    &#147;&#151;&#160;Notices.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a debt security represented by a global security is subject
    to repayment at the holder&#146;s option, the depositary or its
    nominee, as the holder, will be the only person that can
    exercise the right to repayment. Any indirect holders who own
    beneficial interests in the global security and wish to exercise
    a repayment right must give proper and timely instructions to
    their banks or brokers through which they hold their interests,
    requesting that they notify the depositary to exercise the
    repayment right on their behalf. Different firms have different
    deadlines for accepting instructions from their customers, and
    you should take care to act promptly enough to ensure that your
    request is given effect by the depositary before the applicable
    deadline for exercise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Street name and other indirect holders should contact their
    banks or brokers for information about how to exercise a
    repayment right in a timely manner.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that the option of the holder to elect repayment as
    described above is deemed to be a &#147;tender offer&#148;
    within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act, we will comply with
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    as then in effect to the extent it is applicable to us and the
    transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to any restrictions that will be described in the
    prospectus supplement, we or our affiliates may purchase debt
    securities from investors who are willing to sell from time to
    time, either in the open market at prevailing prices or in
    private transactions at negotiated prices. Debt securities that
    we or they purchase may, in our discretion, be held, resold or
    canceled.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Tax 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: transparent">
    Unless otherwise indicated in a prospectus supplement, we shall
    have the option (but not the obligation) to redeem, in whole but
    not in part, the debt securities where, as a result of a change
    in, execution of or amendment to any laws or treaties or the
    official application or interpretation of any laws or treaties,
    we would be required to pay additional amounts as described
    later under &#147;Payment of Additional Amounts.&#148; This
    applies only in the case of
</DIV>
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    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    changes, executions or amendments that occur on or after the
    date specified in the prospectus supplement for the applicable
    series of debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the debt securities are redeemed, the redemption price for
    debt securities (other than original issue discount debt
    securities) will be equal to the principal amount of the debt
    securities being redeemed plus accrued interest and any
    additional amounts due up to, but not including, the date fixed
    for redemption. The redemption price for original issue discount
    debt securities will be specified in the prospectus supplement
    for such securities. Furthermore, we must give you between 30
    and 60&#160;days&#146; notice before redeeming the debt
    securities.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    or Exchange Rights</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If debt securities of any series are convertible or
    exchangeable, the applicable prospectus supplement will 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the type of securities into which they may be converted or
    exchanged;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion price or exchange ratio, or its method of
    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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether conversion or exchange is mandatory or at the
    holder&#146;s election;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how and when the conversion price or exchange ratio may be
    adjusted;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other important terms concerning the conversion or exchange
    rights.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    of Additional Amounts</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise required by law, we will not deduct or withhold
    from payments made with respect to the debt securities on
    account of any current or future taxes, duties, levies, imposts,
    assessments or governmental charges of whatever nature, which we
    refer to as &#147;Taxes,&#148; imposed or levied by or on behalf
    of Luxembourg or, if succeeded by another entity, the
    jurisdiction in which such successor entity is organized, or any
    political subdivisions or taxing authority thereof or therein
    having power to tax, which we refer to as a &#147;Taxing
    Authority.&#148; In the event that we are required to withhold
    or deduct any amount for or on account of such Taxes from any
    payment made under or with respect to any debt securities, we
    will except in the circumstances set forth below pay such
    additional amounts so that the net amount received by each
    holder of debt securities, including the additional amounts,
    will equal the amount that such holder would have received if
    such Taxes had not been required to be withheld or deducted. We
    refer to the amounts that we are required to pay to preserve the
    net amount receivable by the holders of debt securities as
    &#147;Additional Amounts.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our obligation to pay Additional Amounts is, however, subject to
    several important exceptions. Additional Amounts will not be
    payable with respect to a payment made to a holder of debt
    securities to the extent:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes would not have been so imposed but for the
    existence of any current or former connection between such
    holder and the jurisdiction of the Taxing Authority imposing
    such Taxes, other than the mere receipt of such payment,
    acquisition, ownership or disposition of such debt securities or
    the exercise or enforcement of rights under the debt securities
    or the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes are imposed on or measured by net income of
    the beneficiary or holder or his net wealth or similar;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    of any such Taxes required to be withheld by any paying agent
    from any payment of principal or of interest on the debt
    securities, if such payment can be made without withholding by
    any other paying agent and we duly provide for such other paying
    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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    of any estate, inheritance, gift, sales, transfer, or personal
    property Taxes imposed with respect to the debt securities,
    except as otherwise provided in the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes are payable other than by deduction or
    withholding from payments on the debt securities;
</TD>
</TR>

</TABLE>
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    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes would not have been imposed but for the
    presentation of the debt securities, where presentation is
    required, for payment on a date more than 30&#160;days after the
    date on which such payment became due and payable or the date on
    which payment thereof is duly provided for, whichever is later,
    except to the extent that the beneficiary or holder thereof
    would have been entitled to Additional Amounts had the debt
    securities been presented for payment on any date during such
    <FONT style="white-space: nowrap">30-day</FONT>
    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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that such holder would not be liable or subject to such
    withholding or deduction of Taxes but for the failure to make a
    valid declaration of non-residence, residence or other similar
    claim for exemption or to provide a certificate, if:
</TD>
</TR>

</TABLE>

<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: transparent">
    (1)&#160;the making of such declaration or claim or the
    provision of such certificate is required or imposed by statute,
    treaty, regulation, ruling or administrative practice of the
    relevant Taxing Authority as a precondition to an exemption
    from, or reduction in, the relevant Taxes;&#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: transparent">
    (2)&#160;at least 60&#160;days prior to the first payment date
    with respect to which we shall apply this condition, we shall
    have notified all holders of the debt securities in writing that
    they shall be required to provide such declaration or claim;
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes are imposed on a payment on the debt
    securities to an individual or &#145;residual entity&#146;
    established in a Member State of the European Union or certain
    dependent and associated territories (of certain EU Member
    States) and is required to be made pursuant to any European
    Union directive on the taxation of savings income relating to
    the directive approved by the European Parliament on
    March&#160;14, 2002, or otherwise implementing the conclusions
    of the Economic and Financial Council of Ministers of the member
    states of the European Union (ECOFIN) Council meeting of
    November 26 and 27, 2000
    <FONT style="white-space: nowrap">and/or</FONT>
    related Accords or any law implementing or complying with, or
    introduced in order to conform to, any such directive
    <FONT style="white-space: nowrap">and/or</FONT>
    related Accords;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes are imposed or to be withheld pursuant to
    the Luxembourg law of
    23<SUP style="font-size: 85%; vertical-align: top">rd</SUP>

    December 2005;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    of any combination of the above conditions.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Such Additional Amounts also will not be payable where, had the
    beneficial owner of the debt securities been the holder of such
    debt securities, it would not have been entitled to payment of
    Additional Amounts by reason of the conditions set forth above.
    The prospectus supplement relating to the debt securities may
    describe additional circumstances in which we would not be
    required to pay additional amounts.
</DIV>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    withhold or deduct the Taxes as required;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    remit the full amount of Taxes deducted or withheld to the
    relevant Taxing Authority in accordance with all applicable laws;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    use our reasonable efforts to obtain from each Taxing Authority
    imposing such Taxes copies of tax receipts evidencing the
    payment of any Taxes deducted or withheld;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon request, and to the extent reasonably practicable, make
    available to the holders of the debt securities, within
    90&#160;days after the date the payment of any Taxes deducted or
    withheld is due pursuant to applicable law, copies of tax
    receipts evidencing such payment by us or if, notwithstanding
    our efforts to obtain such receipts, the same are not
    obtainable, other evidence of such payments.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At least 30&#160;days prior to each date on which any payment
    under or with respect to the debt securities is due and payable,
    if we will be obligated to pay Additional Amounts with respect
    to such payment, we will deliver to the trustee an
    officer&#146;s certificate stating the fact that such Additional
    Amounts will be payable, the amounts so payable and such other
    information as is necessary to enable the trustee to pay such
    Additional Amounts to holders of the debt securities on the
    payment date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we will pay any stamp, issue, registration,
    documentary or other similar taxes and duties, including
    interest, penalties and Additional Amounts with respect thereto,
    payable in Luxembourg or the United States or any political
    subdivision or taxing authority of or in the foregoing in
    respect of the creation, issue, offering,
</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    enforcement, redemption or retirement of the debt securities if
    and to the extent any such creation, issue, offering,
    enforcement, redemption or retirement was required pursuant to
    applicable law or ordered by a court or Taxing Authority.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing provisions shall survive any termination or the
    discharge of the indenture and shall apply to any jurisdiction
    in which any successor to us is organized or is engaged in
    business for tax purposes or any political subdivisions or
    taxing authority or agency thereof or therein.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whenever in the indenture, the debt securities, in this
    &#147;Description of Debt Securities&#148; or in the applicable
    prospectus supplement there is mentioned, in any context, the
    payment of principal, premium, if any, redemption price,
    interest or any other amount payable under or with respect to
    any note, such mention includes the payment of Additional
    Amounts to the extent payable in the particular context.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that Additional Amounts actually paid with respect
    to the debt securities pursuant to the preceding paragraphs are
    based on rates of deduction or withholding of Taxes in excess of
    the appropriate rate applicable to the holder of such debt
    securities, and as a result thereof such holder is entitled to
    make a claim for a refund or credit of such excess from the
    Taxing Authority imposing such Taxes, then such holder shall, by
    accepting such debt securities, be deemed to have assigned and
    transferred all right, title and interest to any such claim for
    a refund or credit of such excess to us. However, by making such
    assignment, the holder makes no representation or warranty that
    we will be entitled to receive such claim for a refund or credit
    and incurs no other obligation with respect thereto.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance
    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: transparent">
    We may, to the extent indicated in the applicable prospectus
    supplement, elect, at our option at any time, to have the
    provisions of the indenture relating to defeasance and discharge
    of indebtedness or to defeasance of certain restrictive
    covenants in the indenture, applied to the debt securities of
    any series, or to any specified part of a 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: transparent">
    <I>Defeasance and Discharge.</I>&#160;&#160;Upon the exercise of
    our option, if any, to have applied the provisions of the
    indenture relating to defeasance and discharge, we will be
    discharged from all our payment and other obligations, and the
    provisions relating to subordination, if any, will cease to be
    effective, with respect to such debt securities, subject to
    certain exceptions, upon the deposit in trust for the benefit of
    the holders of such debt securities of money or
    U.S.&#160;Government Obligations, as such term is defined in the
    indenture, or both, which, through the payment of principal and
    interest in respect thereof in accordance with their terms, will
    provide money in an amount sufficient to pay the principal of
    and any premium and interest on such debt securities on their
    respective stated maturities. Such defeasance may occur only if
    we have complied with certain conditions that will be set forth
    in the relevant indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Defeasance of Certain Covenants.</I>&#160;&#160;Upon the
    exercise of our option, if any, to have applied the provisions
    of the indenture relating to defeasance of certain restrictive
    covenants in the indenture, we may omit to comply with certain
    restrictive covenants, including any that may be described in
    the applicable prospectus supplement, and the occurrence of
    certain events of default as specified in the applicable
    prospectus supplement, will be deemed not to be or result in an
    event of default and the provisions relating to subordination,
    if any, will cease to be effective, in each case with respect to
    such debt securities, subject to certain exceptions, upon the
    deposit in trust for the benefit of the holders of such debt
    securities of money or U.S.&#160;Government Obligations, as such
    term is defined in the indenture, or both, which, through the
    payment of principal and interest in respect thereof in
    accordance with their terms, will provide money in an amount
    sufficient to pay the principal of and any premium and interest
    on such debt securities on the respective stated maturities.
    Such defeasance or discharge may occur only if we have complied
    with certain conditions that will be set forth in the relevant
    indenture.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the following will constitute an event of default under
    the indenture with respect to the debt securities of any series:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay principal of or any premium on any debt
    securities of such series when due, continued for 14&#160;days;
</TD>
</TR>

</TABLE>
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    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay any interest on any debt securities of such
    series when due, continued for 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to perform any other covenant in the indenture (other
    than a covenant included in the indenture solely for the benefit
    of a series other than that series), continued for 60&#160;days
    after written notice has been given by the trustee, or the
    holders of at least 37.5% in aggregate principal amount of the
    outstanding debt securities of that series, as provided in the
    indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay when due (subject to any applicable grace period)
    any principal in an amount exceeding $50&#160;million under an
    agreement evidencing indebtedness for money we borrowed, or
    acceleration of any indebtedness for money we borrowed having an
    aggregate principal amount outstanding of at least
    $50&#160;million, if, in the case of any such failure, such
    indebtedness has not been discharged or, in the case of any such
    acceleration, such indebtedness has not been discharged or such
    acceleration has not been rescinded or annulled, in each case
    within 30&#160;days after written notice has been given by the
    trustee, or the holders of at least 37.5% in aggregate principal
    amount of the outstanding debt securities of that series, as
    provided in 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain events in 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: transparent">
    The applicable prospectus supplement will describe any
    additional events of default.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an event of default (other than an event of default related
    to certain events in bankruptcy, insolvency or reorganization)
    with respect to the debt securities of any series at the time
    outstanding shall occur and be continuing, either the trustee or
    the holders of not less than 37.5% in principal amount of the
    outstanding debt securities of such series by notice as provided
    in the indenture may declare the principal amount of the debt
    securities of such series (or, in the case of any debt security
    that is an original issue discount security or the principal
    amount of which is not then determinable, such portion of the
    principal amount of such security, or such other amount in lieu
    of such principal amount, as may be specified in the terms of
    such debt security) to be due and payable immediately. If an
    event of default related to certain events in bankruptcy,
    insolvency or reorganization with respect to the debt securities
    of any series at the time outstanding shall occur, the principal
    amount of all the debt securities of such series (or, in the
    case of any such original issue discount security or other debt
    security, such specified amount) will automatically, and without
    any action by the trustee or any holder, become immediately due
    and payable. After any such acceleration, but before a judgment
    or decree based on acceleration, the holders of a majority in
    aggregate principal amount of the outstanding debt securities of
    such series may, under certain circumstances, rescind and annul
    such acceleration if all events of default, other than the
    non-payment of accelerated principal (or other specified
    amount), have been cured or waived as provided in the indenture.
    For information as to waiver of defaults, see
    &#147;&#151;&#160;Modification and Waiver.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the provisions of the indenture relating to the
    duties of the trustee in case an event of default shall occur
    and be continuing, the trustee will be under no obligation to
    exercise any of its rights or powers under the indenture at the
    request or direction of any of the holders, unless such holders
    shall have offered to the trustee reasonable indemnity. Subject
    to such provisions for the indemnification of the trustee, the
    holders of a majority in aggregate principal amount of the
    outstanding debt securities of any series will have the right to
    direct the time, method and place of conducting any proceeding
    for any remedy available to the trustee or exercising any trust
    or power conferred on the trustee with respect to the debt
    securities of that 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: transparent">
    No holder of a debt security of any series will have any right
    to institute any proceeding with respect to the indenture, or
    for the appointment of a receiver or a trustee, or for any other
    remedy thereunder, unless (i)&#160;such holder has previously
    given to the trustee written notice of a continuing event of
    default with respect to the debt securities of that series,
    (ii)&#160;the holders of at least 37.5% in aggregate principal
    amount of the outstanding debt securities of such series have
    made written request, and such holder or holders have offered
    reasonable indemnity, to the trustee to institute such
    proceeding as trustee and (iii)&#160;the trustee has failed to
    institute such proceeding, and has not received from the holders
    of a majority in aggregate principal amount of the outstanding
    debt securities of such series a direction inconsistent with
    such request, within 60&#160;days after such notice, request and
    offer. However, such limitations do not apply to a suit
    instituted by a holder of a debt security for the enforcement of
    payment of the principal of or any premium or interest on such
    debt security on or after the applicable due date specified in
    such debt security.
</DIV>
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    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will be required to furnish to the trustee annually a
    statement by certain of our officers as to whether or not we, to
    their knowledge, are in default in the performance or observance
    of any of the terms, provisions and conditions of the indenture
    and, if so, specifying all such known defaults. The indenture
    provides that if a default occurs with respect to debt
    securities of any series, the trustee will give the holders of
    the relevant series notice of the default when, as and to the
    extent provided by the Trust&#160;Indenture Act of 1939.
    However, in the case of any default under any covenant with
    respect to the series, no notice of default to holders will be
    given until at least 30&#160;days after the occurrence of the
    default.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An event of default under any of our other outstanding or future
    debt instruments or guarantees shall not constitute an event of
    default under the terms of the indenture and the debt securities
    described in this prospectus.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are three types of changes we can make to the indenture
    and the debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring Your Approval.</I>&#160;&#160;First, there
    are changes that cannot be made to your debt securities without
    your specific approval. These are the following types of changes:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the stated maturity of the principal, interest or premium
    on a debt security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce any amounts due on a debt security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change any obligation to pay the additional amounts described
    under &#147;&#151;&#160;Payment of Additional Amounts&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the amount of principal payable upon acceleration of the
    maturity of a debt security following a 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the place or currency of payment on a debt security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impair your right to sue for payment, 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage of holders of debt securities whose
    consent is needed to modify or amend the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage of holders of debt securities whose
    consent is needed to waive compliance with various provisions of
    the indenture or to waive specified defaults;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify any other aspect of the provisions dealing with
    modification and waiver of 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring a Majority Vote.</I>&#160;&#160;The second
    type of change to the indenture and the debt securities is the
    kind that requires a vote of approval by the holders of debt
    securities that together represent a majority of the outstanding
    aggregate principal amount of the particular series affected.
    Most changes fall into this category, except for clarifying
    changes, amendments, supplements and other changes that would
    not adversely affect holders of the debt securities in any
    material respect. For example, this vote would be required for
    us to obtain a waiver of all or part of any covenants described
    in an applicable prospectus supplement or a waiver of a past
    default. However, we cannot obtain a waiver of a payment default
    or any other aspect of the indenture or the debt securities
    listed in the first category described previously beginning
    above under &#147;Modification and Waiver&#160;&#151; Changes
    Requiring Your Approval&#148; unless we obtain your individual
    consent to the waiver.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Not Requiring Approval.</I>&#160;&#160;The third type
    of change does not require any vote by holders of debt
    securities. This type is limited to clarifications of
    ambiguities, omissions, defects and inconsistencies, amendments,
    supplements and other changes that would not adversely affect
    holders of the debt securities in any material respect, such as
    adding covenants, additional events of default or successor
    trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Further Details Concerning Voting.</I>&#160;&#160;When taking
    a vote, we will use the following rules to decide how much
    principal amount to attribute to a 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For original issue discount securities, we will use the
    principal amount that would be due and payable on the voting
    date if the maturity of the debt securities were accelerated to
    that date because of a default.
</TD>
</TR>

</TABLE>
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    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Debt securities that we, any of our affiliates and any other
    obligor under the debt securities acquire or hold will not be
    counted as outstanding when determining voting rights.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For debt securities whose principal amount is not known (for
    example, because it is based on an index), we will use a special
    rule for that security described in the prospectus supplement
    for that security.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For debt securities denominated in one or more foreign
    currencies, currency units or composite currencies, we will use
    the U.S.&#160;dollar equivalent as of the date on which such
    debt securities were originally issued.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt securities will not be considered outstanding, and
    therefore will not be eligible to vote, if we have deposited or
    set aside in trust for you money for their payment or
    redemption. Debt securities will also not be eligible to vote if
    they have been fully defeased as described under
    &#147;Defeasance and Covenant Defeasance&#160;&#151; Defeasance
    and Discharge.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will generally be entitled to set any day as a record date
    for the purpose of determining the holders of outstanding debt
    securities that are entitled to vote or take other action under
    the indenture. In limited circumstances, the trustee will be
    entitled to set a record date for action by holders. If we or
    the trustee set a record date for a vote or other action to be
    taken by holders of a particular series, that vote or action may
    be taken only by persons who are holders of outstanding debt
    securities of that series on the record date and must be taken
    within 180&#160;days following the record date or another period
    that we or, if it sets the record date, the trustee may specify.
    We may shorten or lengthen (but not beyond 180&#160;days) this
    period from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Street name and other indirect holders should consult their
    banks or brokers for information on how approval may be granted
    or denied if we seek to change the indenture or the debt
    securities or request a waiver.</B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notices to be given to direct holders of a global debt security
    will be given only to the depositary, in accordance with its
    applicable policies as in effect from time to time. Notices to
    be given to direct holders of debt securities not in global form
    will be sent by mail to the respective addresses of the holders
    as they appear in the trustee&#146;s records, and will be deemed
    given when mailed. Neither the failure to give any notice to a
    particular holder, nor any defect in a notice given to a
    particular holder, will affect the sufficiency of any notice
    given to another holder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Regardless of who acts as paying agent, all money that we pay to
    a paying agent that remains unclaimed at the end of two years
    after the amount is due to direct holders will be repaid to us.
    After that two-year period, direct holders may look only to us
    for payment and not to the trustee, any other paying agent or
    anyone else.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may from time to time, without notice to or the consent of
    the holders of debt securities previously offered under this
    prospectus, create and issue additional debt securities having
    the same terms as and ranking equally and ratably with the debt
    securities previously offered under this prospectus in all
    respects (or in all respects except for the payment of interest
    accruing prior to the issue date of such additional debt
    securities or except for the first payment of interest following
    the issue date of such additional debt securities), so that such
    additional debt securities shall be consolidated and form a
    single series with, and shall have the same terms as to status,
    redemption or otherwise as, those debt securities.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture and the debt securities will be governed by and
    construed in accordance with the law of the State of New York.
    We will consent to the non-exclusive jurisdiction of any
    U.S.&#160;federal court sitting in the borough of Manhattan,
    City of New York, New York, United States and any appellate
    court from any thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As permitted by applicable law, the provisions of
    articles&#160;86 to
    <FONT style="white-space: nowrap">94-8</FONT> of the
    Luxembourg Companies Law will not apply.
</DIV>
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    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consent
    to Service of Process</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture will provide for the appointment of an authorized
    agent for service of process in any legal action or proceeding
    arising out of or relating to the indenture or the debt
    securities offered under the indenture brought in any federal or
    state court in the Borough of Manhattan, City of New York, New
    York, United States and will identify such agent for service of
    process. In addition, we will irrevocably submit to the
    non-exclusive jurisdiction of such courts in any such legal
    action or proceeding.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may appoint a trustee with whom we
    <FONT style="white-space: nowrap">and/or</FONT> some
    of our affiliates maintain banking relations in the ordinary
    course of business. If an event of default occurs, or an event
    occurs that would be an event of default if the requirements for
    giving us default notice or our default having to exist for a
    specified period of time were disregarded, the trustee may be
    considered to have a conflicting interest with respect to the
    debt securities or the indenture for purposes of the
    Trust&#160;Indenture Act of 1939. In that case, the trustee may
    be required to resign as trustee under the applicable indenture
    and we would be required to appoint a successor trustee.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y89305114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>We may issue warrants to purchase our debt securities.
    Warrants may be issued independently or together with any
    securities and may be attached to or separate from those
    securities. Each series of warrants will be issued under a
    separate warrant agreement to be entered into by us and a bank
    or trust company, as warrant agent, all as will be set forth in
    the applicable prospectus supplement.</I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following briefly summarizes the material terms that will
    generally be included in a debt warrant agreement. However, we
    may include different terms in the debt warrant agreement for
    any particular series of debt warrants and such other terms and
    all pricing and related terms will be disclosed in the
    applicable prospectus supplement. You should read the particular
    terms of any debt warrants that are offered by us and the
    related debt warrant agreement which will be described in more
    detail in the applicable prospectus supplement. The applicable
    prospectus supplement will also state whether any of the
    generalized provisions summarized below do not apply to the debt
    warrants being offered.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue warrants for the purchase of our debt securities.
    As explained below, each debt warrant will entitle its holder to
    purchase debt securities at an exercise price set forth in, or
    to be determined as set forth in, the applicable prospectus
    supplement. Debt warrants may be issued separately or together
    with debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt warrants are to be issued under debt warrant agreements
    to be entered into by us and one or more banks or trust
    companies, as debt warrant agent, all as will be set forth in
    the applicable prospectus supplement. At or around the time of
    an offering of debt warrants, a form of debt warrant agreement,
    including a form of debt warrant certificate representing the
    debt warrants, reflecting the alternative provisions that may be
    included in the debt warrant agreements to be entered into with
    respect to particular offerings of debt warrants, will be filed
    as an exhibit to the registration statement of which this
    prospectus forms a part.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Debt Warrants to Be Described In the Prospectus
    Supplement</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The particular terms of each issue of debt warrants, the debt
    warrant agreement relating to such debt warrants and such debt
    warrant certificates representing debt warrants will be
    described in the applicable prospectus supplement. This
    description will include:
</DIV>

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

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

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

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency, currency unit or composite currency in which the
    exercise price for the debt warrants is payable;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title, aggregate principal amount and terms of the debt
    securities that can be purchased upon exercise of the debt
    warrants;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title, aggregate principal amount and terms of any related
    debt securities with which the debt warrants are issued and the
    number of the debt warrants issued with each debt security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, whether and when the debt warrants and the
    related debt 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the principal amount of debt securities that can be purchased
    upon exercise of each debt warrant and the exercise price;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on or after which the debt warrants may be exercised
    and any date or dates on which this right will expire in whole
    or in part;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of material U.S.&#160;federal and
    Luxembourg income tax, accounting or other considerations
    applicable to the debt warrants;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt warrants will be issued in registered or bearer
    form, and, if registered, where they may be transferred and
    registered;
</TD>
</TR>

</TABLE>
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    <BR>
    26
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the maximum or minimum number of debt warrants that you may
    exercise at any time;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the debt warrants.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may exchange your debt warrant certificates for new debt
    warrant certificates of different denominations but they must be
    exercisable for the same aggregate principal amount of debt
    securities. If your debt warrant certificates are in registered
    form, you may present them for registration of transfer at the
    corporate trust office of the debt warrant agent or any other
    office indicated in the applicable prospectus supplement. Except
    as otherwise indicated in a prospectus supplement, before the
    exercise of debt warrants, holders of debt warrants will not be
    entitled to payments of principal or any premium or interest on
    the debt securities that can be purchased upon such exercise, or
    to enforce any of the covenants in the indenture relating to the
    debt securities that may be purchased upon such exercise.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Exercise
    of 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: transparent">
    Unless otherwise provided in the applicable prospectus
    supplement, each debt warrant will entitle the holder to
    purchase a principal amount of debt securities for cash at an
    exercise price in each case that will be set forth in, or to be
    determined as set forth in, the applicable prospectus
    supplement. Debt warrants may be exercised at any time up to the
    close of business on the expiration date specified in the
    applicable prospectus supplement. After the close of business on
    the expiration date or any later date to which we extend the
    expiration date, unexercised debt 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: transparent">
    Debt warrants may be exercised as set forth in the prospectus
    supplement applicable to the particular debt warrants. Upon
    delivery of payment of the exercise price and the debt warrant
    certificate properly completed and duly executed at the
    corporate trust office of the debt warrant agent or any other
    office indicated in the applicable prospectus supplement, we
    will, as soon as practicable, forward the debt securities that
    can be purchased upon such exercise of the debt warrants to the
    person entitled to them. If fewer than all of the debt warrants
    represented by the debt warrant certificate are exercised, a new
    debt warrant certificate will be issued for the remaining
    unexercised debt warrants. Holders of debt warrants will be
    required to pay any tax or governmental charge that may be
    imposed in connection with transferring the underlying debt
    securities in connection with the exercise of the 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: transparent">
    <B>Street name and other indirect holders of debt warrants
    should consult their bank or brokers for information on how to
    exercise their debt warrants.</B>
</DIV>
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    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y89305115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following description of our ordinary shares of common
    stock, together with the additional information we may include
    in any applicable prospectus supplement, is a summary of the
    material terms of the Company&#146;s updated and consolidated
    articles of association and applicable Luxembourg law regarding
    our ordinary shares and the holders thereof. They may not
    contain all of the information that is important to you. The
    following description is qualified in its entirety by reference
    to the Company&#146;s updated and consolidated articles of
    association, copies of which are filed with the SEC as an
    exhibit to our Annual Report, which is incorporated by reference
    herein, and applicable Luxembourg law.</I>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has an authorized share capital of a single class of
    3.5&#160;billion shares having a nominal value of USD1.00 per
    share. The Company&#146;s authorized share capital is fixed by
    its articles of association, as amended from time to time, with
    the approval of shareholders at an extraordinary general
    shareholders&#146; meeting. The extraordinary general meeting of
    shareholders held on June&#160;2, 2010 renewed the validity of
    the Company&#146;s authorized share capital for a period of five
    years as of July&#160;15, 2010, the date of publication of the
    deed recording the minutes of such meeting in Luxembourg&#146;s
    official gazette. As of January&#160;28, 2011, there were
    2,004,743,442&#160;shares issued. All issued shares are fully
    paid.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s articles of association authorized the board
    of directors or any delegate(s) duly appointed by the board of
    directors, to issue shares within the limits of its authorized
    share capital against contributions in cash, contributions in
    kind or by way of incorporation of available reserves, at such
    times and on such terms and conditions, including the issue
    price, as the board of directors or its delegates may at their
    discretion determine. The extraordinary general meeting of
    shareholders held on June&#160;2, 2010 renewed this
    authorization for a period of five years as of July&#160;15,
    2010, the date of publication of the deed recording the minutes
    of such meeting in Luxembourg&#146;s official gazette.
    Accordingly, shares may be issued up to the authorized share
    capital limit of USD3.5&#160;billion by a decision of the board
    of directors or any delegate(s) duly appointed by it, and on the
    terms and conditions determined by the board of directors or its
    delegate(s). The terms and conditions of any particular issuance
    of shares will be set forth 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: transparent">
    Additionally, the Company&#146;s shareholders have authorized
    the board of directors to waive, suppress or limit any
    pre-emptive subscription rights of shareholders provided for by
    law to the extent it deems such waiver, suppression or
    limitation advisable for any issue or issues of shares within
    the authorized share capital. However, if and from the date the
    Company&#146;s shares are listed on a regulated market (and only
    for as long as they are so listed), any issuance of shares for
    cash within the limits of the authorized share capital shall be
    subject to the pre-emptive subscription rights of the then
    existing shareholders (as set out in the articles of
    association), except in the following cases (in which cases no
    pre-emptive rights shall apply):
</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: transparent">
    (a)&#160;any issuance of shares for, within, in conjunction with
    or related to, an initial public offering of Ternium&#146;s
    shares on one or more regulated markets (in one or more
    instances);
</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: transparent">
    (b)&#160;any issuance of shares against a contribution other
    than in cash;
</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: transparent">
    (c)&#160;any issuance of shares upon conversion of convertible
    bonds or other instruments convertible into shares; provided,
    however, that the pre-emptive subscription rights of the then
    existing shareholders shall apply by provision of Ternium&#146;s
    articles of association in connection with any issuance of
    convertible bonds or other instruments convertible into shares
    for cash;&#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: transparent">
    (d)&#160;any issuance of shares (including by way of free shares
    or at a discount), up to an amount of 1.5% of the issued share
    capital of the Company, to directors, officers, agents or
    employees of the Company, its direct or indirect subsidiaries,
    or its Affiliates (as such term is defined in the Company&#146;s
    articles of association), including without limitation the
    direct issue of shares or upon the exercise of options, rights
    convertible into shares, or similar instruments convertible or
    exchangeable into shares issued for the purpose of, or in
    relation to, compensation or incentive of any such persons.
</DIV>
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    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to applicable law, all shares (including shares
    underlying ADSs) are entitled to participate equally in
    dividends when, as and if declared by the shareholders at the
    ordinary general shareholders&#146; meeting, out of funds
    legally available for such purposes. Under Luxembourg law,
    claims for dividends will lapse five years after the date such
    dividends are declared. However, we may elect to pay a declared
    dividend after such period. The shareholders may, at an ordinary
    general shareholders&#146; meeting, which every shareholder has
    the right to attend in person or by proxy, declare a dividend
    under Article&#160;21 of the Company&#146;s articles of
    association.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Article&#160;21 of the articles of association, the
    Company&#146;s board of directors has the power to distribute
    interim dividends in accordance with the conditions that apply
    to commercial companies set forth in particular in
    <FONT style="white-space: nowrap">Section&#160;72-2</FONT>
    of the Luxembourg Companies Law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to Luxembourg law, at least 5% of our net profits per
    year must be allocated to the creation of a legal reserve until
    such reserve has reached an amount equal to 10% of our issued
    share capital. If the legal reserve later falls below the 10%
    threshold, at least 5% (or such lower amount required to reach
    the 10% threshold) of net profits again must be allocated toward
    the reserve. The Company&#146;s legal reserve represented 10% of
    its share capital as of September&#160;30, 2010. The legal
    reserve is not available for distribution.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights; Shareholders&#146; Meetings; Election of
    Directors</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each share entitles the holder to one vote at the Company&#146;s
    general shareholders&#146; meetings. Shareholder action by
    written consent is not permitted, but proxy voting is permitted.
    Notices of general shareholders&#146; meetings are governed by
    the provisions of Luxembourg law and the Company&#146;s articles
    of association. Notices of such meetings must be published
    twice, at least at an
    <FONT style="white-space: nowrap">eight-day</FONT>
    interval, the second notice appearing at least eight days prior
    to the meeting, in the Luxembourg Official Gazette and in a
    leading newspaper having general circulation in Luxembourg. If
    an extraordinary general shareholders&#146; meeting is adjourned
    for lack of a quorum, notices must be published twice, in the
    Luxembourg Official Gazette and two Luxembourg newspapers, at a
    <FONT style="white-space: nowrap">15-day</FONT>
    interval, the second notice appearing at least 15&#160;days
    prior to the meeting. In case the Company&#146;s shares are
    listed on a foreign regulated market, notices of general
    shareholders&#146; meetings shall also be published in
    accordance with the publicity requirements of such regulated
    market. No attendance quorum is required at ordinary general
    shareholders meetings and resolutions are adopted by a simple
    majority vote of the shares present or represented and voted at
    the meeting. An extraordinary general shareholders meeting must
    have a quorum of at least 50% of the issued share capital. If a
    quorum is not reached, such meeting may be reconvened at a later
    date with no quorum requirements by means of the appropriate
    notification procedures provided for by Luxembourg company law.
    In both cases, Luxembourg company law and the Company&#146;s
    articles of association require that any resolution of an
    extraordinary general shareholders&#146; meeting be adopted by a
    two-thirds majority of the votes of the shares present or
    represented. If a proposed resolution consists of changing the
    Company&#146;s nationality or of increasing the
    shareholders&#146; commitments, the unanimous consent of all
    shareholders is required. Directors are elected at ordinary
    general shareholders meetings. Cumulative voting is not
    permitted. The Company&#146;s articles of association do not
    provide for staggered terms and directors are elected for a
    maximum of one year and may be reappointed or removed at any
    time, with or without cause, by resolution passed by a simple
    majority vote of the shares present or represented and voted. In
    the case of a vacancy occurring in the Board of Directors, the
    remaining directors shall have the right to temporarily fill
    such vacancy by the affirmative vote of a majority of the
    remaining directors. The term of a temporary director elected to
    fill a vacancy shall expire at the end of the term of office of
    the replaced director; provided however that the next
    Shareholder&#146;s Meeting shall be called upon to proceed with
    the definitive election of any temporary member of the Board of
    Directors so elected.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The annual ordinary general shareholders meetings shall take
    place in Luxembourg on the first Wednesday of every June at
    2:30&#160;p.m., Luxembourg time. If that day is a legal or
    banking holiday in Luxembourg, the meeting shall be held on the
    following business day.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any shareholder holding on the fifth calendar day preceding the
    applicable general shareholders&#146; meeting (the &#147;Record
    Date&#148;) shall be admitted to such general shareholders&#146;
    meeting. Those shareholders who have sold their shares between
    the Record Date and the date of the general shareholders&#146;
    meeting, may not attend or be represented at the meeting.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the case of shares held through fungible securities accounts,
    each shareholder may exercise all rights attached to his shares
    and, in particular, may participate in and vote at
    shareholders&#146; meetings of the Company upon presentation of
    a certificate issued by the financial institution or
    professional depositary holding the shares, evidencing such
    deposit and certifying the number of shares recorded in the
    relevant account on the Record Date. Such certificate must be
    filed at least five days before the meeting with the Company at
    its registered address or at the address stated in the convening
    notice or, in case the Company&#146;s shares are listed on a
    regulated market, with an agent of the Company located in the
    country of the listing and designated in the convening notice.
    In case any such holder wishes to vote by proxy, the holder
    shall have to present a completed proxy form together with the
    certificate previously referred, by the same date and time and
    at the same addresses.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The board of directors and the shareholders&#146; meeting may,
    if they deem so advisable, reduce these periods of time for all
    shareholders and admit all shareholders (or their proxies) who
    have filed the appropriate documents to the general
    shareholders&#146; meeting, irrespective of these time limits.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Access to
    Corporate Records</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Luxembourg law and the Company&#146;s articles of association do
    not generally provide for shareholder access to corporate
    records. Shareholders may inspect the annual accounts and
    auditors&#146; reports at the Company&#146;s registered office
    during the
    <FONT style="white-space: nowrap">fifteen-day</FONT>
    period prior to the annual general shareholders&#146; 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: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In case the shares of the Company are listed on one or more
    regulated markets, and in the event the shareholders, in a
    general meeting, approve any of the following:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the delisting of the Company&#146;s shares from all regulated
    markets where the Company&#146;s shares are listed at that time,
    excluding a delisting made pursuant to an offer to all of the
    Company&#146;s shareholders made by a business entity subject to
    common control with the Company, whereby such business entity
    offers to issue, in exchange for the Company&#146;s shares,
    shares to be listed on the same regulated market(s) on which the
    Company&#146;s shares are listed;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a merger in which the Company is not the surviving entity
    (unless the shares or other equity securities of such entity are
    listed on the New York or London stock exchanges);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a sale, lease, exchange or other disposition of all or
    substantially all of the Company&#146;s assets;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an amendment to our articles of association that has the effect
    of materially changing the Company&#146;s corporate purpose;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the relocation of the Company&#146;s domicile outside the Grand
    Duchy of Luxembourg;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amendments to the Company&#146;s articles of association that
    restrict the rights of its shareholders (excluding any
    amendments in relation with, or to, the authorized share capital
    <FONT style="white-space: nowrap">and/or</FONT> the
    waiver or suppression of any preferential subscription rights
    relating thereto);
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    dissenting or absent shareholders have the right to have their
    shares repurchased by the Company at (i)&#160;the average market
    value of the shares over the 90 calendar days preceding the
    applicable general shareholders&#146; meeting or (ii)&#160;in
    the event that the Company&#146;s shares are not traded on any
    regulated market, the amount that results from applying the
    proportion of the Company&#146;s equity that the shares being
    sold represent over the Company&#146;s net worth as determined
    in its last consolidated financial statements approved by the
    shareholders or in its last interim consolidated financial
    statements approved by the board of directors, whichever is more
    recent. Shareholders who voted in favor of the relevant
    resolution are not entitled to exercise this 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: transparent">
    Dissenting or absent shareholders must present their claim
    within one month following the date of the applicable general
    shareholders&#146; meeting and supply the Company with evidence
    of their shareholding at the time of such meeting. The Company
    must (to the extent permitted by applicable laws and regulations
    and in compliance therewith) repurchase its shares within six
    months following the date of the applicable general
    shareholders&#146; meeting.
</DIV>
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    <BR>
    30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If delisting from one or more, but not all, of the regulated
    markets where the Company&#146;s shares are listed is approved
    in a shareholders&#146; meeting, only dissenting or absent
    shareholders with shares held through participants in the local
    clearing system for that market or those markets can exercise
    this appraisal right if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    they held the shares as of the date of the announcement by the
    Company of its intention to delist or as of the date of
    publication of the first convening notice for the general
    shareholders&#146; meeting that approved the delisting;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    they present their claim within one month following the date of
    the general shareholders&#146; meeting and supply evidence of
    their shareholding as of the date of the Company&#146;s
    announcement or the publication of the first convening notice to
    the meeting;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the delisting is not being made pursuant to an offer to all of
    the Company&#146;s shareholders made by a business entity
    subject to common control with the Company, whereby such
    business entity offers to issue, in exchange for the
    Company&#146;s shares, shares to be listed on the same regulated
    market(s) on which such dissenting or absent shareholders hold
    their shares through participants in the local clearing system
    for that market or markets.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event a shareholder exercises its appraisal rights,
    applicable Luxembourg law provisions shall apply.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Distribution
    of Assets on
    <FONT style="white-space: nowrap">Winding-up</FONT></FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of the Company&#146;s liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up,</FONT>
    the net assets remaining after allowing for the payment of all
    debts, charges and expenses shall be paid out to holders of the
    Company&#146;s shares in proportion to their respective holdings.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s articles of association do not contain any
    redemption or sinking fund provisions, nor do they impose
    restrictions on the transfer of shares. The shares are issuable
    in registered form only.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ownership of registered shares is evidenced by the
    inscription of the name of the shareholder, the number of shares
    held by such shareholder and the amount paid on each share in
    the Company&#146;s shareholders&#146; register. In addition, the
    Company&#146;s articles of association provide that shares may
    be held through fungible securities accounts with financial
    institutions or other professional depositaries. Shares held
    through fungible securities accounts have the same rights and
    obligations as shares recorded in Company&#146;s
    shareholders&#146; register.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares held through fungible securities accounts may be
    transferred in accordance with customary procedures for the
    transfer of securities in book-entry form. Shares that are not
    held through fungible securities accounts may be transferred by
    a written statement of transfer signed by both the transferor
    and the transferee or their respective duly appointed
    attorney-in-fact and recorded in the Company&#146;s
    shareholders&#146; register. The transfer of shares may also be
    made in accordance with the provisions of Article&#160;1690 of
    the Luxembourg Civil Code. As evidence of the transfer of
    registered shares, the Company may accept any correspondence or
    other documents evidencing the agreement between transferor and
    transferee as to the transfer of registered shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BNP Paribas Securities Services, (Luxembourg branch), maintains
    the Company&#146;s shareholders&#146; register.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Repurchase
    of Company Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company may repurchase its own shares in the cases and
    subject to the conditions set by the Luxembourg Companies Law
    and, in the case of acquisitions of shares or ADSs made through
    the NYSE, with any applicable laws and regulations of such
    market. See Item&#160;16.E &#147;Purchases of Equity Securities
    by the Issuer and Affiliated Purchasers&#148; in the
    Company&#146;s Annual Report for further information on the
    authorization granted on June&#160;2, 2010, by the
    Company&#146;s annual general shareholders meeting to the
    Company or its subsidiaries to repurchase the Company&#146;s
    shares, including shares represented by ADRs.
</DIV>
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    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Securities Ownership</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are no limitations currently imposed by Luxembourg law or
    the articles of association on the rights of non-resident
    shareholders to hold or vote their 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: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None of our outstanding securities has any special control
    rights. The Company&#146;s articles of association do not
    contain any provision that would have the effect of delaying,
    deferring or preventing a change in control of the Company and
    that would operate only with respect to a merger, acquisition or
    corporate restructuring involving the Company. In addition, the
    Company does not know of any significant agreements or other
    arrangements to which the Company is a party and which take
    effect, alter or terminate in the event of a change of control
    of the Company.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y89305116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following description of ADSs, together with the
    additional information we may include in any applicable
    prospectus supplement, is applicable to any international
    offering of ordinary shares represented by ADSs and evidenced by
    ADRs.</I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ADSs representing the Company&#146;s ordinary shares are listed
    on the NYSE under the symbol &#147;TX.&#148; Trading on the NYSE
    began on February&#160;1, 2006. As of December&#160;6, 2010, a
    total of 2,004,743,442&#160;shares were registered in the
    Company&#146;s shareholder register.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of January&#160;28, 2011, a total of 27,364,319 ADSs were
    oustanding under Ternium&#146;s ADS program. On January&#160;28,
    2011, the closing sales price for the ADSs on the NYSE was
    USD&#160;38.30 per ADS.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York Mellon (formerly The Bank of New York) is
    the depositary for the Company&#146;s ADSs. Each of our ADSs
    represents an ownership interest in ten of our shares deposited
    with the custodian, as agent of the depositary, under the
    deposit agreement among the Company, the depositary and all
    registered holders and beneficial owners of ADSs. Each ADS will
    also represent any securities, cash or other property deposited
    with the depositary but which have not been distributed directly
    to ADS holders. ADSs are evidenced by ADRs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary&#146;s office is located at 101 Barclay Street,
    New York, New York 10286.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investors may hold our ADSs either directly or indirectly
    through brokers or other financial institutions. If you hold our
    ADSs directly, by having an ADS registered in your name on the
    books of the depositary, you are an ADS holder. This description
    assumes you hold our ADSs directly. If you hold our ADSs through
    your broker or financial institution nominee, you must rely on
    the procedures of your broker or financial institution to assert
    the rights of an ADS holder described in this section. You
    should consult with your broker or financial institution to find
    out what those procedures are.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>As an ADS holder, we will not treat you as one of our
    shareholders and you will not have shareholder rights.
    Luxembourg law governs shareholders rights. The depositary will
    be the holder of the shares underlying your ADSs. As a holder of
    ADSs, you will have ADS holder rights.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain shareholders rights under Luxembourg law, including the
    right to vote, to receive dividends and distributions, to bring
    actions, to examine the books and records and to exercise
    appraisal rights may not be available to holders of ADSs, or may
    be subject to restrictions and special procedures for their
    exercise. Holders of ADSs only have those rights that are
    expressly granted to them in the deposit agreement. The
    depositary, through its custodian, is the registered shareholder
    of the deposited securities and therefore only the depositary
    can exercise the shareholders rights in connection with the
    deposited securities. For example, if we make a distribution in
    the form of securities, the depositary is allowed, at its
    discretion, to sell that right to acquire those securities on
    your behalf and to instead distribute the proceeds to you. The
    deposit agreement sets out ADS holder rights and the procedures
    for the exercise of such rights as well as the rights and
    obligations of the depositary. New York law governs the deposit
    agreement and the ADSs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the material terms of the deposit
    agreement. Because it is a summary, it does not contain all the
    information that may be important to you. For more complete
    information, you should read the entire deposit agreement and
    the form of ADS which contains the terms of ADSs. You can read a
    copy of the form of deposit agreement which is filed as an
    exhibit to and incorporated herein by reference from the
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-6</FONT>
    for the ADSs, filed with the SEC on January&#160;11, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;333-130952).</FONT>
    You may also obtain a copy of the deposit agreement at the
    SEC&#146;s public reference room. See &#147;Available
    Information.&#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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Share
    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: transparent">
    We may make various types of distributions with respect to our
    shares. The depositary has agreed to pay to you the dividends or
    other distributions it or the custodian receives on shares or
    other deposited securities, after deducting its fees and
    expenses and any amount required to be withheld on account of
    taxes or other governmental charges. You will receive these
    distributions in proportion to the number of underlying shares
    that your ADSs represent.
</DIV>
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    <BR>
    33
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as stated below, to the extent the depositary is legally
    permitted it will deliver the distributions to ADS holders in
    proportion to their interests in the following manner:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Cash.</I>&#160;&#160;The depositary will distribute to ADS
    holders any U.S.&#160;dollars available to it resulting from a
    cash dividend or other cash distribution or the net proceeds of
    sales of any other distribution or portion thereof (to the
    extent applicable), on an averaged or other practicable basis,
    subject to:
</TD>
</TR>

</TABLE>

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

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

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

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any reason that results in the depositary not being able to make
    available such distribution to any ADS holder(s) or to dispose
    of a distribution and make available the net proceeds thereof to
    any ADS holder(s);&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deduction of the depositary&#146;s fees, if applicable, and the
    depositary&#146;s expenses, including those incurred in
    (i)&#160;converting any foreign currency to U.S.&#160;dollars to
    the extent that it determines that the conversion may be made on
    a reasonable basis, (ii)&#160;transferring foreign currency or
    U.S.&#160;dollars to the United States by such means as the
    depositary may determine to the extent that it determines that
    the transfer may be made on a reasonable basis,
    (iii)&#160;obtaining any approval or license of any governmental
    authority required for the conversion or transfer, which is
    obtainable at a reasonable cost and within a reasonable time and
    (iv)&#160;making any sale by public or private means.
</TD>
</TR>

</TABLE>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Shares.</I>&#160;&#160;In the case of a distribution in
    shares, the depositary may deliver additional ADSs representing
    those shares. Only whole ADSs will be issued. Any shares which
    would result in fractional ADSs will be sold and the net
    proceeds will be distributed to the ADS holders entitled
    thereto. In the event we offer to the owners of any deposited
    securities an option to elect to receive dividends in fully paid
    shares instead of cash, we and the depositary shall consult to
    determine whether to make the option available to the ADS holder
    and the procedures to be followed.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Rights to receive additional shares.</I>&#160;&#160;In the
    case of a distribution of rights to subscribe for additional
    shares or other rights, the depositary will, after consulting
    with the Company, be permitted to decide whether to
    (i)&#160;make such rights available to the ADS holders and
    determine the procedure to be followed for this purpose or
    (ii)&#160;dispose of such rights on behalf of any ADS holders
    and distribute the net proceeds in cash. However, if requested
    by the Company, the depositary will take the following actions:
</TD>
</TR>

</TABLE>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    distribute to each holder of an ADS warrants or other
    instruments, or use any other method in order to facilitate the
    exercise, sale or transfer of rights by ADS holders, pursuant to
    a rights agency agreement to be entered between the Company and
    the depositary;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if it is not lawful or feasible to distribute such rights to ADS
    holders or if the rights appear to be about to lapse, use
    reasonable efforts to sell the rights and distribute the net
    proceeds as cash.
</TD>
</TR>

</TABLE>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Other distributions.</I>&#160;&#160;In the case of a
    distribution of securities or property other than those
    described above, the depositary may either:
</TD>
</TR>

</TABLE>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    distribute the securities or property in any manner it deems
    equitable and practicable;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to the extent the depositary deems distribution of the
    securities or property not to be equitable and practicable,
    after consultation with us to the extent practicable, adopt such
    method as it may deem equitable and practicable for the purpose
    of making the distribution, including but not limited to the
    sale of the securities or property and the distribution of any
    net proceeds in the same way it distributes cash.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have no obligation to file a registration statement under the
    Securities Act in order to make any rights available to ADS
    holders. ADS holders in the United States may not be able to
    exercise pre-emptive rights
    <FONT style="white-space: nowrap">and/or</FONT>
    receive other distributions if such securities are not
    registered under the Securities Act or exempted from such
    requirement. If the depositary is not permitted or is otherwise
    unable to sell any rights, such rights may lapse with no
    consideration received by ADS holders.
</DIV>
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    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may choose any practical method of distribution
    for any specific ADS holder, including the distribution of
    foreign currency, securities or property, or it may retain the
    items, without paying interest on or investing them, on behalf
    of the ADS holder as deposited securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary is not responsible if it decides that it is
    unlawful or impractical to make a distribution available to any
    ADS holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may not be able to convert any currency at a
    specified exchange rate or sell any property, rights, shares or
    other securities at a specified price, and these transactions
    may not be completed within a specified time period.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary will deliver ADSs if you or your broker deposits
    shares or evidence of rights to receive shares with the
    custodian.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares deposited in the future with the custodian must be
    accompanied by certain documents, including instruments showing
    that the shares have been properly transferred or endorsed to
    the person on whose behalf the deposit is being made. Shares may
    be so deposited through the electronic transfer of shares to the
    account maintained by the custodian for that purpose.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The custodian will hold all deposited shares for the account of
    the depositary.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The custodian will also hold any additional securities, property
    and cash received on or in substitution for the deposited
    shares. The deposited shares and any additional items are
    referred to as &#147;deposited securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon each deposit of shares, receipt of related delivery
    documentation and compliance with the other provisions of the
    deposit agreement, including the payment of the fees and charges
    of the depositary and any taxes or other fees or charges owing,
    the depositary will deliver an ADR or ADRs in the name of the
    person entitled thereto evidencing the number of ADSs to which
    the person is entitled. ADRs will be delivered at the
    depositary&#146;s principal New York office or any other
    location that it may designate as its transfer office.
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Surrender
    of ADSs and withdrawal of shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When you turn in your ADSs at the depositary&#146;s office, the
    depositary will, upon payment of applicable fees, charges and
    taxes, and upon receipt of proper instructions (in accordance
    with the terms of the deposit agreement), deliver the underlying
    shares in accordance with your instructions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may only restrict the withdrawal of deposited
    securities in connection with the following conditions set forth
    in paragraph&#160;I(A)(1) of the General Instructions (or any
    successor provisions thereto) to
    <FONT style="white-space: nowrap">Form&#160;F-6</FONT>
    (as the same may be amended from time to time):
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    temporary delays caused by closing our transfer books or those
    of the depositary;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    compliance with any laws or government regulations relating to
    ADRs or to the withdrawal of deposited securities;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of fees, taxes and similar charges.
</TD>
</TR>

</TABLE>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may not attend or directly exercise voting rights in
    shareholders&#146; meetings but you may instruct the depositary
    how to exercise the voting rights for the shares which underlie
    your ADSs. Each of your ADSs represents ten shares. After
    receiving voting materials from us, if we ask it to, the
    depositary will notify the ADS holders of any shareholders&#146;
    meeting or solicitation of consents or proxies. This notice will
    describe how you may instruct the depositary to exercise the
    voting rights for the shares which underlie your ADSs. For
    instructions to be valid, the depositary must receive them on or
    before the date the depositary will set. The depositary will
    try, as far as is practical, subject to the provisions of and
    governing the underlying shares or other deposited securities,
    to vote or to have its agents vote the shares or other deposited
    securities as you instruct. The depositary will only vote or
    attempt to vote as you instruct. The depositary will not itself
    exercise any voting discretion. If we asked the depositary to
    solicit your instructions and the depositary does not receive
    voting instructions from you by the specified date, it
</DIV>
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    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    will consider you to have authorized and directed it to give a
    discretionary proxy to a person designated by the Company to
    vote the number of deposited securities represented by your
    ADSs, in favor of any proposal or recommendations made by the
    Company. The depositary will give a discretionary proxy in those
    circumstances to vote on all questions to be voted upon unless
    we notify the depositary that:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we do not wish to receive a discretionary proxy;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we think there is substantial shareholder opposition;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we think it materially and adversely affects the rights of
    holders of shares.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the depositary nor its agents are responsible for any
    failure to carry out any voting instructions, for the manner in
    which any vote is cast or for the effect of any vote.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no guarantee that you will receive voting materials in
    time to instruct the depositary to vote and it is possible that
    you, or persons who hold their ADSs through brokers, dealers or
    other third parties, will not have the opportunity to exercise a
    right to vote.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may fix record dates for the determination of the
    ADS holders who will be entitled:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to receive a dividend, distribution or rights,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to give instructions for the exercise of voting rights at a
    meeting of holders of shares or other deposited securities,
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Reports
    and other communications</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary will make available for inspection by ADS holders
    any written communications from us (including proxy soliciting
    material) which are both (i)&#160;received by the depositary as
    a holder of deposited securities and (ii)&#160;made generally
    available to the holders of such deposited securities. We will
    furnish these communications in English when so required by any
    SEC rules or 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: transparent">
    Additionally, if we make any written communications generally
    available to holders of our shares, we will provide copies to
    the depositary or the custodian. When the depositary or the
    custodian actually receives those written communications, the
    depositary will, if we ask it to, mail copies of them to all ADS
    holders or make such communications available to them on a basis
    similar to the one applicable for shareholders or on such other
    basis as the Company may advise according to applicable laws and
    regulations.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ADS holders may be required to pay to the depositary, either
    directly or indirectly, fees or charges up to the amounts set
    forth 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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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>Depositary Services</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Associated Fee</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Issuance of ADSs, including issuances resulting from a
    distribution of shares or rights or other property
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    USD5.00 (or less) per 100 ADSs (or portion of 100 ADSs)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cancellation of ADSs for the purpose of withdrawal, including if
    the deposit agreement terminates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    USD5.00 (or less) per 100 ADSs (or portion of 100 ADSs)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Any cash distribution to ADS registered holders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    USD0.02 (or less) per ADSs
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Taxes and other governmental charges the depositary or the
    custodian have to pay on any ADS or share underlying an ADS
    (<I>e.g</I>. stock transfer taxes, stamp duty or withholding
    taxes)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    As necessary
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Transfer and registration of shares on our share register to or
    from the name of the depositary or its agent when you deposit or
    withdraw shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration or transfer fees
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cable, telex and facsimile transmissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Expenses of the depositary
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Conversion of foreign currency
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Expenses of the depositary
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Distribution of securities distributed to holders of deposited
    securities which are distributed by the depositary to ADS
    registered holders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    A fee equivalent to the fee that would be payable if securities
    distributed to ADS holders had been shares and the shares had
    been deposited for  issuance of ADSs
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Any charges incurred by the depositary or its agents for
    servicing the deposited securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    As necessary
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary collects its fees for delivery and surrender of
    ADSs directly from investors depositing shares or surrendering
    ADSs for the purpose of withdrawal or from intermediaries acting
    for them. The depositary collects fees for making distributions
    to investors by deducting those fees from the amounts
    distributed or by selling a portion of distributable property to
    pay the fees. The depositary may generally refuse to provide
    fee-attracting services until its fees for those services are
    paid.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay all other charges and expenses of the depositary and
    any agent of the depositary (except the custodian) pursuant to
    agreements from time to time between us and the depositary. The
    fees described above may be amended from time to time.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ADS holders or beneficial owners must pay any tax or other
    governmental charge payable by the custodian or the depositary
    on any ADS, deposited security or distribution. If an ADS holder
    or a beneficial owner owes any tax or other governmental charge,
    the depositary may (i)&#160;deduct the amount thereof from any
    cash distributions or (ii)&#160;sell deposited securities
    represented by the ADSs and deduct the amount owing from the net
    proceeds of the sale. In either case the ADS holder and the
    beneficial owner remain liable for any shortfall. Additionally,
    if any tax or governmental charge is unpaid, the depositary may
    also refuse to register and transfer ADSs or withdraw deposited
    securities. If any tax or governmental charge is required to be
    withheld on any non-cash distribution, the depositary may sell
    the distributed property or securities to pay the taxes and
    distribute any remaining net proceeds to the ADS holders
    entitled thereto.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Reclassifications,
    recapitalizations and mergers</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we take certain actions that affect the deposited securities,
    including (i)&#160;any change in par value,
    <FONT style="white-space: nowrap">split-up,</FONT>
    consolidation or other reclassification of deposited securities
    or (ii)&#160;any recapitalization, reorganization, merger,
    consolidation or sale of assets affecting the Company or to
    which it is a party, and when the provisions governing the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    distribution of additional shares of the Company do not apply,
    then the depositary may, and shall if the Company so requests,
    proceed as follows:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    call for the surrender of outstanding ADSs to be exchanged for
    new ADSs specifically describing the newly deposited
    securities;&#160;or
</TD>
</TR>


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the depositary does not choose any of the above options, any
    of the cash, securities or other property it receives will
    constitute part of the deposited securities and each ADS will
    then represent a proportionate interest in the property.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may agree with the depositary to amend the deposit agreement
    and the ADSs without consent of ADS holders for any reason which
    the Company and the depositary may deem necessary or desirable.
    ADS holders must be given at least 30&#160;days&#146; notice of
    any amendment that imposes or increases any fees or charges
    (other than stock transfer or other taxes and other governmental
    charges, transfer or registration fees, cable, telex or
    facsimile transmission costs, delivery costs or other such
    expenses), or that shall otherwise prejudice any substantial
    existing right of ADS holders. If an ADS holder continues to
    hold an ADS or ADSs after being so notified, the ADS holder is
    deemed to agree to the amendment.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No amendment will impair your right to surrender your ADSs and
    receive the underlying securities except to the extent necessary
    to comply with mandatory provisions of applicable law. If a
    government body adopts new laws or rules which require the
    deposit agreement or the ADSs to be amended, we and the
    depositary may make the necessary amendments, which could take
    effect before you receive notice 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: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary shall, at the Company&#146;s request, terminate
    the deposit agreement by giving the ADS holders at least
    30&#160;days&#146; prior notice. The depositary may also
    terminate the deposit agreement by giving notice of termination
    to the Company and the ADS holders if at least 60&#160;days have
    passed since the depositary delivered to the Company a written
    notice of its election to resign, and a successor depositary has
    not been appointed and accepted its appointment.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    After termination, the depositary&#146;s only responsibility
    will be (i)&#160;to deliver deposited securities (together with
    any dividends and other distributions or proceeds therefrom) to
    ADS holders who surrender their ADSs and (ii)&#160;to hold or
    sell distributions received on deposited securities. After the
    expiration of one year from the termination date, the depositary
    may sell the deposited securities that remain and hold the net
    proceeds of the sales, unsegregated and without liability for
    interest, for the pro rata benefit of the ADS holders who have
    not yet surrendered their ADSs. After making the sale, the
    depositary shall have no obligations except to account for the
    proceeds and other cash. The depositary will not be required to
    invest the proceeds or pay interest on them.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Limitations
    on obligations and liability to ADS holders</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The deposit agreement expressly limits the obligations and
    liability of the depositary, the Company and their respective
    agents. Neither the Company nor the depositary nor any of their
    directors, employees, agents or affiliates will be liable if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any present or future law or regulation, or any present or
    future provision of the articles of association of the Company,
    or the provisions of or governing any securities issued or
    distributed by the Company or any offering or distribution
    thereof, or any act of God, war or other circumstance beyond its
    control shall prevent, delay, forbid or subject to any civil or
    criminal penalty any act which the deposit agreement, the
    articles of association, the provisions of or governing the
    deposited securities, or other applicable laws provide shall be
    done or performed by it;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it exercises or fails to exercise discretion under the deposit
    agreement or the ADS;
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any distribution or offering may not be made available to ADS
    holders, the depositary may not dispose of such distribution or
    offering and make the proceeds available to the ADS holders, and
    the depositary allows the rights to lapse;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it performs its obligations without negligence or bad
    faith;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it takes or abstains from taking any action in reliance upon the
    advice of or information from legal counsel, accountants, any
    person presenting shares for deposit, any registered holder of
    ADSs, or any other person believed by it to be competent to give
    the advice or information.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No disclaimer of liability under the Securities Act is intended
    by any provision of the deposit agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary shall not be liable for the validity or worth of
    the deposited securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Company nor the depositary nor their respective
    agents have any obligation to appear in, prosecute or defend any
    action, suit or other proceeding in respect of any deposited
    securities or the ADSs on your behalf.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary will not be responsible for failing to carry out
    instructions to vote the deposited securities, for the manner in
    which the deposited securities are voted or the effect of the
    vote.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may own and deal in deposited securities and in
    ADSs.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Disclosure
    of interest in ADSs</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time the Company and the depositary may request you
    and other holders and beneficial owners of ADSs to provide
    information as to:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the capacity in which you and other holders and beneficial
    owners own or owned ADSs or beneficial interest in ADSs;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the identity of any other persons then or previously interested
    in the ADSs;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the nature of your interest and various other matters.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You agree to provide any such information requested by the
    Company or the depositary pursuant to 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Requirements
    for depositary actions</FONT></B>
</DIV>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issue, register or transfer an ADS or ADSs;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    effect a
    <FONT style="white-space: nowrap">split-up</FONT> or
    combination of ADSs;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    permit the withdrawal of deposited securities (unless the
    deposit agreement provides 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    until the following conditions have been met:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holder has paid all taxes, governmental charges and fees and
    expenses as required in 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holder has provided the depositary with any information it
    may deem necessary or proper, including, without limitation,
    proof of identity and the genuineness of any signature;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holder has complied with such regulations as the depositary
    may establish under the deposit agreement.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may also suspend the issuance of ADSs, the
    deposit of shares or the registration, transfer,
    <FONT style="white-space: nowrap">split-up</FONT> or
    combination of ADSs if the register for ADSs or any deposited
    securities is closed or if we or the depositary decide it is
    advisable to do so.
</DIV>
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    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Books 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: transparent">
    The depositary or its agent will maintain a register for the
    registration, registration of transfer, combination and
    <FONT style="white-space: nowrap">split-up</FONT> of
    ADSs. You may inspect these records during regular business
    hours, but solely for the purpose of communicating with other
    holders in the interest of business matters relating to the
    deposit agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary may close the transfer books, (i)&#160;at any
    time or from time to time, when deemed expedient by it in
    connection with the performance of its duties hereunder, or
    (ii)&#160;at the request of the Company. The depositary shall
    notify the Company of any closing under clause&#160;(i) of the
    preceding sentence that is other than in the ordinary course of
    business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The depositary will maintain facilities to record and process
    the issuance, cancellation, combination,
    <FONT style="white-space: nowrap">split-up</FONT> and
    transfer of ADSs. These facilities may be closed from time to
    time, to the extent not prohibited by law, for example, in
    observance of holidays, when setting a record date or
    determining entitlements to rights or other benefits and as a
    result of events of force majeure.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Pre-release
    of ADSs</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we request in writing that the depositary cease doing so,
    the depositary may deliver ADSs prior to the deposit with the
    custodian of shares (or rights to receive shares). This is
    called a pre-release of the ADSs. A pre-release is closed out as
    soon as the underlying shares (or other ADSs) are delivered to
    the depositary. The depositary may pre-release ADSs only if:
    (i)&#160;before or at the time of the pre-release, the person to
    whom the pre-release is being made represents to the depositary
    in writing that it or its customer owns the shares or ADSs to be
    deposited, assigns all beneficial rights, title and interest in
    such shares and will not take any action with respect to those
    shares inconsistent with the transfer of beneficial ownership;
    (ii)&#160;the pre-release is fully collateralized with cash,
    U.S.&#160;government securities, or other collateral that the
    depositary determines in good faith that will provide similar
    liquidity and security; and (iii)&#160;the depositary must be
    able to close out the pre-release on not more than five business
    days&#146; notice. Each pre-release will be subject to such
    further indemnities and credit regulations as the depositary
    deems appropriate.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, the number of pre-released ADSs will not constitute
    more than 30% of all ADSs outstanding at any given time
    (excluding those evidenced by pre-released ADSs). However, the
    depositary may change or disregard this limit from time to time
    as it deems appropriate and may, with our prior written consent,
    change such limit for the purpose of general application. The
    depositary will also set U.S.&#160;dollar limits with respect to
    pre-release transactions to be entered into on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis as the depositary deems appropriate. The depositary shall
    hold the collateral referred to above under clause&#160;(ii) in
    the immediately preceding paragraph as security for the
    performance of the pre-releasee&#146;s obligations to the
    depositary in connection with a pre-release transaction,
    including a holder&#146;s obligation to deliver shares or ADSs
    upon termination of a pre-release transaction. The depositary
    may retain for its own account any earnings on collateral for
    pre-released ADSs and its charges for issuance thereof.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<A name='Y89305117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    TAXATION OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section describes the material U.S.&#160;federal income tax
    consequences of owning the debt securities we may offer. It
    applies to you only if you acquire debt securities in an
    offering or offerings contemplated in this prospectus and you
    hold your debt securities as capital assets for tax purposes.
    This section does not apply to you if you are a member of a
    class of holders subject to special rules, such as:
</DIV>

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

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

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

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trader in securities that elects to use a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting for your securities holdings,
</TD>
</TR>


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a former citizen or long-term resident of the United States;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person liable for the alternative minimum tax;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person who invests through a pass-through entity, including a
    partnership;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that owns debt securities that are a hedge or that are
    hedged against interest rate or currency risks,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that owns debt securities as part of a straddle or
    conversion transaction for tax purposes,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;holder (as defined below) whose functional currency
    for tax purposes is not the U.S.&#160;dollar.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section deals only with debt securities that are due to
    mature 30&#160;years or less from the date on which they are
    issued. This section also does not deal with debt securities
    that are issued in bearer form. The U.S.&#160;federal income tax
    consequences of owning debt securities that are due to mature
    more than 30&#160;years from their date of issue or that are
    issued in bearer form will be discussed in an applicable
    prospectus supplement. This section is based on the Internal
    Revenue Code of 1986, as amended, its legislative history,
    existing and proposed regulations under the Internal Revenue
    Code, published rulings and court decisions, all as currently in
    effect. These laws are subject to change, possibly on a
    retroactive basis.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership holds the debt securities, the
    U.S.&#160;federal income tax treatment of a partner will
    generally depend on the status of the partner and the tax
    treatment of the partnership. A partner in a partnership holding
    the debt securities should consult its tax advisor with regard
    to the U.S.&#160;federal income tax treatment of an investment
    in the debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Please consult your own tax advisor concerning the
    consequences of owning these debt securities in your particular
    circumstances under the Internal Revenue Code and the laws of
    any other taxing jurisdiction.</B>
</DIV>
</DIV><!-- End box 1 -->

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This subsection describes the tax consequences to a
    U.S.&#160;holder. You are a U.S.&#160;holder if you are a
    beneficial owner of a debt security and you are, for U.S.
    federal income tax purposes:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an individual citizen or resident of the United States,
</TD>
</TR>


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if (i) a U.S.&#160;court can exercise primary
    supervision over the trust&#146;s administration and one or more
    U.S.&#160;persons are authorized to control all substantial
    decisions of the trust or (ii) the trust has a valid election in
    effect under applicable U.S. Treasury regulations to be treated
    as a U.S. person.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are not a U.S.&#160;holder, this subsection does not
    apply to you and you should refer to
    &#145;&#145;&#151;&#160;U.S.&#160;Alien Holders&#148; below.
</DIV>
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    <BR>
    41
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as described below in the case of interest on a discount
    debt security that is not qualified stated interest, each as
    defined below under &#147;&#151;&#160;Original Issue
    Discount&#160;&#151; General&#148;, you will be taxed on any
    interest on your debt security, whether payable in
    U.S.&#160;dollars or a foreign currency, including a composite
    currency or basket of currencies other than U.S.&#160;dollars,
    as ordinary income at the time you receive the interest or when
    it accrues, depending on your method of accounting for tax
    purposes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest paid by the Company on the debt securities (which
    includes any Luxembourg tax withheld) and original issue
    discount, if any, accrued with respect to the debt securities
    (as described below under &#147;Original Issue Discount&#148;)
    and any additional amounts paid with respect to withholding tax
    on the debt securities, including withholding tax on payments of
    such additional amounts (&#147;additional amounts&#148;), is
    income from sources outside the United States subject to the
    rules regarding the foreign tax credit allowable to a
    U.S.&#160;holder. Under the foreign tax credit rules, interest,
    and original issue discount and additional amounts will
    generally constitute &#147;passive category income&#148; for
    purposes of computing the foreign tax credit. You will generally
    be denied a foreign tax credit for foreign taxes imposed with
    respect to the debt securities where you do not meet a minimum
    holding period requirement during which you are not protected
    from risk of loss.  The rules governing the foreign tax credit
    are complex.  You are urged to consult your tax advisors
    regarding the availability of the foreign tax credit under your
    particular circumstances.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Cash Basis Taxpayers.</I>&#160;&#160;If you are a taxpayer
    that uses the cash receipts and disbursements method of
    accounting for tax purposes and you receive an interest payment
    that is denominated in, or determined by reference to, a foreign
    currency, you must recognize income equal to the
    U.S.&#160;dollar value of the interest payment, based on the
    exchange rate in effect on the date of receipt, regardless of
    whether you actually convert the payment into U.S.&#160;dollars.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Accrual Basis Taxpayers.</I>&#160;&#160;If you are a taxpayer
    that uses an accrual method of accounting for tax purposes, you
    may determine the amount of income that you recognize with
    respect to an interest payment denominated in, or determined by
    reference to, a foreign currency by using one of two methods.
    Under the first method, you will determine the amount of income
    accrued based on the average exchange rate in effect during the
    interest accrual period or, with respect to an accrual period
    that spans two taxable years, that part of the period within the
    taxable year.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you elect the second method, you would determine the amount
    of income accrued on the basis of the exchange rate in effect on
    the last day of the accrual period, or, in the case of an
    accrual period that spans two taxable years, the exchange rate
    in effect on the last day of the part of the period within the
    taxable year. Additionally, under this second method, if you
    receive a payment of interest within five business days of the
    last day of your accrual period or taxable year, you may instead
    translate the interest accrued into U.S.&#160;dollars at the
    exchange rate in effect on the day that you actually receive the
    interest payment. If you elect the second method it will apply
    to all debt instruments that you hold at the beginning of the
    first taxable year to which the election applies and to all debt
    instruments that you subsequently acquire. You may not revoke
    this election without the consent of the Internal Revenue
    Service.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When you actually receive an interest payment, including a
    payment attributable to accrued but unpaid interest upon the
    sale or retirement of your debt security, denominated in, or
    determined by reference to, a foreign currency for which you
    accrued an amount of income, you will recognize ordinary income
    or loss measured by the difference, if any, between the exchange
    rate that you used to accrue interest income and the exchange
    rate in effect on the date of receipt, regardless of whether you
    actually convert the payment into U.S.&#160;dollars.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>General.</I>&#160;&#160;If you own a debt security, other
    than a short-term debt security with a term of one year or less,
    it will be treated as a discount debt security issued at an
    original issue discount if the amount by which the debt
    security&#146;s stated redemption price at maturity exceeds its
    issue price is more than a de minimis amount. Generally, a debt
    security&#146;s issue price will be the first price at which a
    substantial amount of debt securities included in the issue of
    which the debt security is a part is sold to persons other than
    bond houses, brokers, or similar persons or
</DIV>
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    <BR>
    42
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    organizations acting in the capacity of underwriters, placement
    agents, or wholesalers. A debt security&#146;s stated redemption
    price at maturity is the total of all payments provided by the
    debt security that are not payments of qualified stated
    interest. Generally, an interest payment on a debt security is
    qualified stated interest if it is one of a series of stated
    interest payments on a debt security that are unconditionally
    payable at least annually at a single fixed rate, with certain
    exceptions for lower rates paid during some periods, applied to
    the outstanding principal amount of the debt security. There are
    special rules for variable rate debt securities that are
    discussed under &#147;&#151;&#160;Variable Rate Debt
    Securities&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, your debt security is not a discount debt security
    if the amount by which its stated redemption price at maturity
    exceeds its issue price is less than the de minimis amount of
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>
    of 1&#160;percent of its stated redemption price at maturity
    multiplied by the number of complete years to its maturity. Your
    debt security will have de minimis original issue discount if
    the amount of the excess is less than the de minimis amount. If
    your debt security has de minimis original issue discount, you
    must include the de minimis amount in income as stated principal
    payments are made on the debt security, unless you make the
    election described below under &#147;&#151;&#160;Election to
    Treat All Interest as Original Issue Discount&#148;. You can
    determine the includible amount with respect to each such
    payment by multiplying the total amount of your debt
    security&#146;s de minimis original issue discount by a fraction
    equal to:
</DIV>

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

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

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

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

</TABLE>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the stated principal amount of the debt security.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, if your discount debt security matures more than one
    year from its date of issue, you must include original issue
    discount, or OID, in income before you receive cash attributable
    to that income. The amount of OID that you must include in
    income is calculated using a constant-yield method, and
    generally you will include increasingly greater amounts of OID
    in income over the life of your debt security. More
    specifically, you can calculate the amount of OID that you must
    include in income by adding the daily portions of OID with
    respect to your discount debt security for each day during the
    taxable year or portion of the taxable year that you hold your
    discount debt security. You can determine the daily portion by
    allocating to each day in any accrual period a pro rata portion
    of the OID allocable to that accrual period. You may select an
    accrual period of any length with respect to your discount debt
    security and you may vary the length of each accrual period over
    the term of your discount debt security. However, no accrual
    period may be longer than one year and each scheduled payment of
    interest or principal on the discount debt security must occur
    on either the first or final day of an accrual period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You can determine the amount of OID allocable to an accrual
    period by:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    multiplying your discount debt security&#146;s adjusted issue
    price at the beginning of the accrual period by your debt
    security&#146;s yield to maturity, and then
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    subtracting from this figure the sum of the payments of
    qualified stated interest on your debt security allocable to the
    accrual 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: transparent">
    You must determine the discount debt security&#146;s yield to
    maturity on the basis of compounding at the close of each
    accrual period and adjusting for the length of each accrual
    period. Further, you determine your discount debt
    security&#146;s adjusted issue price at the beginning of any
    accrual period by:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adding your discount debt security&#146;s issue price and any
    accrued OID for each prior accrual period, and then
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    subtracting any payments previously made on your discount debt
    security that were not qualified stated interest payments.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an interval between payments of qualified stated interest on
    your discount debt security contains more than one accrual
    period, then, when you determine the amount of OID allocable to
    an accrual period, you must allocate the amount of qualified
    stated interest payable at the end of the interval, including
    any qualified stated interest that is payable on the first day
    of the accrual period immediately following the interval, pro
    rata to each accrual period in the interval based on their
    relative lengths. In addition, you must increase the adjusted
    issue price at the beginning of each accrual period in the
    interval by the amount of any qualified stated interest that has
    accrued prior to the first day of the accrual period but that is
    not payable until the end of the interval. You may compute the
    amount of OID
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    allocable to an initial short accrual period by using any
    reasonable method if all other accrual periods, other than a
    final short accrual period, are of equal length.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of OID allocable to the final accrual period is equal
    to the difference between:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount payable at the maturity of your debt security, other
    than any payment of qualified stated interest,&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    your debt security&#146;s adjusted issue price as of the
    beginning of the final accrual 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: transparent">
    <I>Acquisition Premium.</I>&#160;&#160;If you purchase your debt
    security for an amount that is less than or equal to the sum of
    all amounts, other than qualified stated interest, payable on
    your debt security after the purchase date but is greater than
    the amount of your debt security&#146;s adjusted issue price, as
    determined above under &#147;&#151;&#160;General&#148;, the
    excess is acquisition premium. If you do not make the election
    described below under &#147;&#151;&#160;Election to Treat All
    Interest as Original Issue Discount&#148;, then you must reduce
    the daily portions of OID by a fraction equal to:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the excess of your adjusted basis in the debt security
    immediately after purchase over the adjusted issue price of the
    debt security
</TD>
</TR>

</TABLE>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the excess of the sum of all amounts payable, other than
    qualified stated interest, on the debt security after the
    purchase date over the debt security&#146;s adjusted issue price.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Pre-Issuance Accrued Interest.</I>&#160;&#160;An election may
    be made to decrease the issue price of your debt security by the
    amount of pre-issuance accrued interest if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a portion of the initial purchase price of your debt security is
    attributable to pre-issuance accrued interest,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the first stated interest payment on your debt security is to be
    made within one year of your debt security&#146;s issue
    date,&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment will equal or exceed the amount of pre-issuance
    accrued interest.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this election is made, a portion of the first stated interest
    payment will be treated as a return of the excluded pre-issuance
    accrued interest and not as an amount payable on your debt
    security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Debt Securities Subject to Contingencies Including Optional
    Redemption.</I>&#160;&#160;Your debt security is subject to a
    contingency if it provides for an alternative payment schedule
    or schedules applicable upon the occurrence of a contingency or
    contingencies, other than a remote or incidental contingency,
    whether such contingency relates to payments of interest or of
    principal. In such a case, you must determine the yield and
    maturity of your debt security by assuming that the payments
    will be made according to the payment schedule most likely to
    occur if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing and amounts of the payments that comprise each
    payment schedule are known as of the issue date&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one of such schedules is significantly more likely than not to
    occur.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If there is no single payment schedule that is significantly
    more likely than not to occur, other than because of a mandatory
    sinking fund, you must include income on your debt security in
    accordance with the general rules that govern contingent payment
    obligations. These rules will be discussed in the applicable
    prospectus supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the general rules for determining yield and
    maturity, if your debt security is subject to contingencies, and
    either you or we have an unconditional option or options that,
    if exercised, would require payments to be made on the debt
    security under an alternative payment schedule or schedules,
    then:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of an option or options that we may exercise, we
    will be deemed to exercise or not exercise an option or
    combination of options in the manner that minimizes the yield on
    your debt security&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of an option or options that you may exercise, you
    will be deemed to exercise or not exercise an option or
    combination of options in the manner that maximizes the yield on
    your debt security.
</TD>
</TR>

</TABLE>
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    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If both you and we hold options described in the preceding
    sentence, those rules will apply to each option in the order in
    which they may be exercised. You may determine the yield on your
    debt security for the purposes of those calculations by using
    any date on which your debt security may be redeemed or
    repurchased as the maturity date and the amount payable on the
    date that you chose in accordance with the terms of your debt
    security as the principal amount payable at maturity.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a contingency, including the exercise of an option, actually
    occurs or does not occur contrary to an assumption made
    according to the above rules then, except to the extent that a
    portion of your debt security is repaid as a result of this
    change in circumstances and solely to determine the amount and
    accrual of OID, you must redetermine the yield and maturity of
    your debt security by treating your debt security as having been
    retired and reissued on the date of the change in circumstances
    for an amount equal to your debt security&#146;s adjusted issue
    price on that date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Election to Treat All Interest as Original Issue
    Discount.</I>&#160;&#160;You may elect to include in gross
    income all interest that accrues on your debt security using the
    constant-yield method described above under
    &#147;&#151;&#160;General&#148;, with the modifications
    described below. For purposes of this election, interest will
    include stated interest, OID, de minimis original issue
    discount, market discount, de minimis market discount and
    unstated interest, as adjusted by any amortizable bond premium,
    described below under &#147;&#151;&#160;Debt Securities
    Purchased at a Premium,&#148; or acquisition premium.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you make this election for your debt security, then, when you
    apply the constant-yield method:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issue price of your debt security will equal your cost,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issue date of your debt security will be the date you
    acquired it,&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no payments on your debt security will be treated as payments of
    qualified stated interest.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, this election will apply only to the debt security
    for which you make it; however, if the debt security has
    amortizable bond premium, you will be deemed to have made an
    election to apply amortizable bond premium against interest for
    all debt instruments with amortizable bond premium, other than
    debt instruments the interest on which is excludible from gross
    income, that you hold as of the beginning of the taxable year to
    which the election applies or any taxable year thereafter.
    Additionally, if you make this election for a market discount
    debt security, you will be treated as having made the election
    discussed below under &#147;&#151;&#160;Market Discount&#148; to
    include market discount in income currently over the life of all
    debt instruments having market discount that you acquire on or
    after the first day of the first taxable year to which the
    election applies. You may not revoke any election to apply the
    constant-yield method to all interest on a debt security or the
    deemed elections with respect to amortizable bond premium or
    market discount debt securities without the consent of the
    Internal Revenue Service.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Variable Rate Debt Securities.</I>&#160;&#160;Your debt
    security will be a variable rate debt security if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    your debt security&#146;s issue price does not exceed the total
    noncontingent principal payments by more than the lesser of:
</TD>
</TR>

</TABLE>

<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: transparent">
    1)&#160;0.015 multiplied by the product of the total
    noncontingent principal payments and the number of complete
    years to maturity from the issue date,&#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: transparent">
    2)&#160;15&#160;percent of the total noncontingent principal
    payments;&#160;and
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    your debt security provides for stated interest, compounded or
    paid at least annually, only at:
</TD>
</TR>

</TABLE>

<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: transparent">
    1)&#160;one or more qualified floating rates,
</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: transparent">
    2)&#160;a single fixed rate and one or more qualified floating
    rates,
</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: transparent">
    3)&#160;a single objective rate,&#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: transparent">
    4)&#160;a single fixed rate and a single objective rate that is
    a qualified inverse floating rate.
</DIV>
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    <BR>
    45
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your debt security will have a variable rate that is a qualified
    floating rate if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    variations in the value of the rate can reasonably be expected
    to measure contemporaneous variations in the cost of newly
    borrowed funds in the currency in which your debt security is
    denominated;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate is equal to such a rate multiplied by either:
</TD>
</TR>

</TABLE>

<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: transparent">
    1)&#160;a fixed multiple that is greater than 0.65 but not more
    than 1.35&#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: transparent">
    2)&#160;a fixed multiple greater than 0.65 but not more than
    1.35, increased or decreased by a fixed rate;&#160;and
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the value of the rate on any date during the term of your debt
    security is set no earlier than three months prior to the first
    day on which that value is in effect and no later than one year
    following that first 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your debt security provides for two or more qualified
    floating rates that are within 0.25&#160;percentage points of
    each other on the issue date or can reasonably be expected to
    have approximately the same values throughout the term of the
    debt security, the qualified floating rates together constitute
    a single qualified floating rate.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your debt security will not have a qualified floating rate,
    however, if the rate is subject to certain restrictions
    (including caps, floors, governors, or other similar
    restrictions) unless such restrictions are fixed throughout the
    term of the debt security or are not reasonably expected to
    significantly affect the yield on the debt security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your debt security will have a variable rate that is a single
    objective rate if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate is not a qualified floating 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate is determined using a single, fixed formula that is
    based on objective financial or economic information that is not
    within the control of or unique to the circumstances of the
    issuer or a related party,&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the value of the rate on any date during the term of your debt
    security is set no earlier than three months prior to the first
    day on which that value is in effect and no later than one year
    following that first 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your debt security will not have a variable rate that is an
    objective rate, however, if it is reasonably expected that the
    average value of the rate during the first half of your debt
    security&#146;s term will be either significantly less than or
    significantly greater than the average value of the rate during
    the final half of your debt security&#146;s term.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An objective rate as described above is a qualified inverse
    floating rate if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate is equal to a fixed rate minus a qualified floating
    rate&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the variations in the rate can reasonably be expected to
    inversely reflect contemporaneous variations in the cost of
    newly borrowed funds.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your debt security will also have a single qualified floating
    rate or an objective rate if interest on your debt security is
    stated at a fixed rate for an initial period of one year or less
    followed by either a qualified floating rate or an objective
    rate for a subsequent period, and either:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fixed rate and the qualified floating rate or objective rate
    have values on the issue date of the debt security that do not
    differ by more than 0.25&#160;percentage points&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the value of the qualified floating rate or objective rate is
    intended to approximate the fixed rate.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, if your variable rate debt security provides for
    stated interest at a single qualified floating rate or objective
    rate, or one of those rates after a single fixed rate for an
    initial period, all stated interest on your debt security is
    qualified stated interest. In this case, the amount of OID, if
    any, is determined by using, in the case of a qualified floating
    rate or qualified inverse floating rate, the value as of the
    issue date of the qualified floating rate or qualified inverse
    floating rate, or, for any other objective rate, a fixed rate
    that reflects the yield reasonably expected for your debt
    security.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your variable rate debt security does not provide for stated
    interest at a single qualified floating rate or a single
    objective rate, and also does not provide for interest payable
    at a fixed rate other than a single fixed rate for an initial
    period, you generally must determine the interest and OID
    accruals on your debt security by:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    determining a fixed rate substitute for each variable rate
    provided under your variable rate debt security,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    constructing the equivalent fixed rate debt instrument, using
    the fixed rate substitute described 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    determining the amount of qualified stated interest and OID with
    respect to the equivalent fixed rate debt instrument,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adjusting for actual variable rates during the applicable
    accrual 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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When you determine the fixed rate substitute for each variable
    rate provided under the variable rate debt security, you
    generally will use the value of each variable rate as of the
    issue date or, for an objective rate that is not a qualified
    inverse floating rate, a rate that reflects the reasonably
    expected yield on your debt security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your variable rate debt security provides for stated interest
    either at one or more qualified floating rates or at a qualified
    inverse floating rate, and also provides for stated interest at
    a single fixed rate other than at a single fixed rate for an
    initial period, you generally must determine interest and OID
    accruals by using the method described in the previous
    paragraph. However, your variable rate debt security will be
    treated, for purposes of the first three steps of the
    determination, as if your debt security had provided for a
    qualified floating rate, or a qualified inverse floating rate,
    rather than the fixed rate. The qualified floating rate, or
    qualified inverse floating rate, that replaces the fixed rate
    must be such that the fair market value of your variable rate
    debt security as of the issue date approximates the fair market
    value of an otherwise identical debt instrument that provides
    for the qualified floating rate, or qualified inverse floating
    rate, rather than the fixed rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Short-Term Debt Securities.</I>&#160;&#160;In general, if you
    are an individual or other cash basis U.S.&#160;holder of a
    short-term debt security, you are not required to accrue OID, as
    specially defined below for the purposes of this paragraph, for
    U.S.&#160;federal income tax purposes unless you elect to do so
    (although it is possible that you may be required to include any
    stated interest in income as you receive it). If you are an
    accrual basis taxpayer, a taxpayer in a special class,
    including, but not limited to, a regulated investment company,
    common trust fund, or a certain type of pass-through entity, or
    a cash basis taxpayer who so elects, you will be required to
    accrue OID on short-term debt securities on either a
    straight-line basis or under the constant-yield method, based on
    daily compounding. If you are not required and do not elect to
    include OID in income currently, any gain you realize on the
    sale or retirement of your short-term debt security will be
    ordinary income to the extent of the accrued OID, which will be
    determined on a straight-line basis unless you make an election
    to accrue the OID under the constant-yield method, through the
    date of sale or retirement. However, if you are not required and
    do not elect to accrue OID on your short-term debt securities,
    you will be required to defer deductions for interest on
    borrowings allocable to your short-term debt securities in an
    amount not exceeding the deferred income until the deferred
    income is realized.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When you determine the amount of OID subject to these rules, you
    must include all interest payments on your short-term debt
    security, including stated interest, in your short-term debt
    security&#146;s stated redemption price at maturity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Currency Discount Debt Securities.</I>&#160;&#160;If
    your discount debt security is denominated in, or determined by
    reference to, a foreign currency, you must determine OID for any
    accrual period on your discount debt security in the foreign
    currency and then translate the amount of OID into
    U.S.&#160;dollars in the same manner as stated interest accrued
    by an accrual basis U.S.&#160;holder, as described under
    &#147;&#151;&#160;U.S.&#160;Holders&#160;&#151; Payments of
    Interest&#148;. You may recognize ordinary income or loss when
    you receive an amount attributable to OID in connection with a
    payment of interest or the sale or retirement of your debt
    security.
</DIV>
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    <BR>
    47
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Discount</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will be treated as if you purchased your debt security,
    other than a short-term debt security, at a market discount, and
    your debt security will be a market discount debt security if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you purchase your debt security for less than its stated
    redemption price at maturity or, in the case of a discount debt
    security, its revised issue price;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the difference between the debt security&#146;s stated
    redemption price at maturity or, in the case of a discount debt
    security, the debt security&#146;s revised issue price, and the
    price you paid for your debt security is equal to or greater
    than 1/4 of 1&#160;percent of your debt security&#146;s stated
    redemption price at maturity or revised issue price,
    respectively, multiplied by the number of complete years to the
    debt security&#146;s maturity. To determine the revised issue
    price of your debt security for these purposes, you generally
    add any OID that has accrued on your debt security to its issue
    price.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your debt security&#146;s stated redemption price at maturity
    or, in the case of a discount debt security, its revised issue
    price, exceeds the price you paid for the debt security by less
    than
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>
    of 1&#160;percent multiplied by the number of complete years to
    the debt security&#146;s maturity, the excess constitutes de
    minimis market discount, and the rules discussed below are not
    applicable to you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You must treat any gain you recognize on the maturity or
    disposition of your market discount debt security as ordinary
    income to the extent of the accrued market discount on your debt
    security. Alternatively, you may elect to include market
    discount in income currently over the life of your debt
    security. If you make this election, it will apply to all debt
    instruments with market discount that you acquire on or after
    the first day of the first taxable year to which the election
    applies. You may not revoke this election without the consent of
    the Internal Revenue Service. If you own a market discount debt
    security and do not make this election, you will generally be
    required to defer deductions for interest on borrowings
    allocable to your debt security in an amount not exceeding the
    accrued market discount on your debt security until the maturity
    or disposition of your debt security. If you make this election
    and your debt security is denominated in, or determined by
    reference to, a foreign currency, the amount of market discount
    which accrues is determined in the foreign currency and then
    translated into U.S. dollars on the basis of the average
    exchange rate in effect during such accrual period. In such
    case, you will recognize exchange gain or loss with respect to
    market discount which is accrued currently using the approach
    applicable to the accrual of interest income as described aboved
    under &#147;&#151; U.S. Holders&#160;&#151; Payments of
    Interest&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will accrue market discount on your market discount debt
    security on a straight-line basis unless you elect to accrue
    market discount using a constant-yield method. If you make this
    election, it will apply only to the debt security with respect
    to which it is made and you may not revoke&#160;it.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities Purchased at a Premium</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase your debt security for an amount in excess of
    its stated redemption price at maturity,  you will be considered
    to have purchased the debt instrument with  bond premium and, if
    it is a discount debt security, you will not have to include any
    OID in income. You may elect to treat the bond premium as
    amortizable bond premium. If you make this election, you will
    reduce the amount required to be included in your income each
    year with respect to interest on your debt security by the
    amount of amortizable bond premium allocable to that year, based
    on your debt security&#146;s yield to maturity. If your debt
    security is denominated in, or determined by reference to, a
    foreign currency, you will compute your amortizable bond premium
    in units of the foreign currency and your amortizable bond
    premium will reduce your interest income in units of the foreign
    currency. Gain or loss recognized that is attributable to
    changes in exchange rates between the time your amortized bond
    premium offsets interest income and the time of the acquisition
    of your debt security is generally taxable as ordinary income or
    loss. If you make an election to amortize bond premium, it will
    apply to all debt instruments, other than debt instruments the
    interest on which is excludible from gross income, that you hold
    at the beginning of the first taxable year to which the election
    applies or that you thereafter acquire, and you may not revoke
    it without the consent of the Internal Revenue Service. See also
    &#147;Original Issue Discount&#160;&#151; Election to Treat All
    Interest as Original Issue Discount&#148;.
</DIV>
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    <BR>
    48
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Purchase,
    Sale and Retirement of the Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your tax basis in your debt security will generally be the
    U.S.&#160;dollar cost, as defined below, of your debt security,
    adjusted by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adding any OID or market discount previously included in income
    with respect to your debt security, and then
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    subtracting any payments on your debt security that are not
    qualified stated interest payments and any amortizable bond
    premium applied to reduce interest on your debt security.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase your debt security with foreign currency, the
    U.S.&#160;dollar cost of your debt security will generally be
    the U.S.&#160;dollar value of the purchase price on the date of
    purchase. However, if you are a cash basis taxpayer, or an
    accrual basis taxpayer if you so elect, and your debt security
    is traded on an established securities market, as defined in the
    applicable Treasury regulations, the U.S.&#160;dollar cost of
    your debt security will be the U.S.&#160;dollar value of the
    purchase price on the settlement date of your purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will generally recognize gain or loss on the sale or
    retirement of your debt security equal to the difference between
    the amount you realize on the sale or retirement and your tax
    basis in your debt security. If your debt security is sold or
    retired for an amount in foreign currency, the amount you
    realize will be the U.S.&#160;dollar value of such amount on the
    date the debt security is disposed of or retired, except that in
    the case of a debt security that is traded on an established
    securities market, as defined in the applicable Treasury
    regulations, a cash basis taxpayer, or an accrual basis taxpayer
    that so elects, will determine the amount realized based on the
    U.S.&#160;dollar value of the foreign currency on the settlement
    date of the sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will recognize capital gain or loss when you sell or retire
    your debt security, except to the extent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    described above under &#147;&#151;&#160;Original Issue
    Discount&#160;&#151; Short-Term Debt Securities&#148; or
    &#147;&#151;&#160;Market Discount&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    attributable to accrued but unpaid qualified stated interest,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rules governing contingent payment obligations apply,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    attributable to changes in exchange rates 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: transparent">
    The gain or loss will generally be income or loss from sources
    within the United States for foreign tax credit limitation
    purposes. Capital gain of a noncorporate U.S.&#160;holder is
    generally taxed at preferential rates where the property is held
    for more than one year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You must treat any portion of the gain or loss that you
    recognize on the sale or retirement of a debt security as
    ordinary income or loss to the extent attributable to changes in
    exchange rates. For these purposes, the exchange gain or loss is
    equal to the difference between (i)&#160;the U.S. dollar value
    of the principal amount of the debt security determined on the
    date of the sale or retirement and (ii)&#160;the U.S. dollar
    value of the principal amount of the debt security determined on
    the date you purchased the debt security. However, you take
    exchange gain or loss into account only to the extent of the
    total gain or loss you realize on the 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    of Amounts in Other Than U.S. Dollars</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you receive foreign currency as interest on your debt
    security or on the sale or retirement of your debt security,
    your tax basis in the foreign currency will generally equal its
    U.S.&#160;dollar value when the interest is received or at the
    time of the sale or retirement. However, in the case of the sale
    or retirement of a debt security that is traded on an
    established securities market, as defined in the applicable
    Treasury regulations, a cash basis taxpayer, or an accrual basis
    taxpayer that so elects, will determine its amount realized and,
    thus, its tax basis in the foreign currency, based on the U.S.
    dollar value of the foreign currency on the settlement date of
    the sale or retirement. If you purchase foreign currency, you
    generally will have a tax basis equal to the U.S.&#160;dollar
    value of the foreign currency on the date of your purchase. If
    you sell or dispose of a foreign currency, including if you use
    it to purchase debt securities or exchange it for
    U.S.&#160;dollars, any gain or loss recognized generally will be
    ordinary income or loss.
</DIV>
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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Medicare
    Tax</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For taxable years beginning after December&#160;31, 2012, a
    U.S.&#160;holder that is an individual or estate, or a trust
    that does not fall into a special class of trusts that is exempt
    from such tax, will be subject to a 3.8% tax on the lesser of
    (1)&#160;the U.S.&#160;holder&#146;s &#147;net investment
    income&#148; for the relevant taxable year and (2)&#160;the
    excess of the U.S.&#160;holder&#146;s modified adjusted gross
    income for the taxable year over a certain threshold (which in
    the case of individuals will be between $125,000 and $250,000,
    depending on the individual&#146;s circumstances). A
    holder&#146;s net investment income will generally include its
    interest income and its net gains from the disposition of debt
    securities, unless such interest income or net gains are derived
    in the ordinary course of the conduct of a trade or business
    (other than a trade or business that consists of certain passive
    or trading activities). If you are a U.S.&#160;holder that is an
    individual, estate or trust, you are urged to consult your tax
    advisors regarding the applicability of the Medicare tax to your
    income and gains in respect of your investment in the debt
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Indexed
    Debt Securities and Renewable, Extendible and Amortizing Debt
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will discuss any special
    U.S.&#160;federal income tax rules with respect to debt
    securities the payments on which are determined by reference to
    any index and other debt securities that are subject to the
    rules governing contingent payment obligations which are not
    subject to the rules governing variable rate debt securities and
    with respect to any renewable and extendible debt securities and
    with respect to any debt securities providing for the periodic
    payment of principal over the life of the debt security.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Alien Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This subsection describes the tax consequences to a
    U.S.&#160;alien holder. You are a U.S.&#160;alien holder if you
    are a beneficial owner of a debt security and you are, for
    U.S.&#160;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a nonresident alien individual,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate or trust that in either case is not subject to
    U.S.&#160;federal income tax on a net income basis on income or
    gain from a debt security.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a U.S.&#160;holder, this subsection does not apply to
    you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a U.S.&#160;alien holder, interest paid to you in
    respect of your debt securities will not be subject to
    U.S.&#160;federal income tax unless the interest is
    &#147;effectively connected&#148; with your conduct of a trade
    or business within the United States, and the interest is
    attributable to a permanent establishment that you maintain in
    the United States if that is required by an applicable income
    tax treaty as a condition for subjecting you to
    U.S.&#160;taxation on a net income basis. In such cases you
    generally will be taxed in the same manner as a
    U.S.&#160;holder. If you are a corporate U.S.&#160;alien holder,
    &#147;effectively connected&#148; interest may, under certain
    circumstances, be subject to an additional &#147;branch profits
    tax&#148; at a 30% rate or at a lower rate if you are eligible
    for the benefits of an income tax treaty that provides for a
    lower rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a U.S.&#160;alien holder, you will not be subject to
    U.S.&#160;federal income tax on gain recognized on the sale or
    other disposition of your debt securities unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is &#147;effectively connected&#148; with your conduct
    of a trade or business in the United States, and the gain is
    attributable to a permanent establishment that you maintain in
    the United States if that is required by an applicable income
    tax treaty as a condition for subjecting you to
    U.S.&#160;taxation on a net income basis,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are an individual, you are present in the United States for
    183 or more days in the taxable year of the sale and certain
    other conditions exist.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a corporate U.S.&#160;alien holder, &#147;effectively
    connected&#148; gains that you recognize may also, under certain
    circumstances, be subject to an additional &#147;branch profits
    tax&#148; at a 30% rate or at a lower rate if you are eligible
    for the benefits of an income tax treaty that provides for a
    lower rate.
</DIV>
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    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Treasury
    Regulations Requiring Disclosure of Reportable
    Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    U.S.&#160;Treasury regulations require U.S.&#160;taxpayers to
    report certain transactions that give rise to a loss in excess
    of certain thresholds (a &#147;Reportable Transaction&#148;).
    Under these regulations, if the debt securities are denominated
    in a foreign currency, a U.S.&#160;holder (or a U.S.&#160;alien
    holder that holds the debt securities in connection with a
    U.S.&#160;trade or business) that recognizes a loss with respect
    to the debt securities that is characterized as an ordinary loss
    due to changes in currency exchange rates (under any of the
    rules discussed above) would be required to report the loss on
    Internal Revenue Service Form&#160;8886 (Reportable Transaction
    Disclosure Statement) if the loss exceeds the thresholds set
    forth in the regulations. For individuals and trusts, this loss
    threshold is $50,000 in any single taxable year. For other types
    of taxpayers and other types of losses, the thresholds are
    higher. You should consult with your tax advisor regarding any
    tax filing and reporting obligations that may apply in
    connection with acquiring, owning and disposing of debt
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    with Respect to Foreign Financial Assets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under recently enacted legislation, individuals that own
    &#147;specified foreign financial assets&#148; with an aggregate
    value in excess of $50,000 in taxable years beginning after
    March&#160;18, 2010 will generally be required to file an
    information report with respect to such assets with their tax
    returns. &#147;Specified foreign financial assets&#148; include
    any financial accounts maintained by foreign financial
    institutions, as well as any of the following, but only if they
    are not held in accounts maintained by financial institutions:
    (i)&#160;stocks and securities issued by
    <FONT style="white-space: nowrap">non-U.S.&#160;persons,</FONT>
    (ii)&#160;financial instruments and contracts held for
    investment that have
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    or counterparties, and (iii)&#160;interests in foreign entities.
    U.S.&#160;holders that are individuals are urged to consult
    their tax advisors regarding the application of this legislation
    to their ownership of the debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a noncorporate U.S.&#160;holder, information
    reporting requirements, on Internal Revenue Service
    Form&#160;1099, generally will 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    payments of principal and interest on a debt security within the
    United States, including payments made by wire transfer from
    outside the United States to an account you maintain 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of the proceeds from the sale of a debt security
    effected at a U.S.&#160;office of a broker.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, backup withholding may apply to such payments if
    you are a noncorporate U.S.&#160;holder that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fails to provide an accurate taxpayer identification number,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is notified by the Internal Revenue Service that you have failed
    to report all interest and dividends required to be shown on
    your federal income tax returns,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in certain circumstances, fails to comply with applicable
    certification requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to recently enacted legislation, certain payments in
    respect of debt securities made to corporate U.S.&#160;holders
    after December&#160;31, 2011&#160;may be subject to information
    reporting and backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a U.S.&#160;alien holder, you are generally exempt
    from backup withholding and information reporting requirements
    with respect to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    payments of principal and interest made to you outside the
    United States by the Company or another
    <FONT style="white-space: nowrap">non-U.S.&#160;payor,&#160;and</FONT>
</TD>
</TR>

</TABLE>
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    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other payments of principal and interest and the payment of the
    proceeds from the sale of a debt security effected at a
    U.S.&#160;office of a broker, as long as the income associated
    with such payments is otherwise exempt from U.S.&#160;federal
    income tax, and:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payor or broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and you have furnished to
    the payor or broker:
</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="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or an acceptable substitute form upon which you certify, under
    penalties of perjury, that you are a
    <FONT style="white-space: nowrap">non-U.S.&#160;person,&#160;or</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other documentation upon which it may rely to treat the payments
    as made to a
    <FONT style="white-space: nowrap">non-U.S.&#160;person</FONT>
    in accordance with U.S.&#160;Treasury regulations,&#160;or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you otherwise establish an exemption.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of the proceeds from the sale of a debt security
    effected at a foreign office of a broker generally will not be
    subject to information reporting or backup withholding. However,
    a sale of a debt security that is effected at a foreign office
    of a broker will be subject to information reporting and backup
    withholding if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the proceeds are transferred to an account maintained by you in
    the United States,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of proceeds or the confirmation of the sale is
    mailed to you at a U.S.&#160;address,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sale has some other specified connection with the
    U.S.&#160;as provided in U.S.&#160;Treasury 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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and the documentation
    requirements described above are met or you otherwise establish
    an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, a sale of a debt security effected at a foreign
    office of a broker will be subject to information reporting if
    the broker is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation for U.S.&#160;tax purposes,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign person 50% or more of whose gross income is
    effectively connected with the conduct of a U.S.&#160;trade or
    business for a specified three-year 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign partnership, if at any time during its tax year:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one or more of its partners are &#147;U.S.&#160;persons&#148;,
    as defined in U.S.&#160;Treasury regulations, who in the
    aggregate hold more than 50% of the income or capital interest
    in the partnership,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such foreign partnership is engaged in the conduct of a
    U.S.&#160;trade or business,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and the documentation
    requirements described above are met or you otherwise establish
    an exemption. Backup withholding will apply if the sale is
    subject to information reporting and the broker has actual
    knowledge that you are a U.S.&#160;person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You generally may obtain a refund of any amounts withheld under
    the backup withholding rules that exceed your income tax
    liability by filing a refund claim with the United States
    Internal Revenue Service.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y89305118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    TAXATION OF ORDINARY SHARES&#160;AND AMERICAN DEPOSITARY
    SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section describes the material U.S.&#160;federal income tax
    consequences of owning ordinary shares or ADSs. It applies to
    you only if you acquire your ordinary shares or ADSs in an
    offering or offerings contemplated in this prospectus and you
    hold your ordinary shares or ADSs as capital assets for tax
    purposes. This section does not apply to you if you are a member
    of a special class of holders subject to special rules,
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a dealer in securities,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a bank,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trader in securities that elects to use a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting for securities holdings,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a tax-exempt organization,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person who invests through a pass-through entity, including a
    partnership,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a life insurance company,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person liable for alternative minimum tax,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a former citizen or long-term resident of the United States,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that actually or constructively owns 10% or more of our
    voting stock (including ADSs),
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that holds ordinary shares or ADSs as part of a
    straddle or a hedging or conversion transaction,&#160;or
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;holder (as defined below) whose functional currency
    is not the U.S.&#160;dollar.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section is based on the Internal Revenue Code of 1986, as
    amended, its legislative history, existing and proposed
    regulations, published rulings and court decisions. These laws
    are subject to change, possibly on a retroactive basis. In
    addition, this section is based in part upon the representations
    of the depositary and the assumption that each obligation in the
    deposit agreement and any related agreement will be performed in
    accordance with its terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership holds the ordinary shares or ADSs, the
    U.S.&#160;federal income tax treatment of a partner will
    generally depend upon the status of the partner and the
    activities of the partnership. Each such partner holding the
    ordinary shares or ADSs is urged to consult his, her or its own
    tax advisor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You are a U.S.&#160;holder if you are a beneficial owner of
    ordinary shares or ADSs and you are, for U.S. federal income tax
    purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an individual citizen or resident of the United States,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a domestic corporation,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate whose income is subject to U.S.&#160;federal income
    tax regardless of its source,&#160;or
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if (i) a U.S.&#160;court can exercise primary
    supervision over the trust&#146;s administration and one or more
    U.S.&#160;persons are authorized to control all substantial
    decisions of the trust or (ii) the trust has a valid election in
    effect under applicable U.S. Treasury regulations to be treated
    as a U.S. person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You are a U.S.&#160;alien holder if you are a beneficial owner
    of ordinary shares or ADSs and you are, for U.S.&#160;federal
    income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a nonresident alien individual,
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign corporation,&#160;or
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate or trust that in either case is not subject to
    U.S.&#160;federal income tax on a net income basis on income or
    gain from the ordinary shares or ADSs.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>You should consult your own tax advisor regarding the
    U.S.&#160;federal, state and local and other tax consequences of
    owning and disposing of ordinary shares and ADSs in your
    particular circumstances.</I>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This discussion addresses only U.S.&#160;federal income taxation.
</DIV>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, and taking into account the earlier assumptions, for
    U.S.&#160;federal income tax purposes, if you hold ADRs
    evidencing ADSs, you will be treated as the owner of the
    ordinary shares represented by those ADRs. Exchanges of ordinary
    shares for ADRs, and ADRs for ordinary shares, generally will
    not be subject to U.S.&#160;federal income 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>U.S.&#160;Holders.</I>&#160;&#160;Under the U.S.&#160;federal
    income tax laws, and subject to the passive foreign investment
    company, or PFIC, rules discussed below, if you are a
    U.S.&#160;holder, the gross amount of any distribution we pay
    out of our current or accumulated earnings and profits (as
    determined for U.S.&#160;federal income tax purposes) is subject
    to U.S.&#160;federal income taxation or dividend income. If you
    are a noncorporate U.S.&#160;holder, dividends paid to you in
    taxable years beginning before January&#160;1, 2013 that
    constitute qualified dividend income will be taxable to you at a
    maximum tax rate of 15% provided that you hold the ordinary
    shares or ADSs for more than 60&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date and
    meet other holding period requirements. Dividends we pay with
    respect to the ordinary shares or ADSs generally will be
    qualified dividend income but there can be no assurances in this
    regard.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You must generally include any Luxembourg tax withheld from the
    dividend payment in this gross amount even though you do not in
    fact receive it. The dividend is taxable to you when you, in the
    case of ordinary shares, or the depositary, in the case of ADSs,
    receive the dividend, actually or constructively. The dividend
    will not be eligible for the dividends-received deduction
    generally allowed to U.S.&#160;corporations in respect of
    dividends received from other U.S.&#160;corporations.
    Distributions in excess of current and accumulated earnings and
    profits, as determined for U.S.&#160;federal income tax
    purposes, will be treated as a non-taxable return of capital to
    the extent of your basis in the ordinary shares or ADSs and
    thereafter as capital gain. However, we do not expect to keep
    earnings and profits in accordance with U.S. federal income tax
    principles. Therefore, you should expect that a distribution
    will generally be treated as a dividend (as discussed above).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of any dividend paid in foreign currency will equal
    the U.S. dollar value of the foreign currency received
    calculated by reference to the exchange rate in effect on the
    date the dividend is received by you, in the case of ordinary
    shares, or by the depositary, in the case of ADSs, regardless of
    whether the foreign currency is converted into U.S. dollars. If
    the foreign currency received as a dividend is converted into
    U.S. dollars on the date of receipt, you generally will not be
    required to recognize foreign currency gain or loss in respect
    of the dividend income. If the foreign currency received as a
    dividend is not converted into U.S. dollars on the date of
    receipt, you will have a basis in the foreign currency equal to
    its U.S. dollar value on the date of receipt. Any gain or loss
    realized on a subsequent conversion or other disposition of the
    foreign currency will be treated as ordinary income or loss from
    sources within the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For foreign tax credit purposes, dividends will be income from
    sources outside the United States and will generally constitute
    &#147;passive category income&#148; for purposes of computing
    the foreign tax credit. In certain circumstances, if you have
    held ordinary shares or ADSs for less than a specified minimum
    period during which you are not protected from risk of loss, or
    are obligated to make payments related to the dividends, you
    will not be allowed a foreign tax credit for foreign taxes
    imposed on dividends that we pay.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Special rules apply in determining the foreign tax credit
    limitation with respect to dividends that are subject to the
    maximum 15% tax rate. To the extent a refund of the tax withheld
    is available to you under Luxembourg law or under any applicable
    treaty, the amount of tax withheld that is refundable will not
    be eligible for credit against your U.S.&#160;federal income tax
    liability. The rules governing the foreign tax credit are
    complex. You are urged to consult your tax advisors regarding
    the availability of the foreign tax credit under your particular
    circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>U.S.&#160;Alien Holders.</I>&#160;&#160;If you are a
    U.S.&#160;alien holder, dividends paid to you in respect of
    ordinary shares or ADSs will not be subject to U.S.&#160;federal
    income tax unless the dividends are &#147;effectively
    connected&#148; with your conduct of a trade or business within
    the United States, and the dividends are attributable to a
    permanent establishment that you maintain in the United States
    if that is required by an applicable income tax treaty as a
    condition for subjecting you to U.S.&#160;taxation on a net
    income basis. In such cases you generally will be taxed in the
    same manner as a U.S.&#160;holder. If you are a corporate
    U.S.&#160;alien holder, &#147;effectively connected&#148;
    dividends may, under certain circumstances, be
</DIV>
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    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    subject to an additional &#147;branch profits tax&#148; at a 30%
    rate or at a lower rate if you are eligible for the benefits of
    an income tax treaty that provides for a lower 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Capital Gains</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>U.S.&#160;Holders.</I>&#160;&#160;Subject to the PFIC rules
    discussed below, if you are a U.S.&#160;holder and you sell or
    otherwise dispose of your ordinary shares or ADSs, you will
    recognize capital gain or loss for U.S.&#160;federal income tax
    purposes equal to the difference between the U.S.&#160;dollar
    value of the amount that you realize and your tax basis,
    determined in U.S.&#160;dollars, in your ordinary shares or
    ADSs. Capital gain of a noncorporate U.S.&#160;holder is
    generally taxed at preferential rates where the property is held
    for more than one year. The gain or loss will generally be
    income or loss from sources within the United States for foreign
    tax credit limitation purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>U.S.&#160;Alien Holders.</I>&#160;&#160;If you are a
    U.S.&#160;alien holder, you will not be subject to
    U.S.&#160;federal income tax on gain recognized on the sale or
    other disposition of your ordinary shares or ADSs unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is &#147;effectively connected&#148; with your conduct
    of a trade or business in the United States, and the gain is
    attributable to a permanent establishment that you maintain in
    the United States if that is required by an applicable income
    tax treaty as a condition for subjecting you to
    U.S.&#160;taxation on a net income basis,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are an individual, you are present in the United States for
    183 or more days in the taxable year of the sale and certain
    other conditions exist.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a corporate U.S.&#160;alien holder, &#147;effectively
    connected&#148; gains that you recognize may also, under certain
    circumstances, be subject to an additional &#147;branch profits
    tax&#148; at a 30% rate or at a lower rate if you are eligible
    for the benefits of an income tax treaty that provides for a
    lower 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    U.S. Federal Income Tax Considerations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>PFIC Rules.</I>&#160;&#160;Based on the Company&#146;s
    expected income and assets, the ordinary shares and ADSs should
    not be treated as stock of a PFIC for U.S.&#160;federal income
    tax purposes, but this conclusion is a factual determination
    that is made annually and thus may be subject to change. If we
    were to be treated as a PFIC, unless a U.S.&#160;holder is
    permitted to elect and does elect to be taxed annually on a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    basis with respect to the ordinary shares or ADSs, gain realized
    on the sale or other disposition of your ordinary shares or ADSs
    would in general not be treated as capital gain. Instead, if you
    are a U.S.&#160;holder, you would be treated as if you had
    realized such gain and certain &#147;excess distributions&#148;
    ratably over your holding period for the ordinary shares or ADSs
    and would be taxed at the highest tax rate in effect for each
    such year to which the gain was allocated, together with an
    interest charge in respect of the tax attributable to each such
    year. With certain exceptions, your ordinary shares or ADSs will
    be treated as stock in a PFIC if we were a PFIC at any time
    during your holding period in your ordinary shares or ADSs.
    Dividends that you receive from us will not be eligible for the
    special tax rates applicable to qualified dividend income if we
    are treated as a PFIC with respect to you either in the taxable
    year of the distribution or the preceding taxable year, but
    instead will be taxable at rates applicable to ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Medicare Tax.</I>&#160;&#160;For taxable years beginning
    after December&#160;31, 2012, a U.S.&#160;person that is an
    individual or estate, or a trust that does not fall into a
    special class of trusts that is exempt from such tax, will be
    subject to a 3.8% tax on the lesser of (1)&#160;the
    U.S.&#160;person&#146;s &#147;net investment income&#148; for
    the relevant taxable year and (2)&#160;the excess of the
    U.S.&#160;person&#146;s modified adjusted gross income for the
    taxable year over a certain threshold (which in the case of
    individuals will be between $125,000 and $250,000, depending on
    the individual&#146;s circumstances). A holder&#146;s net
    investment income will generally include its dividend income and
    its net gains from the disposition of ordinary shares or ADSs,
    unless such dividend income or net gains are derived in the
    ordinary course of the conduct of a trade or business (other
    than a trade or business that consists of certain passive or
    trading activities). If you are a U.S.&#160;holder that is an
    individual, estate or trust, you are urged to consult your tax
    advisors regarding the applicability of the Medicare tax to your
    income and gains in respect of your investment in the ordinary
    shares or ADSs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Information with Respect to Foreign Financial
    Assets.</I>&#160;&#160;Under recently enacted legislation,
    individuals that own &#147;specified foreign financial
    assets&#148; with an aggregate value in excess of $50,000 in
    taxable years beginning after March&#160;18, 2010 will generally
    be required to file an information report with respect to such
    assets with their tax returns. &#147;Specified foreign financial
    assets&#148; include any financial accounts maintained by
    foreign financial
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    institutions, as well as any of the following, but only if they
    are not held in accounts maintained by financial institutions:
    (i)&#160;stocks and securities issued by
    <FONT style="white-space: nowrap">non-U.S.&#160;persons,</FONT>
    (ii)&#160;financial instruments and contracts held for
    investment that have
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    or counterparties, and (iii)&#160;interests in foreign entities.
    U.S.&#160;holders that are individuals are urged to consult
    their tax advisors regarding the application of this legislation
    to their ownership of the ordinary shares or ADSs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a noncorporate U.S.&#160;holder, information
    reporting requirements, on Internal Revenue Service
    Form&#160;1099, generally will 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dividend payments or other taxable distributions made to you
    within 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of proceeds to you from the sale of ordinary shares
    or ADSs effected at a U.S.&#160;office of a broker.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, backup withholding may apply to such payments if
    you are a noncorporate U.S.&#160;holder that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fails to provide an accurate taxpayer identification number,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is notified by the Internal Revenue Service that you have failed
    to report all interest and dividends required to be shown on
    your federal income tax returns,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in certain circumstances, fails to comply with applicable
    certification requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to recently enacted legislation, certain payments in
    respect of ordinary shares or ADSs made to corporate
    U.S.&#160;holders after December&#160;31, 2011&#160;may be
    subject to information reporting and backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a U.S.&#160;alien holder, you are generally exempt
    from backup withholding and information reporting requirements
    with respect to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dividend payments made to you outside the United States by us or
    another
    <FONT style="white-space: nowrap">non-U.S.&#160;payor&#160;and</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other dividend payments and the payment of the proceeds from the
    sale of ordinary shares or ADSs effected at a U.S.&#160;office
    of a broker, as long as the income associated with such payments
    is otherwise exempt from U.S.&#160;federal income tax, and:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payor or broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and you have furnished the
    payor or broker:
</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="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or an acceptable substitute form upon which you certify, under
    penalties of perjury, that you are a
    <FONT style="white-space: nowrap">non-U.S.&#160;person,&#160;or</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other documentation upon which it may rely to treat the payments
    as made to a
    <FONT style="white-space: nowrap">non-U.S.&#160;person</FONT>
    in accordance with U.S.&#160;Treasury regulations,&#160;or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you otherwise establish an exemption.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of the proceeds from the sale of ordinary shares or ADSs
    effected at a foreign office of a broker generally will not be
    subject to information reporting or backup withholding. However,
    a sale of ordinary shares or ADSs that is effected at a foreign
    office of a broker will be subject to information reporting and
    backup withholding if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the proceeds are transferred to an account maintained by you in
    the United States,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of proceeds or the confirmation of the sale is
    mailed to you at a U.S.&#160;address,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sale has some other specified connection with the United
    States as provided in U.S.&#160;Treasury 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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and the documentation
    requirements described above are met or you otherwise establish
    an exemption.
</DIV>
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    <BR>
    56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, a sale of ordinary shares or ADSs effected at a
    foreign office of a broker will be subject to information
    reporting if the broker is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation for U.S.&#160;tax purposes,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign person 50% or more of whose gross income is
    effectively connected with the conduct of a U.S.&#160;trade or
    business for a specified three-year 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign partnership, if at any time during its tax year:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one or more of its partners are &#147;U.S.&#160;persons&#148;,
    as defined in U.S.&#160;Treasury regulations, who in the
    aggregate hold more than 50% of the income or capital interest
    in the partnership,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such foreign partnership is engaged in the conduct of a
    U.S.&#160;trade or business,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and the documentation
    requirements described above are met or you otherwise establish
    an exemption. Backup withholding will apply if the sale is
    subject to information reporting and the broker has actual
    knowledge that you are a U.S.&#160;person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You generally may obtain a refund of any amounts withheld under
    the backup withholding rules that exceed your income tax
    liability by filing a refund claim with the United States
    Internal Revenue Service.
</DIV>
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    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    LUXEMBOURG TAX CONSIDERATIONS FOR HOLDERS OF ORDINARY
    SHARES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following is a summary discussion of certain Luxembourg
    tax considerations of the acquisition, ownership and disposition
    of your shares that may be applicable to you if you acquire our
    shares. This does not purport to be a comprehensive description
    of all of the tax considerations that may be relevant to any of
    the Company&#146;s ordinary shares, and does not purport to
    include tax considerations that arise from rules of general
    application or that are generally assumed to be known to holders
    and does not include a description of the taxation of the
    Company. This discussion is not a complete analysis or listing
    of all of the possible tax consequences of such transactions and
    does not address all tax considerations that might be relevant
    to particular holders in light of their personal circumstances
    or to persons that are subject to special tax rules.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>It is not intended to be, nor should it be construed to be,
    legal or tax advice. This discussion is based on Luxembourg laws
    and regulations as they stand on the date of this prospectus and
    is subject to any change in law or regulations or changes in
    interpretation or application thereof (and which may possibly
    have a retroactive effect). Prospective investors should
    therefore consult their own professional advisers as to the
    effects of state, local or foreign laws and regulations,
    including Luxembourg tax law and regulations, to which they may
    be subject.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>As used herein, a &#147;Luxembourg individual&#148; means an
    individual resident in Luxembourg who is subject to personal
    income tax (imp&#244;t sur le revenu) on his or her worldwide
    income from Luxembourg or foreign sources, and a
    &#147;Luxembourg corporate holder&#148; means a company (that
    is, a fully taxable collectivit&#233; within the meaning of
    Article&#160;159 of the Luxembourg Income Tax Law) resident in
    Luxembourg subject to corporate income tax (imp&#244;t sur le
    revenu des collectivit&#233;s) on its worldwide income from
    Luxembourg or foreign sources. For purposes of this summary,
    Luxembourg individuals and Luxembourg corporate holders are
    collectively referred to as &#147;Luxembourg Holders&#148;. A
    &#147;non-Luxembourg Holder&#148; means any investor in shares
    of the Company other than a Luxembourg Holder.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    regime applicable to realized capital gains</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    resident individual holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capital gains realized by Luxembourg resident individuals who do
    not hold their shares as part of a commercial or industrial
    business and who hold no more than 10% of the share capital of
    the Company will only be taxable if they are realized on a sale
    of shares that takes place before their acquisition or within
    the first six months following their acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If such shares are held as part of a commercial or industrial
    business, capital gains would be taxable in the same manner as
    income from such business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capital gains realized by Luxembourg resident individuals
    holding (together with
    <FONT style="white-space: nowrap">his/her</FONT>
    spouse and underage children) directly or indirectly more than
    10% of the capital of the Company will be taxable at a special
    rate, regardless of the holding period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    resident corporate holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capital gains realized upon the disposal of shares by a fully
    taxable resident corporate holder will in principle be subject
    to corporate income tax and municipal business tax. The combined
    applicable rate (including an unemployment fund contribution) is
    28.80% for the fiscal year ending 2011 for a corporate holder
    established in Luxembourg-City. An exemption from such taxes may
    be available to the holder pursuant to article&#160;166 of the
    Luxembourg Income Tax law subject to the fulfillment of the
    conditions set forth therein. The scope of the capital gains
    exemption can be limited in the cases provided by the Grand
    Ducal Decree of December&#160;21, 2001.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Luxembourg
    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: transparent">
    An individual who is a non-Luxembourg Holder of shares (and who
    does not have a permanent establishment, a permanent
    representative or a fixed place of business in Luxembourg) will
    only be subject to Luxembourg taxation on capital gains arising
    upon disposal of such shares if such holder has (together with
    his or her spouse and underage
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    children) directly or indirectly held more than 10% of the
    capital of the Company at any time during the past five years,
    and either (i)&#160;such holder has been a resident of
    Luxembourg for tax purposes for at least 15&#160;years and has
    become a non-resident within the last five years preceding the
    realization of the gain, subject to any applicable tax treaty,
    or (ii)&#160;the disposal of shares occurs within six months
    from their acquisition (or prior to their actual acquisition),
    subject to any applicable tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A corporate non-Luxembourg Holder (that is, a
    <I>collectivit&#233; </I>within the meaning of Article&#160;159
    of the Luxembourg Income Tax Law), which has a permanent
    establishment, a permanent representative or a fixed place of
    business in Luxembourg to which shares are attributable, will
    bear corporate income tax and municipal business tax on a gain
    realized on a disposal of such shares as set forth above for a
    Luxembourg corporate holder. However, gains realized on the sale
    of the shares may benefit from the full exemption provided for
    by Article&#160;166 of the Luxembourg Income Tax Law and by the
    Grand Ducal Decree of December&#160;21, 2001 subject in each
    case to fulfillment of the conditions set out therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A corporate non-Luxembourg Holder, which has no permanent
    establishment in Luxembourg to which the shares are
    attributable, will bear corporate income tax on a gain realized
    on a disposal of such shares under the same conditions
    applicable to an individual non-Luxembourg Holder, as set out
    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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    regime applicable to distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Withholding
    tax</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions imputed for tax purposes to newly accumulated
    profits of the Company (on an unconsolidated basis) are subject
    to a withholding tax of 15%. The rate of the withholding tax may
    be reduced pursuant to double tax avoidance treaty existing
    between Luxembourg and the country of residence of the relevant
    holder, subject to the fulfillment of the conditions set forth
    therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No withholding tax applies if the distribution is made to
    (i)&#160;a Luxembourg resident corporate holder (that is, a
    fully taxable <I>collectivit&#233; </I>within the meaning of
    Article&#160;159 of the Luxembourg Income Tax Law), (ii)&#160;an
    undertaking of collective character which is resident of a
    Member State of the European Union and is referred to by
    article&#160;2 of the Council Directive of 23rd&#160;July, 1990
    concerning the common fiscal regime applicable to parent and
    subsidiary companies of different member states (90/435/EEC),
    (iii)&#160;a corporation or a cooperative company resident in
    Norway, Iceland or Liechtenstein and subject to a tax comparable
    to corporate income tax as provided by the Luxembourg Income Tax
    Law, (iv)&#160;a corporation company resident in Switzerland
    which is subject to corporate income tax in Switzerland without
    benefiting from an exemption, (iv)&#160;an undertaking with a
    collective character subject to a tax comparable to corporate
    income tax as provided by the Luxembourg Income Tax Law which is
    resident in a country that has concluded a tax treaty with
    Luxembourg and (v)&#160;a Luxembourg permanent establishment of
    one of the above-mentioned categories, <U>provided</U> each time
    that at the date of payment, the holder holds directly or
    through a tax transparent vehicle, during an uninterrupted
    period of at least twelve months, shares representing at least
    10% of the share capital of the Company or acquired for an
    acquisition price of at least EUR&#160;1,200,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With the exception of a Luxembourg corporate holders benefitting
    from the exemption referred to above, Luxembourg individual
    holders, and Luxembourg corporate holders subject to Luxembourg
    corporation taxes, must include the distributions paid on the
    shares in their taxable income, 50% of the amount of such
    dividends being exempted from tax. The applicable withholding
    tax can, under certain conditions, entitle the relevant
    Luxembourg Holder to a tax credit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Net
    wealth tax</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    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: transparent">
    Luxembourg net wealth tax will not be levied on a Luxembourg
    Holder with respect to the shares held unless (i)&#160;the
    Luxembourg Holder is a legal entity subject to net wealth tax in
    Luxembourg; or (ii)&#160;the shares are
</DIV>
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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    attributable to an enterprise or part thereof which is carried
    on through a permanent establishment, a fixed place of business
    or a permanent representative in Luxembourg.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Net wealth tax is levied annually at the rate of 0.5% on the net
    wealth of enterprises resident in Luxembourg, as determined for
    net wealth tax purposes. The shares may be exempt from net
    wealth tax subject to the conditions set forth by
    Paragraph&#160;60 of the Law of October&#160;16, 1934 on the
    valuation of assets (Bewertungsgesetz), as amended.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Non-Luxembourg
    Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Luxembourg net wealth tax will not be levied on a non-Luxembourg
    Holder with respect to the shares held unless the shares are
    attributable to an enterprise or part thereof which is carried
    on through a permanent establishment or a permanent
    representative in Luxembourg.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Stamp and
    registration taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No registration tax or stamp duty will be payable by a holder of
    shares in Luxembourg solely upon the disposal of shares by sale
    or exchange.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Estate
    and gift taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No estate or inheritance tax is levied on the transfer of shares
    upon the death of a holder of shares in cases where the deceased
    was not a resident of Luxembourg for inheritance tax purposes
    and no gift tax is levied upon a gift of shares if the gift is
    not passed before a Luxembourg notary or recorded in a deed
    registered in Luxembourg. Where a holder of shares is a resident
    of Luxembourg for tax purposes at the time of his death, the
    shares are included in its taxable estate for inheritance tax or
    estate tax purposes.
</DIV>
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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y89305119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The securities offered by this prospectus may be sold from time
    to time by us or a selling security holder as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to dealers or underwriters for resale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to purchasers;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of these methods of sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In some cases, we, selling security holders or dealers acting
    with us or on our behalf may also repurchase securities and
    reoffer them to the public by one or more of the methods
    described above. This prospectus may be used in connection with
    any offering of our securities through any of these methods or
    other methods 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: transparent">
    The securities we or selling security holders distribute by any
    of these methods may be sold to the public, in one or more
    transactions, either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at a fixed price or prices, which may be changed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at prices related to prevailing market prices;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We or selling security holders may solicit offers to purchase
    the securities directly from the public from time to time. We or
    selling security holders may also designate agents from time to
    time to solicit offers to purchase securities from the public on
    our behalf. The prospectus supplement relating to any particular
    offering of securities will name any agents designated to
    solicit offers, and will include information about any
    commissions we may pay the agents, in that offering. Agents may
    be deemed to be &#147;underwriters&#148; as that term is defined
    in 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, we may sell, or selling security holders may
    resell, securities to one or more dealers as principals. The
    dealers, who may be deemed to be &#147;underwriters&#148; as
    that term is defined in the Securities Act, may then resell
    those securities to the public.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell, or selling security holders may resell, securities
    from time to time to one or more underwriters, who would
    purchase the securities as principal for resale to the public,
    either on a firm-commitment or best-efforts basis. If we sell
    securities to underwriters, we will execute an underwriting
    agreement with them at the time of sale and will name them in
    the relevant prospectus supplement. In connection with those
    sales, underwriters may be deemed to have received compensation
    from us in the form of underwriting discounts or commissions and
    may also receive commissions from purchasers of the securities
    for whom they may act as agents. Underwriters may resell the
    securities to or through dealers, and those dealers may receive
    compensation in the form of discounts, concessions or
    commissions from the underwriters
    <FONT style="white-space: nowrap">and/or</FONT>
    commissions from purchasers for whom they may act as agents. The
    relevant prospectus supplement will include information about
    any underwriting compensation we pay to underwriters, and any
    discounts, concessions or commissions underwriters allow to
    participating dealers, in connection with an offering of
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We or any selling security holder may authorize underwriters,
    dealers and agents to solicit from third parties offers to
    purchase securities under contracts providing for the payment
    and delivery on future dates. The applicable prospectus
    supplement will describe the material terms of these contracts,
    including any conditions to the purchasers&#146; obligations,
    and will include any required information about commissions we
    or any selling security holders may pay for soliciting these
    contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We or any selling security holder may enter into derivative or
    other hedging transactions with third parties, or sell
    securities not covered by this prospectus to third parties in
    privately negotiated transactions. In connection with those
    derivatives, the third parties may sell securities covered by
    this prospectus, including in short sale transactions. If so,
    the third party may use securities covered by this prospectus,
    including securities pledged by us or
</DIV>
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    <BR>
    61
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    borrowed from us or others, to settle those sales or to close
    out any related open borrowings of securities, and may use
    securities received from us in settlement of those derivatives
    to close out any related open borrowings of securities. The
    third party in such derivative transactions will be an
    underwriter or will be identified in a post-effective amendment.
    We may also sell ordinary shares or ADSs representing ordinary
    shares short using this prospectus and deliver ordinary shares
    or ADSs representing ordinary shares covered by this prospectus
    to close out such short positions, or loan or pledge ordinary
    shares or ADSs representing ordinary shares to financial
    institutions that in turn may sell the ordinary shares or ADSs
    representing ordinary shares using this prospectus. We may
    pledge or grant a security interest in some or all of the
    ordinary shares or ADSs representing ordinary shares covered by
    this prospectus to support a derivative or hedging position or
    other obligation and, if we default in the performance of its
    obligations, the pledgees or secured parties may offer and sell
    the ordinary shares or ADSs representing ordinary shares from
    time to time pursuant to this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters, dealers, agents and other persons may be entitled,
    under agreements that they may enter into with us, to
    indemnification by us against civil 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with an offering, the underwriters may purchase
    and sell securities in the open market and may engage in
    transactions that stabilize, maintain or otherwise affect the
    price of the securities offered. These transactions may include
    overalloting the offering, creating a syndicate short position,
    and engaging in stabilizing transactions and purchases to cover
    positions created by short sales. Overallotment involves sales
    of the securities in excess of the principal amount or number of
    the securities to be purchased by the underwriters in the
    applicable offering, which creates a short position for the
    underwriters. Short sales involve the sale by the underwriters
    of a greater number of securities than they are required to
    purchase in an offering. Stabilizing transactions consist of
    certain bids or purchases made for the purpose of preventing or
    retarding a decline in the market price of the securities while
    an offering is in progress.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters may also impose a penalty bid. This occurs when
    a particular underwriter repays to the underwriters a portion of
    the underwriting discount it received because the underwriters
    have repurchased securities sold by or for the account of that
    underwriter in stabilizing or short-covering transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These activities by the underwriters may stabilize, maintain or
    otherwise affect the market price of the securities. As a
    result, the price of the securities may be higher than the price
    that otherwise might exist in the open market. If these
    activities are commenced, they may be discontinued by the
    underwriters at any time. These transactions may be effected on
    an exchange or automated quotation system, if the securities are
    listed on that exchange or admitted for trading on that
    automated quotation system, or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters, dealers and agents, as well as their
    associates, may be customers of or lenders to, and may engage in
    transactions with and perform services for, us and our
    subsidiaries and affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to a requirement of the U.S.&#160;Financial Industry
    Regulatory Authority, the maximum compensation paid to
    underwriters in connection with any offering of the securities
    will not exceed 8% of the maximum proceeds of such offering.
</DIV>

<A name='Y89305120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">VALIDITY
    OF THE SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the ordinary shares and other matters governed
    by Luxembourg law will be passed upon for us by Elvinger,
    Hoss&#160;&#038; Prussen, 2, Place Winston Churchill, B.P. 425,
    L-2014, Luxembourg, our Luxembourg counsel, and for any
    underwriters or agents by Luxembourg counsel named in the
    applicable prospectus supplement. The validity of the debt
    securities and debt warrants under New York law will be passed
    upon for us by Sullivan&#160;&#038; Cromwell LLP, 125 Broad St.
    New York, NY 10004 and 1701 Pennsylvania Avenue, N.W.,
    Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20006-5805.,</FONT>
    our special U.S.&#160;counsel, and for any underwriters or
    agents by counsel named in the applicable prospectus supplement.
</DIV>
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    <BR>
    62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y89305121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    Prospectus by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2009 have been so
    incorporated in reliance on the report of Price
    Waterhouse&#160;&#038; Co. S.R.L., Bouchard 557, piso 7,
    C1106ABG&#160;&#151; Ciudad de Buenos Aires, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>

<A name='Y89305122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEMENT
    OF CIVIL LIABILITIES AGAINST FOREIGN PERSONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a public limited liability company (<I>soci&#233;t&#233;
    anonyme</I>) organized under the laws of Luxembourg, and most of
    our tangible assets are located outside the United States.
    Furthermore, most of our directors and officers and some experts
    named in this prospectus reside outside the United States. As a
    result, investors may not be able to effect service of process
    within the United States upon us or our directors or officers or
    some experts or to enforce against us or them in
    U.S.&#160;courts judgments predicated upon the civil liability
    provisions of U.S.&#160;federal securities law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have appointed Ternium International U.S.A. Corporation,
    located at 2200&#160;West Loop South, 8th&#160;Floor, Houston,
    TX 77027, as our agent to receive service of process with
    respect to any action brought against us in the United States
    District Court for the Southern District of New York under the
    federal securities laws of the United&#160;States or of any
    states in the United States or any action brought against us in
    the Supreme Court of the State of New York under the securities
    laws of the State of New York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is also uncertainty with regard to the enforceability of
    original actions in courts outside the United States of civil
    liabilities predicated upon the civil liability provisions of
    U.S.&#160;federal securities laws. Furthermore, the
    enforceability in courts outside the United States of judgments
    entered by U.S.&#160;courts predicated upon the civil liability
    provisions of U.S.&#160;federal securities law will be subject
    to compliance with procedural requirements under applicable
    local law, including the condition that the judgment does not
    violate the public policy of the applicable jurisdiction.
</DIV>
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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89305y8930500.gif" alt="">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">Ternium S.A.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Debt Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Debt Warrants</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Ordinary Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">American Depositary Shares
    representing Ordinary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN THE PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;8.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reference is made to the underwriting agreements, the proposed
    forms of which will be filed as Exhibits&#160;1.1 and 1.3, which
    contain certain provisions for the indemnification by the
    underwriters of the Registrant and the Registrant&#146;s
    directors and officers who signed the registration statement
    against certain civil 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reference is also made to the articles of association, filed as
    Exhibit&#160;3.1, which indemnifies to the fullest extent
    permitted by Luxembourg law the Registrant&#146;s directors and
    officers, as well as any former directors and officers, against
    all costs, charges and expenses reasonably incurred in
    connection with the defense or settlement of any civil, criminal
    or administrative action, suit or proceeding to which such
    director or officer may be made a party by reason of being or
    having been a director or officer, if he acted honestly and in
    good faith and, in the case of criminal or administrative
    proceedings, he had reasonable grounds to believe that his
    conduct was lawful, <I>provided </I>that the indemnity does not
    extend in any respect to any gross negligence, willful
    misconduct, fraud, dishonesty or other criminal offense which
    may attach to the director or officer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;9.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following documents are exhibits to the registration
    statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement for Debt Securities.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement for Debt Warrants.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement for Ordinary Shares.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <I>Statuts Coordonn&#233;s </I>(Updated and Consolidated
    Articles of Association) of Ternium S.A. (English translation).**
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Security (included in Exhibit&#160;4.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Warrant Agreement between Ternium S.A. and the Debt
    Warrant Agent, including a form of Debt Warrant Certificate.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Deposit Agreement among Ternium S.A., The Bank of New
    York as Depositary, and all Owners and Beneficial Owners from
    time to time of American Depositary Receipts issued
    thereunder.***
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of American Depositary Receipt (included in
    Exhibit&#160;4.4).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders&#146; Agreement among I.I.I. Industrial Investments
    Inc. and Usinas Sider&#250;rgicas de Minas Gerais
    S.A.&#160;&#151; USIMINAS.****
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders&#146; Agreement between Tenaris S.A. and Inversora
    Siderurgica Limited.*****
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Elvinger, Hoss&#160;&#038; Prussen, Luxembourg
    counsel to the Registrant, as to the validity of the securities
    (Luxembourg law).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sullivan&#160;&#038; Cromwell LLP as to the validity
    of the securities.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Elvinger, Hoss&#160;&#038; Prussen, Luxembourg
    counsel to the Registrant, as to certain tax matters (Luxembourg
    law).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sullivan&#160;&#038; Cromwell LLP, as to certain tax
    matters.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Transaction and Registration Rights Agreement among
    Ternium S.A., Techint Holdings S.a.rl, Usinas Sider&#250;rgicas
    de Minas Gerais S.A.&#160;&#151;  Usiminas and Usiminas Europa
    A/S.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of ratio of earnings to fixed charges.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Price Waterhouse&#160;&#038; Co. S.R.L.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Elvinger, Hoss&#160;&#038; Prussen (included in
    Exhibits&#160;5.1 and 8.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Sullivan&#160;&#038; Cromwell LLP (included in
    Exhibits&#160;5.2 and 8.2).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on signature page).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Eligibility under the Trust&#160;Indenture Act of
    1939 on
    <FONT style="white-space: nowrap">Form&#160;T-1.******</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></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: transparent">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or incorporated by reference. Ternium
    S.A. will file as an exhibit to a report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    that is incorporated by reference into this registration
    statement any related form used in the future and not previously
    filed by means of an amendment or incorporated by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the SEC as an exhibit to and incorporated
    herein by reference from our annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    filed by Ternium S.A. with the SEC on June&#160;30, 2010 (File
    <FONT style="white-space: nowrap">No.&#160;001-32734-10926255).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>*** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the SEC as an exhibit to and incorporated
    herein by reference from our registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-6,</FONT>
    filed by Ternium S.A. with the SEC on January&#160;11, 2006
    (File
    <FONT style="white-space: nowrap">No.&#160;333-130952).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>**** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the SEC as an exhibit to and incorporated
    herein by reference from our registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-1,</FONT>
    filed by Ternium S.A. with the SEC on January&#160;10, 2006
    (File
    <FONT style="white-space: nowrap">No.&#160;333-130950).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>***** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the
    <FONT style="white-space: nowrap">F-1</FONT>
    Registration Statement filed by Ternium S.A. on January&#160;27,
    2006 (File&#160;No. 333-130950).</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>****** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed pursuant to Section&#160;305(b)(2) of the
    Trust&#160;Indenture Act of 1939.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;10.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned registrant hereby undertakes:
</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: transparent">
    1.&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;to include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;to reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereto) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20&#160;percent change in the
    maximum aggregate offering price set forth in the
    &#147;Calculation of Registration Fee&#148; table in the
    effective registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;to include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided</I>, <I>however</I>, that subparagraphs (1)(i),
    (1)(ii) and (1)(iii) do not apply if the information required to
    be included in a post-effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by the registrant pursuant to Section&#160;13 or
    Section&#160;15(d) of the Securities Exchange Act of 1934 that
    are incorporated by reference in the registration statement, or
    is contained in a form of prospectus filed pursuant to
    Rule&#160;424(b) that is part of the registration statement.
</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: transparent">
    2.&#160;That, for the purpose of determining any liability under
    the Securities Act of 1933, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial bona
    fide offering thereof.
</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: transparent">
    3.&#160;To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.
</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: transparent">
    4.&#160;To file a post-effective amendment to the registration
    statement to include any financial statements required by
    Item&#160;8.A of
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    at the start of any delayed offering or throughout a continuous
    offering. Financial statements and information otherwise
    required by Section&#160;10(a)(3) of the Securities Act of 1933
    need not be furnished, <I>provided</I>, that the registrant
    includes in the prospectus, by means of a post-effective
    amendment, financial statements required pursuant to this
    paragraph (4)&#160;and other information necessary to
</DIV>
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    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ensure that all other information in the prospectus is at least
    as current as the date of those financial statements.
    Notwithstanding the foregoing, a post-effective amendment need
    not be filed to include financial statements and information
    required by Section&#160;10(a)(3) of the Securities Act of 1933
    or
    <FONT style="white-space: nowrap">Rule&#160;3-19</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    if such financial statements and information are contained in
    periodic reports filed with or furnished to the Commission by
    the registrant pursuant to Section&#160;13 or Section&#160;15(d)
    of the Securities Exchange Act of 1934 that are incorporated by
    reference in this registration statement.
</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: transparent">
    5.&#160;That, for the purpose of determining liability under the
    Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;Each prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;Each prospectus required to be filed pursuant to
    Rule&#160;424(b)(2), (b)(5) or (b)(7) as part of a registration
    statement in reliance on Rule&#160;430B relating to an offering
    made pursuant to Rule 415(a)(1)(i), (vii)&#160;or (x)&#160;for
    the purpose of providing the information required by
    Section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule 430B, for liability purposes of the issuer and
    any person that is at that date an underwriter, such date shall
    be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which the prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof; <I>provided</I>,
    <I>however</I>, that no statement made in a registration
    statement or prospectus that is part of the registration
    statement or made in a document incorporated or deemed
    incorporated by reference into the registration statement or
    prospectus that is part of the registration statement will, as
    to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</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: transparent">
    6.&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities, the undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</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: transparent">
    7.&#160;That, for purposes of determining any liability under
    the Securities Act of 1933, each filing of the registrant&#146;s
    annual report pursuant to Section&#160;13(a) or 15(d) of the
    Securities Exchange Act of 1934 (and, where applicable, each
    filing of an employee benefit plan&#146;s annual report pursuant
    to Section&#160;15(d) of the Securities Exchange Act of
    1934)&#160;that is incorporated by reference in the registration
    statement shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</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: transparent">
    8.&#160;To supplement the prospectus, after the expiration of
    the subscription period for any rights offering, to set forth
    the results of the subscription offer, the transactions by the
    underwriters for such subscription offers
</DIV>
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    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    during the subscription period, the amount of unsubscribed
    securities to be purchased by such underwriters, and the terms
    of any subsequent reoffering thereof. If any public offering by
    the underwriters is to be made on terms differing from those set
    forth on the cover page of the prospectus, a post-effective
    amendment will be filed to set forth the terms of such offering.
</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: transparent">
    9.&#160;To file an application for the purpose of determining
    the eligibility of the trustee to act under subsection&#160;(a)
    of Section&#160;310 of the Trust&#160;Indenture Act of 1939 in
    accordance with the rules and regulations prescribed by the
    Commission under Section&#160;305(b)(2) of the Act.
</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: transparent">
    10.&#160;Insofar as indemnification for liabilities arising
    under the Securities Act of 1933&#160;may be permitted to
    directors, officers and controlling persons of the registrants
    pursuant to the foregoing provisions, or otherwise, the
    registrants have been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Securities Act of 1933
    and is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act of 1933 and will be governed by the final
    adjudication of such issue.
</DIV>
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    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    OF TERNIUM S.A.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933,
    Ternium S.A. certifies that it has reasonable grounds to believe
    that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    and has duly caused this registration statement to be signed on
    its behalf by the undersigned, thereunto duly authorized on
    January&#160;31, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>TERNIUM S.A.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Pablo
    Daniel Brizzio</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;Pablo Daniel Brizzio
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:&#160;&#160;&#160;&#160;&#160;Chief Financial Officer
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Ra&#250;l
    Darderes</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;Ra&#250;l Darderes
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:&#160;&#160;&#160;&#160;&#160;Secretary
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    KNOW ALL PERSONS BY THESE PRESENTS that each of the individuals
    whose signature appears below constitutes and appoints Pablo
    Daniel Brizzio, Carlos Condorelli, Ra&#250;l H&#233;ctor
    Darderes, Fernando Duelo Van Deusen, Luis Mar&#237;a Madero and
    Sebasti&#225;n Mart&#237;, any two acting jointly, as his or her
    true and lawful attorneys-in-fact and agents, with full and
    several power of substitution, for him or her and in his or her
    name, place and stead, in any and all capacities, to sign any
    and all amendments (including post-effective amendments) to this
    registration statement or any such subsequent registration
    statement and reports on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    relating thereto and any registration statement filed pursuant
    to Rule&#160;462(b) under the Securities Act of 1933, and to
    file the same, with all exhibits thereto, and all documents in
    connection therewith, with the Securities and Exchange
    Commission, granting unto said attorneys-in-fact and agents, any
    two acting jointly, full power and authority to do and perform
    each and every act and thing requisite and necessary to be done
    in and about the premises, as fully for all intents and purposes
    as he or she might or could do in person, hereby ratifying and
    confirming all that said attorneys-in-fact and agents or any two
    of them acting jointly, or their substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed below by the following
    persons in the capacities set forth below on the dates 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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Daniel
    Novegil</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Daniel
    Novegil
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Executive Officer and Director (principal executive
    officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Pablo
    Daniel Brizzio</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Pablo
    Daniel Brizzio
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer<BR>
    (principal financial and accounting officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Paolo
    Rocca</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Paolo
    Rocca
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of the Board of Directors
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Ronald
    Seckelmann
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Ubaldo
    Jose Aguirre
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Roberto
    Bonatti</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Roberto
    Bonatti
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Carlos
    Condorelli</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Carlos
    Condorelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Adri&#225;n
    Lajous Vargas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Wilson
    Nelio Brumer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Bruno
    Marchettini</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruno
    Marchettini
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Daniel
    Agustin Novegil</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Daniel
    Agustin Novegil
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Gianfelice
    Mario Rocca</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Gianfelice
    Mario Rocca
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Pedro
    Pablo Kuczynski
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Jos&#233;
    Luis Malvicino</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Jos&#233;
    Luis Malvicino
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Authorized Representative in the<BR>
    United States
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January&#160;31, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y89305tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement for Debt Securities.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement for Debt Warrants.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement for Ordinary Shares.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <I>Statuts Coordonn&#233;s </I>(Updated and Consolidated
    Articles of Association) of Ternium S.A. (English translation)**
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Security (included in Exhibit&#160;4.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Warrant Agreement between Ternium S.A. and the Debt
    Warrant Agent, including a form of Debt Warrant Certificate.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Deposit Agreement among Ternium S.A., The Bank of New
    York as Depositary, and all Owners and Beneficial Owners from
    time to time of American Depositary Receipts issued
    thereunder.***
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of American Depositary Receipt (included in
    Exhibit&#160;4.4).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders&#146; Agreement among I.I.I. Industrial Investments
    Inc. and Usinas Sider&#250;rgicas de Minas Gerais
    S.A.&#160;&#151; USIMINAS.****
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders&#146; Agreement between Ternium S.A. and Inversora
    Siderurgica Limited.*****
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Elvinger, Hoss&#160;&#038; Prussen, Luxembourg
    counsel to the Registrant, as to the validity of the securities
    (Luxembourg law).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sullivan&#160;&#038; Cromwell LLP as to the validity
    of the securities.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Elvinger, Hoss&#160;&#038; Prussen, Luxembourg
    counsel to the Registrant, as to certain tax matters (Luxembourg
    law).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sullivan&#160;&#038; Cromwell LLP, as to certain tax
    matters.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Transaction and Registration Rights Agreement among
    Tenaris S.A., Techint Holdings S.a.rl, Usinas Sider&#250;rgicas
    de Minas Gerais S.A.&#160;&#151;  Usiminas and Usiminas Europa
    A/S.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of ratio of earnings to fixed charges.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Price Waterhouse&#160;&#038; Co. S.R.L.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Elvinger, Hoss&#160;&#038; Prussen (included in
    Exhibits&#160;5.1 and 8.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Sullivan&#160;&#038; Cromwell LLP (included in
    Exhibits&#160;5.2 and 8.2).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on signature page).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Eligibility under the Trust&#160;Indenture Act of
    1939 on
    <FONT style="white-space: nowrap">Form&#160;T-1.******</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></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: transparent">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or incorporated by reference. Ternium
    S.A. will file as an exhibit to a report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    that is incorporated by reference into this registration
    statement any related form used in the future and not previously
    filed by means of an amendment or incorporated by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the SEC as an exhibit to and incorporated
    herein by reference from our annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    filed by Ternium S.A. with the SEC on June&#160;30, 2010 (File
    <FONT style="white-space: nowrap">No.&#160;001-32734-10926255).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>*** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the SEC as an exhibit to and incorporated
    herein by reference from our registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-6,</FONT>
    filed by Ternium S.A. with the SEC on January&#160;11, 2006
    (File
    <FONT style="white-space: nowrap">No.&#160;333-130952).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>**** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the SEC as an exhibit to and incorporated
    herein by reference from our registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-1,</FONT>
    filed by Ternium S.A. with the SEC on January&#160;10, 2006
    (File
    <FONT style="white-space: nowrap">No.&#160;333-130950).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>***** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the
    <FONT style="white-space: nowrap">F-1</FONT>
    Registration Statement filed by Ternium S.A. on January&#160;27,
    2006 (File
    <FONT style="white-space: nowrap">No.&#160;333-130950).</FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 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: transparent">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <I>****** </I></TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed pursuant to Section&#160;305(b)(2) of the
    Trust&#160;Indenture Act of 1939.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>y89305exv4w1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TERNIUM S.A.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TO
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;</B><B><I>TRUSTEE</I></B><B>&#093;</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>As Trustee</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Indenture
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>Dated as of &#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95; 201&#95;&#95;&#95;</I>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Certain Sections of this Indenture relating to Sections&nbsp;310 through 318, inclusive, of the Trust<BR>
Indenture Act of 1939:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Trust Indenture</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Act Section</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Indenture Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 310(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">609</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">609</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">608</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">610</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 311(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">613</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">613</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 312(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">701</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">702</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">702</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 313(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 314(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">704</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1004</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 315(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">602</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">514</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 316(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(1)(A)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">502</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">512</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(1)(B)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">513</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">508</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">104</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 317(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">503</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">504</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1003</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 318(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">107</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE of trust, dated as of <B>&#95;&#95;&#95;&#95;&#95;</B>, between Ternium S.A., a joint stock holding corporation
(<I>soci&#233;t&#233; anonyme holding</I>) organized under the laws of Luxembourg (herein called the &#147;Company&#148;),
having its registered office at 46a, Avenue John F. Kennedy, 2nd Floor, L-1855, Luxembourg and
registered with the Luxembourg Trade and Companies Register (<I>Registre de Commerce et des Soci&#233;t&#233;s</I>)
under number B98668, and <B>&#95;&#95;&#95;&#95;&#95;</B>, a <B>&#95;&#95;&#95;&#95;&#95; </B>duly organized and existing under the laws of <B>&#95;&#95;&#95;&#95;&#95;</B>, as
Trustee (herein called the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS">Recitals of the Company</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS the Company has duly authorized the execution and delivery of this Indenture
to provide for the issuance from time to time of its unsecured debentures, notes or other evidences
of indebtedness (herein called the &#147;Securities&#148;), to be issued in one or more series as in this
Indenture provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS all acts and things necessary to make the Securities, when executed, authenticated and
delivered by the Company as provided in this Indenture, the legal, valid and biding obligations of
the Company, and to constitute this Indenture a legal, valid and binding agreement of the Company,
in accordance with its terms, have been done and performed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in order to provide, among other things, for the authentication, delivery and
administration of the Securities, the Company has duly authorized the execution and delivery of
this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Now, Therefore, This Indenture Witnesseth</FONT>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and of the covenants herein contained and the
purchase of the Securities by the Holders thereof, it is mutually agreed, for the benefit of the
parties hereto and for the equal and proportionate benefit of all Holders of the Securities or of
series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Definitions and Other Provisions</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">of General Application</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;101. <I>Definitions</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and, except as otherwise
herein expressly provided, the term &#147;generally accepted accounting principles&#148; with respect
to any computation required or permitted hereunder shall mean the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">International Financial Reporting Standards issued by the International Accounting
Standards Board at the date of such computation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) unless the context otherwise requires, any reference to an &#147;Article&#148; or a
&#147;Section&#148; refers to an Article or a Section, as the case may be, of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Act&#148;, when used with respect to any Holder, has the meaning specified in Section&nbsp;104.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Additional Amounts&#148; has the meaning specified in Section&nbsp;311.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authenticating Agent&#148; means any Person authorized by the Trustee pursuant to Section&nbsp;614 to
act on behalf of the Trustee to authenticate Securities of one or more series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board of Directors&#148; means either the board of directors of the Company or any duly
authorized committee of that board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board Resolution&#148; means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company or as provided by the articles of association of the Company or authorized
by its Board of Directors to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148;, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148; means the U.S. Securities and Exchange Commission, from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Company&#148; shall mean such successor Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company Request&#148; or &#147;Company Order&#148; means a written request or order signed in the name of
the Company by any one of the individuals who may sign an Officers&#146; Certificate on its behalf and
delivered to the Trustee.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate Trust Office&#148; means the principal office of the Trustee in &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; at which
at any particular time its corporate trust business shall be administered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;corporation&#148; means a corporation, association, company, joint-stock company or business
trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Covenant Defeasance&#148; has the meaning specified in Section&nbsp;1303.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defaulted Interest&#148; has the meaning specified in Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defeasance&#148; has the meaning specified in Section&nbsp;1302.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Depositary&#148; means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under the Exchange Act that
is designated to act as Depositary for such Securities as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148; has the meaning specified in Section&nbsp;501.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Act&#148; means the U.S. Securities Exchange Act of 1934 and any statute successor
thereto, in each case as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Expiration Date&#148; has the meaning specified in Section&nbsp;104.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Global Security&#148; means a Security that evidences all or part of the Securities of any series
and bears the legend set forth in Section&nbsp;204 (or such legend as may be specified as contemplated
by Section&nbsp;301 for such Securities).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148; means a Person in whose name a Security is registered in the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148; means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively. The term &#147;Indenture&#148;
shall also include the terms of particular series of Securities established as contemplated by
Section&nbsp;301.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;interest&#148;, when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Payment Date&#148;, when used with respect to any Security, means the Stated Maturity of
an instalment of interest on such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment Company Act&#148; means the U.S. Investment Company Act of 1940 and any statute
successor thereto, in each case as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Maturity&#148;, when used with respect to any Security, means the date on which the principal of
such Security or an instalment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice of Default&#148; means a written notice of the kind specified in Section&nbsp;501(3) or 501(4).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146; Certificate&#148; means a certificate signed by any two members of the Board of
Directors, the Chief Executive Officer, Chief Financial Officer or any other individual duly
authorized by a Board Resolution, or by the Secretary, Assistant Secretary or any individual duly
authorized by a Board Resolution and delivered to the Trustee. One of the officers signing an
Officers&#146; Certificate given pursuant to Section&nbsp;1004 shall be the principal executive, financial or
accounting officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Opinion of Counsel&#148; means a written opinion of counsel, who may be counsel for the Company,
and who shall be reasonably acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Original Issue Discount Security&#148; means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section&nbsp;502.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Outstanding&#148;, when used with respect to Securities, means, as of the date of determination,
all Securities theretofore executed, authenticated and delivered under this Indenture, <I>except:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities, or portions thereof, theretofore cancelled by the Trustee or delivered
to the Trustee for cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities, or portions thereof, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other
than the Company) in trust or set aside and segregated in trust by the Company (if the
Company shall act as its own Paying Agent) for the Holders of such Securities; <I>provided</I>
that, if such Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor reasonably satisfactory to the Trustee has
been made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Securities as to which Defeasance has been effected pursuant to Section&nbsp;1302; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Securities which have been paid pursuant to Section&nbsp;306 or in exchange for or in
lieu of which other Securities have been executed, authenticated and delivered pursuant to
this Indenture;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>however</I>, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A)&nbsp;the principal amount of an
Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon acceleration of the Maturity
thereof to such date pursuant to Section&nbsp;502, (B)&nbsp;if, as of such date, the principal amount payable
at the Stated Maturity of a Security is not determinable, the principal amount of such Security
which shall be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section&nbsp;301, (C)&nbsp;the principal amount of a Security denominated in one or more
foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S.
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dollar equivalent, determined as of such date in the manner provided as contemplated by Section
301, of the principal amount of such Security (or, in the case of a Security described in Clause
(A)&nbsp;or (B)&nbsp;above, of the amount determined as provided in such Clause), and (D)&nbsp;Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the Company or of such
other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s
right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying Agent&#148; means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means any individual, corporation, limited liability company, joint stock company,
joint stock holding corporation, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Place of Payment&#148;, when used with respect to the Securities of any series, means the place
or places where the principal of and any premium and interest on the Securities of that series are
payable as specified as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Predecessor Security&#148; of any particular Security means every previous Security evidencing
all or a portion of the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under Section&nbsp;306 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Date&#148;, when used with respect to any Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Price&#148;, when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regular Record Date&#148; for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities&#148; has the meaning stated in the first recital of this Indenture and more
particularly means any Securities executed, authenticated and delivered under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities Act&#148; means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security Register&#148; and &#147;Security Registrar&#148; have the respective meanings specified in
Section&nbsp;305.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Debt&#148; shall have the meaning established pursuant to a Board Resolution.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Special Record Date&#148; for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Stated Maturity&#148;, when used with respect to any Security or any instalment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such instalment of principal or interest is due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the
Company and one or more other Subsidiaries. For the purposes of this definition, &#147;voting stock&#148;
means stock which ordinarily has voting power for the election of directors, whether at all times
or only so long as no senior class of stock has such voting power by reason of any contingency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxes&#148; has the meaning specified in Section&nbsp;311.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxing Authority&#148; has the meaning specified in Section&nbsp;311.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust Indenture Act&#148; means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; <I>provided</I>, <I>however</I>, that in the event the Trust Indenture Act of
1939 is amended after such date, &#147;Trust Indenture Act&#148; means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Trustee&#148; shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, &#147;Trustee&#148; as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;U.S. Government Obligation&#148; has the meaning specified in Section&nbsp;1304.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Vice President&#148;, when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
&#147;vice president&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;102. <I>Compliance Certificates and Opinions</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers&#146; Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (except for certificates provided for in Section&nbsp;1004) shall include,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;103. <I>Form of Documents Delivered to Trustee</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows that the certificate or opinion or representations with respect to the matters upon
which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect
to such factual matters is in the possession of the Company, unless such counsel knows that the
certificate or opinion or representations with respect to such matters are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;104. <I>Acts of Holders; Record Dates</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;Act&#148; of the
Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section&nbsp;601) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Trustee deems sufficient.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ownership of Securities shall be proved by the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, <I>provided </I>that the
Company may not set a record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or direction referred to in
the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record
date; <I>provided </I>that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities
of such series on such record date. Nothing in this paragraph shall be construed to prevent the
Company from setting a new record date for any action for which a record date has previously been
set pursuant to this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Expiration Date to be given
to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set
forth in Section&nbsp;106.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i)&nbsp;any Notice of
Default, (ii)&nbsp;any declaration of acceleration referred to in Section&nbsp;502, (iii)&nbsp;any request to
institute proceedings referred to in Section&nbsp;507(2) or (iv)&nbsp;any direction referred to in Section
512, in each case with respect to Securities of such series. If any record date is set pursuant to
this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether
or not such Holders remain Holders after such record date; <I>provided </I>that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person be cancelled and of
no effect), and nothing in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">this paragraph shall be construed to render ineffective any action taken by Holders of the
requisite principal amount of Outstanding Securities of the relevant series on the date such action
is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the
Company&#146;s expense, shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in the manner set forth in Section&nbsp;105 and to
each Holder of Securities of the relevant series in the manner set forth in Section&nbsp;106.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the &#147;Expiration Date&#148; and from time to time may change the
Expiration Date to any earlier or later day; <I>provided </I>that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to
each Holder of Securities of the relevant series in the manner set forth in Section&nbsp;106, on or
prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section, the party hereto which set such record date shall be
deemed to have initially designated the 180th day after such record date as the Expiration Date
with respect thereto, subject to its right to change the Expiration Date as provided in this
paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day
after the applicable record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of the principal amount
of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;105. <I>Notices, Etc., to Trustee and Company</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: <B>&#95;&#95;&#95;&#95;&#95;</B>, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, return receipt requested, to the Company addressed to it at
the address of its principal office specified in the first paragraph of this instrument or
at any other address previously furnished in writing to the Trustee by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;106. <I>Notice to Holders; Waiver</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, return receipt requested, to each Holder affected by such event, at
his address as it appears in the Security Register, not later than the latest date (if any), and
not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case
where notice to Holders is given by mail, neither the failure to mail such notice to any particular
Holder, nor any defect in any notice so mailed to any particular Holder shall affect the
sufficiency of such notice with respect to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other Holders. Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;107. <I>Conflict with Trust Indenture Act</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act which is required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this Indenture as so modified or to be excluded, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;108. <I>Effect of Headings and Table of Contents</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;109. <I>Successors and Assigns</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants and agreements in this Indenture by the Company shall bind and, to the extent
permitted hereby, shall inure to the benefit of and be enforceable by its successors and assigns,
whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;110. <I>Separability Clause</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;111. <I>Benefits of Indenture</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of Senior Debt, if any,
and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;112. <I>Governing Law</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture and the Securities shall be governed by and construed in accordance with the
law of the State of New York. The provisions of articles 86 to 94-8 of the Luxembourg law of 10th
August&nbsp;1915 on commercial companies shall not apply.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;113. <I>Legal Holidays</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a provision of any Security which
specifically states that such provision shall apply in lieu of this Section)) payment of interest
or principal (and premium, if any) need not be made at such Place of Payment on such date, but may
be made on the next succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;114. <I>Consent to Service; Jurisdiction</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Parties hereto submit to the non-exclusive jurisdiction of any U.S. federal court
in the Borough of Manhattan, The City of New York, New York, United States and any appellate court
of such a court in any legal suit, action or proceeding arising out of or relating to this
Indenture or any Security, waives any objection which it may now or hereafter have to the laying of
the venue of any such legal suit, action or proceeding, waives any immunity from jurisdiction or to
service of process in respect of any such suit, action or proceeding and irrevocably submits to the
jurisdiction of any such court in any such suit, action or proceeding. The Company further submits
to the jurisdiction of the courts of its own corporate domicile in any legal suit, action or
proceeding initiated against it arising out of or relating to this Indenture or any Security. The
Company hereby irrevocably designates and appoints Ternium International U.S.A. Corporation, which
currently maintains an office situated at 2200 West Loop South, Suite&nbsp;8000, Houston, TX 77027, as
its authorized agent upon which process may be served in any legal suit, action or proceeding
arising out of or relating to this Indenture or any Security which may be instituted in any federal
or state court in the Borough of Manhattan, The City of New York, New York, and agrees that service
of process upon such agent, and written notice of said service to the Company by the Person serving
the same, shall be deemed in every respect effective service of process upon the Company (if such
notice is given to the Company) in any such suit, action or proceeding and further designates its
domicile, the domicile of Ternium International U.S.A. Corporation specified above and any domicile
Ternium International U.S.A. Corporation may have in the future as its domicile to receive any
notice hereunder (including service of process). If for any reason Ternium International U.S.A.
Corporation (or any successor agent for this purpose) shall cease to have a domicile in the United
States or to act as agent for service of process as provided above, the Company will promptly
appoint a successor agent domiciled in the United States for this purpose reasonably acceptable to
Trustee and shall grant thereto notarial powers-of-attorney for lawsuits and collections. The
Company agrees to take any and all actions as may be necessary to maintain such designation and
appointment of such agent in full force and effect so long as the Securities are Outstanding.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Security Forms</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;201. <I>Forms Generally</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section&nbsp;303 for the authentication
and delivery of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;202. <I>Form of Face of Security</I>.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>&#091;Legend required by the Internal Revenue Code as needed.&#093;</I></B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;Ternium S.A.&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;RCS Luxembourg B98668&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;Title of Security&#093;</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">No. <B>&#95;&#95;&#95;&#95;&#95;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$ <B>&#95;&#95;&#95;&#95;&#95;</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ternium S.A., a joint stock holding corporation (<I>soci&#233;t&#233; anonyme holding</I>) organized under the
laws of Luxembourg (herein called the &#147;Company&#148;, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to <B>&#95;&#95;&#95;&#95;&#95;</B>or
registered assigns, the principal sum of <B>&#95;&#95;&#95;&#95;&#95; </B>Dollars on <B>&#95;&#95;&#95;&#95;&#95; &#091;</B><I>if the Security is to bear
interest prior to Maturity, insert </I>&#151; , and to pay interest thereon from <B>&#95;&#95;&#95;&#95;&#95; </B>or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
<B>&#95;&#95;&#95;&#95;&#95;</B>and <B>&#95;&#95;&#95;&#95;&#95; </B>in each year, commencing <B>&#95;&#95;&#95;&#95;&#95;</B>, at the rate of ...% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the <B>&#95;&#95;&#95;&#95;&#95; </B>or <B>&#95;&#95;&#95;&#95;&#95;</B>
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10&nbsp;days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and
upon such notice as may be required by such exchange, all as more fully provided in said
Indenture<B>&#093;</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is not to bear interest prior to Maturity, insert </I>&#151; The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any
overdue premium shall bear interest at the rate of <B>&#95;&#95;&#95;&#95;&#95;</B>% per annum (to the extent that the payment
of such interest shall be legally enforceable), from the dates such amounts are due until they are
paid or made available for payment. Interest on any overdue principal or premium shall be payable
on demand.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of the principal of (and premium, if any) and <B>&#091;</B><I>if applicable, insert &#151; </I>any such<B>&#093;</B>
interest on this Security will be made at the office or agency of the Company maintained for that
purpose in &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts <B>&#091;</B><I>if applicable, insert &#151;</I>;
<I>provided</I>, <I>however</I>, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place<B>&#093;</B>.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated:
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Ternium S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><I>Authorized Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><I>Authorized Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attest:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;203. <I>Form of Reverse of Security</I>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security is one of a duly authorized issue of securities of the Company (herein called
the &#147;Securities&#148;), issued and to be issued in one or more series under an Indenture, dated as of
<B>&#95;&#95;&#95;&#95;&#95; </B>(herein called the &#147;Indenture&#148;, which term shall have the meaning assigned to it in such
instrument), between the Company and <B>&#95;&#95;&#95;&#95;&#95;, </B>as Trustee (herein called the &#147;Trustee&#148;, which term
includes any successor trustee under the Indenture), and reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee <B>&#091;</B><I>if applicable, insert &#151; </I>the holders of Senior Debt<B>&#093; </B>and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof <B>&#091;</B><I>If applicable, insert</I>
&#151;, limited in aggregate principal amount to $&#95;&#95;&#95;&#95;&#95;&#95;<B>&#093;</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If applicable, insert </I>&#151; Notwithstanding the foregoing, the Company may not, prior to <B>&#95;&#95;&#95;&#95;&#95;</B>,
redeem any Securities of this series as contemplated by <B>&#091;</B><I>if applicable, insert </I>&#151; Clause (2)&nbsp;of<B>&#093;</B>
the preceding paragraph as a part of, or in anticipation of, any refunding operation by the
application, directly or indirectly, of moneys borrowed having an interest cost to the Company
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(calculated in accordance with generally accepted financial practice) of less than &#95;&#95;&#95;&#95;&#95;&#95;&#95;%
per annum.<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is subject to redemption of any kind, insert </I>&#151; In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If applicable, insert paragraph regarding subordination of the Security.</I><B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If applicable, insert </I>&#151; The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is not an Original Issue Discount Security, insert </I>&#151; If an Event of Default
with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is an Original Issue Discount Security, insert </I>&#151; If an Event of Default with
respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. Such amount shall be equal to &#151; <I>insert formula for determining the
amount</I>. Upon payment (i)&nbsp;of the amount of principal so declared due and payable and (ii)&nbsp;of
interest on any overdue principal, premium and interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Company&#146;s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities of this
series shall terminate.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is required, as a result of a change in, execution of or amendment to any laws
or treaties or the official application or interpretation of any laws or treaties, to pay
Additional Amounts, the Company shall have the option (but not the obligation) to redeem, in whole
but not in part, the Securities of this series. This option applies only in the case of changes,
executions or amendments that occur on or after &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; and in the jurisdiction where the Company
is incorporated. If succeeded by another Person, the applicable jurisdiction will be the
jurisdiction in
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which such successor is organized, and the applicable date will be the date the Person became
a successor. If this series of Securities is redeemed pursuant to this option, the Redemption Price
for Securities will be <B>&#091;</B><I>If the Security is not an Original Issue Discount Security, insert </I>&#151; equal
to the principal amount of the Securities being redeemed plus accrued interest and any additional
amounts due up to, but not including, the Redemption Date.<B>&#093; &#091;</B><I>If the Security is an Original Issue
Discount Security, insert </I>&#151; equal to &#151; <I>insert formula for determining the amount</I><B>&#093;</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 37.5% in aggregate principal amount of
the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a
majority in aggregate principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60&nbsp;days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of this series are issuable only in registered form without coupons in
denominations of $&#95;&#95;&#95;&#95;&#95;&#95;&#95; and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;204. <I>Form of Legend for Global Securities</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by Section&nbsp;301 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3">Section&nbsp;205. <I>Form of Trustee&#146;s Certificate of Authentication</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee&#146;s certificates of authentication shall be in substantially the following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>,&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="right"><br><I>As Trustee</I>
</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right"><I>Authorized Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right"><i>Authorized Officer</i>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">The Securities</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;301. <I>Amount Unlimited; Issuable in Series</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series, and each series may consist of one or more
identifiable tranches. There shall be established, without notice to or the consent of any Holder,
in or pursuant to a Board Resolution and, subject to Section&nbsp;303, set forth, or determined in the
manner provided, in an Officers&#146; Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the title of the Securities of the series (which shall distinguish the Securities
of the series from Securities of any other series including any series number or tranche
designation as the case may be);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series
which may be authenticated and delivered under this Indenture (including any provision for
the issuance of additional Securities of the series in excess of any such amount) except
for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section&nbsp;304, 305, 306, 906
or 1107 and except for any Securities which, pursuant to Section&nbsp;303, are deemed never to
have been authenticated and delivered hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the form of the Securities of the series, including the form of the Trustee&#146;s
certificate of authentication for such series; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the date or dates on which the principal of any Securities of the series is
payable, if any;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the rate or rates (which may be fixed or variable) at which the Securities of the
series shall bear interest, if any, or the manner of calculation of such rate or rates, and
the date or dates from which any such interest shall accrue, the Interest Payment Dates on
which any such interest shall be payable or the manner of determination of such Interest
Payment Dates and the Regular Record Date for any such interest payable on any Interest
Payment Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the place or places where the principal of and any premium and interest on any
Securities of the series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">repurchased, in whole or in part, at the option of the Company and, if other than by a
Board Resolution, and the other material terms and provisions applicable to the Company&#146;s
redemption or repurchase rights;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the obligation, if any, of the Company to redeem or purchase any Securities,
including at the option of the Holder thereof, the period or periods within which, the
price or prices at which and the terms and conditions upon which any Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the subordination provisions, if any, applicable to the Securities of the series
and the ranking of the Securities of the series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any collateral or other security pledged against payment of principal, interest
or premium, if any, on the Securities of the series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) if the amount of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index, other security (whether equity or
debt), or pursuant to a formula or other special method, the manner in which such amounts
shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) if other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or any premium or interest on any
Securities of the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose, including for
purposes of the definition of &#147;Outstanding&#148; in Section&nbsp;101;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) if the principal of or any premium or interest on any Securities of the series is
to be payable, at the election of the Company or the Holder thereof, in one or more
currencies, currency units or composite currencies other than that or those in which such
Securities are stated to be payable, the currency, currencies, currency units or composite
currencies in which the principal of or any premium or interest on such Securities as to
which such election is made shall be payable, the periods within which and the terms and
conditions upon which such election is to be made and the other material terms applicable
to the right to make such election amount so payable (or the manner in which such amount
shall be determined);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section&nbsp;502;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated Maturity,
the amount which shall be deemed to be the principal amount of such Securities as of any
such date for any purposes thereunder or hereunder, including the principal amount thereof
which shall be due and payable upon any Maturity other than the Stated Maturity or which
shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">such case, the manner in which such amount deemed to be the principal amount shall be
determined);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section&nbsp;1302 or Section&nbsp;1303 or both such Sections and, if
other than by a Board Resolution, the manner in which any election by the Company to
defease such Securities shall be evidenced;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) if applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the respective
Depositaries for such Global Securities, the form of any legend or legends which shall be
borne by any such Global Security in addition to or in lieu of that set forth in Section
204 and any circumstances in addition to or in lieu of those set forth in Clause (2)&nbsp;of the
last paragraph of Section&nbsp;305 in which any such Global Security may be exchanged in whole
or in part for Securities registered, and any transfer of such Global Security in whole or
in part may be registered, in the name or names of Persons other than the Depositary for
such Global Security or a nominee thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) any material change in the Events of Default which applies to any Securities of
the series and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section&nbsp;502;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any special tax implications of the Securities, including provisions for Original
Issue Discount Securities, if offered;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) the terms of any repurchase or remarketing rights;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) whether the Securities of the series will be convertible into or exchangeable for
other Securities, common shares or other securities of any kind of the Company or another
obligor, and, if so, the terms and conditions upon which such Securities will be so
convertible or exchangeable, including the initial conversion or exchange price or rate or
the method of calculation, how and when the conversion price or exchange ratio may be
adjusted, whether conversion or exchange is mandatory, at the option of the Holder or at
the Company&#146;s option, the conversion or exchange period, and any other provision in
addition to or in lieu of those described herein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) any provisions granting special rights to Holders when a specified event occurs;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) any addition to or change in the covenants set forth in Article&nbsp;Ten which applies
to the Securities of the series; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section&nbsp;901(5)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section&nbsp;303) set forth, or determined in the manner provided, in the Officers&#146;
Certificate referred to above or in any such indenture supplemental hereto.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers&#146; Certificate setting forth the terms of the series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;302. <I>Denominations</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section&nbsp;301. In the absence of
any such specified denomination with respect to the Securities of any series, the Securities of
such series shall be issuable in denominations of $1,000 and any integral multiple thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;303. <I>Execution, Authentication, Delivery and Dating</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities shall be executed on behalf of the Company by a member of the Board of
Directors, the Chief Executive Officer, Chief Financial Officer or any other individual duly
authorized by a Board Resolution, and by the Secretary, Assistant Secretary or anyone duly
authorized by a Board Resolution attested by its Secretary or one of its Assistant Secretaries. The
signature of any of these officers on the Securities may be manual or facsimile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections&nbsp;201 and 301, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to Section&nbsp;601) shall be
fully protected in relying upon, an Opinion of Counsel stating,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section&nbsp;201, that such form has been established in conformity
with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section&nbsp;301, that such terms have been established in conformity
with the provisions of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that such Securities, when authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors&#146; rights and to general equity principles.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee&#146;s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section&nbsp;301 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers&#146; Certificate otherwise required pursuant to Section&nbsp;301 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section&nbsp;309, for
all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;304. <I>Temporary Securities</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable
for definitive Securities of such series upon surrender of the temporary Securities of such series
at the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series and tenor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;305. <I>Registration, Registration of Transfer and Exchange</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company in a Place
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Payment or otherwise designated pursuant to Section&nbsp;1002 being herein sometimes
collectively referred to as the &#147;Security Register&#148;) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Securities and
of transfers of Securities. The Trustee is hereby appointed &#147;Security Registrar&#148; for the purpose of
registering Securities and transfers of Securities as herein provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of like tenor and aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to receive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section&nbsp;304, 906 or 1107 not involving any transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Securities of any series (or of any series and specified tenor) are to be redeemed in
part, the Company shall not be required (A)&nbsp;to issue, register the transfer of or exchange any
Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15&nbsp;days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section&nbsp;1103 and ending at the
close of business on the day of such mailing, or (B)&nbsp;to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Clauses (1), (2), (3)&nbsp;and (4)&nbsp;below shall apply only to Global Securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and each such
Global Security shall constitute a single Security for all purposes of this Indenture.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A)&nbsp;such Depositary (i)&nbsp;has
notified the Company that it is unwilling or unable to continue as Depositary for such
Global Security or (ii)&nbsp;has ceased to be a clearing agency registered under the Exchange
Act, (B)&nbsp;there shall have occurred and be continuing an Event of Default with respect to
such Global Security or (C)&nbsp;there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as contemplated by Section
301.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Subject to Clause (2)&nbsp;above, any exchange of a Global Security for other
Securities may be made in whole or in part, and all Securities issued in exchange for a
Global Security or any portion thereof shall be registered in such names as the Depositary
for such Global Security shall direct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to
this Section, Section&nbsp;304, 306, 906 or 1107 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is
registered in the name of a Person other than the Depositary for such Global Security or a
nominee thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;306. <I>Mutilated, Destroyed, Lost and Stolen Securities</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Company and the Trustee (i)&nbsp;evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii)&nbsp;such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Securities of that series duly issued hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;307. <I>Payment of Interest; Interest Rights Preserved</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided as contemplated by Section&nbsp;301 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called &#147;Defaulted Interest&#148;) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1)&nbsp;or (2)&nbsp;below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than
15&nbsp;days and not less than 10&nbsp;days prior to the date of the proposed payment and not less
than 10&nbsp;days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given to each Holder of Securities of
such series in the manner set forth in Section&nbsp;106, not less than 10&nbsp;days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid
to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following Clause (2).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the proposed payment pursuant to this Clause, such manner of payment shall be deemed
practicable by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;308. <I>Persons Deemed Owners</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and
any premium and (subject to Section&nbsp;307) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;309. <I>Cancellation</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company has not issued and
sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this
Section, except as expressly permitted by this Indenture. All cancelled Securities held by the
Trustee shall be disposed of as directed by a Company Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;310. <I>Computation of Interest</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;311. <I>Payment of Additional Amounts</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law, the Company shall make all payments of principal and
interest in respect of the Securities of any series without withholding or deduction for any
present or future taxes, duties, levies, imposts, assessments or governmental charges of whatever
nature (collectively, &#147;Taxes&#148;), imposed or levied by or on behalf of Luxembourg or, if succeeded by
another Person, the jurisdiction in which such successor Person is organized, or any political
subdivisions or taxing authority thereof or therein having power to tax (collectively, &#147;Taxing
Authorities&#148;). In the event that the Company is required to withhold or deduct any amount for or on
account of such Taxes from any payment made under or with respect to any Securities of any series,
the Company shall except in the circumstances set forth below pay such additional amounts
(&#147;Additional Amounts&#148;) so that the net amount received by each Holder of Securities, including the
additional amounts, shall equal the amount that such Holder would have received if such Taxes had
not been required to be withheld or deducted. The obligation of the Company to pay Additional
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amounts shall not be payable with respect to a payment made to a Holder of Securities of any
series to the extent:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that any such Taxes would not have been so imposed but for the existence of any
current or former connection between such Holder and the jurisdiction of the Taxing
Authority imposing such Taxes, other than the mere receipt of such payment, acquisition,
ownership or disposition of such Securities or the exercise or enforcement of rights under
the Securities of any series or this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that any such Taxes are imposed on or measured by, net income of the beneficiary
or Holder or his net wealth or similar;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) of any such Taxes required to be withheld by any Paying Agent from any payment of
principal or of interest on the Securities of any series, if such payment can be made
without withholding by any other Paying Agent and the Company duly provides for such other
Paying Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of any estate, inheritance, gift, sales, transfer, or personal property Taxes
imposed with respect to the Securities of any series, except as otherwise provided in this
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that any such Taxes are payable other than by deduction or withholding from
payments on the Securities of any series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that any such Taxes would not have been imposed but for the presentation of the
Securities of any series, where presentation is required, for payment on a date more than
30&nbsp;days after the date on which such payment became due and payable or the date on which
payment thereof is duly provided for, whichever is later, except to the extent that the
beneficiary or Holder thereof would have been entitled to Additional Amounts had the
Securities of the relevant series been presented for payment on any date during such 30-day
period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) that such Holder would not be liable or subject to such withholding or deduction
of Taxes but for the failure to make a valid declaration of residence, non-residence, or
other similar claim for exemption or to provide a certificate, if: (x)&nbsp;the making of such
declaration or claim or the provision of such certificate is required or imposed by
statute, treaty, regulation, ruling or administrative practice of the relevant Taxing
Authority as a precondition to an exemption from, or reduction in, the relevant Taxes; and
(y)&nbsp;at least 60&nbsp;days prior to the first payment date with respect to which the Company
shall apply this condition, the Company shall have notified all Holders of the Securities
of any series in writing that they shall be required to provide such declaration or claim;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) that any such Taxes are imposed on a payment on the Securities to an individual or
&#145;residual entity&#146; established in a Member State of the European Union or certain dependent
and associated territories (of certain EU Member States) and is required to be made
pursuant to any European Union directive on the taxation of savings income relating to the
directive approved by the European Parliament on March&nbsp;14, 2002, or otherwise implementing
the conclusions of the Economic and Financial Council of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Ministers of the member states of the European Union (ECOFIN)&nbsp;Council meeting of
November&nbsp;26 and 27, 2000 and/or related Accords or any law implementing or complying with,
or introduced in order to conform to, any such directive and/or related Accords;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) that any such Taxes are imposed or to be withheld pursuant to the Luxembourg law
or laws of 23<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP> December&nbsp;2005; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) of any combination of the above conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Additional Amounts shall also not be payable where, had the beneficial owner of the
Securities been the Holder of such Securities, it would not have been entitled to payment of
Additional Amounts by reason of any of the conditions set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall withhold or deduct the Taxes as required; remit the full amount of Taxes
deducted or withheld to the relevant Taxing Authority in accordance with all applicable laws; use
its reasonable efforts to obtain from each Taxing Authority imposing such Taxes copies of tax
receipts evidencing the payment of any Taxes deducted or withheld; and upon request, and to the
extent reasonably practicable, make available to the Holders of the Securities, within 90&nbsp;days
after the date the payment of any Taxes deducted or withheld is due pursuant to applicable law,
copies of tax receipts evidencing such payment by the Company or if, notwithstanding its efforts to
obtain such receipts, the same are not obtainable, other evidence of such payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the
Securities is due and payable, if the Company is obligated to pay Additional Amounts with respect
to such payment, the Company shall deliver to the Trustee an Officer&#146;s Certificate stating that
such Additional Amounts shall be payable, the amounts so payable and such other information as is
necessary to enable the Trustee to pay such Additional Amounts to Holders of the Securities on the
payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay any stamp, issue, registration, documentary or other similar taxes and
duties, including interest, penalties and Additional Amounts with respect thereto, payable in
Luxembourg or the United States or any political subdivision or taxing authority of or in the
foregoing in respect of the creation, issue, offering, enforcement, redemption or retirement of the
Securities if and to the extent any such creation, issue, offering, enforcement, redemption or
retirement was required pursuant to applicable law or ordered by a court or Taxing Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing provisions shall survive any termination or the discharge of this Indenture and
shall apply to any jurisdiction in which any successor to the Company is organized or is engaged in
business for tax purposes or any political subdivisions or taxing authority or agency thereof or
therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever this Indenture or the Securities of any series refer to the payment of principal,
premium, if any, redemption price, interest or any other amount payable under or with respect to
any Security of any series, such reference shall include the payment of Additional Amounts to the
extent payable in the particular context.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Additional Amounts actually paid with respect to the Securities of any
series pursuant to the preceding paragraphs are based on rates of deduction or withholding of Taxes
in excess of the appropriate rate applicable to the Holder of such Securities, and as a result
thereof
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-28-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Holder is entitled to make a claim for a refund or credit of such excess from the Taxing
Authority imposing such Taxes, then such Holder shall, by accepting such Securities, be deemed to
have assigned and transferred all right, title and interest to any such claim for a refund or
credit of such excess to the Company; <I>provided, however, </I>that by making such assignment, the Holder
makes no representation or warranty that the Company shall be entitled to receive such claim for a
refund or credit and incurs no other obligation with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;312. <I>Additional Issuances</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may from time to time, without notice to or the consent of the Holders of the
Securities of any series, create and issue additional Securities of the relevant series having the
same terms as and ranking equally and ratably with such Securities in all respects (or in all
respects except for the payment of interest accruing prior to the issue date of such additional
Securities or except for the first payment of interest following the issue date of such additional
Securities), so that such additional Securities shall be consolidated and form a single series
with, and shall have the same terms as to status, redemption or otherwise as, the Securities of the
relevant series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;313. <I>CUSIP Numbers</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company in issuing the Securities of any series may use &#147;CUSIP&#148; numbers (if then generally
in use), and, if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a
convenience to Holders of the Securities of that series; <I>provided, however, </I>that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on
the Securities of that series or as contained in any notice of a redemption and that reliance may
be placed only on the other identification numbers printed on the Securities of that series, and
any such redemption shall not be affected by any defect in or omission of such numbers. The
Company shall promptly notify the Trustee in writing of any change in the &#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOUR
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Satisfaction and Discharge</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;401. <I>Satisfaction and Discharge of Indenture</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section&nbsp;306 and (ii)&nbsp;Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section&nbsp;1003) have been delivered to the Trustee for cancellation; or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all such Securities not theretofore delivered to the Trustee for
cancellation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have become due and payable, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will become due and payable at their Stated Maturity within one
year, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose money in an amount
sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and any premium and interest to
the date of such deposit (in the case of Securities which have become due and payable) or
to the Stated Maturity or Redemption Date, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has delivered to the Trustee an Officers&#146; Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section&nbsp;607, the obligations of the Trustee to any Authenticating
Agent under Section&nbsp;614 and, if money shall have been deposited with the Trustee pursuant to
subclause (B)&nbsp;of Clause (1)&nbsp;of this Section, the obligations of the Trustee under Section&nbsp;402 and
the last paragraph of Section&nbsp;1003 shall survive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;402. <I>Application of Trust Money</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;1003, all money deposited with the
Trustee pursuant to Section&nbsp;401 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIVE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Remedies</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;501. <I>Events of Default</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental
body):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default in the payment of any principal of or any premium upon any Security of
such series when it becomes due and payable, and continuance of such default for a period
of 14&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default in the payment of any interest upon any Securities of such series when it
becomes due and payable, and continuance of such default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) default in the performance, or breach, of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than
that series), and continuance of such default or breach for a period of 60&nbsp;days after there
has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 37.5% in aggregate principal amount of
the Outstanding Securities of that series a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a &#147;Notice of
Default&#148; hereunder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (A)&nbsp;failure to pay any principal amount exceeding $50&nbsp;million when due and payable
(after the expiration of any applicable grace period with respect thereto) under any
agreement, bond, debenture, note or other evidence of indebtedness for money borrowed by
the Company (including a failure to pay with respect to Securities of any series other than
that series) whether such indebtedness now exists or shall hereafter be created, or (B)&nbsp;a
default which shall have resulted in any such indebtedness having an aggregate principal
amount outstanding of at least $50&nbsp;million becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without, in the case
of Clause (A), such indebtedness having been discharged, or, in the case of Clause (B),
such acceleration having been rescinded or annulled<B>, </B>within a period of 30&nbsp;days after there
shall have been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 37.5% in aggregate principal amount
of the Outstanding Securities of that series a written notice specifying such default and
requiring the Company to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled, as the case may be, and stating that such notice
is a &#147;Notice of Default&#148; hereunder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the entry by a court having jurisdiction in the premises of (A)&nbsp;a decree or order
for relief in respect of the Company in an involuntary case or proceeding under any
applicable Luxembourg bankruptcy, insolvency, reorganization or other similar law or (B)&nbsp;a
decree or order adjudging the Company bankrupt or insolvent, or approving as properly filed
a petition seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company under any applicable Luxembourg law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of
any substantial part of its property, or ordering the winding up or liquidation of its
affairs, and the continuance of any such decree or order for relief or any such other
decree or order unstayed and in effect for a period of 60 consecutive days; or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Luxembourg bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under any applicable Luxembourg law, or the consent by it to the
filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Company or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Company in
furtherance of any such action; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any other Event of Default provided with respect to Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Event of Default under any securities that have not been authenticated and delivered under
this Indenture shall not constitute an Event of Default under the terms of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;502. <I>Acceleration of Maturity; Rescission and Annulment</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than an Event of Default specified in Section&nbsp;501(5) or 501(6))
with respect to Securities of any series at the time Outstanding occurs and is continuing, then in
every such case the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare the principal amount of all the Securities of
that series (or, if any Securities of that series are Original Issue Discount Securities, such
portion of the principal amount of such Securities as may be specified by the terms thereof) to be
due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by
Holders), and upon any such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section&nbsp;501(5) or 501 (6)&nbsp;with
respect to Securities of any series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof) shall automatically, and without any declaration or other action on the part of the
Trustee or any Holder, become immediately due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal
amount of the Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company has paid or deposited with the Trustee a sum sufficient to pay
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all overdue interest on all Securities of that series,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal of (and premium, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and any
interest thereon at the rate or rates prescribed therefor in such Securities,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Securities, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">and
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Events of Default with respect to Securities of that series, other than the
nonpayment of the principal of Securities of that series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section&nbsp;513.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No such rescission shall affect any subsequent default or impair any right consequent thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;503. <I>Collection of Indebtedness and Suits for Enforcement by Trustee</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that if
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30&nbsp;days, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default is made in the payment of the principal of (or premium, if any, on) any
Security when such principal (or premium, if any) becomes due and payable and such default
continues for a period of 14&nbsp;days,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
and the reasonable and documented out-of-pocket expenses, disbursements and advances of the
Trustee, its agents and counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture
at the request or direction of any of the Holders, unless such Holders shall have offered to the
Trustee reasonable indemnity. Subject to such provisions for the indemnification of the Trustee,
the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on the Trustee with
respect to the Securities of that series.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;504. <I>Trustee May File Proofs of Claim</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation and the
reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due to the Trustee under Section&nbsp;607.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
<I>provided, however, </I>that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors&#146; or other similar
committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;505. <I>Trustee May Enforce Claims Without Possession of Securities</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;506. <I>Application of Money Collected.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any premium or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of all amounts due to the Trustee under Section&nbsp;607; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: Subject to any subordination provisions established in conformity with the provisions
of this Indenture, to the payment of the amounts then due and unpaid for principal of and any
premium and interest on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;507. <I>Limitation on Suits</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Holders of not less than 37.5% in aggregate principal amount of the
Outstanding Securities of that series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee
hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such request;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee for 60&nbsp;days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal amount of the
Outstanding Securities of that series; it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or preference over any other of
such Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all of such Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such limitations shall not apply to any such proceeding instituted by a Holder for the
enforcement of payment of the principal of or any premium or interest on any Security on or after
the applicable due date specified in any such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;508. <I>Unconditional Right of Holders to Receive Principal, Premium and Interest</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section&nbsp;307) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute
suit for the enforcement of any such payment, and such rights shall not be impaired without the
consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;509. <I>Restoration of Rights and Remedies</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;510. <I>Rights and Remedies Cumulative</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;306, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;511. <I>Delay or Omission Not Waiver</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;512. <I>Control by Holders</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series, <I>provided </I>that
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such direction shall not be in conflict with any rule of law or with this
Indenture, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;513. <I>Waiver of Past Defaults</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of the Holders of all the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except a default
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the payment of the principal of or any premium or interest on any Security of
such series, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in respect of a covenant or provision hereof which under Article&nbsp;Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;514. <I>Undertaking for Costs</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs against any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; <I>provided </I>that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;515. <I>Waiver of Usury, Stay or Extension Laws</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SIX
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">The Trustee</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;601. <I>Certain Duties and Responsibilities</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;602. <I>Notice of Defaults</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a default occurs hereunder with respect to Securities of any series, the Trustee shall give
the Holders of Securities of such series notice of such default as and to the extent provided by
the Trust Indenture Act; <I>provided, however, </I>that in the case of any default of the character
specified in Section&nbsp;501(3) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30&nbsp;days after the occurrence thereof. For the purpose of this
Section, the term &#147;default&#148; means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices to be given to direct Holders of a Global Security shall be given only to the
depositary, in accordance with its applicable policies as in effect from time to time. Notices to
be given to direct Holders of Securities other than Global Securities shall be sent by mail to the
respective addresses of the Holders as they appear in the Trustee&#146;s records, and shall be deemed
given when mailed. Neither the failure to give any notice to a particular Holder, nor any defect in
a notice given to a particular Holder, shall affect the sufficiency of any notice given to another
Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;603. <I>Certain Rights of Trustee</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;601:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order, and any resolution of the
Board of Directors shall be sufficiently evidenced by a Board Resolution;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, rely upon an Officers&#146; Certificate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or
attorney; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;604. <I>Not Responsible for Recitals or Issuance of Securities</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;605. <I>May Hold Securities</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections&nbsp;608 and 613, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;606. <I>Money Held in Trust</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;607. <I>Compensation and Reimbursement</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to pay to the Trustee from time to time reasonable compensation for all
services rendered by it hereunder (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) except as otherwise expressly provided herein, to reimburse the Trustee
upon its request for all reasonable and documented out-of-pocket expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the reasonable and documented
out-of-pocket expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its or its agents&#146; negligence,
bad faith or willful misconduct; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to indemnify the Trustee for, and to hold it harmless against, any loss,
liability or expense incurred without negligence, bad faith or willful misconduct on its or
its agents&#146; part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the reasonable and documented costs and
out-of-pocket expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;608. <I>Conflicting Interests</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a
conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;609. <I>Corporate Trustee Required; Eligibility</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one or more other
series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such, has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust
Office in New York, New York. If any such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of its supervising or examining authority, then for the
purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined
capital and surplus of such Person shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time the Trustee with respect
to the Securities of any series shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;610. <I>Resignation and Removal; Appointment of Successor</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section&nbsp;611.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section&nbsp;611 shall not have been delivered to the Trustee within 30&nbsp;days after
the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may be removed at any time with respect to the Securities of any series by Act of
the Holders of a majority in aggregate principal amount of the Outstanding Securities of such
series, delivered to the Trustee and to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee shall fail to comply with Section&nbsp;608 after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Security for
at least six months, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall cease to be eligible under Section&nbsp;609 and shall fail
to resign after written request therefor by the Company or by any Holder, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall become incapable of acting or shall be adjudged
bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, (A)&nbsp;the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (B)&nbsp;subject to Section&nbsp;514, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section&nbsp;611. If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the Holders of a majority
in aggregate principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section&nbsp;611, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section&nbsp;611, any Holder who has been a bona fide Holder of a Security of
such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series to all Holders of Securities of such series in the manner provided in
Section&nbsp;106. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;611. <I>Acceptance of Appointment by Successor</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company
and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor
Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of
such successor Trustee relates, (2)&nbsp;if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested
in the retiring Trustee, and (3)&nbsp;shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates; but,
on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in the first or second preceding paragraph, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;612. <I>Merger, Conversion, Consolidation or Succession to Business</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;613. <I>Preferential Collection of Claims Against Company</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;614. <I>Appointment of Authenticating Agent</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section&nbsp;306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee&#146;s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws
to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the effect specified in
this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section&nbsp;106 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section&nbsp;607.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee&#146;s certificate of
authentication, an alternative certificate of authentication in the following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;,

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 25%"><I>As Trustee</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;,

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 25%"><I>As Authenticating Agent</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 25%"><I>Authorized Officer</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 25%"><I>Authorized Officer</I>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SEVEN
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Holders&#146; Lists and Reports by Trustee and Company</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;701. <I>Company to Furnish Trustee Names and Addresses of Holders</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall furnish or cause to be furnished to the Trustee
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) semi-annually, not later than November&nbsp;15 and May&nbsp;15 in each year, a
list, in such form as the Trustee may reasonably require, of the names and addresses of the
Holders of Securities of each series as of the preceding November 1 or May&nbsp;1, as the case
may be, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at such other times as the Trustee may request in writing, within 30
days after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15&nbsp;days prior to the time such list is furnished;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>excluding </I>from any such list names and addresses received by the Trustee in its capacity as
Security Registrar.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;702. <I>Preservation of Information; Communications to Holders</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section&nbsp;701 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section&nbsp;701
upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Holder of Securities, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made
pursuant to the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;703. <I>Reports by Trustee</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, with the Commission and with
the Company. The Company shall notify the Trustee when any Securities are listed on any stock
exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a default occurs with respect to Securities of any series, the Trustee shall give the
Holders of the relevant series notice of the default when, as and to the extent provided by the
Trust Indenture Act of 1939. However, in the case of any default under any covenant with respect to
the series, no notice of default to Holders shall be given until at least 30&nbsp;days after the
occurrence of the default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;704. <I>Reports by Company</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; <I>provided</I>
that any such information, documents or reports required to be filed with the Commission pursuant
to Section&nbsp;13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15&nbsp;days after the
same is actually filed with the Commission.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Consolidation, Merger, Conveyance, Transfer or Lease</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;801. <I>Company May Consolidate, Etc., Only on Certain Terms</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not consolidate with or merge into any other Person or convey, transfer or
lease all or substantially all of its properties and assets to any Person, and the Company shall
not permit any Person to consolidate with or merge into the Company or convey, transfer or lease
all or substantially all of its properties and assets to the Company, unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in case the Company shall consolidate with or merge into another Person
or convey, transfer or lease all or substantially all of its properties and assets to any
Person, the Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, all or substantially all
of the properties and assets of the Company shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory
to the Trustee, the due and punctual payment of the principal of and any premium and
interest on all the Securities and the performance or observance of every covenant of this
Indenture on the part of the Company to be performed or observed; <I>provided, however, </I>that
this assumption may be pursuant to a full and unconditional guarantee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Company or any Subsidiary as a result of
such transaction as having been incurred by the Company or such Subsidiary at the time of
such transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have happened and be continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Company may consolidate with or merge into any other Person
or convey, transfer or lease all or substantially all of its properties and assets to any Person or
permit any Person to consolidate with or merge into the Company or convey, transfer or lease all or
substantially all of its properties and assets as part of a transaction involving non-related third
parties or as part of an internal corporate reorganization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;802. <I>Successor Substituted</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section&nbsp;801, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;803. <I>Transfer or Lease to a Wholly Owned Subsidiary</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the provisions of this Article&nbsp;Eight, Sections&nbsp;801 and 802 will not be
applicable in connection with any transfer or lease of all or substantially all of the Company&#146;s
properties and assets to a wholly owned Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may transfer or lease all or substantially all of its properties and assets to any
wholly owned Subsidiary, provided that such wholly owned Subsidiary shall expressly assume pursuant
to a full and unconditional guarantee executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and
interest on all the Securities and the performance or observance of every covenant of this
Indenture on the part of the Company to be performed or observed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE NINE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Supplemental Indentures</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;901. <I>Supplemental Indentures Without Consent of Holders</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company herein and in the
Securities; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to add to the covenants of the Company for the benefit of the Holders of
all or any series of Securities (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being included
solely for the benefit of such series) or to surrender any right or power herein conferred
upon the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to add any additional Events of Default for the benefit of the Holders
of all or any series of Securities (and if such additional Events of Default are to be for
the benefit of less than all series of Securities, stating that such additional Events of
Default are expressly being included solely for the benefit of such series); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to add to or change any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without interest coupons,
or to permit or facilitate the issuance of Securities in uncertificated form; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to add to, change or eliminate any of the provisions of this Indenture
in respect of one or more series of Securities, <I>provided </I>that any such addition, change or
elimination
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) shall neither (i)&nbsp;apply to any Security of any series created
prior to the execution of such supplemental indenture and entitled to the benefit
of such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">provision nor (ii)&nbsp;modify the rights of the Holder of any such Security with
respect to such provision or (B)&nbsp;shall become effective only when there is no such
Security Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to secure the Securities; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to establish the form or terms of Securities of any series as permitted
by Sections&nbsp;201 and 301; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;611; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to cure any ambiguity, to correct or supplement any provision herein
which may be defective or inconsistent with any other provision herein, or to make any
other provisions with respect to matters or questions arising under this Indenture,
<I>provided </I>that such action pursuant to this Clause (9)&nbsp;shall not adversely affect the
interests of the Holders of Securities of any series in any material respect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;902. <I>Supplemental Indentures With Consent of Holders</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture (in each case, other than as permitted by Section&nbsp;901); <I>provided</I>, <I>however</I>, that no such
supplemental indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) change the Stated Maturity of the principal of, or any instalment of
principal of or interest on, any Security, or reduce the principal amount thereof or the
rate of interest thereon or any premium payable upon the redemption thereof, or reduce the
amount of the principal of an Original Issue Discount Security or any other Security which
would be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section&nbsp;502, or change any Place of Payment where, or the coin or currency in
which, any Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment, conversion or exchange on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption
Date), or modify any provisions with respect to the subordination of Securities in a manner
adverse to the Holders, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of compliance with
certain
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) modify any of the provisions of this Section or Section&nbsp;513 or
Section&nbsp;1005, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby; <I>provided, however, </I>that this clause shall
not be deemed to require the consent of any Holder with respect to changes in the
references to &#147;the Trustee&#148; and concomitant changes in this Section and Section&nbsp;1005, or
the deletion of this proviso, in accordance with the requirements of Sections&nbsp;611 and
901(8).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;903. <I>Execution of Supplemental Indentures</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section&nbsp;601) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee&#146;s own rights, duties or immunities
under this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;904. <I>Effect of Supplemental Indentures</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;905. <I>Conformity with Trust Indenture Act</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;906. <I>Reference in Securities to Supplemental Indentures</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Covenants</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1001. <I>Payment of Principal, Premium and Interest</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees for the benefit of each series of Securities that it shall
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1002. <I>Maintenance of Office or Agency</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; <I>provided</I>, <I>however</I>, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1003. <I>Money for Securities Payments to Be Held in Trust</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of or any premium or interest on any Securities of
that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held
as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to act.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (1)&nbsp;comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2)&nbsp;during the
continuance of any default by the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, upon the written request
of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or any premium or interest on any Security of any series
and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; <I>provided</I>, <I>however</I>, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published
once in the English language in a newspaper customarily published on each Business Day and of
general circulation in Luxembourg, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30&nbsp;days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1004. <I>Statement by Officers as to Default</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will deliver to the Trustee, within 120&nbsp;days after the end of each fiscal year of
the Company ending after the date hereof, an Officers&#146; Certificate, stating whether or not to the
knowledge of the signers thereof the Company is in default in the performance and observance of any
of the terms, provisions and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they have knowledge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1005. <I>Waiver of Certain Covenants</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by Section&nbsp;301 for Securities of such series,
the Company may, with respect to the Securities of any series, omit in any particular instance to
comply with any term, provision or condition set forth in any covenant provided pursuant to Section
301(25), 901(2) or 901(7) for the benefit of the Holders of such series or in any of Sections&nbsp;1001
to 1004 , inclusive, if before the time for such compliance the Holders of majority in aggregate
principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and effect.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Redemption of Securities</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1101. <I>Applicability of Article</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section&nbsp;301
for such Securities) in accordance with this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1102. <I>Election to Redeem; Notice to Trustee</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section&nbsp;301 for such Securities. In case of any
redemption at the election of the Company of less than all the Securities of any series (including
any such redemption affecting only a single Security), the Company shall, at least 60&nbsp;days prior to
the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the
case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
the Trustee with an Officers&#146; Certificate evidencing compliance with such restriction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1103. <I>Selection by Trustee of Securities to Be Redeemed</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected not more than 60&nbsp;days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of a portion of the principal amount of any
Security of such series, <I>provided </I>that the unredeemed portion of the principal amount of any
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. If less than all the Securities of such series and of a
specified tenor are to be redeemed (unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60&nbsp;days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor
not previously called for redemption in accordance with the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption as aforesaid and, in case of any Securities selected for partial redemption as
aforesaid, the principal amount thereof to be redeemed.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1104. <I>Notice of Redemption</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60&nbsp;days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices of redemption shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Redemption Date,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Redemption Price,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if less than all the Outstanding Securities of any series consisting of
more than a single Security are to be redeemed, the identification (and, in the case of
partial redemption of any such Securities, the principal amounts) of the particular
Securities to be redeemed and, if less than all the Outstanding Securities of any series
consisting of a single Security are to be redeemed, the principal amount of the particular
Security to be redeemed,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) that on the Redemption Date the Redemption Price will become due and
payable upon each such Security to be redeemed and, if applicable, that interest thereon
will cease to accrue on and after said date,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where each such Security is to be surrendered for
payment of the Redemption Price, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company&#146;s request, by the Trustee in the
name and at the expense of the Company and shall be irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1105. <I>Deposit of Redemption Price</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section&nbsp;1003) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1106. <I>Securities Payable on Redemption Date</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; <I>provided</I>, <I>however</I>, that,
unless otherwise specified as contemplated by Section&nbsp;301, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant
Record Dates according to their terms and the provisions of Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1107. <I>Securities Redeemed in Part</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1108. <I>Optional Tax Redemption</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the option (but not the obligation) to redeem, in whole but not in
part, the Securities of any series where, as a result of a change in, execution of or amendment to
any laws or treaties or the official application or interpretation of any laws or treaties, the
Company would be required to pay Additional Amounts as described in Section&nbsp;311; <I>provided, however,</I>
that this option applies only in the case of changes, executions or amendments that occur on or
after the date specified in the prospectus supplement for the applicable series of Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Securities of any series are redeemed, the Redemption Price for Securities of the
relevant series shall be, in the case of a Security other than an Original Issue Discount Security
of the relevant series, equal to the principal amount of the Securities of the relevant series
being redeemed plus accrued interest and any additional amounts due up to, but not including, the
Redemption Date and, in the case of an Original Issue Discount Security of the relevant series,
equal to an amount determined by reference to a formula or other special method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to redeem the Securities pursuant to this Section&nbsp;1108, the Company
shall provide notice in the manner specified in Section&nbsp;1104 and redeem the securities in the
manner specified in Sections&nbsp;1102, 1105 and 1106.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">SINKING FUNDS</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1201. <I>Applicability of Article</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not required to make any sinking fund payments with respect to Securities of
any series except as otherwise specified as contemplated by Section&nbsp;301 for such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THIRTEEN
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Defeasance and Covenant Defeasance</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1301. <I>Company&#146;s Option to Effect Defeasance or Covenant Defeasance</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may elect, at its option at any time, to have Section&nbsp;1302 or Section&nbsp;1303 applied
to any Securities or any series of Securities, as the case may be, designated pursuant to Section
301 as being defeasible pursuant to such Section&nbsp;1302 or 1303, in accordance with any applicable
requirements provided pursuant to Section&nbsp;301 and upon compliance with the conditions set forth
below in this Article. Any such election shall be evidenced by a Board Resolution or in another
manner specified as contemplated by Section&nbsp;301 for such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1302. <I>Defeasance and Discharge</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its payment and other obligations, and any subordination provisions
established in conformity with the provisions of this Indenture shall cease to be effective, with
respect to such Securities as provided in this Section on and after the date the conditions set
forth in Section&nbsp;1304 are satisfied (hereinafter called &#147;Defeasance&#148;). For this purpose, such
Defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by such Securities and to have satisfied all its other obligations under
such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the same), subject to
the following which shall survive until otherwise terminated or discharged hereunder: (1)&nbsp;the
rights of Holders of such Securities to receive, solely from the trust fund described in Section
1304 and as more fully set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (2)&nbsp;the Company&#146;s obligations with
respect to such Securities under Sections&nbsp;304, 305, 306, 1002 and 1003, (3)&nbsp;the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (4)&nbsp;this Article. Subject to compliance
with this Article, the Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have Section&nbsp;1303 applied
to such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1303. <I>Covenant Defeasance</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, (1)&nbsp;the Company shall be released from
its obligations under any covenants provided pursuant to Section&nbsp;301(25), 901(2) or 901(7) for the
benefit of the Holders of such Securities and (2)&nbsp;the occurrence of any event specified in
Sections
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">501(3) (with respect to any such covenants provided pursuant to Section&nbsp;301(25), 901(2) or
901(7)), 501(5) and 501(7) shall be deemed not to be or result in an Event of Default, in each case
with respect to such Securities as provided in this Section on and after the date the conditions
set forth in Section&nbsp;1304 are satisfied (hereinafter called &#147;Covenant Defeasance&#148;). For this
purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit
to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such specified Section (to the extent so specified in the case of Section&nbsp;501(3)), or
any subordination provisions established in conformity with the provisions of this Indenture,
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or
such subordination provisions or by reason of any reference in any such Section or such
subordination provisions to any other provision herein or in any other document, but the remainder
of this Indenture and such Securities shall be unaffected thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1304. <I>Conditions to Defeasance or Covenant Defeasance</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following shall be the conditions to the application of Section&nbsp;1302 or Section&nbsp;1303 to
any Securities or any series of Securities, as the case may be:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee which satisfies the requirements contemplated by
Section&nbsp;609 and agrees to comply with the provisions of this Article applicable to it) as
trust funds in trust for the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefits of the Holders of such Securities,
(A)&nbsp;money in an amount, or (B)&nbsp;U.S. Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an amount, or
(C)&nbsp;a combination thereof, in each case sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the
Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and
any premium and interest on such Securities on the respective Stated Maturities, in
accordance with the terms of this Indenture and such Securities. As used herein, &#147;U.S.
Government Obligation&#148; means (x)&nbsp;any security which is (i)&nbsp;a direct obligation of the
United States of America for the payment of which the full faith and credit of the United
States of America is pledged or (ii)&nbsp;an obligation of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States of America the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case (i)&nbsp;or (ii), is not callable or redeemable at the
option of the issuer thereof, and (y)&nbsp;any depositary receipt issued by a bank (as defined
in Section&nbsp;3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government
Obligation which is specified in Clause (x)&nbsp;above and held by such bank for the account of
the Holder of such depositary receipt, or with respect to any specific payment of principal
of or interest on any U.S. Government Obligation which is so specified and held, <I>provided</I>
that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the Holder of such depositary receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific payment of
principal or interest evidenced by such depositary receipt.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of an election to have Section&nbsp;1302 apply to any Securities
or any series of Securities, as the case may be, the Company shall have delivered to the
Trustee an Opinion of Counsel stating that (A)&nbsp;the Company has received from, or there has
been published by, the Internal Revenue Service a ruling or (B)&nbsp;since the date of this
instrument, there has been a change in the applicable Federal income tax law, in either
case (A)&nbsp;or (B)&nbsp;to the effect that, and based thereon such opinion shall confirm that, the
Holders of such Securities will not recognize gain or loss for Federal income tax purposes
as a result of the deposit, Defeasance and discharge to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would be the case if such deposit, Defeasance and discharge were
not to occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event of an election to have Section&nbsp;1303 apply to any Securities
or any series of Securities, as the case may be, the Company shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not
recognize gain or loss for Federal income tax purposes as a result of the deposit and
Covenant Defeasance to be effected with respect to such Securities and will be subject to
Federal income tax on the same amount, in the same manner and at the same times as would be
the case if such deposit and Covenant Defeasance were not to occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company shall have delivered to the Trustee an Opinion of Counsel to
the effect that neither such Securities nor any other Securities of the same series, if
then listed on any securities exchange, will be delisted as a result of such deposit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No event which is, or after notice or lapse of time or both would
become, an Event of Default with respect to such Securities or any other Securities shall
have occurred and be continuing at the time of such deposit or, with regard to any such
event specified in Sections&nbsp;501(5) and (6), at any time on or prior to the 90th day after
the date of such deposit (it being understood that this condition shall not be deemed
satisfied until after such 90th day).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to
have a conflicting interest within the meaning of the Trust Indenture Act (assuming all
Securities are in default within the meaning of such Act).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Such Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, any other agreement or instrument to which the
Company is a party or by which it is bound.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Such Defeasance or Covenant Defeasance shall not result in the trust
arising from such deposit constituting an investment company within the meaning of the
Investment Company Act unless such trust shall be registered under such Act or exempt from
registration thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) In the event any Securities or any series of Securities include
subordination provisions established in conformity with the provisions of this Indenture,
at the time of such deposit, (A)&nbsp;no default in the payment of any principal of or premium
or interest on any Senior Debt shall have occurred and be continuing, (B)&nbsp;no event of
default with respect to any Senior Debt shall have resulted in such Senior Debt becoming,
and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">continuing to be, due and payable prior to the date on which it would otherwise have
become due and payable (unless payment of such Senior Debt has been made or duly provided
for), and (C)&nbsp;no other event of default with respect to any Senior Debt shall have occurred
and be continuing permitting (after notice or lapse of time or both) the holders of such
Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and
payable prior to the date on which it would otherwise have become due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to the Trustee an Officer&#146;s Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant
Defeasance have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1305. <I>Deposited Money and U.S. Government Obligations to Be Held in Trust;
Miscellaneous Provisions</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;1003, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee
(solely for purposes of this Section and Section&nbsp;1306, the Trustee and any such other trustee are
referred to collectively as the &#147;Trustee&#148;) pursuant to Section&nbsp;1304 in respect of any Securities
shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any such Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders
of such Securities, of all sums due and to become due thereon in respect of principal and any
premium and interest, but money so held in trust need not be segregated from other funds except to
the extent required by law. Money and U.S. Government Obligations so held in trust shall not be
subject to any subordination provisions established in conformity with the provisions of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section&nbsp;1304 or the
principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to
the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section&nbsp;1304 with respect to any Securities which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1306. <I>Reinstatement</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has been discharged or
released pursuant to Section&nbsp;1303 shall be revived and reinstated as though no deposit had occurred
pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying
Agent is permitted to apply all money held in trust pursuant to Section&nbsp;1305 with respect to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Securities in accordance with this Article; <I>provided, however, </I>that if the Company makes
any payment of principal of or any premium or interest on any such Security following such
reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the
Holders of such Securities to receive such payment from the money so held in trust.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">  &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-60-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">) ss.:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the &#95;&#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;&#95;&#95;, before me personally came &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, to me known, who,
being by me duly sworn, did depose and say that he is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, one of the
corporations described in and which executed the foregoing instrument and that he signed his name
thereto by authority of the Board of Directors of said corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">) ss.:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the &#95;&#95;&#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;&#95;&#95;, before me personally came &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, to me known, who,
being by me duly sworn, did depose and say that he is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, one of the
corporations described in and which executed the foregoing instrument and that he signed his name
thereto by authority of the Board of Directors of said corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;</B><B><I>To be revised accordingly if not signed in New York.</I></B><B>&#093;</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-61-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="FONT-variant: SMALL-CAPS">Page</FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" align="left">PARTIES</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">RECITALS OF THE COMPANY</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE ONE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">DEFINITIONS AND OTHER PROVISIONS<br>OF GENERAL APPLICATION<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;101.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Definitions</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Act&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Additional Amounts&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Affiliate&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Authenticating Agent&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Board of Directors&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Board Resolution&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Business Day&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Commission&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Company&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Company Request&#148; or &#147;Company Order&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Corporate Trust Office&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;corporation&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Covenant Defeasance&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Defaulted Interest&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Defeasance&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Depositary&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Event of Default&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Exchange Act&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Expiration Date&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Global Security&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Holder&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Indenture&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;interest&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Interest Payment Date&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Investment Company Act&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Maturity&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Notice of Default&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Officers' Certificate&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Opinion of Counsel&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Original Issue Discount Security&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Outstanding&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Paying Agent&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Person&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Place of Payment&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Predecessor Security&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Redemption Date&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Redemption Price&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Regular Record Date&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="FONT-variant: SMALL-CAPS">Page</FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Securities&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Securities Act&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Security Register&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Senior Debt&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Special Record Date&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Stated Maturity&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Subsidiary&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Taxes&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Taxing Authority&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Trust Indenture Act&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Trustee&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;U.S. Government Obligation&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Vice President&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;102.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Compliance Certificates and Opinions</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;103.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Form of Documents Delivered to Trustee</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;104.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Acts of Holders; Record Dates</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;105.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Notices, Etc., to Trustee and Company</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;106.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Notice to Holders; Waiver</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;107.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Conflict with Trust Indenture Act</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;108.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Effect of Headings and Table of Contents</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;109.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Successors and Assigns</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;110.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Separability Clause</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;111.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Benefits of Indenture</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;112.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Governing Law</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;113.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Legal Holidays</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;114.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Consent to Service; Jurisdiction</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE TWO<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SECURITY FORMS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;201.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Forms Generally</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;202.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Form of Face of Security</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;203.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Form of Reverse of Security</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">14</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;204.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Form of Legend for Global Securities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">17</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;205.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Form of Trustee&#146;s Certificate of Authentication</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">17</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE THREE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;301.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Amount Unlimited; Issuable in Series</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">18</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;302.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Denominations</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;303.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Execution, Authentication, Delivery and Dating</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;304.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Temporary Securities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">22</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;305.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Registration, Registration of Transfer and Exchange</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">22</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;306.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Mutilated, Destroyed, Lost and Stolen Securities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;307.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Payment of Interest; Interest Rights Preserved</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">25</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;308.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Persons Deemed Owners</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;309.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Cancellation</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;310.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Computation of Interest</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-ii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="FONT-variant: SMALL-CAPS">Page</FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;311.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Payment of Additional Amounts</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;312.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Additional Issuances</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;313.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>CUSIP Numbers</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE FOUR<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SATISFACTION AND DISCHARGE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;401.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Satisfaction and Discharge of Indenture</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;402.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Application of Trust Money</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE FIVE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REMEDIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;501.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Events of Default</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;502.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Acceleration of Maturity; Rescission and Annulment</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">32</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;503.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Collection of Indebtedness and Suits for Enforcement by Trustee</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">33</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;504.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Trustee May File Proofs of Claim</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">34</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;505.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Trustee May Enforce Claims Without Possession of Securities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">34</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;506.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Application of Money Collected</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">34</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;507.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Limitation on Suits</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">35</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;508.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Unconditional Right of Holders to Receive Principal, Premium and Interest</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">35</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;509.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Restoration of Rights and Remedies</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">35</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;510.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Rights and Remedies Cumulative</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">36</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;511.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Delay or Omission Not Waiver</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">36</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;512.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Control by Holders</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">36</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;513.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Waiver of Past Defaults</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">36</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;514.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Undertaking for Costs</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">37</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;515.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Waiver of Usury, Stay or Extension Laws</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">37</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE SIX<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE TRUSTEE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;601.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Certain Duties and Responsibilities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">37</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;602.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Notice of Defaults</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">37</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;603.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Certain Rights of Trustee</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">38</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;604.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Not Responsible for Recitals or Issuance of Securities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;605.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>May Hold Securities</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;606.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Money Held in Trust</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;607.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Compensation and Reimbursement</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;608.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Conflicting Interests</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;609.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Corporate Trustee Required; Eligibility</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">40</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;610.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Resignation and Removal; Appointment of Successor</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">40</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;611.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Acceptance of Appointment by Successor</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">41</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;612.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Merger, Conversion, Consolidation or Succession to Business</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">42</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;613.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Preferential Collection of Claims Against Company</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">42</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;614.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Appointment of Authenticating Agent</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt"><!-- Folio -->-iii-<!-- /Folio -->
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<DIV align="center">
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    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="FONT-variant: SMALL-CAPS">Page</FONT></TD>
</TR>

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<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE SEVEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;701.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Company to Furnish Trustee Names and Addresses of Holders</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">44</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;702.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Preservation of Information; Communications to Holders</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">45</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;703.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reports by Trustee</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">45</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;704.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reports by Company</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">45</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE EIGHT<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;801.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Company May Consolidate, Etc., Only on Certain Terms</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;802.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Successor Substituted</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;803.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Transfer or Lease to a Wholly Owned Subsidiary</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">47</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE NINE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SUPPLEMENTAL INDENTURES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;901.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Supplemental Indentures Without Consent of Holders</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">47</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;902.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Supplemental Indentures With Consent of Holders</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">48</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;903.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Execution of Supplemental Indentures</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">49</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;904.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Effect of Supplemental Indentures</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">49</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;905.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conformity with Trust Indenture Act</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">49</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;906.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reference in Securities to Supplemental Indentures</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">49</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE TEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">COVENANTS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1001.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Payment of Principal, Premium and Interest</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">50</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1002.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Maintenance of Office or Agency</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">50</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1003.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Money for Securities Payments to Be Held in Trust</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">50</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1004.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Statement by Officers as to Default</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">51</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1005.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Waiver of Certain Covenants</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">51</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE ELEVEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REDEMPTION OF SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1101.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Applicability of Article</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">52</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1102.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Election to Redeem; Notice to Trustee</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">52</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1103.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Selection by Trustee of Securities to Be Redeemed</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">52</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1104.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Notice of Redemption</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">53</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1105.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Deposit of Redemption Price</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">53</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1106.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Securities Payable on Redemption Date</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">54</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1107.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Securities Redeemed in Part</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">54</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1108.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Optional Tax Redemption</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">54</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /Folio -->
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    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="FONT-variant: SMALL-CAPS">Page</FONT></TD>
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    <TD colspan="5" align="center">ARTICLE TWELVE<BR></TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SINKING FUNDS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1201.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Applicability of Article</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">55</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE THIRTEEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">DEFEASANCE AND COVENANT DEFEASANCE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1301.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Company&#146;s Option to Effect Defeasance or Covenant Defeasance</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">55</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1302.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Defeasance and Discharge</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">55</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1303.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Covenant Defeasance</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">55</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1304.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Conditions to Defeasance or Covenant Defeasance</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">56</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1305.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">58</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1306.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Reinstatement</i></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">58</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>y89305exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
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<TITLE>exv5w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">
<b>Exhibit 5.1</b></div>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ELVINGER, HOSS &#038; PRUSSEN<BR>
AVOCATS A LA COUR
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Ternium S.A<BR>
46A, avenue John F Kennedy<BR>
2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Floor<BR>
L - 1855 Luxembourg

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Luxembourg,
31 January 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">O/Ref.:
RP/TH/rd/th
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Re: <B>Ternium S.A.</B> &#151; Registration Statement Form F-3 (debt securities, debt warrants, ordinary shares and American Depository Shares)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies
and Gentlemen,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. We have acted as Luxembourg legal advisors to Ternium SA, a soci&#233;t&#233; anonyme incorporated
under the laws of the Grand Duchy of Luxembourg with registered office at 46A, Avenue John
F. Kennedy, L-1855 Luxembourg and registered with the Luxembourg <I>registre de commerce et des
soci&#233;t&#233;s </I>(the &#147;<U>RCS</U>&#148;) under number B 98 668 (the &#147;<U>Company</U>&#148;) as to Luxembourg law in
connection with the filing of the Form&nbsp;F3 Registration Statement with the United States
Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) pursuant to the United States Securities Act
of 1933 (the &#147;<U>U.S. Securities Act</U>&#148;) relating to the offering from time to time, of
debt securities (the &#147;<U>Debt Securities</U>&#148;), warrants to purchase Debt Securities (the
&#147;<U>Debt Warrants</U>&#148;), ordinary shares (&#147;<U>Ordinary Shares</U>&#148;) and American
Depositary Shares representing Ordinary Shares (&#147;<U>ADSs</U>&#148;) in one or more offerings,
and have been asked by the Company to provide for the present opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. For the purposes of this opinion, we have examined the following documents:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.1 an
emailed copy of the Form F-3 Registration Statement filed with the
SEC on 31 January&nbsp;2011
as part of a &#147;shelf&#148; registration process for the unspecified aggregate initial offering price
or number of Debt Securities, Debt Warrants, Ordinary Shares and ADSs (together the
&#147;<U>Securities</U>&#148;) of the Company, containing a prospectus relating to the Securities (the
&#147;<U>Registration Statement</U>&#148;);
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.2 the form of the Indenture included in Exhibit&nbsp;4.1 to the Registration Statement (the
&#147;<U>Indenture</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.3 a copy of the consolidated articles
of incorporation of the Company as at
2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> June, 2010 (the
&#147;<U>Articles</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.4 emailed scanned executed copies of the minutes of meetings of the board of directors of the
Company held on 28 January 2011 authorizing inter alia the filing of the Registration Statement (the
&#147;<U>Minutes</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.5 an electronic <I>certificat de non-inscription d&#146;une d&#233;cision judiciaire </I>(certificate as to the
non-inscription of a court decision) issued by the RCS dated 26 January
2011 (the &#147;<U>Certificate</U>&#148;)
certifying that as of 25 January 2011 no court decision as to
<I>inter alia </I>the <I>faillite, concordat pr&#233;ventif
de faillite, gestion contr&#244;l&#233;e, sursis de paiement, liquidation judiciaire, liquidation volontaire</I>
or foreign court decision as to <I>faillite, concordat </I>or other analogous procedures according to the
Council Regulation (EC)&nbsp;n&#176;1346/2000 of 29 May&nbsp;2000 on insolvency proceedings (&#147;Regulation
1346/2000&#148;) is filed with the RCS in respect of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.6 an
excerpt from the Luxembourg <I>RCS </I>dated 26 January 2011 (the &#147;<U>Excerpt</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.7 the
documents available at the RCS at the time of our electronic company search on 31 January 2011 at
08.00 Luxembourg time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.
Capitalized defined terms used herein shall have the meaning given thereto herein. All documents
referred to above under 2.1 to 2.7 are referred to as the &#147;<U>Documents</U>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. For this opinion, we have relied on the accuracy and completeness of the Articles and that they
correctly reflect the issued share capital and Ordinary Shares in issue of the Company. We have
assumed that all copies of documents that we have reviewed conform to the originals, that all
originals are genuine and complete and that each signature is the genuine signature of the
individual concerned. In addition, we have assumed and have not verified (i)&nbsp;the accuracy as to
factual matters of each document we have reviewed, (ii)&nbsp;that the Debt Securities will conform to
the form thereof that we have reviewed and (iii)&nbsp;that the Debt Securities will be duly
authenticated in accordance with the terms of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. The present opinion is confined to matters of Luxembourg law. Accordingly, we express no opinion
with regard to any system of law other than the laws of the Grand Duchy of Luxembourg as they stand
as of the date hereof and as such laws as of the date hereof have been interpreted in prevailing
published case law of the courts of Luxembourg. This opinion speaks as of its date and no
obligation is assumed to update this opinion or to inform any person of any changes of law or other
matters coming to
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 3 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our knowledge and occurring after the date hereof, which may affect this opinion letter in
any respect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. On the basis of the above assumptions and subject to the qualifications set out below, having
considered the Documents listed above and having regard to all applicable laws of Luxembourg, we
are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.1 The Company has been duly incorporated and is validly existing as a <I>soci&#233;t&#233; anonyme </I>under the
laws of the Grand Duchy of Luxembourg and its Articles. The Company possesses the capacity to sue
and be sued in its own name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.2 The existing Ordinary Shares have been validly issued and fully paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.3 As a matter of principle the Company has the necessary corporate power and authority to issue
and deliver the Debt Securities. If and when the terms of the Debt Securities and of their
issuance and sale have been duly established so as not to violate Luxembourg law and so as to
comply with any requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company, and the Board of Directors of the Company has approved the terms of
and resolved the issue and delivery of the Debt Securities, the Company shall have taken all
necessary corporate action, and no other corporate action is required to be taken, to authorise
the issuance and delivery of the Debt Securities (provided that the Debt Securities are not
convertible or exchangeable for Ordinary Shares, other shares or other equity securities of the
Company).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.4 As a matter of principle the Company has the necessary corporate power and authority to issue
and deliver the Debt Warrants. If and when the terms of the Debt Warrants and of their issuance
and sale have been duly established so as not to violate Luxembourg law and so as to comply with
any requirement or restriction imposed by any court or governmental body having jurisdiction over
the Company, and the Board of Directors of the Company has approved the terms and resolved the
issue and delivery of the Debt Warrants (and the underlying Debt Securities), the Company shall
have taken all necessary corporate action, and no other corporate action is required to be taken,
to authorise the issuance and delivery of the Debt Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.5 We express no opinion on the legality, validity or enforceability of the Debt
Securities or the Debt Warrants under any laws to which they may be made or become subject to.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. This opinion is subject to any limitations arising from bankruptcy, insolvency, liquidation,
moratorium, reorganisation and other laws of general application relating to or affecting the
rights of creditors. Insofar as the foregoing opinions relate to the valid existence of the
Company, they are based solely on the Articles and on our above described search at the Luxembourg
RCS. However such a search is not capable of conclusively revealing whether or not any bankruptcy
<I>(faillite), </I>compulsory liquidation
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 4 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(liquidation judiciaire), </I>re-organisation, reconstruction reprieve from payment <I>(sursis de
paiement), </I>controlled management <I>(gestion contr&#244;l&#233;e) </I>or composition with creditors <I>(concordat)</I>
proceedings or voluntary dissolution and liquidation proceedings have been initiated and the
relevant corporate documents (including, but not limited to, the notice of a winding-up order or
resolution, notice of the appointment of a receiver, manager, administrator or administrative
receiver) may not be held at the Luxembourg RCS immediately and there may be a delay in the
relevant notice appearing on such files.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. This opinion speaks as of its date and is strictly limited to the matters stated herein and does
not extend to, and is not to be read as extending by implication to, any other matters. In this
opinion Luxembourg legal concepts are translated into English terms and not in their original
French terms used in Luxembourg laws. The concepts concerned may not be identical to the concepts
described by the same English terms as they exist under the laws of other jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. This opinion is governed by Luxembourg law and the Luxembourg courts shall have exclusive
jurisdiction thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Registration Statement
and to the use of our name in the Registration Statements and the related base prospectus under the
heading <I>&#147;Validity of the Securities&#148;, </I>as Luxembourg counsel for the Company. In giving this
consent, we do not thereby admit that we are experts with respect to any part of the Registration
Statement, including Exhibit&nbsp;5.1, within the meaning of the term &#147;expert&#148; as used in the U.S.
Securities Act or the rules and regulations of the SEC thereunder. The opinions expressed herein
are rendered on and as of the date hereof, and we assume no obligation to advise you or any other
person, or to make any investigations, as to any legal developments or factual matters arising
subsequent to the date hereof that might affect the opinion expressed herein
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Yours faithfully,<br><BR>
ELVINGER, HOSS &#038; PRUSSEN<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/

Toinon Hoss</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">
Toinon Hoss&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>y89305exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.2</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">&#091;Letterhead of Sullivan &#038; Cromwell LLP&#093;</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">January&nbsp;31, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ternium S.A.,
</DIV>


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46a, Avenue John F. Kennedy &#151; 2nd Floor,</DIV>



<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L-1855,</DIV>



<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the registration under the Securities Act of 1933 (the &#147;Act&#148;) of an
unspecified aggregate initial offering price or number of (i)&nbsp;debt securities (the &#147;Debt
Securities&#148;) of Ternium S.A., a <I>soci&#233;t&#233; anonyme </I>incorporated under the laws of the Grand-Duchy of
Luxembourg (the &#147;Company&#148;), (ii)&nbsp;debt warrants (the &#147;Debt Warrants&#148;) of the Company and (iii)
ordinary shares (the &#147;Ordinary Shares&#148; and together with the Debt Securities and the Debt Warrants,
the &#147;Securities&#148;) of the Company, which Ordinary Shares may be represented by American Depositary
Shares (&#147;ADSs&#148;) evidenced by American Depositary Receipts (&#147;ADRs&#148;) to be issued pursuant to the
Deposit Agreement dated as of January&nbsp;31, 2006 (the &#147;Deposit Agreement&#148;) among the Company, The
Bank of New York Mellon, as depositary, and all owners and beneficial owners from time to time of
ADRs issued thereunder, we, as your United States counsel, have examined such corporate records,
certificates and other documents, and such questions of law, as we have considered necessary or
appropriate for the purposes of this opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the basis of such examination, we advise you that, in our opinion:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;When the registration statement on Form F-3 (the &#147;Registration Statement&#148;) relating to the
Securities has become effective under the Act, including any post-effective amendments, documents
incorporated by reference therein or prospectus supplements, when the indenture relating to the
Debt Securities (the &#147;Indenture&#148;) has been duly authorized, executed and delivered, when the terms
of the Debt Securities and of their issuance and sale have been duly established in conformity with
the Indenture so as not to violate any applicable law or result in a default under or breach of any
agreement or instrument binding upon the Company and so as to comply with any requirement or
restriction imposed by any court or governmental body having jurisdiction over the Company, and
when the Debt Securities have been duly executed and authenticated in accordance with the Indenture
and issued and sold as contemplated in the Registration Statement, the Debt Securities will
constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Ternium S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">- 2 -</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">moratorium and similar laws of general applicability relating to or affecting creditors&#146;
rights and to general equity principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;With respect to the Debt Warrants, when the Registration Statement relating to the
Securities has become effective under the Act, including any post-effective amendments, documents
incorporated by reference therein or prospectus supplements, when the terms of the Debt Warrants
and of their issuance and sale have been duly authorized and otherwise established in conformity
with the applicable debt warrant agreements so as not to violate any applicable law or result in a
default under or breach of any agreement or instrument binding upon the Company and so as to comply
with any requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company, and when the Debt Warrants have been duly executed and, if applicable,
authenticated in accordance with the applicable debt warrant agreements and issued and sold as
contemplated in the Registration Statement, the Debt Warrants will constitute valid and legally
binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors&#146; rights and to general equity principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our opinion set forth in the paragraph above, we have with your approval
assumed that the Indenture in the form filed as an exhibit to the Registration Statement (i)&nbsp;will
be duly authorized in accordance with the laws of the Grand Duchy of Luxembourg, (ii)&nbsp;will be duly
executed and delivered insofar as the laws of the Grand Duchy of Luxembourg are concerned and (iii)
will be duly authorized, executed and delivered by the trustee thereunder, assumptions that we have
not independently verified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that, as of the date of this opinion, a judgment for money in an action based on a
Debt Security or a Debt Warrant denominated in a foreign currency or composite currency unit in a
Federal or state court in the United States ordinarily would be enforced in the United States only
in United States dollars. The date used to determine the rate of conversion of the foreign currency
or composite currency unit in which a particular Debt Security or Debt Warrant is denominated into
United States dollars will depend on various factors, including which court renders the judgment.
In the case of a Debt Security or Debt Warrant denominated in a foreign currency, a state court in
the State of New York rendering a judgment on such Security would be required under Section&nbsp;27 of
the New York Judiciary Law to render such judgment in the foreign currency in which the Debt
Security or Debt Warrant is denominated, and such judgment would be converted into United States
dollars at the exchange rate prevailing on the date of entry of the judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinion is limited to the federal laws of the United States and the laws of the
State of New York, and we are expressing no opinion as to the effect of the laws of any other
jurisdiction. For the purposes of our opinion, we have assumed that the Company has been duly
incorporated and is validly existing under the laws of the Grand Duchy of Luxembourg. With respect
to all matters of Luxembourg law, we note that you are being provided with the opinion, dated the
date hereof, of Elvinger, Hoss &#038; Prussen, and our opinion is subject to the same assumptions,
qualifications and limitations with respect to such matters as are contained in such opinion of
Elvinger, Hoss &#038; Prussen. Also, with your approval we have relied as to certain matters on factual
information obtained from public officials, officers of the Company and other sources believed by
us to be responsible and we have assumed that the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Ternium S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">- 3 -</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">signatures on all documents examined by us are genuine, assumptions that we have not
independently verified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the reference to us under the heading &#147;Validity of the Securities&#148; in the prospectus
contained in the Registration Statement. In giving such consent, we do not thereby admit that we
are in the category of persons whose consent is required under Section&nbsp;7 of the Act.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Very truly yours,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">/S/ SULLIVAN &#038; CROMWELL LLP</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>y89305exv8w1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit
8.1</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ELVINGER, HOSS &#038; PRUSSEN<BR>
AVOCATS A LA COUR
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">To the Board of Directors<BR>
of Ternium S.A.<BR>
46A, Boulevard John F. Kennedy<BR>
2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Floor

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">L-1855 Luxembourg

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Luxembourg,
31st January 2011

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">O/Ref.:&nbsp; RP/TH/rd/th</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re :</TD>
    <TD>&nbsp;</TD>
    <TD>Ternium &#151; F3 Registration Statement &#151; Taxation Luxembourg</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as Luxembourg counsel for Ternium S.A.,
 <I>soci&#233;t&#233; anonyme, </I>having its
registered office at 46A, Avenue John F. Kennedy, L-1855 Luxembourg, registered with the
<I>Registre de Commerce et des Soci&#233;t&#233;s </I>under number R.C.S. Luxembourg: B 98 668, (the
&#147;Company&#148;) in connection with the Registration Statement on Form F-3 (the &#147;Registration
Statement&#148;) being filed with the Securities and Exchange Commission under the US Securities
Act of 1933, as amended, relating to the offering of shares of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby confirm that the discussion on taxation for holders of shares in the Company
set forth under the caption &#147;Taxation &#151; Material Luxembourg Tax Considerations for Holders
of Shares&#148;, in the prospectus of the Company with respect to the Shares of the Company,
which is part of the Company&#146;s Registration Statement filed on this date, is our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to use of our name under the heading &#147;Legal Matters&#148; and &#147;Taxation&#148; as
regards the Grand Duchy of Luxembourg in the prospectus
contained therein. In giving such consent we do not thereby admit that we are in the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act of
1933, as amended.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->


</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion as to any laws other than the laws of the Grand Duchy of
Luxembourg and this opinion is to be construed under Luxembourg law and is subject to the exclusive
jurisdiction of the courts of Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Elvinger, Hoss &#038; Prussen

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/
TOINON HOSS

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">2, place Winston Churchill - B.P. 425 - L 2014 Luxembourg - T (352)&nbsp;44 66 44 0 - F (352)&nbsp;44 22 55 - www.ehp.lu
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->


</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>6
<FILENAME>y89305exv8w2.htm
<DESCRIPTION>EX-8.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;8.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Sullivan &#038; Cromwell LLP&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">January&nbsp;31, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ternium S.A.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46a, Avenue John F. Kennedy &#151; 2nd Floor,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L-1855,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as United States tax counsel to Ternium S.A., a
<I>soci&#233;t&#233; anonyme </I>incorporated under the laws of the
Grand Duchy of Luxembourg (&#147;Ternium&#148;), in connection with the registration under
the Securities Act of 1933 (the &#147;Act&#148;) of debt securities, debt warrants, ordinary shares and
American Depositary Shares representing ordinary shares. We hereby confirm to you that the
discussion set forth under the headings &#147;U.S. Taxation of Debt Securities&#148; and &#147;U.S. Taxation of
Ordinary Shares and ADSs&#148; in the Registration Statement filed on Form F-3 (the &#147;Registration
Statement&#148;) dated January&nbsp;31, 2011, is accurate in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In giving such consent, we do not thereby admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act of 1933.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 10%">Very truly yours,

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 10%">/s/SULLIVAN &#038; CROMWELL LLP

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>7
<FILENAME>y89305exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF TRANSACTION AND REGISTRATION RIGHTS AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS TRANSACTION AND REGISTRATION RIGHTS AGREEMENT</B> is made and entered into as of January
30, 2011, by and among Ternium S.A., a public limited liability company (<I>soci&#233;t&#233; anonyme</I>)
incorporated under the laws of the Grand-Duchy of Luxembourg (the &#147;<U>Company</U>&#148;), Techint
Holdings S.&#224;r.l., a private limited liability company (<I>soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e</I>) continued
under the laws of the Grand-Duchy of Luxembourg (formerly I.I.I. Industrial Investments Inc., a
company organized under the laws of the Cayman Islands) (&#147;<U>Techint</U>&#148;), Usiminas Europa A/S,
an <I>aktieselskaber </I>organized under the laws of Denmark (&#147;<U>Usiminas Sub</U>&#148;), and Usinas
Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas, a <I>sociedade an&#244;nima </I>organized under the laws of the
Federative Republic of Brazil (&#147;<U>Usiminas Parent</U>&#148; and, together with Usiminas Sub,
&#147;<U>Usiminas</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Usiminas Sub is the owner of 285,731,726 Ordinary Shares (the &#147;<U>Usiminas
Shares</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Usiminas Parent and Techint are parties to that certain Shareholders&#146; Agreement,
dated as of July&nbsp;20, 2005 (the &#147;<U>Shareholders&#146; Agreement</U>&#148;), which provides for certain
restrictions on the transferability of the Usiminas Shares, including a right of first refusal
granted in favor of Techint with respect to any sales or transfers of the Usiminas Shares, subject
to the conditions specified therein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Usiminas Sub desires to sell all or a portion of the Usiminas Shares in an
underwritten public offering registered with the SEC;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Usiminas Parent and Techint have engaged in negotiations over several
months concerning the waiver of Techint's right of first refusal in connection with any such sale of Usiminas Shares and this Agreement is being entered into as a result of such negotiations;
</div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Techint agrees to waive its right of first refusal, granted pursuant to Section&nbsp;4.02
of the Shareholders&#146; Agreement, but only subject to the terms and conditions set forth in this
Agreement, to permit the sale of the Usiminas Shares in an underwritten public offering registered
with the SEC and in certain other circumstances, as expressly provided in this Agreement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, to facilitate Usiminas&#146; desire to effect an underwritten public offering of the
Usiminas Shares and considering that such orderly manner of effecting a sale of a significant
portion of the Company&#146;s share capital is in the best interests of the Company and its shareholders
as a whole, the Company is willing to grant Usiminas certain registration rights on the terms and
conditions set forth in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Certain Definitions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the terms defined elsewhere in this Agreement, the following terms shall have
the following meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ADSs</U>&#148; means the American Depositary Shares of the Company, each representing the
right to receive ten Ordinary Shares of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148; of any Person means any other Person which directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with, such
Person. The term &#147;control&#148; (including the terms &#147;controlling,&#148; &#147;controlled&#148; and &#147;under common
control with&#148;) as used with respect to any Person means the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agreement</U>&#148; means this Transaction and Registration Rights Agreement, including all
amendments, modifications and supplements and any annexes, exhibits or schedules to any of the
foregoing, and shall refer to this Transaction and Registration Rights Agreement as the same may be
in effect at the time such reference becomes operative.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Authorized Agent</U>&#148; has the meaning set forth in Section&nbsp;11(e).
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Company</U>&#148; has the meaning set forth in the introductory paragraph to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Confidentiality Agreement</U>&#148; means the Confidentiality Agreement, dated January&nbsp;17,
2011, between Usiminas Parent and the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Demand Registration</U>&#148; has the meaning set forth in Section&nbsp;6(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Demand Registration Deadline</U>&#148; has the meaning set forth in Section&nbsp;6(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Demand Registration Statement</U>&#148; has the meaning set forth in Section&nbsp;6(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Designated Subsidiary</U>&#148; means, (a)&nbsp;in the case of Techint, any subsidiary of Techint
other than the Company and the Company&#146;s subsidiaries and (b)&nbsp;in the case of the Company, any
subsidiary of the Company, in each case as designated by the Company or Techint, as applicable, in
the Purchase Election Notice or by written notice to Usiminas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Form&nbsp;F-3</U>&#148; means a registration statement on Form F-3 under the Securities Act or such
successor forms of the SEC permitting registration of securities under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Governmental Entity</U>&#148; means any national, federal, state, municipal, local,
territorial, foreign or other government or any department, commission, board, bureau, agency,
regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral
body or public or private tribunal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Ordinary Shares</U>&#148; means the Company&#146;s ordinary shares, with a par value of U.S.$1.00
per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Person</U>&#148; means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, incorporated organization, association, corporation, institution,
public benefit corporation, Governmental Entity or any other entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Prospectus</U>&#148; means the prospectus or prospectuses (whether preliminary or final)
included in any Registration Statement and relating to Registrable Shares, as amended or
supplemented and including all material incorporated by reference in such prospectus or
prospectuses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Purchase Agreement</U>&#148; refers to an agreement, substantially in the form attached to
this Agreement in Annex B, to be entered into by the Company (or any Designated Subsidiary) and/or
Techint (or any Designated Subsidiary) and Usiminas in accordance with Section&nbsp;3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Purchase Condition</U>&#148; has the meaning set forth in Section&nbsp;3(a)(iv).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Purchase Election</U>&#148; has the meaning set forth in Section&nbsp;3(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Purchase Election Fee</U>&#148; has the meaning set forth in Section&nbsp;4(b).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Purchase Election Notice</U>&#148; has the meaning set forth in Section&nbsp;3(a)(ii).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Purchase Election Shares</U>&#148; has the meaning set forth in Section&nbsp;3(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Registrable Shares</U>&#148; means (i)&nbsp;the Usiminas Shares (other than those that are subject
to a Purchase Election) and (ii)&nbsp;any securities issued by the Company after the date of this
Agreement, but prior to completion of an underwritten offering or sale as permitted by this
Agreement, in respect of the Usiminas Shares by way of a share dividend or share split or in
connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization, in each case including in the form of Ordinary Shares or ADSs.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Registration Statement</U>&#148; means any registration statement of the Company filed with
the SEC which covers any of the Registrable Shares pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all documents incorporated by reference in such
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ROFR Waiver Termination Date</U>&#148; has the meaning set forth in Section&nbsp;2(b).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>SEC</U>&#148; means the United States Securities and Exchange Commission or any successor
agency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shareholders&#146; Agreement</U>&#148; has the meaning set forth in the recitals to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Suspension Period</U>&#148; has the meaning set forth in Section&nbsp;7.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Techint</U>&#148; has the meaning set forth in the introductory paragraph to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Termination Date</U>&#148; has the meaning set forth in Section&nbsp;6(e)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Transaction Expenses</U>&#148; has the meaning set forth in Section&nbsp;9(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Underwriters</U>&#148; has the meaning set forth in Section&nbsp;6(d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Underwriting Agreement</U>&#148; has the meaning set forth in Section&nbsp;3(b)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>underwritten offering</U>&#148; means an offering registered under the Securities Act in which
securities of the Company are sold to one or more underwriters on a firm-commitment basis for
reoffering to the public at a fixed price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Usiminas</U>&#148; has the meaning set forth in the introductory paragraph to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Usiminas Parent</U>&#148; has the meaning set forth in the introductory paragraph to this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Usiminas Shares</U>&#148; has the meaning set forth in the recitals to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Usiminas Sub</U>&#148; has the meaning set forth in the introductory paragraph to this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above definitions, unless the context requires otherwise:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference to any statute, regulation, rule or form as of any time shall
mean such statute, regulation, rule or form as amended or modified and shall also
include any successor statute, regulation, rule or form from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &#147;including&#148; shall be construed as inclusive without limitation, in each
case notwithstanding the absence of any express statement to such effect, or the
presence of such express statement in some contexts and not in others;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) references to &#147;Section&#148; are references to Sections of this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) words such as &#147;herein&#148;, &#147;hereof&#148;, &#147;hereinafter&#148; and &#147;hereby&#148; when used in
this Agreement refer to this Agreement as a whole;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) references to &#147;business day&#148; mean any day except Saturday, Sunday and any
day which shall be a legal holiday or a day on which banking institutions in the
State of New York generally are authorized or required by law or other governmental
action to close; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) references to &#147;dollars&#148;, &#147;U.S.$&#148; and &#147;$&#148; mean the legal tender of the
United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Waiver of Right of First Refusal; Shareholders&#146; Agreement</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In consideration for the payment of the fees pursuant to Section&nbsp;4 below, Techint hereby
waives its right of first refusal under Section&nbsp;4.02 of the Shareholders&#146; Agreement with respect to
the Usiminas Shares, but only in connection with (i)&nbsp;the offer and sale of Usiminas Shares in an
underwritten offering conducted pursuant to a Demand Registration contemplated by this Agreement,
(ii)&nbsp;any sale of Usiminas Shares pursuant to Section&nbsp;3 below, and (iii)&nbsp;subsequent to the
consummation of the sale of Usiminas Shares in an underwritten offering conducted pursuant to a
Demand Registration contemplated by this Agreement and subject to reasonable advance notice and
prior consultation with the Company, any sale of Usiminas Shares to any Person in open market
transactions constituting &#147;brokers&#146; transactions&#148; as defined in Rule&nbsp;144 under the Securities Act,
<U>provided</U> that the number of ADSs (including an equivalent number of ADSs in the case of
sales of Ordinary Shares) sold in reliance on this clause (iii)&nbsp;on any day may not exceed 22.5% of
the average daily reported volume of trading of the ADSs on the New York Stock Exchange during the
week preceding the week in which such sale occurs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If an underwriting agreement relating to an underwritten offering has not been entered
into by Usiminas, the Company and the underwriters by March&nbsp;31, 2011 (the &#147;<U>ROFR Waiver
Termination Date</U>&#148;), as that date may be extended pursuant to Section&nbsp;6 below, and thereafter
completed, the waiver of Techint&#146;s right of first refusal and the other provisions of paragraph (a)
above shall terminate and be of no force and effect, and any subsequent proposed sale or transfer
of the Usiminas Shares shall be fully subject to Techint&#146;s right of first refusal and the other
provisions of the Shareholders&#146; Agreement as though this Agreement had never become effective. For
the avoidance of doubt, the parties acknowledge and agree that any future proposed sale or transfer
of Usiminas Shares (whether in one or more private transactions, capital market offering, other
market transaction or otherwise) shall be subject to Techint&#146;s right of first refusal under Section
4.02 of the Shareholders&#146; Agreement, except to the extent expressly waived by Techint pursuant to
the terms and subject to the conditions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon completion of an underwritten offering of some or all of the Registrable Shares, any
and all rights of Usiminas under the Shareholders&#146; Agreement will cease to have any force or effect
and Usiminas will be required to cause any members of the Board of Directors of the Company
appointed by, or at the request of Usiminas, in accordance with the Shareholders&#146; Agreement, to
tender their resignation. For the avoidance of doubt, the parties agree that the rights of Techint,
pursuant to the Shareholders&#146; Agreement, will continue to have full force and effect upon
completion of any underwritten offering of Registrable Shares. Notwithstanding the foregoing, if at
any time on or after September&nbsp;30, 2011, Usiminas maintains a participation in excess of 5% in the
share capital of the Company and informs Techint that it is no longer interested in disposing of
that remaining participation, then Usiminas&#146; rights under the Shareholders&#146; Agreement shall be
reinstated; <U>provided</U>, <U>however</U>, that unless Usiminas&#146; participation in the share
capital of the Company at that time represents 10% or more of the Company&#146;s share capital, Usiminas
shall only be entitled to nominate one member to the Company&#146;s board of directors at any subsequent
annual shareholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Company and/or Techint Election to Purchase Usiminas Shares</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In connection with any Demand Registration, including a replacement Demand Registration,
the Company and/or Techint may (but shall not be obligated to) elect to purchase or cause any
Designated Subsidiary to purchase Usiminas Shares in a number not to exceed 50% of the aggregate
number of Usiminas Shares for an aggregate purchase price of not less than $250&nbsp;million (any such
election, a &#147;<U>Purchase Election</U>,&#148; and the Usiminas Shares to be purchased pursuant thereto,
the &#147;<U>Purchase Election Shares</U>&#148;). Any Purchase Election made by the Company or Techint:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be expressed in terms of an aggregate dollar purchase price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall be made by giving written notice to Usiminas (which shall be given
jointly by the Company and Techint, irrespective of whether one or both of them are
making a Purchase Election) in substantially the form of Annex A hereto (such
notice, the &#147;<U>Purchase Election Notice</U>&#148;),
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">not later than one business day prior to the expected public announcement of
the underwritten offering being made pursuant to the Demand Registration;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall be irrevocable for 15 business days (but may be withdrawn, in the
sole discretion of the Company and Techint, for any cause, or without cause, at any
time thereafter); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall reflect the Company and/or Techint&#146;s commitment to purchase or to cause any Designated
Subsidiary to purchase the Purchase Election Shares at a purchase price per Purchase Election
Share equal to one tenth of the public offering price per ADS in the underwritten offering made
pursuant to the Demand Registration; provided that (a) each of the Company&#146;s and Techint&#146;s
commitment shall be subject to the condition that the public offering price per ADS in the
underwritten offering made pursuant to the relevant Demand Registration not exceed 120%
(excluding transaction costs and expenses) of the average of the closing prices of the ADSs on
 the New York Stock Exchange during the most recent five trading days prior to (but excluding)
the day of the public announcement of the underwritten offering, and (b) the Company&#146;s
commitment shall be further subject to the condition that the public offering price per ADS in the
underwritten offering made pursuant to the relevant Demand Registration not exceed 125%
(excluding transaction costs and expenses) nor be lower than 75% (excluding transaction costs
and expenses), in each case, of the average of the closing prices of the ADSs on the New York
Stock Exchange during the most recent five trading days prior to (but excluding) the date on
which the underwritten offering is priced (the &#147;Purchase Condition&#148;).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If (x)&nbsp;the Company and/or Techint makes a Purchase Election in connection with a Demand
Registration and (y)&nbsp;the Purchase Condition is satisfied or waived by the Company and/or Techint,
as applicable, then the Company (or a Designated Subsidiary) and/or Techint (or a Designated
Subsidiary), as applicable, as buyer, and Usiminas, as seller, shall each execute, deliver and
perform a Purchase Agreement in substantially the form attached to this Agreement as Annex B,
subject to the following terms and conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchase Agreement shall be executed and delivered by the parties, and
shall become effective, only upon the effectiveness of the underwriting agreement
(the &#147;<U>Underwriting Agreement</U>&#148;) by and among the Company, Usiminas and the
Underwriters, relating to the underwritten offering made pursuant to the Demand
Registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The purchase price per Usiminas Share under the Purchase Agreement shall
be equal to one tenth of the public offering price per ADS in the underwritten
offering made pursuant to the Demand Registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The aggregate number of Usiminas Shares to be purchased and sold under
the Purchase Agreement shall be equal to the dollar amount specified in the Purchase
Election Notice divided by the purchase price per Usiminas Share determined pursuant
to clause (ii)&nbsp;above (subject to appropriate adjustments, if any, for fractional
shares).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The closing date for the purchase and sale of the Ordinary Shares pursuant
to the Purchase Agreement shall be the scheduled closing date as set forth in the
Purchase Election Notice (which shall be the same date as the first closing date of
an underwritten offering made pursuant to a Demand Registration).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Purchase Agreement shall terminate and be of no further effect if the
first closing under the Underwriting Agreement shall not occur on the originally
scheduled date therefor (as the same may be extended upon default by one or more
underwriters in accordance with the terms of the Underwriting Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Fees</U>. (a)&nbsp;In consideration of the waiver provided by Techint in Section
2 above Usiminas agrees to pay to Techint, or any Designated Subsidiary, a fee in the amount of
U.S.$13,000,000 on the first closing date of an underwritten offering made pursuant to a Demand
Registration (and subject to such closing taking place) regardless of the number of Usiminas Shares
sold thereunder. If the underwritten offering of Usiminas Shares pursuant to the Demand
Registration is postponed in accordance with Section&nbsp;6(e), then in connection with any subsequent
underwritten offering of Usiminas Shares made in connection with the replacement Demand
Registration contemplated by Section&nbsp;6(e), a fee in the amount of U.S.$13,000,000 shall be
immediately due and payable to Techint (or any Designated Subsidiary) upon the public announcement
of the underwritten offering (for the avoidance of doubt
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whether or not such offering is priced or completed and whether or not the Company or Techint
has made a Purchase Election).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Usiminas further agrees to pay Techint, or any Designated Subsidiary, and/or the Company,
or any Designated Subsidiary, in such proportion and to such bank accounts as shall be indicated in
the Purchase Election Notice, a fee in the aggregate amount of U.S.$17,000,000 (the &#147;<U>Purchase
Election Fee</U>&#148;) on the first closing date of an underwritten offering made pursuant to a Demand
Registration (subject to such closing taking place) regardless of the number of Usiminas Shares
sold thereunder; <U>provided</U>, that the Purchase Election Fee shall not be payable if neither
the Company nor Techint has made a Purchase Election or if the purchase and sale of Usiminas Shares
pursuant to an effective Purchase Agreement is not consummated as a result of a breach by the
Company (or the relevant Designated Subsidiary) or Techint (or the relevant Designated Subsidiary)
thereunder. If the underwritten offering of Usiminas Shares pursuant to the Demand Registration is
postponed in accordance with Section&nbsp;6(e), then in connection with any subsequent underwritten
offering of Usiminas Shares made in connection with the replacement Demand Registration
contemplated by Section&nbsp;6(e), a fee equal to U.S.$17,000,000 shall be payable on the first closing
date of the underwritten offering made pursuant to the replacement Demand Registration (subject to
such closing taking place) regardless of the number of Usiminas Shares sold thereunder,
<U>provided</U>, that the Purchase Election Fee shall not be payable if neither the Company nor
Techint has made a Purchase Election or if the purchase and sale of Usiminas Shares pursuant to an
effective Purchase Agreement is not consummated as a result of a breach by the Company (or the
relevant Designated Subsidiary) or Techint (or the relevant Designated Subsidiary) thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Disclosure</U>. The parties agree to coordinate public disclosures regarding
the transactions contemplated by this Agreement, which public disclosure shall be made not later
than contemporaneously with the commencement by underwriters of solicitations of potential
purchasers or the extension of invitations to a &#147;road show&#148; or similar marketing event. Each party
will provide the other a reasonable opportunity to comment on any draft press release or other
communication or filing regarding this Agreement and related transactions, and will not make any
disclosure to which the other party reasonably objects, unless such disclosure is mandated by law,
rule or regulation, as confirmed by a written opinion of reputable external counsel to such party
qualified to practice law in the relevant jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Demand Registration</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Right to Request Registration</U>. Subject to the provisions of this Section&nbsp;6, at
any time prior to February&nbsp;28, 2011 (the &#147;<U>Demand Registration Deadline</U>&#148;), Usiminas may
request that the Company file a registration statement under the Securities Act for the resale of
all or part of the Registrable Shares (a &#147;<U>Demand Registration</U>&#148;). Any such Demand
Registration shall be made substantially in the form of Annex C. Subject to Sections&nbsp;7 and 8
below, (i)&nbsp;the Company shall file a Registration Statement registering for resale such number of
Registrable Shares as requested to be so registered pursuant to this Section 6(a) (a &#147;<U>Demand
Registration Statement</U>&#148;) within two (2)&nbsp;business days after Usiminas&#146; request therefor (or
thirty (30)&nbsp;business days after Usiminas&#146; request therefor in the case of any replacement Demand
Registration hereunder) and (ii)&nbsp;if the Demand Registration Statement does not become automatically
effective upon filing, the Company agrees to use commercially reasonable efforts to cause such
Demand Registration Statement to be declared effective by the SEC as soon as practicable
thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If, at the time a demand is made pursuant to paragraph (a)&nbsp;above, the Company is eligible
to file a Form F-3 available to well-known seasoned issuers (as defined in Rule&nbsp;405 promulgated
under the Securities Act), then the Demand Registration Statement shall be filed on such Form F-3,
and if the Company is not so eligible at the time such demand is made but is eligible to file a
registration statement on Form F-3, then such Registration Statement shall be on a Form F-3
available to issuers other than well-known seasoned issuers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Number of Demand Registrations</U>. Subject to the provisions of this Section&nbsp;6 and
Section&nbsp;7 below, Usiminas shall be entitled to request one (1)&nbsp;Demand Registration under this
Agreement. A registration request shall not count as a Demand Registration unless and until a
registration statement permitting the resale of the Usiminas Shares has become effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Underwritten Offerings</U>. The Registrable Shares covered by the Demand Registration
must be sold in an underwritten offering. Usiminas shall have the right to select the managing
underwriter (currently expected to be J.P. Morgan Securities LLC) to lead the offering, which firm
shall be the sole global coordinator, the &#147;lead left&#148;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bookrunner, the stabilization agent and the representative of the underwriters. Subject to
Usiminas&#146; consent, which consent shall not be unreasonably withheld, the Company shall have the
right to select one other reputable financial institution to act as an underwriter in connection
with the underwritten offering (it being agreed that Usiminas shall not withhold its consent to the
appointment of Citigroup Global Markets Inc. if the Company were to select such entity to act in
such capacity) (the managing underwriter selected by Usiminas, together with the underwriter
selected by the Company and any other underwriter(s) that may participate in connection with the
underwritten offering, collectively the &#147;<U>Underwriters</U>&#148;). Usiminas agrees that the
Underwriters will consult with the Company in connection with the allocation of Usiminas Shares to
investors in the underwritten offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Effective Period of Demand Registrations</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall use commercially reasonable efforts to keep the Demand
Registration Statement effective until April&nbsp;30, 2011, or until such earlier time when an
underwritten offering of some or all of the Registrable Shares has been completed;
<U>provided</U> that, subject to Section&nbsp;8 below, if an offering pursuant to a Demand
Registration made prior to the Demand Registration Deadline is not priced by March&nbsp;31, 2011
(the &#147;<U>Termination Date</U>&#148;), the Company may (but need not) withdraw any Registration
Statement that has been filed and Usiminas shall have no further registration rights
hereunder (whether or not the Registration Statement has been withdrawn), unless such
pricing shall not have occurred by the Termination Date because of, in the reasonable
judgment of all of the Underwriters (including the Underwriter selected by the Company), the
existence of adverse market conditions that would prevent or materially impair the
underwritten offering. In the event that the underwritten offering is delayed due to
adverse market conditions in accordance with the immediately preceding sentence, Usiminas
shall be entitled to one replacement Demand Registration (which shall be subject to all of
the provisions of this Agreement), and the Demand Registration Deadline and Termination Date
shall be extended to (x)&nbsp;in the case of the Demand Registration Deadline, August&nbsp;31, 2011
and (y)&nbsp;in the case of the Termination Date, September&nbsp;30, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Company shall withdraw any Demand Registration pursuant to Section&nbsp;7 below
before April&nbsp;30, 2011, and before an underwritten offering of some or all of the Registrable
Shares has been completed, then, subject to the other provisions of this Agreement, Usiminas
shall be entitled to a replacement Demand Registration with respect to the unsold
Registrable Shares, <U>provided</U> that the Demand Registration Deadline and Termination
Date shall be extended to (i)&nbsp;in the case of the Demand Registration Deadline, the date that
is fifteen (15)&nbsp;days after the expiration of the Suspension Period and (ii)&nbsp;in the case of
the Termination Date, the date that is thirty (30)&nbsp;days after such extended Demand
Registration Deadline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Demand Registration shall not count against the single demand registration
provided in Section 6(a) if (x)&nbsp;after the applicable Registration Statement has become
effective, such Registration Statement or the related offer, sale or distribution of
Registrable Shares thereunder becomes the subject of any stop order, injunction or other
order or restriction imposed by the SEC or any other governmental agency or court for any
reason not attributable to Usiminas or its Affiliates (which for the avoidance of doubt
shall not include the Company and its controlled Affiliates) and such interference is not
thereafter eliminated so as to permit the completion of the underwritten offering of
Registrable Shares, (y)&nbsp;pursuant to Section 8(d) below, Usiminas (and any other Persons
making offers and sales of Registrable Shares) is required by agreement with the Company or
Techint or by applicable law to discontinue offers and sales of Registrable Shares and use
of the Prospectus or (z)&nbsp;the conditions specified in the related underwriting agreement
relating to the underwritten offering are not satisfied or waived for any reason
attributable to the Company or its subsidiaries. In such event, the Demand Registration
Deadline and Termination Date shall be extended to (A)&nbsp;in the case of the Demand
Registration Deadline, the date that is fifteen (15)&nbsp;days after (x)&nbsp;the elimination of any
such stop order, injunction or other order or restriction, (y)&nbsp;the delivery of a
supplemental or amended Prospectus as contemplated by Section&nbsp;8(a)(vi) for use in connection
with offers and sales of Registrable Shares or (z)&nbsp;the closing date of such underwritten
offering, as the case may be, and (B)&nbsp;in the case of the Termination Date, the date that is
thirty (30)&nbsp;days after such extended Demand Registration Deadline.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Suspension Periods</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Suspension Periods</U>. The Company may (i)&nbsp;delay the filing or effectiveness of a
Registration Statement in conjunction with the Demand Registration or (ii)&nbsp;prior to the pricing of
the underwritten offering of Registrable Shares pursuant to the Demand Registration, delay such
underwritten offering (and, if it so chooses, it may (but need not) withdraw any registration
statement that has been filed), but in each case described in clauses (i)&nbsp;and (ii)&nbsp;if the Company
reasonably determines (x)&nbsp;that proceeding with such an offering would require the Company to
disclose material information that would not otherwise be required to be disclosed at that time and
that the disclosure of such information at that time would not be in the Company&#146;s best interests,
or (y)&nbsp;that the registration or offering to be delayed would, if not delayed, materially adversely
affect the Company and its subsidiaries, taken as a whole, or materially interfere with, or
jeopardize the success of, any pending or proposed material transaction, including any debt
financing, any acquisition or disposition, any recapitalization or reorganization or any other
material transaction, whether due to commercial reasons, a desire to avoid premature disclosure of
information or any other reason. Any period during which the Company has delayed a filing, an
effective date or an offering pursuant to this Section&nbsp;7 is herein called a &#147;<U>Suspension
Period</U>&#148;. If pursuant to this Section&nbsp;7 the Company delays or withdraws the Demand Registration
Statement requested by Usiminas, Usiminas shall be entitled to withdraw the related request for a
Demand Registration and, if it does so, such request shall not count against the single Demand
Registration provided for in Section 6(a) and the Demand Registration Deadline and Termination Date
shall be extended to (A)&nbsp;in the case of the Demand Registration Deadline, the date that is fifteen
(15)&nbsp;days after the expiration of the Suspension Period and (B)&nbsp;in the case of the Termination
Date, the date that is thirty (30)&nbsp;days after such extended Demand Registration Deadline;
<U>provided</U> that, if at the date of filing of a registration statement pursuant to a Demand
Registration subsequent to a Suspension Period or pursuant to any replacement Demand Registration
hereunder, the Company shall not at such time be a well-known seasoned issuer (as defined in Rule
405 promulgated under the Securities Act), then the Termination Date shall be extended to the date
that is thirty (30)&nbsp;days after the effectiveness of the applicable registration statement. The
Company shall provide prompt written notice to Usiminas of the commencement and termination of any
Suspension Period (and any withdrawal of a registration statement pursuant to this Section&nbsp;7),
including the reasons therefor, <U>provided</U> that the Company shall in no event be required to
disclose confidential, proprietary or commercially sensitive information. Usiminas shall keep the
existence of each Suspension Period confidential and refrain from making offers and sales of
Registrable Shares (and direct any other Persons making such offers and sales to refrain from doing
so) during each Suspension Period. No Suspension Period shall be in effect for longer than
reasonably necessary in connection with the Company&#146;s determination pursuant to clauses (x)&nbsp;or (y)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Registration Procedures</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;When Usiminas requests a Demand Registration, the Company shall use commercially
reasonable efforts to effect, as soon as reasonably practicable as provided herein, the
registration of such Registrable Shares for sale in an underwritten offering, and, pursuant
thereto, the Company shall, as soon as practicable as provided herein:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the other provisions of this Agreement, prepare and file with the SEC a
Registration Statement in compliance with the Securities Act with respect to such
Registrable Shares and use reasonable best efforts to cause such Registration Statement to
become effective (unless it becomes automatically effective upon filing); and before filing
a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to
Usiminas and the underwriters copies of all such documents proposed to be filed, including
documents incorporated by reference in the Prospectus and one set of the exhibits
incorporated by reference, and Usiminas and the managing underwriter and their respective
counsel shall have a reasonable opportunity to review and comment on the Registration
Statement and each such Prospectus (and each amendment or supplement thereto) before it is
filed with the SEC, and Usiminas and the managing underwriter shall have the opportunity to
object to any information pertaining to Usiminas or the underwriters, respectively, that is
contained therein and the Company will make the corrections reasonably requested by Usiminas
and the managing underwriter with respect to such information prior to filing any
Registration Statement or Prospectus or any amendment or supplement thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare and file with the SEC such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary to comply with
the applicable requirements of the Securities Act and use commercially reasonable efforts to
keep such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Registration Statement effective for the relevant period required hereunder, but no
longer than is necessary to complete the distribution of the Registrable Shares covered by
such Registration Statement, and to comply with the applicable requirements of the
Securities Act with respect to the disposition of all the Registrable Shares covered by such
Registration Statement during such period in accordance with the intended methods of
disposition set forth in such Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) use commercially reasonable efforts to obtain as soon as possible the withdrawal
of any order suspending the effectiveness of any Registration Statement or the lifting of
any suspension of the qualification or exemption from qualification of any Registrable
Shares for sale in any jurisdiction in the United States;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deliver such number of copies of the preliminary and final Prospectus and any
supplement thereto as Usiminas and the managing Underwriter may reasonably request in order
to facilitate the disposition of the Registrable Shares of Usiminas covered by such
Registration Statement during such period of time after the first date of the public
offering of the Securities as in the opinion of counsel for the Underwriters a prospectus
relating to the Securities is required by law to be delivered; provided, however, that in
case any Underwriter is required under the Securities Act to deliver a prospectus (or in
lieu thereof the notice required under Rule&nbsp;173 of the Securities Act) in connection with
the offering or sale of the Registrable Shares at any time more than nine months after the
date of the Underwriting Agreement, the costs of such preparation and furnishing of such
amended or supplemented prospectus shall be borne by the Underwriters;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its commercially reasonable efforts to qualify the Registrable Shares for offer
and sale under the securities or Blue Sky laws of such jurisdictions as the representative
of the Underwriters shall reasonably request and shall continue such qualifications in
effect so long as required for distribution of the Registrable Shares; <U>provided</U> that
the Company shall not be required to (w)&nbsp;qualify as a foreign corporation or other entity or
as a dealer in securities in any such jurisdiction where it would not otherwise be required
to so qualify, (x)&nbsp;file any general consent to service or process in any such jurisdiction,
(y)&nbsp;subject itself to taxation in any such jurisdiction if it is not otherwise so subject or
(z)&nbsp;qualify the Securities for offering and sale under the securities laws of any such
jurisdiction for a period in excess of nine months after the date of the Underwriting
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) promptly notify Usiminas and the managing underwriter at any time when, in the
opinion of counsel to the Underwriters, a Prospectus relating thereto would be required
under the Securities Act to be delivered by such underwriter, of the occurrence of any event
as a result of which the Prospectus included in such Registration Statement contains an
untrue statement of a material fact or omits a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not
misleading, and, at the request of Usiminas and the managing Underwriter, the Company shall
prepare, as soon as practicable, a supplement or amendment to such Prospectus so that, as
thereafter delivered to any prospective purchasers of such Registrable Shares, such
Prospectus shall not contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) enter into an underwriting agreement in form and substance satisfactory to the
parties thereto, and take all such other customary and reasonable actions as the managing
underwriter of such offering, after consultation with the Company, may request in order to
facilitate the disposition of such Registrable Shares (including making the Chief Financial
Officer of the Company, upon reasonable prior notice and subject to reasonable scheduling,
available at reasonable times and places to participate in &#147;road-shows&#148; that the
Underwriters, including the Underwriter selected by the Company, determines are necessary to
effect the offering);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (w)&nbsp;make reasonably available, for inspection by the managing Underwriter of
such offering and counsel acting for such managing Underwriter, such corporate documents and
financial and other records of the Company and its subsidiaries as the Company and the
managing Underwriter shall mutually agree, (x)&nbsp;cause the Company&#146;s officers and employees to
supply information reasonably requested by such managing Underwriter or counsel in
connection with such offering, (y)&nbsp;use commercially reasonable
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">efforts to make the Company&#146;s independent accountants available for any such managing
Underwriter&#146;s due diligence and have them provide customary comfort letters to such
Underwriters in connection therewith and (z)&nbsp;use commercially reasonable efforts to cause
the Company&#146;s counsel to furnish customary legal opinions and negative assurance letters to
such Underwriters in connection therewith; <U>provided</U>, <U>however</U>, that such
records and other information shall be subject to such confidential treatment as is
customary for Underwriters&#146; due diligence reviews and otherwise in accordance with the
confidentiality agreement that such managing Underwriter shall have entered into with the
Company prior to receiving access to any such records or other information (such
confidentiality agreement to be on terms satisfactory to the Company); and <U>provided</U>,
<U>further</U>, Usiminas acknowledges that, prior to the date of this Agreement, the
Company has provided access to management and information consistent with the requirements
of clauses (w)&nbsp;through (y)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) upon the sale of such Registrable Shares, use commercially reasonable efforts to
cause all such Registrable Shares to be listed on the New York Stock Exchange;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) continue to publish its financial results on a quarterly and annual basis and shall
furnish or file them with the SEC, as the case may be, in compliance in all material
respects with the Exchange Act and in a manner consistent with past practice, for at least
twelve months beginning after the &#147;effective date&#148; (as defined in Rule&nbsp;158) of the
Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) promptly notify Usiminas and the managing Underwriter:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when the Registration Statement, any pre-effective amendment, the
Prospectus or any Prospectus supplement or any post-effective amendment to
the Registration Statement has been filed and, with respect to the
Registration Statement or any post-effective amendment, when the same has
become effective;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of any request by the SEC for amendments or supplements to the
Registration Statement or the Prospectus or for any additional information
regarding Usiminas;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) of the notification to the Company by the SEC of its initiation of
any proceeding with respect to the issuance by the SEC of any stop order
suspending the effectiveness of the Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of the receipt by the Company of any notification with respect to
the suspension of the qualification of any Registrable Shares for sale under
the applicable securities or blue sky laws of any jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Registrable Shares remain unsold by Usiminas following the completion of the
underwritten offering contemplated hereby, the Company shall use commercially reasonable efforts to
file all reports required to be filed by it under the Securities Act and the Exchange Act and the
rules and regulations adopted by the SEC thereunder, all to the extent required to enable Usiminas
to be eligible to sell Registrable Shares (if any) pursuant to Rule&nbsp;144 under the Securities Act on
the terms and subject to the limitations set forth in this Agreement and the Shareholders&#146;
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company may, as a condition precedent to its obligations to effect the registration of
Registrable Shares of Usiminas hereunder, require Usiminas and each Underwriter of Registrable
Shares as to which any registration is being effected to furnish to the Company information
regarding such Person and the distribution of such securities as shall be reasonably required to
effect such registration of the Registrable Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Usiminas agrees that, upon being advised in writing by the Company of the occurrence of an
event pursuant to Section&nbsp;8(a)(vi), Usiminas will immediately discontinue (and direct any other
Persons making offers and sales of Registrable Shares to immediately discontinue) offers and sales
of Registrable Shares pursuant to any Registration Statement until it is advised in writing by the
Company that the use of the Prospectus may be resumed and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">is furnished with a supplemented or amended Prospectus as contemplated by Section&nbsp;8(a)(vi),
and, if so directed by the Company, Usiminas will deliver to the Company all copies (if any), other
than permanent file copies then in Usiminas&#146; possession, of the Prospectus covering such
Registrable Shares current at the time of receipt of such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Usiminas agrees that it will, as promptly as practicable, (i)&nbsp;notify the Company of the
occurrence of any event as a result of which the Prospectus included in such Registration Statement
contains an untrue statement of a material fact regarding Usiminas or omits a material fact
necessary to make the statements therein regarding Usiminas, in the light of the circumstances
under which they were made, not misleading, and (ii)&nbsp;provide the Company with such information as
may be required to enable the Company to prepare a supplement or post-effective amendment to any
such registration statement or a supplement to such Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Usiminas agrees that, in accordance with the terms of the Confidentiality Agreement, it
will hold in strict confidence, and cause its officers, directors, employees, legal counsel,
accountants, financial advisors and other representatives to, hold in strict confidence any
nonpublic information received by them pursuant to this Agreement, including without limitation any
nonpublic information included in any Registration Statement or Prospectus or any amendments or
supplements thereto proposed to be filed with the SEC (until such registration statement or
prospectus has been filed). This clause is not, and shall not be construed as, an agreement by any
of the Company or Usiminas to limit the scope of such parties&#146; respective confidentiality
obligations under the Confidentiality Agreement or to otherwise amend the terms thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company may prepare and deliver an issuer free-writing prospectus (as such term is
defined in Rule&nbsp;405 under the Securities Act) in lieu of any supplement to a prospectus, and
references herein to any &#147;supplement&#148; to a Prospectus shall include any such issuer free-writing
prospectus. Neither Usiminas nor any other seller of Registrable Shares may use a free-writing
prospectus to offer or sell any such shares without the Company&#146;s prior written consent. It is
understood and agreed that any failure of the Company to file a registration statement or any
amendment or supplement thereto, or to cause any such document to become or remain effective or
usable within or for any particular period of time as provided in Section&nbsp;6 or 8 or otherwise in
this Agreement, due to any refusal of the SEC to permit a registration statement or prospectus to
become or remain effective or to be used because of unresolved SEC comments thereon (or on any
documents incorporated therein by reference) despite the Company&#146;s good faith and commercially
reasonable best efforts to resolve those comments, shall not be a breach of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Transaction Expenses</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All reasonable and documented out-of-pocket expenses incident to the Company&#146;s or
Techint&#146;s preparation, review, negotiation, execution, performance of, or compliance with, this
Agreement, any Purchase Agreement or any other agreement (including the Underwriting Agreement),
registration statement, prospectus, application or other document pursuant to or in connection with
this Agreement, including, without limitation, all registration and filing fees, fees and expenses
of compliance with securities or blue sky laws, fees due to the Financial Industry Regulatory
Authority, listing application fees, printing expenses, transfer agent&#146;s and registrar&#146;s fees, cost
of distributing Prospectuses in preliminary and final form as well as any supplements thereto, the
fees of the depositary for the Company&#146;s ADSs (including the fees and disbursements of outside
counsel for the depositary) and fees and disbursements of outside counsel for the Company and
Techint (Sullivan &#038; Cromwell LLP, Mitrani, Caballero, Rosso Alba, Francia, Ojam, Ruiz Moreno and
Elvinger, Hoss &#038; Prussen and other counsel previously notified to Usiminas), of the independent
certified public accountants and of any other Persons retained by the Company or Techint in
connection with this Agreement or the transactions contemplated hereby (all such expenses being
herein called &#147;<U>Transaction Expenses</U>&#148;) shall be borne by Usiminas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The obligation of Usiminas to bear the expenses described in Section 9(a) shall apply
irrespective of whether a registration, once properly demanded or requested becomes effective or is
withdrawn or suspended, and of whether the underwritten offering relating thereto is not announced,
or is announced but not consummated; <U>provided</U>, <U>however</U>, that all Transaction
Expenses that would not have been incurred but for the withdrawal of any Registration Statement
solely at the request of the Company following commencement of a Suspension Period pursuant to
Section&nbsp;7 shall be borne by the Company.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Indemnification</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall indemnify, to the fullest extent permitted by law, Usiminas and each
Person who controls Usiminas (within the meaning of the Securities Act) against all losses, claims,
damages, liabilities, judgments, costs (including reasonable costs of investigation) and expenses
(including reasonable attorneys&#146; fees) arising out of or based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or Prospectus or any amendment
thereof or supplement thereto or arising out of or based upon any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are made in reliance and in conformity with information
furnished in writing to the Company by Usiminas expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In connection with any Registration Statement in which Usiminas is participating, Usiminas
shall furnish to the Company in writing such information as the Company reasonably requests for use
in connection with any such Registration Statement or Prospectus, or amendment or supplement
thereto, and shall indemnify, to the fullest extent permitted by law, the Company, its officers and
directors and each Person who controls the Company (within the meaning of the Securities Act)
against all losses, claims, damages, liabilities, judgments, costs (including reasonable costs of
investigation) and expenses (including reasonable attorneys&#146; fees) arising out of or based upon any
untrue or alleged untrue statement of material fact contained in the Registration Statement or
Prospectus, or any amendment or supplement thereto, or arising out of or based upon any omission or
alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that the same are made in reliance on and
in conformity with information furnished in writing to the Company by or on behalf of Usiminas
expressly for use therein. In no event shall the liability of Usiminas hereunder be greater in
amount than the dollar amount of the proceeds received by Usiminas upon the sale, pursuant to the
applicable Registration Statement, giving rise to such indemnification obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any Person entitled to indemnification hereunder shall (i)&nbsp;give prompt written notice to
the indemnifying Person of any claim with respect to which it seeks indemnification and (ii)&nbsp;permit
such indemnifying Person to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified Person. Failure so to notify the indemnifying Person shall not relieve it from
any liability that it may have to an indemnified Person except to the extent that the indemnifying
Person is materially and adversely prejudiced thereby. The indemnifying Person shall not be subject
to any liability for any settlement made by the indemnified Person without its consent. An
indemnifying Person who is entitled to, and elects to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel (in addition to one (1)&nbsp;local
counsel) for all Persons indemnified (hereunder or otherwise) by such indemnifying Person with
respect to such claim (and all other claims arising out of the same circumstances), unless in the
reasonable judgment of any indemnified Person there may be one or more legal or equitable defenses
available to such indemnified Person which are in addition to or may conflict with those available
to another indemnified Person with respect to such claim, in which case such maximum number of
counsel for all indemnified Persons shall be two (2)&nbsp;rather than one (1). If an indemnifying
Person is entitled to, and elects to, assume the defense of a claim, the indemnified Person shall
continue to be entitled to participate in the defense thereof, with counsel of its own choice, but,
except as set forth above, the indemnifying Person shall not be obligated to reimburse the
indemnified Person for the costs thereof. The indemnifying Person shall not consent to the entry of
any judgment or enter into or agree to any settlement relating to a claim or action for which any
indemnified Person would be entitled to indemnification by any indemnified Person hereunder unless
such judgment or settlement imposes no ongoing obligations on any such indemnified Person and
includes as an unconditional term the giving, by all relevant claimants and plaintiffs to such
indemnified Person, a release, reasonably satisfactory in form and substance to such indemnified
Person, from all liabilities in respect of such claim or action for which such indemnified Person
would be entitled to such indemnification. The indemnifying Person shall not be liable hereunder
for any amount paid or payable or incurred pursuant to or in connection with any judgment entered
or settlement effected with the consent of an indemnified Person unless the indemnifying Person has
also consented to such judgment or settlement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified Person or any
officer, director or controlling Person of such indemnified Person and shall survive the transfer
of securities and the closing of the offering conducted pursuant to a Demand Registration Statement
but only with respect to offers and sales of Registrable Shares made in the offering conducted in
connection with such Demand Registration Statement.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the indemnification provided for in or pursuant to this Section&nbsp;9 is due in accordance
with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any
losses, claims, damages, liabilities or expenses referred to herein, then each applicable
indemnifying Person, in lieu of indemnifying such indemnified Person, shall contribute to the
amount paid or payable by such indemnified Person as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the
indemnifying Person on the one hand and of the indemnified Person on the other in connection with
the statements or omissions which result in such losses, claims, damages, liabilities or expenses
as well as any other relevant equitable considerations. The relative fault of the indemnifying
Person on the one hand and of the indemnified Person on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the
indemnifying Person or by the indemnified Person, and by such Person&#146;s relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. In no
event shall the liability of the indemnifying Person be greater in amount than the amount for which
such indemnifying Person would have been obligated to pay by way of indemnification if the
indemnification provided for under Section 9(a) or 9(b) hereof had been available under the
circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Miscellaneous</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Notices</U>. Any notice, request, instruction or other document to be given hereunder
by any party to the other will be in writing and will be deemed to have been duly given (i)&nbsp;on the
date of delivery if delivered personally, (ii)&nbsp;on the date of actual receipt if delivered by
facsimile during the recipient&#146;s normal business hours or on the recipient&#146;s next business day
after receipt if not received during the recipient&#146;s normal business hours or (iii)&nbsp;on the third
business day following the date of dispatch if delivered by a recognized next day courier service.
All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Ternium S.A.<BR>
46a, Avenue John F. Kennedy &#151; 2nd floor<BR>
L-1855 Luxembourg<BR>
Attention: Pablo D. Brizzio, CFO<BR>
Facsimile: &#043;54 (11)&nbsp;4018-2786
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy (which shall not constitute notice) to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Mitrani, Caballero, Rosso Alba, Francia, Ojam, Ruiz Moreno<BR>
Alicia Moreau de Justo 400, 3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP> floor<BR>
C1107AAH &#151; Buenos Aires<BR>
Argentina<BR>
Attention: Diego E. Parise<BR>
Facsimile: &#043;54 (11)&nbsp;4590-8601
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Sullivan &#038; Cromwell LLP<BR>
1701 Pennsylvania Avenue, N.W.<BR>
Washington, District of Columbia 20006-5805<BR>
United States<BR>
Attention: Robert S. Risoleo<BR>
Facsimile: &#043;1 (202)&nbsp;293-6330
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Techint:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Techint Holdings S.&#224;r.l.<BR>
c/o Socominter S.A.<BR>
Zonamerica, Ruta 8 Km 17.5,<BR>
Edificio Beta, Of. 408,<BR>
Montevideo 91600<BR>
Uruguay<BR>
Attention: Juan Pablo Boo<BR>
Facsimile: &#043;59 8 (2)&nbsp;518-2290
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy (which shall not constitute notice) to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Techint Engineering Company Inc., Sucursal Buenos Aires.<BR>
Pje. della Paolera 299, 17<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
C1001ADA &#151; Buenos Aires<BR>
Argentina<BR>
Attention: H&#233;ctor Alberto Zabaleta<BR>
Facsimile: &#043;54 (11)&nbsp;4018-2924
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Usiminas:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas<BR>
Rua Professor Jos&#233; Vieira de Mendon&#231;a, 3011 &#151; Engenho Nogueira<BR>
31310-260 &#151; Belo Horizonte MG<BR>
Brazil<BR>
Attention: Ronald Seckelmann<BR>
Facsimile No.: &#043;55 (31)&nbsp;3499 8771
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy (which shall not constitute notice) to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Mayer Brown LLP<BR>
Avenida Juscelino Kubitschek, 1455, 5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
S&#227;o Paulo &#151; 04543-011<BR>
Brazil<BR>
Attention: Ricardo M. Gonzalez<BR>
Facsimile No.: &#043;55 (11)&nbsp;2504 4210
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Tauil &#038; Chequer Asociado a Mayer Brown LLP<BR>
Avenida Juscelino Kubitschek, 1455, 6<SUP style="FONT-size: 85%; vertical-align: text-top"> th</SUP> Floor<BR>
S&#227;o Paulo &#151; 04543-011<BR>
Brazil<BR>
Attention: Carlos Motta<BR>
Facsimile No.: &#043;55 (11)&nbsp;2504 4211
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>No Waivers</U>. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Assignment.</U> Except as otherwise provided in Section&nbsp;3, neither this Agreement nor
any right, remedy, obligation or liability arising hereunder or by reason hereof shall be
assignable by any party hereto without the prior written consent of the other parties, and any
attempt to assign any right, remedy, obligation or
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liability hereunder without such consent shall be void, except an assignment, in the case of a
merger or consolidation where such party is not the surviving entity, or a sale of substantially
all of its assets, to the entity which is the survivor of such merger or consolidation or the
purchaser in such sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>No Third-Party Beneficiaries</U>. Nothing contained in this Agreement, expressed or
implied, is intended to confer upon any person or entity other than the Company, Techint and
Usiminas any benefits, rights or remedies (except as specified in Section&nbsp;10 hereof)..
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Governing Law; Jurisdiction; Waiver of Jury Trial</U>. This Agreement will be
governed by and construed in accordance with the laws of the State of New York, without giving
effect to the conflict of laws principles thereof other than Section&nbsp;5-1401 of the New York General
Obligations Law. Any suit, action or proceeding seeking to enforce any provision of, or based on
any matter arising out of or in connection with, this Agreement or the transactions contemplated
hereby may be brought in any federal or state court located in the Borough of Manhattan in The City
of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such court or that any such
suit, action or proceeding which is brought in any such court has been brought in an inconvenient
forum. Each of Usiminas Sub and Usiminas Parent hereby irrevocably appoints National Corporate
Research, Ltd., with offices at the date hereof at 10 East 40th Street 10th Floor, New York, NY
10016, and each of the Company and Techint hereby irrevocably appoints CT Corporation, with offices
at the date hereof at 111 Eighth Avenue 13<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, New York, NY 10011, as their
respective authorized agent (each of National Corporate Research, Ltd. and CT Corporation, an
&#147;<U>Authorized Agent</U>&#148;) for service of process in any suit, action or proceeding described
above and agrees that service of process in any such suit, action or proceeding may be made upon it
at the office of such agent. Each of the parties hereto hereby waives, to the fullest extent
permitted by law, any other requirements of or objections to personal jurisdiction with respect
thereto. Each of the parties hereto represents and warrants that its respective Authorized Agent
has agreed to act as its agent for service of process, and each of the parties agrees to take any
and all action, including the filing of any and all documents and instruments, that may be
necessary to continue such appointment in full force and effect. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Counterparts; Effectiveness</U>. This Agreement may be executed in any number of
counterparts (including by e-mail or facsimile) and by different parties hereto in separate
counterparts, with the same effect as if all parties had signed the same document. All such
counterparts shall be deemed an original, shall be construed together and shall constitute one and
the same instrument. This Agreement shall become effective when each party hereto shall have
received counterparts hereof signed by all of the other parties hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Entire Agreement</U>. This Agreement, together with all other agreements named
herein, contains the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes and replaces all other prior agreements, written or oral, among the parties
hereto with respect to the subject matter hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Captions</U>. The headings and other captions in this Agreement are for convenience
and reference only and shall not be used in interpreting, construing or enforcing any provision of
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Severability</U>. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so
long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such a determination, the parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>Amendments</U>. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given without the prior written consent of the Company, Techint
and Usiminas.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Remainder of page intentionally left blank</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS"><B>In Witness Whereof</B></FONT>, this Transaction and Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TERNIUM S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TECHINT HOLDINGS S.<FONT style="FONT-variant: SMALL-CAPS">&#224;r.l.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">USINAS SIDER&#218;RGICAS DE MINAS GERAIS S.A. &#151; USIMINAS<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">USIMINAS EUROPA A/S<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX A &#151; FORM OF PURCHASE ELECTION NOTICE</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas<BR>
Rua Professor Jos&#233; Vieira de Mendon&#231;a, 3011 &#151; Engenho Nogueira<BR>
31310-260 &#151; Belo Horizonte MG<BR>
Brazil<BR>
Attention: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;<BR>
Facsimile No.: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: <U>Transaction and Registration Rights Agreement</U>&#151; <U>Purchase Election Notice</U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Transaction and Registration Rights Agreement dated January &#091;<B>&#149;</B>&#093;, 2011
(the &#147;<U>Agreement</U>&#148;) by and among Ternium S.A., a public limited liability company (<I>soci&#233;t&#233;
anonyme</I>) incorporated under the laws of the Grand-Duchy of Luxembourg (the &#147;<U>Company</U>&#148;),
Techint Holdings S.&#224;r.l., a private limited liability company (<I>soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e</I>)
continued under the laws of the Grand-Duchy of Luxembourg (formerly I.I.I. Industrial Investments
Inc., a company organized under the laws of the Cayman Islands) (&#147;<U>Techint</U>&#148;), Usiminas
Europa A/S, an <I>aktieselskaber </I>organized under the laws of Denmark (&#147;<U>Usiminas Sub</U>&#148;), and
Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas, a <I>sociedade an&#244;nima </I>organized under the laws
of the Federative Republic of Brazil (&#147;<U>Usiminas Parent</U>&#148; and, together with Usiminas Sub,
&#147;<U>Usiminas</U>&#148;). Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to them in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with your Demand Registration of &#091;<B>&#149;</B>&#093;, 2011, the undersigned hereby give you
notice of &#091;<I>the Company&#146;s </I>&#091;<I>and</I>&#093; | <I>Techint&#146;s</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> election to purchase or cause any
Designated Subsidiary to purchase Usiminas Shares as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>Commitment:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#091;<I>The Company </I>&#091;<I>and</I>&#093; | <I>Techint</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP> commit to
purchase or cause any Designated Subsidiary to purchase
Usiminas Shares for an aggregate purchase price of U.S.$
&#091;<B>&#149;</B>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP> at a purchase price per share equal to
one tenth of the public offering price per ADS in the
underwritten offering made pursuant to the above referred
Demand Registration (such offering, hereinafter referred
to as the &#147;<U>Public Offering</U>&#148;) &#091;<I>as follows:</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>U.S.$ &#091;<B>&#149;</B>&#093; in Usiminas Shares shall be purchased,
or caused to be purchased, by the Company, and</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Not to be lower than U.S. $250&nbsp;million.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>U.S.$ &#091;<B>&#149;</B>&#093; in Usiminas Shares shall be purchased,
or caused to be purchased, by Techint.</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B>Validity period:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#091;<I>The Company&#146;s </I>&#091;<I>and</I>&#093; | <I>Techint&#146;s</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP> commitment
to purchase or cause any Designated Subsidiary to
purchase Usiminas Shares pursuant to this Purchase
Election Notice shall be irrevocable until (and
including) &#091;<B>&#149;</B>&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP>, 2011 (the &#147;<U>Purchase
Commitment Expiration Date</U>&#148;).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#091;<I>The Company </I>&#091;<I>and</I>&#093; | <I>Techint</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">7</SUP> may withdraw
&#091;<I>its </I>| <I>their respective</I>&#093; commitment&#091;s&#093; to purchase or
cause any Designated Subsidiary to purchase Usiminas
Shares pursuant to this Purchase Election Notice in &#091;<I>its</I>
| <I>their</I>&#093; sole discretion, for any cause, or without
cause, at any time following the Purchase Commitment
Expiration Date.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#91;<I>The Company&#146;s</I> &#91;<I>and</I>&#93; | <I>Techint&#146;s</I>&#93; <sup>8</sup> commitment to purchase or cause any
Designated Subsidiary to purchase Usiminas Shares pursuant to this Purchase Election Notice
shall be subject to all other applicable terms and conditions set forth in the Agreement, including
 <I>&#91;(a)&#93; &#91;in the case of each of the Company and Techint&#146;s commitment,&#93;</I> the condition that the
public offering price per ADS in the Public Offering not exceed U.S.$
&#91;<b>&#149;</b>&#93; <sup>9</sup>  (i.e., 120% of the
average of the closing prices of the ADSs on the New York Stock Exchange during the most
recent five trading days prior to (but excluding) the day of the public announcement of such
Public Offering), excluding transaction costs and expenses &#91;<I>and (b) &#91;in the case of the
Company&#146;s commitment only,&#93; the condition that the public offering price per ADS in the Public
Offering not exceed 125% (excluding transaction costs and expenses) nor be lower than 75%
(excluding transaction costs and expenses), in each case, of the average of the closing prices of
 the ADSs on the New York Stock Exchange during the most recent five trading days prior to (but
excluding) the date on which the Public Offering is priced&#93;</I> (the
&#147;<u>Purchase Condition</u>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in Section 3(b) of the Agreement, if the Purchase Condition is satisfied, or
waived by &#091;<I>the Company </I>&#091;<I>and</I>&#093; | <I>Techint</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">10</SUP>, <U><I>then</I></U> &#091;<I>the Company, or a Designated
Subsidiary, </I>&#091;<I>and</I>&#093; | <I>Techint, or a Designated Subsidiary</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">11</SUP>, as buyer, and Usiminas, as
seller, shall &#091;<I>each</I>&#093;<SUP style="FONT-size: 85%; vertical-align: text-top"> 12</SUP> execute, deliver and perform a Purchase Agreement in
substantially the form attached to the Agreement as Annex B subject to the terms and conditions
described in the Agreement. The closing date for the purchase and sale of Usiminas Shares pursuant
to such Purchase Agreement&#091;<I>s</I>&#093; shall be &#091;<B>&#149;</B>&#093;, 2011<SUP style="FONT-size: 85%; vertical-align: text-top">13</SUP>, which is the scheduled first closing
date of the Public Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, we hereby give you notice that the fee required to be paid by Usiminas pursuant to
Section 4(b) of the Agreement should be paid to &#091;<I>the Company&#091;&#146;s Designated Subsidiary &#091;insert name
of Designated Subsidiary&#093;, a &#091;insert jurisdiction of organization of Designated Subsidiary&#093;
company,&#093; </I>&#091;<I>and</I>&#093; | <I>Techint&#091;&#146;s
Designated Subsidiary &#091;insert name of Designated Subsidiary&#093;, a &#091;insert jurisdiction of
organization of Designated Subsidiary&#093; company,&#093;</I>&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">14</SUP> &#091;<I>in the proportions and</I>&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">
15</SUP>to the account&#091;<I>s</I>&#093; set forth below, by wire transfer of immediately available funds:
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert if both the Company and Techint elect
to purchase Usiminas Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert the date that is 10 business days
following the launch of the Public Offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">9</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert amount resulting from multiplying (x) the average of the closing prices of the ADSs on
the New York Stock Exchange during the most recent five trading days prior to (but
excluding) the day of the public announcement of the underwritten offering <U><I>times</I></U> (y)&nbsp;120%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">10</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">11</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">12</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert if both the Company and Techint elect
to purchase Usiminas Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">13</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert scheduled first closing date of the
Public Offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">14</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert as appropriate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">15</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert if each of the Company and Techint
are to collect a portion of the fee.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091;<I>Amount to be delivered to &#091;the Company&#093; </I><SUP style="FONT-size: 85%; vertical-align: text-top"><I>16</I></SUP><I>: </I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap><I>US$ &#091;<B>&#149;</B>&#093;</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">17</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Name of Bank:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&#091;<B>&#149;</B>&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">City/ State of Bank:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&#091;<B>&#149;</B>&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ABA Number of Bank:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&#091;<B>&#149;</B>&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Name of Account:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&#091;<B>&#149;</B>&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Account Number at Bank:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&#091;<B>&#149;</B>&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reference:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&#091;<B>&#149;</B>&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091;<I>Amount to be delivered to &#091;Techint&#093;</I><SUP style="FONT-size: 85%; vertical-align: text-top"> <I>18</I></SUP><I>:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>US$ &#091;<B>&#149;</B>&#093;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Name of Bank:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>&#091;<B>&#149;</B>&#093;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>City/ State of Bank:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>&#091;<B>&#149;</B>&#093;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>ABA Number of Bank:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>&#091;<B>&#149;</B>&#093;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Name of Account:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>&#091;<B>&#149;</B>&#093;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Account Number at Bank:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>&#091;<B>&#149;</B>&#093;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Reference:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>&#091;<B>&#149;</B>&#093;</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">19</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;<I>The Company </I>&#091;<I>and</I>&#093; | <I>Techint</I>&#093; <SUP style="FONT-size: 85%; vertical-align: text-top">20</SUP> &#091;<I>have </I>| <I>has</I>&#093; designated &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;,
whose phone number is &#091;<B>&#149;</B>&#093;, &#091;<I>and &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;, whose phone number is &#091;</I><B>&#149;</B><I>&#093;, respectively</I>&#093; as
the person&#091;<I>s</I>&#093; you may contact to confirm the above wire instructions.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>

    <TD colspan="4" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TERNIUM S.A.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TECHINT HOLDINGS <FONT style="FONT-variant: SMALL-CAPS">S.&#224;r.l.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Received and acknowledged for and on behalf of
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">16</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>If payable to a Designated Subsidiary,
substitute with name of such Designated Subsidiary.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">17</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert if each of the Company and Techint
are to collect a portion of the fee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">18</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>If payable to a Designated Subsidiary,
substitute with name of such Designated Subsidiary.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">19</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert if each of the Company and Techint
are to collect a portion of the fee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">20</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert and/or substitute with name of
applicable Designated Subsidiary as appropriate.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mayer Brown LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avenida Juscelino Kubitschek, 1455, 5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">S&#227;o Paulo &#151; 04543-011</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brazil</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Ricardo M. Gonzalez</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile No.: &#043;55 (11)&nbsp;2504 4210</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tauil &#038; Chequer Asociado a Mayer Brown LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avenida Juscelino Kubitschek, 1455, 6<SUP style="FONT-size: 85%; vertical-align: text-top"> th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">S&#227;o Paulo &#151; 04543-011</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brazil</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Carlos Motta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile No.: &#043;55 (11)&nbsp;2504 4211</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX B &#151; FORM OF PURCHASE AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT (this &#147;<B>Agreement</B>&#148;), dated as of &#091;<B>&#149;</B>&#093;, 2011, between &#091;<B>&#149;</B>&#093;, a &#091;<B>&#149;</B>&#093; (&#147;&#091;<B>&#149;</B>&#093;&#148; or &#147;<B>Buyer</B>&#148;),
&#091;<I>&#091;</I><B>&#149;</B><I>&#093; (&#147;&#091;</I><B>&#149;</B><I>&#093;&#148; or &#147;</I><B><I>Buyer&#146;s Guarantor</I></B><I>&#148;)</I>&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>, Usiminas Europa A/S, an <I>aktieselskaber </I>organized
under the laws of Denmark (&#147;<B>Usiminas Europa</B>&#148; or &#147;<B>Seller</B>&#148;) and Usinas Sider&#250;rgicas de Minas Gerais
S.A. &#151; Usiminas, a <I>sociedade an&#244;nima </I>organized under the laws of the Federative Republic of Brazil
(&#147;<B>Usiminas Brazil</B>&#148;).
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WITNESSETH:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Usiminas Europa is the owner of 285,731,726 ordinary shares with a par value of
U.S.$1.00 per share (the &#147;<B>Shares</B>&#148;), of Ternium S.A., a Luxembourg public limited liability company
(<I>soci&#233;t&#233; anonyme</I>) (the &#147;<B>Company</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Usiminas Europa and its parent company Usiminas Brazil, the Company&#146;s majority
shareholder Techint Holdings S.&#224;r.l., and the Company have entered into that certain Transaction
and Registration Rights Agreement, dated as of January &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Transaction and Registration
Rights Agreement</B>&#148;), pursuant to which Techint Holdings S.&#224;r.l. and the Company have agreed, among
other things, to prepare and file, or caused to be prepared and filed, as applicable, a
registration statement with the U.S. Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) in
connection with a public offering (the &#147;<B>Public Offering</B>&#148;) by Usiminas Europa of &#091;<B>&#149;</B>&#093; ordinary shares
of the Company in the form of American Depositary Shares (&#147;<B>ADSs</B>&#148;), each ADS representing 10
ordinary shares of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, on &#091;<B>&#149;</B>&#093;, 2011, the Company filed a registration statement with the Commission in
connection with the Public Offering and, on the date hereof, the Company, Usiminas Brazil and J.P.
Morgan Securities LLC, as representative of the several underwriters, entered into a
firm-commitment underwriting agreement (the &#147;<B>Underwriting Agreement</B>&#148;) pursuant to which Usiminas
Brazil agreed, among other things, to cause Usiminas Europa to sell to the several underwriters
listed in Schedule&nbsp;1 thereto (the &#147;<B>Underwriters</B>&#148;) &#091;<B>&#149;</B>&#093; ordinary shares of the Company (the &#147;<B>Public
Offering Shares</B>&#148;) in the form of ADSs;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, on the date hereof, the Public Offering was priced at a price per ADS of U.S.$ &#091;<B>&#149;</B>&#093;
(the &#147;<B>Public Offering Price</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section 3(b) of the Transaction and Registration Rights Agreement, the
parties hereto are entering into this Agreement pursuant to which, on the terms and subject to the
conditions set forth herein, Usiminas Brazil shall cause Usiminas Europa to sell, and Usiminas
Europa shall sell, to Buyer, and
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>If a Buyer is a Designated Subsidiary, then
the Company or Techint, shall be a party to the agreement and provide the
parent company guarantee contemplated in Article &#091;&#95;&#093;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Buyer shall purchase from Usiminas Europa, &#091;<B>&#149;</B>&#093; ordinary shares of the Company (the &#147;<B>Subject
Shares</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, the parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 1<BR>
<FONT style="FONT-variant: SMALL-CAPS">Definitions</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.01. <I>Definitions</I>. Capitalized terms used and not otherwise defined herein shall have
the respective meanings ascribed to them in the Transaction and Registration Rights Agreement. Such
definitions shall be applicable to the singular as well as the plural forms of the terms defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.02. <I>Other Definitional and Interpretative Provisions. </I>The words &#147;hereof&#148;, &#147;herein&#148;
and &#147;hereunder&#148; and words of like import used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE 2<BR>
<FONT style="FONT-variant: SMALL-CAPS">Purchase and Sale</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.01. <I>Purchase and Sale. </I>Upon the terms and subject to the conditions set forth
herein, Usiminas Brazil agrees to cause Usiminas Europa to sell, and Usiminas Europa agrees to
sell, to Buyer, and Buyer agrees to purchase from Usiminas Europa, the Subject Shares, free and
clear of any liens, encumbrances, pledges, security interests, restrictive agreements, transfer
restrictions, voting trust arrangements, claims or imperfections of any nature whatsoever (other
than restrictions arising under securities laws and the Shareholders&#146; Agreement, which, in the
latter case, shall have been waived in accordance with the Transaction and Registration Rights
Agreement subject to the terms and conditions thereof), at an aggregate price of U.S.$ &#091;<B>&#149;</B>&#093; (the
&#147;<B>Purchase Price</B>&#148;). The parties hereto acknowledge and agree that the Purchase Price equals (i)&nbsp;one
tenth of the Public Offering Price <U><I>times</I></U> (ii)&nbsp;the number of the Subject Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.02. <I>Closing</I>. The closing of the purchase and sale of the Subject Shares hereunder
(the &#147;<B>Closing</B>&#148;) shall take place at the offices of Simpson Thacher &#038; Bartlett LLP, 425 Lexington
Avenue, New York, New York, United States of America, on the date of, and substantially
simultaneously with, the delivery of the Public Offering Shares to the Underwriters pursuant to the
Underwriting Agreement (the &#147;<B>Closing Date</B>&#148;), upon satisfaction of the conditions set forth in
Article&nbsp;5. At the closing on the Closing Date, each of the parties shall deliver to the other party
the deliverables set forth in Article&nbsp;6.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 3<BR>
<FONT style="FONT-variant: SMALL-CAPS">Representations and Warranties of Buyer</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer represents and warrants to each of Seller and Usiminas Brazil as of the date hereof
that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.01. <I>Corporate Authorization</I>. The execution, delivery and performance by Buyer of
this Agreement and the consummation by Buyer of the transactions contemplated hereby are within the
corporate or equivalent powers of Buyer and have been duly authorized by all necessary corporate or
other action on the part of Buyer. Buyer has duly and validly executed and delivered this
Agreement, and, assuming proper execution and delivery of this Agreement by each of Seller and
Usiminas Brazil, this Agreement constitutes a legal, valid and binding obligation of Buyer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.02. <I>Governmental Authorization</I>. The execution, delivery and performance by Buyer of
this Agreement and the consummation by Buyer of the transactions contemplated hereby require no
action by or in respect of, or filing with, any Governmental Entity, except for such actions or
filings which, if not taken or made, would not reasonably be expected to have a material adverse
effect on the ability of Buyer to perform its obligations hereunder or to consummate the
transactions contemplated hereby on a timely basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.03. <I>Non-contravention</I>. The execution, delivery and performance by Buyer of this
Agreement and the consummation by Buyer of the transactions contemplated hereby do not and will not
(i)&nbsp;violate the organizational documents or bylaws of Buyer or (ii)&nbsp;violate any law, statute, rule,
code, regulation, ordinance, order, judgment or decree of, or issued by, any Governmental Entity
that is binding upon or applicable to Buyer that, in the case of clause (ii), would reasonably be
expected to have, individually or in the aggregate, a material adverse effect on the ability of
Buyer to perform its obligations hereunder or to consummate the transactions contemplated hereby on
a timely basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.04. <I>Financing</I>. Buyer has, or will have prior to the Closing Date, sufficient cash,
available lines of credit or other sources of immediately available funds to enable it to make
payment of the aggregate Purchase Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.05. <I>No Reliance; Access to Information</I>.<SUP style="FONT-size: 85%; vertical-align: text-top"> 2</SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Buyer acknowledges that it has relied solely on its own due diligence investigation of
the Company and its Subsidiaries (including discussions with representatives of the Company and
Buyer&#146;s representatives and counsel for Buyer) in connection with the decision to purchase the
Subject Shares pursuant to this Agreement, and not upon any information provided by
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><B>INCLUDE IF PARTY OTHER THAN THE COMPANY IS THE &#147;BUYER.&#148;</B></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">or on behalf of Usiminas Brazil or Seller in making the decision to purchase the Subject
Shares. Buyer understands and acknowledges that neither Usiminas Brazil nor Seller nor any of
their representatives, agents or attorneys is making or has made at any time any representations
or warranties of any kind (either express or implied) with respect to Company or any of its
subsidiaries or their respective business, operations, assets, liabilities, condition (financial
or otherwise) or prospects. Buyer also acknowledges that neither Usiminas Brazil nor Seller has
made any warranties or representations with respect to the transactions contemplated by this
Agreement other than its representations and warranties contained in Article&nbsp;4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Buyer acknowledges that it has access to, and is in possession of, information regarding
the Company and its business that Buyer believes is necessary or appropriate in order to make its
investment decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.06. <I>Investment Representations and Warranties</I>.<SUP style="FONT-size: 85%; vertical-align: text-top"> 3</SUP> Buyer is acquiring the
Subject Shares from Seller for Buyer&#146;s own account as principal and not with a view to distribution
thereof in violation of the Securities Act. Buyer acknowledges that the Subject Shares have not
been registered under the Securities Act or &#147;Blue Sky&#148; laws of any jurisdiction and that the
transfer of the Subject Shares have been effectuated on the grounds that the original sale and the
sale contemplated hereby were and are exempt from registration under the Act and other applicable
state securities laws, and Buyer agrees that in the absence of such registration the Subject Shares
will be sold or disposed of only pursuant to an exemption from such registration under the Act and
such laws and in accordance with the terms of the documents governing the Subject Shares.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 4<BR>
<FONT style="FONT-variant: SMALL-CAPS">Representations and Warranties of Usiminas Brazil and Seller</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usiminas Brazil and Seller jointly and severally represent and warrant to Buyer as of the date
hereof that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.01. <I>Corporate Authorization. </I>The execution, delivery and performance by each of
Usiminas Brazil and Seller of this Agreement and the consummation by each of Usiminas Brazil and
Seller of the transactions contemplated hereby are within the corporate powers of Usiminas Brazil
and Seller and have been duly authorized by all necessary corporate action on the part of each of
Usiminas Brazil and Seller. This Agreement constitutes a valid and binding agreement of each of
Usiminas Brazil and Seller. Each of Usiminas Brazil and Seller has duly and validly executed and
delivered this Agreement, and, assuming proper execution and delivery of this Agreement by Buyer,
this Agreement constitutes a legal, valid and binding obligation of each of Usiminas Brazil and
Seller.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><B>INCLUDE IF PARTY OTHER THAN THE COMPANY IS THE &#147;BUYER.&#148;</B></TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.02. <I>Governmental Authorization. </I>The execution, delivery and performance by each of
Usiminas Brazil and Seller of this Agreement and the consummation by each of Usiminas Brazil and
Seller of the transactions contemplated hereby require no action by or in respect of, or filing
with, any Governmental Entity, except for such actions or filings which, if not taken or made,
would not reasonably be expected to have a material adverse effect on the ability of any of
Usiminas Brazil or Seller to perform its obligations hereunder or to consummate the transactions
contemplated hereby on a timely basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.03. <I>Non-contravention. </I>The execution, delivery and performance by each of Usiminas
Brazil and Seller of this Agreement and the consummation by each of Usiminas Brazil and Seller of
the transactions contemplated hereby do not and will not (i)&nbsp;violate the organizational documents
or bylaws of any of Usiminas Brazil or Seller or (ii)&nbsp;violate any law, statute, rule, code,
regulation, ordinance, order, judgment or decree of, or issued by, any Governmental Entity that is
binding upon or applicable to any of Usiminas Brazil or Seller Buyer that, in the case of clause
(ii), would reasonably be expected to have, individually or in the aggregate, a material adverse
effect on the ability of any of Usiminas Brazil or Seller to perform its obligations hereunder or
to consummate the transactions contemplated hereby on a timely basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.04. <I>Parent Company</I>. Usiminas Brazil has, and at all times from the date hereof
until the consummation of the purchase and sale of the Subject Shares hereunder on the Closing Date
Usiminas Brazil shall have, absolute right, power and capacity to cause Seller to sell, assign,
transfer and deliver the Subject Shares to Buyer in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.05. <I>Ownership of the Subject Shares</I>. Seller is, and at all times from the date
hereof until the consummation of the purchase and sale of the Subject Shares hereunder on the
Closing Date Seller shall be, the record, legal and beneficial owner of the Subject Shares, shall
have valid title thereto, and shall have the absolute right, power and capacity to sell, assign,
transfer and deliver the Subject Shares to Buyer, in each case free and clear of any liens,
encumbrances, pledges, security interests, restrictive agreements, transfer restrictions, voting
trust arrangements, claims or imperfections of any nature whatsoever (other than restrictions
arising under securities laws and the Shareholders&#146; Agreement, which, in the latter case, shall
have been waived in accordance with the Transaction and Registration Rights Agreement subject to
the terms and conditions thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.06. <I>Exclusivity of Representations and Warranties</I>.<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP> The representations
and warranties made by each of Usiminas Brazil and Seller in this Agreement are the only
representations and warranties made by them with respect to this Agreement and the transactions
contemplated hereby. Neither Usiminas Brazil nor Seller makes any representations or warranties of
any kind (either express or implied) with respect to Company or any of its subsidiaries or their
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><B>INCLUDE IF PARTY OTHER THAN THE COMPANY IS THE &#147;BUYER.&#148;</B></TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">respective business, operations, assets, liabilities, condition (financial or otherwise) or
prospects.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 5<BR>
<FONT style="FONT-variant: SMALL-CAPS">Conditions to Closing</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.01. <I>Conditions to Obligations of Buyer and Seller</I>. The respective obligations of
Buyer, on the one hand, and Usiminas Brazil and Seller, on the other, to consummate the Closing are
subject to the satisfaction of the following conditions: (i)&nbsp;no Governmental Entity shall have
enacted, issued, promulgated or enforced or entered any statute, rule, regulation, executive order,
decree, injunction, temporary restraining order or any other order of any nature to the effect that
the Public Offering or the transactions contemplated hereby may not be consummated as provided
therein or herein; and (ii)&nbsp;the Public Offering Shares to be delivered pursuant to the Underwriting
Agreement at the corresponding closing date thereunder shall have occurred or shall be occurring
substantially simultaneously with the Closing hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.02. <I>Conditions to Obligation of Buyer</I>. The obligation of Buyer to consummate the
purchase of the Subject Shares on the Closing Date is subject to the satisfaction, or waiver by
Buyer, of the following conditions: (i)&nbsp;the representations and warranties of each of Usiminas
Brazil and Seller contained in this Agreement shall be true and correct at and as of the Closing
Date, as if made at and as of such date, and Buyer shall have received a certificate signed by duly
authorized officers of each of Usiminas Brazil and Seller to the foregoing effect; (ii)&nbsp;Seller
shall have delivered, or caused to be delivered, to Buyer the items referred to in Section&nbsp;6.01 in
form and substance reasonably satisfactory to Buyer; and (iii)&nbsp;Buyer shall have received the fees
that Buyer is entitled to receive under Section&nbsp;4 of the Transaction and Registration Rights
Agreement as provided therein; <U>provided</U>, however, that Buyer may, at its sole election and
in its sole discretion, elect, at the Closing, to deduct such fees from the Purchase Price, in
which case (A)&nbsp;Buyer shall pay Seller an amount equal to the Purchase Price <U><I>minus</I></U> the
amount of the fees required to be paid to Buyer under Section&nbsp;4 of the Transaction and Registration
Rights Agreement, and such payment shall be deemed to be a payment in full of the Purchase Price
and (B)&nbsp;Usiminas Brazil and Seller shall be released from their obligation to pay the fees required
to be paid to Buyer under Section&nbsp;4 of the Transaction and Registration Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.03. <I>Conditions to Obligation of Seller</I>. The obligation of each of Usiminas Brazil
and Seller to consummate the sale and delivery of the Subject Shares on the Closing Date is subject
to the satisfaction, or waiver by each of Usiminas Brazil and Seller, of the following conditions:
(i)&nbsp;the representations and warranties of Buyer contained in this Agreement shall be true and
correct at and as of the Closing Date, as if made at and as of such date, and Usiminas Brazil and
Seller shall have received a certificate signed by a duly authorized officer of Buyer to the
foregoing effect; and (ii)&nbsp;Buyer shall have paid the Purchase Price in accordance with Section
6.02.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 6<BR>
<FONT style="FONT-variant: SMALL-CAPS">Closing Deliverables</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.01. <I>Seller Closing Deliverables</I>. At the Closing, Seller shall (i)&nbsp;deliver, or cause
to be delivered, to Buyer a transfer instrument in the form attached as Exhibit&nbsp;A hereto executed
by duly authorized officers or attorneys-in-fact of Seller, and such other letters, notices,
acknowledgments, powers of attorney and other documents (whether of a like nature or not) as Buyer
or the Company&#146;s registrar may reasonably request in connection with the transfer of title of the
Subject Shares or the registration of the transfer thereof, and (ii)&nbsp;take any other action as may
be necessary or required for the purpose of consummating or registering the transfer of title to
such Subject Shares to Buyer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.02. <I>Buyer Closing Deliverables. </I>At the Closing, Buyer shall deliver, or cause to be
delivered, to Seller the Purchase Price (net of any applicable withholding taxes, charges, fees,
imposts, levies or other assessments) in cash by wire transfer of immediately available funds to an
account designated in writing, at least three (3)&nbsp;business days prior to the Closing, by Seller to
Buyer , it being understood, for the avoidance of doubt, that in the event that Buyer elects to
exercise the option contemplated by the proviso of clause (iii)&nbsp;of Section&nbsp;5.02, Buyer shall
deliver, or cause to be delivered, to Seller an amount equal to the Purchase Price (net of any
applicable withholding taxes, charges, fees, imposts, levies or other assessments) <U><I>minus</I></U>
the amount of the fees required to be paid to Buyer under Section&nbsp;4 of the Transaction and
Registration Rights Agreement, and such payment shall be deemed to be a payment in full of the
Purchase Price.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE 7<BR>
<FONT style="FONT-variant: SMALL-CAPS">Termination</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.01. <I>Grounds for Termination</I>. This Agreement may be terminated and the transactions
contemplated hereby may be abandoned:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Closing Date by unanimous written agreement of Buyer, Seller
and Usiminas Brazil;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Buyer, Seller or Usiminas Brazil if (i)&nbsp;at any time prior to the Closing Date any
Governmental Entity shall have enacted, issued, promulgated or enforced or entered into any
statute, rule, regulation, executive order, decree or injunction or any other order of any nature
to the effect that the Public Offering or the transactions contemplated hereby may not be
consummated as provided therein or herein and such statute, rule, regulation, executive order,
decree or injunction or other order shall have become final and non-appealable (provided, in the
case of orders, injunctions or similar restrictions, that they shall not have been issued or
imposed for any reason attributable to the party that elects to terminate this Agreement pursuant
to this Section&nbsp;7.01(b)(i)) or (ii)&nbsp;the delivery of the Public Offering Shares to the
Underwriters pursuant to the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Underwriting Agreement shall not have occurred by &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;, 2011<SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP> (the
&#147;<B>Termination Date</B>&#148;) for any reason not attributable to the party that elects to terminate this
Agreement pursuant to this Section&nbsp;7.01(b)(ii);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Buyer if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time prior to the Closing Date, there shall be a breach of any
representations or warranties of any of Usiminas Brazil or Seller in this Agreement that
would have, individually or in the aggregate, a material adverse effect on the ability of
any of Usiminas Brazil or Seller to perform its obligations hereunder or to consummate the
transactions contemplated hereby on a timely basis; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Closing shall not have occurred by the Termination Date, provided, that
Buyer may not terminate this Agreement pursuant to this Section&nbsp;7.01(c) if Buyer is in
breach of this Agreement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by Usiminas Brazil or Seller if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time prior to the Closing Date, there shall be a breach of any
representations or warranties of Buyer in this Agreement that would have, individually or
in the aggregate, a material adverse effect on the ability of Buyer to perform its
obligations hereunder or to consummate the transactions contemplated hereby on a timely
basis; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Closing shall not have occurred by the Termination Date, provided, that
neither Usiminas Brazil nor Seller may terminate this Agreement pursuant to this Section
7.01(d) if any of Usiminas Brazil or Seller is in breach of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.02. <I>Effect of Termination. </I>In the event of the termination of this Agreement
pursuant to Section&nbsp;7.01 by any party hereto, written notice thereof shall forthwith be given to
the other parties specifying the provision hereof pursuant to which such termination is made, and
this Agreement shall become void and have no effect (other than this Section&nbsp;7.02, ARTICLE 8
(Indemnification), and ARTICLE 9 (Miscellaneous)), and there shall be no liability hereunder on the
part of the parties hereto (or any of their respective stockholders, directors, officers,
employees, agents, consultants or representatives) except for liability arising out of a breach of
this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 8<BR>
<FONT style="FONT-variant: SMALL-CAPS">indemnification</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.01. <I>Indemnification of Buyer</I>. Usiminas Brazil and Seller shall jointly and
severally indemnify Buyer against, and hold Buyer harmless from, any
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><B>INSERT DEADLINE FOR SETTLEMENT OF THE PUBLIC OFFERING.</B></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and all losses, liabilities, costs, claims, damages and expenses (including, without
limitation, interest, penalties and reasonable attorneys&#146; fees and disbursements) which Buyer may
incur or suffer arising out of (i)&nbsp;any breach of or inaccuracy in any representation or warranty of
any of Usiminas Brazil or Seller in this Agreement, or (ii)&nbsp;any breach of or failure to perform any
of Usiminas Brazil&#146;s or Seller&#146;s obligations set forth in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.02. <I>Indemnification of Seller</I>. Buyer shall indemnify Seller against, and hold
Seller harmless from, any and all losses, liabilities, costs, claims, damages and expenses
(including, without limitation, interest, penalties and reasonable attorneys&#146; fees and
disbursements) which Seller may incur or suffer arising out (i)&nbsp;any breach of or inaccuracy in any
representation or warranty of Buyer in this agreement or (ii)&nbsp;any breach of or failure to perform
any of Buyer&#146;s obligations set forth in this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;ARTICLE &#091;<B>&#149;</B>&#093;<BR>
<FONT style="FONT-variant: SMALL-CAPS">Guarantee</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section &#091;<B>&#149;</B>&#093;.01. <I>Guarantee</I>. Buyer&#146;s Guarantor hereby irrevocably and unconditionally guarantees
to Seller the full and punctual performance of Buyer&#146;s payment obligations hereunder. If Buyer
shall default in the full and timely performance of its payment obligations hereunder for any
reason, Buyer&#146;s Guarantor hereby agrees, within three (3)&nbsp;business days from written demand by
Seller, to fulfill, or cause to be fulfilled, such obligations fully in accordance with the terms
of this Agreement.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE 9<BR>
<FONT style="FONT-variant: SMALL-CAPS">Miscellaneous</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.01. <I>Notices</I>. All notices, requests and other communications to any party hereunder
shall be in writing (including facsimile transmission) and shall be given,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Buyer, to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">&#091;<B>&#149;</B>&#093;<BR>
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
Attention: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
Facsimile No.: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert if a Designated Subsidiary is the Buyer.</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
Attention: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
Facsimile No.: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Seller, to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Usiminas Europa A/S<BR>
&#091;c/o Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas<BR>
Rua Professor Jos&#233; Vieira de Mendon&#231;a, 3011 &#151; Engenho Nogueira<BR>
31310-260 &#151; Belo Horizonte MG<BR>
Brazil&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Attention: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
Facsimile No.: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy (which shall not constitute notice) to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Mayer Brown LLP<BR>
Avenida Juscelino Kubitschek, 1455, 5th Floor<BR>
S&#227;o Paulo &#151; 04543-011<BR>
Brazil<BR>
Attention: Ricardo M. Gonzalez<BR>
Facsimile No.: &#043;55 (11)&nbsp;2504 4210
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Tauil &#038; Chequer Asociado a Mayer Brown LLP<BR>
Avenida Juscelino Kubitschek, 1455, 6th Floor<BR>
S&#227;o Paulo &#151; 04543-011<BR>
Brazil<BR>
Attention: Carlos Motta<BR>
Facsimile No.: &#043;55 (11)&nbsp;2504 4211
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas, to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas<BR>
Rua Professor Jos&#233; Vieira de Mendon&#231;a, 3011 &#151; Engenho<BR>
Nogueira<BR>
31310-260 &#151; Belo Horizonte MG
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Brazil
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Attention: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;<BR>
Facsimile No.: &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy (which shall not constitute notice) to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Mayer Brown LLP<BR>
Avenida Juscelino Kubitschek, 1455, 5th Floor<BR>
S&#227;o Paulo &#151; 04543-011<BR>
Brazil<BR>
Attention: Ricardo M. Gonzalez<BR>
Facsimile No.: &#043;55 (11)&nbsp;2504 4210
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Tauil &#038; Chequer Asociado a Mayer Brown LLP<BR>
Avenida Juscelino Kubitschek, 1455, 6th Floor<BR>
S&#227;o Paulo &#151; 04543-011<BR>
Brazil<BR>
Attention: Carlos Motta<BR>
Facsimile No.: &#043;55 (11)&nbsp;2504 4211
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or such other address or facsimile number as such party may hereafter specify for the purpose by
notice to the other parties hereto. All such notices, requests and other communications shall be
deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the
place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such
notice, request or communication shall be deemed not to have been received until the next
succeeding Business Day in the place of receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.02. <I>Amendments and Waivers</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed, in the case of an amendment, by each party to this
Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.03. <I>Expenses</I>. All costs and expenses incurred in connection with this Agreement or
the transactions contemplated hereby shall be borne by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Usiminas Brazil and/or Seller. Each of Usiminas Brazil and Seller agree to, promptly upon
Buyer&#146;s request, reimburse Buyer for all reasonable and documented out-of-pocket expenses incident
to Buyer&#146;s performance of or compliance with this Agreement, including, without limitation, fees
and disbursements of outside counsel to Buyer (including fees of Sullivan &#038; Cromwell LLP, Mitrani,
Caballero, Rosso Alba, Francia, Ojam &#038; Ruiz Moreno, and Elvinger, Hoss &#038; Prussen), and any stamp,
registration or other similar taxes, charges or fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.04. <I>Successors and Assigns; Transfers</I>. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns; <I>provided </I>that no party may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the other party hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.05. <I>Governing Law</I>. This Agreement shall be governed by and construed in accordance
with the law of the State of New York, without regard to the conflicts of law rules of such state.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.06. <I>Jurisdiction</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Buyer, Seller and Usiminas Brazil hereby irrevocably submits to the
non-exclusive jurisdiction of any New York state or United States federal court sitting in the
Borough of Manhattan in the City of New York, County and State of New York, United States, over
any suit, action or proceeding arising out of or relating to this Agreement. Each of Buyer,
Seller and Usiminas Brazil irrevocably waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of venue of any such suit, action or
proceeding brought in such a court and any claim that any such suit, action or proceeding brought
in such a court has been brought in an inconvenient forum. To the extent that either Buyer,
Seller or Usiminas Brazil has or hereafter may acquire any immunity (on the grounds of
sovereignty or otherwise) from the jurisdiction of any court or from any legal process with
respect to itself or its property, each of Buyer, Seller and Usiminas Brazil irrevocably waives,
to the fullest extent permitted by law, such immunity in respect of any such suit, action or
proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Buyer hereby irrevocably appoints CT Corporation, with offices at the date hereof at 111
Eighth Avenue 13th Floor, New York, NY 10011, and each of Seller and Usiminas Brazil hereby
irrevocably appoints National Corporate Research, Ltd., with offices at the date hereof at 10
East 40th Street 10th Floor, New York, NY 10016, as their respective authorized agent (each of
National Corporate Research, Ltd. and CT Corporation, an &#147;<B>Authorized Agent</B>&#148;) for service of
process in any suit, action or proceeding described in the preceding paragraph and agrees that
service of process in any such suit, action or proceeding may be made upon it at the office of
such agent. Each of Buyer, Seller and Usiminas Brazil waives, to the fullest extent permitted by
law, any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">other requirements of or objections to personal jurisdiction with respect thereto. Each of
Buyer, Seller and Usiminas Brazil represents and warrants that its respective Authorized Agent
has agreed to act as its agent for service of process, and each of Buyer, Seller and Usiminas
Brazil agrees to take any and all action, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.07. <I>WAIVER OF JURY TRIAL</I>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.08. <I>Counterparts; Effectiveness; Third Party Beneficiaries</I>. This Agreement may be
signed in any number of counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument. This Agreement shall become
effective when each party hereto shall have received a counterpart hereof signed by the other party
hereto. Until and unless each party has received a counterpart hereof signed by the other party
hereto, this Agreement shall have no effect and no party shall have any right or obligation
hereunder (whether by virtue of any other oral or written agreement or other communication). No
provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or
liabilities hereunder upon any person other than the parties hereto and their respective successors
and permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.09. <I>Entire Agreement</I>. This Agreement, the Confidentiality Agreement and the
Transaction and Registration Rights Agreement constitute the entire agreement between the parties
with respect to the subject matter of this Agreement and supersede all prior agreements and
understandings, both oral and written, between the parties with respect to the subject matter of
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.10. <I>Severability. </I>If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so
long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such a determination, the parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.11. <I>Specific Performance. </I>The parties hereto agree that irreparable damage would
occur if any provision of this Agreement were not performed in accordance with the terms hereof and
that the parties shall be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce
specifically the performance of the terms and provisions hereof in any New York state or United
States federal court sitting in the Borough of Manhattan in the City of New York, County and State
of New York, United States, in addition to any other remedy to which they are entitled at law or in
equity.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;<B>&#149;</B>&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Usiminas Europa A/S<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Usinas Sider&#250;rgicas de Minas Gerais S.A. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151; Usiminas<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Signature Page to the Purchase Agreement
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A</B><BR>
<U>TRANSFER INSTRUMENT</U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usiminas Europa A/S, an <I>aktieselskaber </I>organized and existing under the laws of Denmark,
having its registered office at &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, Denmark (the &#147;<B>Transferor</B>&#148;), for good
and valuable consideration received by it from &#091;<B>&#149;</B>&#093;, a &#091;<B>&#149;</B>&#093; organized and existing under the laws of
&#091;<B>&#149;</B>&#093;, having its registered office at &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; (the &#147;<B>Transferee</B>&#148;), does hereby
transfer to the Transferee &#091;<B>&#149;</B>&#093; ordinary shares of a par value of U.S.$1.00 per share, of Ternium
S.A., a <I>soci&#233;t&#233; anonyme </I>organized under the laws of Luxembourg, registered with the Luxembourg
<I>Registre de Commerce et des Soci&#233;t&#233;s </I>under section B number 98 668, and having its registered
office 46A, Avenue John F. Kennedy, L-1855 Luxembourg (the &#147;<B>Shares</B>&#148;), standing in the Transferor&#146;s
name in the Register of Registered Shares of Ternium S.A. (the &#147;<B>Transfer</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transfer shall be effective between the Transferee and the Transferor as of the date of
this instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transferor (i)&nbsp;undertakes to notify Ternium S.A. and BNP Securities Services, Luxembourg
Branch, in its capacity as registrar of Ternium S.A., of the Transfer, (ii)&nbsp;authorizes BNP
Securities Services, Luxembourg Branch in its capacity as registrar of Ternium S.A., to record the
Transfer in the Register of Registered Shares of Ternium S.A. upon receipt of a copy hereof
(including a facsimile copy), and (iii)&nbsp;consents that the Shares remain registered to its name on
the Register of Registered Shares of Ternium S.A. until such time as BNP Securities Services,
Luxembourg Branch, in its capacity as registrar of Ternium S.A., enters the Transferee&#146;s name in
the Register of Registered Shares of Ternium S.A. and records the Transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Transfer is made by the Transferor to Transferee pursuant to the Purchase Agreement
entered into on &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, 2011 by and among the Transferor, the Transferee and Usinas
Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas, a <I>sociedade an&#244;nima </I>organized under the laws of the
Federative Republic of Brazil.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK&#093;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, </B>the Transferor and the Transferee sign this transfer deed as of this &#091;&#95;&#95;&#093;
day of &#091;&#95;&#95;&#95;&#95;&#95;&#093; of 2011 in four (4)&nbsp;identical original counterparts, one to be kept by the
Transferor, one to be kept by the Transferee, one to be delivered to Ternium S.A., and one to be
delivered to BNP Securities Services, Luxembourg Branch in its capacity as registrar of Ternium
S.A.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Usiminas Europa A/S</B>, as Transferor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#091;<B>&#149;</B>&#093;</B>, as Transferee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX C &#151; FORM OF DEMAND REGISTRATION</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;<B>&#149;</B>&#093;, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ternium S.A.<BR>
46a, Avenue John F. Kennedy &#151; 2nd floor<BR>
L-1855 Luxembourg<BR>
Attention: Pablo D. Brizzio, CFO<BR>
Facsimile: &#043;54 (11)&nbsp;4018-2786

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: <U>Notice of Demand</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to that certain Transaction and Registration Rights Agreement (the
&#147;<U>Agreement</U>&#148;), by and among Ternium S.A., a public limited liability company (<I>soci&#233;t&#233;
anonyme</I>) incorporated under the laws of the Grand-Duchy of Luxembourg (the &#147;<U>Company</U>&#148;),
Techint Holdings S.&#224;r.l., a private limited liability company (<I>soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e</I>)
continued under the laws of the Grand-Duchy of Luxembourg (formerly I.I.I. Industrial Investments
Inc., a company organized under the laws of the Cayman Islands) (&#147;<U>Techint</U>&#148;), Usiminas
Europa A/S, an <I>aktieselskaber </I>organized under the laws of Denmark (&#147;<U>Usiminas Sub</U>&#148;), and
Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas, a <I>sociedade an&#244;nima </I>organized under the laws
of the Federative Republic of Brazil (&#147;<U>Usiminas Parent</U>&#148; and, together with Usiminas Sub,
&#147;<U>Usiminas</U>&#148;). Terms used but not defined in this letter shall have the meanings given them
in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section 6(a) of the Agreement, Usiminas is hereby making a Demand
Registration for the registration of 285,731,726 Registrable Shares, less such number of Ordinary
Shares, if any, as the Company and/or Techint shall elect to purchase or cause any Designated
Subsidiary to purchase pursuant to a Purchase Election under Section 3(a) of the Agreement.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
Usinas Sider&#250;rgicas de Minas Gerais S.A. &#151; Usiminas<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>8
<FILENAME>y89305exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;12.1</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top"><B>Ternium S.A.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nine month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>period ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>For the year ended December 31,</B></TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><I>In thousands of U.S. dollars, except ratio</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
</TR>



<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before equity in earnings of associated
companies and income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,031,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">898,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed Charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></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>
    <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><DIV style="margin-left:15px; text-indent:-15px">Amortization of capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributed income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share of pre-tax losses of equity investees
for which charges arising from guarantees are
included in fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preference security dividend requirements of
consolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in pre-tax income of
subsidiaries that have not incurred fixed
charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,090,281</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>540,712</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,027,811</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>859,023</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,026,603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>677,543</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed Charges</DIV></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>
    <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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></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>
    <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><DIV style="margin-left:15px; text-indent:-15px">Interest expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortized premiums, discounts and capitalized
expenses related to indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preference security dividend requirement of
consolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimate of the interest within rental expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,798</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111,407</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>148,889</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>152,241</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>128,123</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>85,658</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RATIO OF EARNINGS TO FIXED CHARGES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18.54</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.85</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.90</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.64</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.01</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.91</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>9
<FILENAME>y89305exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y89305y8930502.gif" alt="(PRICEWATERHOUSECOOPERS LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form F-3
of our report dated June&nbsp;29, 2010 relating to the financial statements and the effectiveness of
internal control over financial reporting, which appears in Ternium&#146;s Annual Report on Form 20-F
for the year ended December&nbsp;31, 2009. We also consent to the reference to us under the heading
&#147;Experts&#148;<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP>in such Registration Statement<B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Buenos Aires, Argentina<BR>
January&nbsp;31, 2011

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT style="white-space: nowrap">PRICE WATERHOUSE &#038; CO. S.R.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">/s/ PRICE WATERHOUSE &#038; CO. S.R.L.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Daniel A. L&#243;pez Lado</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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-----END PRIVACY-ENHANCED MESSAGE-----
