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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-10-097919.txt : 20101029
<SEC-HEADER>0000950123-10-097919.hdr.sgml : 20101029
<ACCEPTANCE-DATETIME>20101029112318
ACCESSION NUMBER:		0000950123-10-097919
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20101029
DATE AS OF CHANGE:		20101029

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROW ELECTRONICS INC
		CENTRAL INDEX KEY:			0000007536
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				111806155
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-162070
		FILM NUMBER:		101150326

	BUSINESS ADDRESS:	
		STREET 1:		25 HUB DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		5163911300

	MAIL ADDRESS:	
		STREET 1:		50 MARCUS DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>y87353e424b2.htm
<DESCRIPTION>424B2
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica; color: #A32638">The
information in this preliminary prospectus supplement is not
complete and may be changed. This preliminary prospectus
supplement and the accompanying prospectus are not an offer to
sell these securities and they are not soliciting an offer to
buy these securities in any jurisdiction where the offer or sale
is not permitted.<BR>
</FONT></B>
</TD></TR></TABLE>

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

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Filed Pursuant to Rule 424(b)(2)
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Registration Statement No.
    <FONT style="white-space: nowrap">333-162070</FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt; color: #A32638">Subject to
    Completion, dated October&#160;29, 2010</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">Prospectus Supplement</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">(To prospectus dated
    September&#160;23, 2009)</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></I></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <IMG src="y87353y8735300.gif" alt="(ARROW ELECTRONICS LOGO)"><B><I><FONT style="font-size: 18pt">
    </FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">Arrow Electronics,
    Inc.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    due</FONT></I></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    due</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I><FONT style="font-size: 12pt">Interest
    payable&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and</FONT></I>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Issue
    price:&#160;&#160;&#160;&#160;&#160;% for
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;&#160;&#160;&#160;%
    for
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are offering $&#160;&#160;&#160;&#160;&#160; of
    our&#160;&#160;&#160;&#160;&#160;%&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (the
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes&#148;)
    and $&#160;&#160;&#160;&#160;&#160; of
    our&#160;&#160;&#160;&#160;&#160;%&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (the
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes&#148;
    and together with
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes, the &#147;notes&#148;). We will pay interest on the notes
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year,
    beginning&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011. The notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    and
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    The notes will be issued only in denominations of $2,000 and
    integral multiples of $1,000 above that amount.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We may redeem the notes, in whole or in part, at any time prior
    to their maturity at the redemption price described in this
    prospectus supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes will be unsecured and will rank equally with all our
    other existing and future unsecured indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>See &#147;Risk factors&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-9</FONT>
    for a discussion of certain risks that you should consider in
    connection with an investment in the notes.</B>
</DIV>

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="12" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Underwriting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Proceeds,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Price to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Discounts and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>before<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Public</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Commissions</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Expenses</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="12" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 8pt">
<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 nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per&#160;&#160;&#160;Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 22pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Per&#160;&#160;&#160;Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 22pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes will not be listed on any securities exchange.
    Currently, there is no public market for the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The underwriters expect to deliver the notes to purchasers
    through the book-entry delivery system of The Depository
    Trust&#160;Company and its participants, including Euroclear and
    Clearstream, on or about November&#160;&#160;,&#160;2010.
</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: Arial, Helvetica; color: #000000; background: transparent">
    <I>Joint Book-Running Managers</I>
</DIV>

<DIV style="margin-top: 15pt; 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="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

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

</TABLE>

<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: Arial, Helvetica; color: #000000; background: transparent">
    October&#160;&#160;&#160;, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; 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: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>We have not authorized anyone to provide any information
    other than that provided or incorporated by reference in this
    prospectus supplement, the accompanying prospectus and any free
    writing prospectus we may authorize to be delivered to you. We
    take no responsibility for, and can provide no assurance as to
    the reliability of, any other information that others may give
    you. We are not making an offer to sell the notes in any
    jurisdiction where the offer or sale of the notes is not
    permitted. You should not assume that the information appearing
    in this prospectus supplement, the accompanying prospectus, any
    free writing prospectus or the documents incorporated by
    reference is accurate as of any date other than their respective
    dates. Our business, financial condition, results of operations
    and prospects may have changed since those dates.</B>
</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: Arial, Helvetica; color: #000000; background: transparent">
    As used in this prospectus supplement, the terms
    &#147;Arrow,&#148; the &#147;Company,&#148; &#147;we,&#148;
    &#147;us&#148; and &#147;our&#148; refer to Arrow Electronics,
    Inc. and its subsidiaries, unless the context indicates
    otherwise.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Table of
    contents</FONT></B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 15pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#101'>About this prospectus supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#102'>Forward-looking statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#103'>Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#104'>Risk factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#105'>Consolidated ratios of earnings to fixed
    charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#106'>Use of proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#107'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#108'>Description of the notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#109'>Certain U.S. federal tax considerations for
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#110'>Underwriting (Conflicts of interest)</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#111'>Validity of the notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#125'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#301'>About this Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#302'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#303'>Forward Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#304'>Arrow Electronics, Inc.&#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 align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#305'>Consolidated Ratios of Earnings to Fixed
    Charges</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: -12pt; margin-left: 12pt">
    <A HREF='#306'>Use of Proceeds</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: -12pt; margin-left: 12pt">
    <A HREF='#307'>Description of Debt Securities</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: -12pt; margin-left: 12pt">
    <A HREF='#308'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#309'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#310'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#311'>Validity of Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#312'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

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

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">About this
    prospectus supplement</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This document is in two parts. The first part is this prospectus
    supplement, which describes the specific terms of the notes we
    are offering. The second part, the base prospectus, gives more
    general information, some of which may not apply to the notes we
    are offering in this prospectus supplement. See
    &#147;Description of Debt Securities&#148; in the accompanying
    prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If the information in this prospectus supplement varies from the
    information in the accompanying base prospectus, you should rely
    on the information in this prospectus supplement.
</DIV>

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This prospectus supplement includes forward-looking statements
    that are subject to numerous assumptions, risks and
    uncertainties, which could cause actual results or facts to
    differ materially from such statements for a variety of reasons,
    including, but 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="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    industry conditions;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our implementation of our new enterprise resource planning
    system;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    changes in product supply, pricing, and customer demand;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    competition;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    other vagaries in the global components and global enterprise
    computing solutions (&#147;ECS&#148;) markets;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    changes in relationships with key suppliers;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    increased profit margin pressure;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the effects of additional actions taken to become more efficient
    or lower costs;&#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: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to generate additional cash flow.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Forward-looking statements are those statements which are not
    statements of historical fact. These forward-looking statements
    can be identified by forward-looking words such as
    &#147;expects,&#148; &#147;anticipates,&#148;
    &#147;intends,&#148; &#147;plans,&#148; &#147;may,&#148;
    &#147;will,&#148; &#147;believes,&#148; &#147;seeks,&#148;
    &#147;estimates,&#148; and similar expressions. You are
    cautioned not to place undue reliance on these forward-looking
    statements, which speak only as of the date on which they are
    made. We undertake no obligation to update publicly or revise
    any of the forward-looking statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Summary</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>This summary highlights selected information contained or
    incorporated by reference in this prospectus supplement or the
    accompanying prospectus and may not contain all the information
    that is important to you. You should read the following summary
    together with the more detailed information and financial
    statements and notes to the financial statements contained
    elsewhere or incorporated by reference in this prospectus
    supplement or the accompanying prospectus, as described under
    the heading &#147;Where you can find more information&#148; in
    the accompanying prospectus. To fully understand this offering,
    you should read all these documents.</I>
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Company
    overview</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are a global provider of products, services, and solutions to
    industrial and commercial users of electronic components and
    enterprise computing solutions. We believe we are a leader in
    the electronics distribution industry in operating systems,
    employee productivity, value-added programs, and total quality
    assurance. We serve approximately 900 suppliers and over 125,000
    original equipment manufacturers (&#147;OEMs&#148;), contract
    manufacturers (&#147;CMs&#148;), and commercial customers.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Serving our industrial and commercial customers as a supply
    channel partner, we offer both a wide spectrum of products and a
    broad range of services and solutions, including materials
    planning, design services, programming and assembly services,
    inventory management, and a variety of online supply chain tools.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Our diverse worldwide customer base consists of OEMs, CMs, and
    other commercial customers. Customers include manufacturers of
    consumer and industrial equipment (including machine tools,
    factory automation, and robotic equipment), telecommunications
    products, automotive and transportation, aerospace and defense,
    scientific and medical devices, and computer and office
    products. Customers also include value-added resellers
    (&#147;VARs&#148;) of enterprise computing solutions.
</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: Arial, Helvetica; color: #000000; background: transparent">
    We maintain over 200 sales facilities and 22 distribution and
    value-added centers in 51 countries and territories, serving
    over 70 countries and territories. Through this network, we
    provide one of the broadest product offerings in the electronic
    components and enterprise computing solutions distribution
    industries and a wide range of value-added services to help
    customers reduce their time to market, lower their total cost of
    ownership, introduce innovative products through demand creation
    opportunities, and enhance their overall competitiveness.
</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: Arial, Helvetica; color: #000000; background: transparent">
    We have two business segments. We distribute electronic
    components to OEMs and CMs through our global components
    business segment and provide enterprise computing solutions to
    VARs through our global ECS business segment.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">The
    offering</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>The following is a brief summary of certain terms of this
    offering. For a more complete description of the terms of the
    notes, see &#147;Description of the notes&#148; in this
    prospectus supplement and &#147;Description of Debt
    Securities&#148; in the accompanying base prospectus. In this
    &#147;offering&#148; section, the terms &#147;the Company,&#148;
    &#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to Arrow
    Electronics, Inc. and not to our subsidiaries.</I>
</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: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="25%"></TD>
    <TD width="1%"></TD>
    <TD width="74%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Issuer</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Arrow Electronics, Inc.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Securities</B></TD>
    <TD></TD>
    <TD valign="bottom">
    $&#160;&#160;&#160;&#160;&#160; aggregate principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    $&#160;&#160;&#160;&#160;&#160; aggregate principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Maturity</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    and
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Interest payment dates</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year,
    commencing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Optional redemption</B></TD>
    <TD></TD>
    <TD valign="bottom">
    At our option, we may redeem any or all of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    and
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes,
    in whole or in part, at any time, at the redemption prices
    described under &#147;Description of the notes&#151;Optional
    redemption&#148; in this prospectus supplement.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Ranking</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;are unsecured;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;rank equally with all our existing and future
    unsecured and unsubordinated debt;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;are senior to any future subordinated debt; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;are effectively junior to any existing and future
    secured debt and to all existing and future debt and other
    liabilities of our subsidiaries.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Covenants</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We will issue the notes under an indenture containing covenants
    for your benefit. These covenants restrict our ability, with
    certain exceptions, to:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;incur debt secured by liens;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;engage in sale/leaseback transactions; or</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;merge or consolidate with another entity or sell
    substantially all of our assets to another entity.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Change of control</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Upon the occurrence of a Change of Control Triggering Event (as
    described in &#147;Description of the notes&#151;Change of
    control offer&#148;), we will be required to offer to purchase
    some or all of your notes at 101% of their principal amount,
    plus accrued and unpaid interest to the date of purchase.</TD>
</TR>

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<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: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="25%"></TD>
    <TD width="1%"></TD>
    <TD width="74%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Use of proceeds</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We expect to use the net proceeds from this offering for general
    corporate purposes, which may include acquisitions and the
    repayment of debt outstanding under our $800.0&#160;million
    revolving credit facility or our $300.0&#160;million asset
    securitization program. See &#147;Use of proceeds.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Further issues</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We may from time to time, without notice to or the consent of
    the registered holders of the notes, create and issue further
    notes ranking pari passu with
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    which will have the same terms except for the payment of
    interest accruing prior to the issue date of such further notes
    or except, in some cases, for the first payment of interest
    following the issue date of such further notes) and so that such
    further notes may be consolidated and form a single series with
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    and have the same terms as to status, redemption or otherwise as
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -8%; margin-left: 8%">
    <B>Form and denomination</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be issued in minimum denominations of $2,000 and
    any integral multiples of $1,000 above that amount.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Risk factors</B></TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Risk factors&#148; and other information included or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus for a discussion of factors you should
    carefully consider before deciding to invest in the notes.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Conflicts of interest</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Affiliates of our underwriters act as administrative agent,
    syndication agent and lenders under our credit facility, and
    provide financing to us under our asset securitization program.
    We may apply a portion of the net proceeds of the offering to
    repay borrowings under our outstanding revolving credit facility
    or our asset securitization program. As a result of this
    repayment, affiliates of our underwriters, Banc of America
    Securities LLC and J.P.&#160;Morgan Securities LLC, may receive
    more than 5% of the net proceeds of the offering, and therefore
    the offering will be conducted in accordance with NASD
    Rule&#160;2720(a)(1).</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: Arial, Helvetica">Selected
    historical financial data</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following table contains our selected historical financial
    data as of the dates and for the periods indicated. We have
    derived the selected historical financial data as of
    December&#160;31, 2008 and 2009 and for each of the years in the
    five-year period ended December&#160;31, 2009 from our audited
    consolidated financial statements. We have derived the selected
    historical financial data as of October&#160;2, 2010 and for the
    nine-month periods ended October&#160;2, 2010 and
    October&#160;3, 2009 from our unaudited consolidated financial
    statements which, in the opinion of management, include all
    adjustments necessary for a fair presentation. Nine-month
    results, however, are not necessarily indicative of the results
    that may be expected for any other interim period or for a full
    year.
</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: Arial, Helvetica; color: #000000; background: transparent">
    You should read the following data together with our other
    historical financial information and statements (including
    related notes) incorporated by reference in this prospectus
    supplement and the accompanying prospectus. Please also read
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and
    &#147;Capitalization&#148; included or incorporated by reference
    in this prospectus supplement and the accompanying prospectus.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&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="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="28" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nine months ended</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">(in millions except<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">October&#160;2,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">October&#160;3,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Year ended
    December&#160;31,</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">a</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009<SUP style="font-size: 85%; vertical-align: top">b</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009<SUP style="font-size: 85%; vertical-align: top">c</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008<SUP style="font-size: 85%; vertical-align: top">d</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2007<SUP style="font-size: 85%; vertical-align: top">e</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2006<SUP style="font-size: 85%; vertical-align: top">f,i</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2005<SUP style="font-size: 85%; vertical-align: top">g,h,i</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="28" align="right" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</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 align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Income statement data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<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: -12pt; margin-left: 12pt">
    Sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,577
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,164
</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: -12pt; margin-left: 12pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    519
</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">
    157
</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">
    273
</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">
    (494
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    687
</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">
    606
</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">
    480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Interest and other financing expense, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</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">
    58
</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">
    83
</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">
    100
</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">
    102
</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">
    91
</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">
    92
</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: -12pt; margin-left: 12pt">
    Net income (loss) attributable to shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    322
</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">
    60
</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">
    124
</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">
    (614
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    408
</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">
    388
</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">
    254
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net income (loss) per share&#151;basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.71
</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">
    0.50
</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">
    1.03
</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">
    (5.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.19
</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">
    2.15
</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: -12pt; margin-left: 12pt">
    Net income (loss) per share&#151;diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.68
</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">
    0.50
</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">
    1.03
</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">
    (5.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.16
</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">
    2.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="29" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="29" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&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="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="12" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>At October&#160;2,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>At December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">(in millions)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="12" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance sheet data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    510
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,137
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    451
</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: -12pt; margin-left: 12pt">
    Accounts receivable and inventory
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,616
</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">
    4,534
</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">
    4,714
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,709
</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">
    7,762
</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">
    7,118
</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: -12pt; margin-left: 12pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,628
</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">
    1,276
</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">
    1,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,141
</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">
    2,917
</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">
    2,677
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating income and net income
    attributable to shareholders include restructuring, integration,
    and other charges of $27.4&#160;million ($19.1&#160;million net
    of related taxes or $.16 per share on both a basic and diluted
    basis). Net income attributable
    </FONT></TD>
</TR>
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</TABLE>
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    <BR>
    S-7
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">to shareholders also includes a
    loss on prepayment of debt of $1.6&#160;million
    ($1.0&#160;million net of related taxes or $.01 per share on
    both a basic and diluted basis).
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating income and net income
    attributable to shareholders include restructuring, integration,
    and other charges of $80.9&#160;million ($61.3&#160;million net
    of related taxes or $.51 per share on both a basic and diluted
    basis). Net income attributable to shareholders also includes a
    loss on prepayment of debt of $5.3&#160;million
    ($3.2&#160;million net of related taxes or $.03 per share on
    both a basic and diluted basis).
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating income and net income
    attributable to shareholders include restructuring, integration,
    and other charges of $105.5&#160;million ($75.7&#160;million net
    of related taxes or $.63 per share on both a basic and diluted
    basis). Net income attributable to shareholders also includes a
    loss on prepayment of debt of $5.3&#160;million
    ($3.2&#160;million net of related taxes or $.03 per share on
    both a basic and diluted basis).
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating loss and net loss
    attributable to shareholders include a non-cash impairment
    charge associated with goodwill of $1.02&#160;billion
    ($905.1&#160;million net of related taxes or $7.49 per share on
    both a basic and diluted basis) and restructuring, integration,
    and other charges of $81.0&#160;million ($61.9&#160;million net
    of related taxes or $.51 per share on both a basic and diluted
    basis). Net loss attributable to shareholders also includes a
    loss of $10.0&#160;million ($.08 per share on both a basic and
    diluted basis) on the write-down of an investment, and a
    reduction of the provision for income taxes of $8.5&#160;million
    ($.07 per share on both a basic and diluted basis) and an
    increase in interest expense of $1.0&#160;million
    ($1.0&#160;million net of related taxes or $.01 per share on
    both a basic and diluted basis) primarily related to the
    settlement of certain international income tax matters.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating income and net income
    attributable to shareholders include restructuring, integration,
    and other charges of $11.7&#160;million ($7.0&#160;million net
    of related taxes or $.06 per share on both a basic and diluted
    basis). Net income attributable to shareholders also includes an
    income tax benefit of $6.0&#160;million, net, ($.05 per share on
    both a basic and diluted basis) principally due to a reduction
    in deferred income taxes as a result of the statutory rate
    change in Germany.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating income and net income
    attributable to shareholders include restructuring, integration,
    and other charges of $16.1&#160;million ($11.7&#160;million net
    of related taxes or $.10 per share on both a basic and diluted
    basis). Net income attributable to shareholders also includes a
    loss on prepayment of debt of $2.6&#160;million
    ($1.6&#160;million net of related taxes or $.01 per share on
    both a basic and diluted basis) and the reduction of the
    provision for income taxes of $46.2&#160;million ($.38 per share
    on both a basic and diluted basis) and the reduction of interest
    expense of $6.9&#160;million ($4.2&#160;million net of related
    taxes or $.03 per share on both a basic and diluted basis)
    related to the settlement of certain income tax matters.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Operating income and net income
    attributable to shareholders include restructuring, integration,
    and other charges of $11.0&#160;million ($6.0&#160;million net
    of related taxes or $.05 per share on both a basic and diluted
    basis). Net income attributable to shareholders also includes a
    loss on prepayment of debt of $4.3&#160;million
    ($2.6&#160;million net of related taxes or $.02 and
    $.01&#160;per share on a basic and diluted basis, respectively)
    and a loss of $3.0&#160;million ($.03 per share on both a basic
    and diluted basis) on the write-down of an investment.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Effective January&#160;1, 2006, we
    began measuring share-based payment awards exchanged for
    employee services at fair value and recorded an expense related
    to such awards in the consolidated statements of operations over
    the requisite employee service period. Prior to January&#160;1,
    2006, we accounted for share-based payment awards using the
    intrinsic value method and were not required to record any
    expense in the consolidated financial statements if the exercise
    price of the award was not less than the market price of the
    underlying stock on the date of the grant. Had compensation
    expense been determined in accordance with the fair value method
    of accounting at the grant dates for awards under our various
    stock-based compensation plans, operating income and net income
    attributable to shareholders for 2005 would be reduced by
    $15.2&#160;million and $9.1&#160;million ($.08 and $.07 per
    share on a basic and diluted basis, respectively).
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(i)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Effective January&#160;1, 2009, we
    adopted the provisions of Financial Accounting Standards Board
    (&#147;FASB&#148;) Accounting Standards Codification
    (&#147;ASC&#148;) Topic
    <FONT style="white-space: nowrap">810-10-65,</FONT>
    which requires, among other things, that the presentation and
    disclosure requirements be applied retrospectively for all
    periods presented. The adoption of FASB ASC Topic
    <FONT style="white-space: nowrap">810-10-65</FONT>
    did not have a material impact on our consolidated financial
    position or results of operations and, accordingly, selected
    financial data was not restated to reflect the adoption of FASB
    ASC Topic
    <FONT style="white-space: nowrap">810-10-65</FONT>
    for financial statement periods dated prior to those included in
    our Annual Report on Form
    <FONT style="white-space: nowrap">10-K</FONT> for the
    year ended December&#160;31, 2009 (2006 and 2005). Reference to
    net income (loss) attributable to shareholders for 2006 and 2005
    is equivalent to net income (loss) as presented in our
    consolidated statements of operations for those periods.
    </FONT></TD>
</TR>

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

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

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>In connection with an investment in our notes, you should
    carefully consider the risks described below and in the
    documents incorporated by reference in this prospectus
    supplement and the accompanying prospectus, including the risks
    described in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009 and our Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended October&#160;2, 2010.</I>
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Risks related to
    the notes</FONT></B>
</DIV>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">Your ability
    to transfer the notes may be limited by the absence of a trading
    market for the notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    There is no established trading market for the notes and we have
    no plans to list the notes on a securities exchange. We have
    been advised by each underwriter that it presently intends to
    make a market in the notes; however, no underwriter is obligated
    to do so. Any market making activity, if initiated, may be
    discontinued at any time, for any reason, without notice. If the
    underwriters cease to act as market makers for the notes for any
    reason, we cannot assure you that another firm or person will
    make a market in the notes. The liquidity of any market for the
    notes will depend on the number of holders of the notes, our
    results of operations and financial condition, the market for
    similar securities, the interest of securities dealers in making
    a market in the notes and other factors. An active or liquid
    trading market may not develop for the notes.
</DIV>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">We may not be
    able to repurchase the notes upon a change of
    control.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Upon a Change of Control Triggering Event (as defined herein),
    we will be required to offer to purchase all outstanding notes
    at 101% of their principal amount plus accrued and unpaid
    interest. The source of funds for any such purchase of notes
    will be our available cash or cash generated from our
    subsidiaries&#146; operations or other sources, including
    borrowings, sales of assets or sales of equity. We may not be
    able to satisfy our obligations to repurchase the notes upon a
    Change of Control because we may not have sufficient financial
    resources to purchase all of the notes that are tendered upon a
    Change of Control.
</DIV>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">The market
    price of the notes may be volatile.</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The market price of the notes will depend on many factors that
    may vary over time and some of which are beyond our control,
    including:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our financial performance;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the amount of indebtedness we and our subsidiaries have
    outstanding;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    market 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: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the market for similar securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    competition;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the size and liquidity of the market for the notes;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    general economic conditions.
</TD>
</TR>

</TABLE>
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    <BR>
    S-9
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As a result of these factors, you may only be able to sell your
    notes at prices below those you believe to be appropriate,
    including prices below the price you paid for 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><I><FONT style="font-family: Arial, Helvetica">An increase in
    interest rates could result in a decrease in the relative value
    of the notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In general, as market interest rates rise, notes bearing
    interest at a fixed rate generally decline in value.
    Consequently, if you purchase these notes and market interest
    rates increase, the market value of your notes may decline. We
    cannot predict the future level of market interest rates.
</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><I><FONT style="font-family: Arial, Helvetica">Ratings of
    notes may not reflect all risks of an investment in the
    notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We expect that the notes will be rated by at least one
    nationally recognized statistical rating organization. The
    ratings of the notes will primarily reflect our financial
    strength and will change in accordance with the rating of our
    financial strength. Any rating is not a recommendation to
    purchase, sell or hold the notes. These ratings do not
    correspond to market price or suitability for a particular
    investor. In addition, ratings at any time may be lowered or
    withdrawn in their entirety. As a result, the ratings of the
    notes may not reflect the potential impact of all risks related
    to structure and other factors on any trading market for, or
    trading value of, your notes.
</DIV>
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    <BR>
    S-10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Consolidated
    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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Set forth below is information concerning our ratios of earnings
    to fixed charges on a consolidated basis for the periods
    indicated.
</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: Arial, Helvetica; color: #000000; background: transparent">
    For purposes of computing the ratio of earning to fixed charges,
    &#147;earnings&#148; consists of income (loss) before income
    taxes, reduced by equity in earnings of affiliated companies and
    capitalized interest, plus fixed charges and distributed income
    from equity investees. &#147;Fixed charges&#148; consist of
    interest and other financing expenses, net, plus capitalized
    interest and the estimated interest component of rent expense.
</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: Arial, Helvetica; 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="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
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    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="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: 2pt" valign="bottom" align="center">
<TD colspan="24" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Nine months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="right" 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="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">October&#160;2, 2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2008<SUP style="font-size: 85%; vertical-align: top">a</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</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="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.60
</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">
    2.57
</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">
    &#150;
</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">
    5.72
</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">
    5.71
</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">
    4.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Earnings for 2008 were inadequate
    to cover fixed charges by $608.1&#160;million due to a noncash
    impairment charge associated with goodwill of $1.02&#160;billion
    and restructuring, integration, and other charges of
    $81.0&#160;million.
    </FONT></TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We estimate that the net proceeds we will receive from the sale
    of the notes we are offering will be approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million after deducting
    underwriting discounts and commissions and our estimated
    offering expenses. We expect to use the net proceeds from this
    offering for general corporate purposes, which may include
    acquisitions and the repayment of debt outstanding under our
    $800.0&#160;million revolving credit facility or our
    $300.0&#160;million asset securitization program.
</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: Arial, Helvetica; color: #000000; background: transparent">
    At October&#160;2, 2010, outstanding borrowings under our
    revolving credit facility totaled $360.4&#160;million at an
    interest rate of LIBOR + 0.425%. Our revolving credit facility
    is scheduled to mature in January 2012. At October&#160;27,
    2010, outstanding borrowings under our asset securitization
    program total $275.0&#160;million at an interest rate of LIBOR +
    0.60%. Our asset securitization program is scheduled to mature
    in March 2011. Affiliates of our underwriters act as
    administrative agent, syndication agent and lenders under our
    revolving credit facility, and provide financing to us under our
    asset securitization program.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following table sets forth our consolidated capitalization
    at October&#160;2, 2010, on a historical basis and as adjusted
    to give effect to the issuance of the notes in this offering and
    the application of the net proceeds therefrom as described under
    &#147;Use of proceeds.&#148; This table should be read in
    conjunction with &#147;Use of proceeds,&#148;
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and the consolidated
    financial statements and related notes of Arrow appearing
    elsewhere or incorporated by reference in this prospectus
    supplement and the accompanying prospectus.
</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: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" 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: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>October&#160;2, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">(in millions, except share
    amounts which are in thousands and par value)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Actual</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">As adjusted</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cash and cash equivalents</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    510
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Short-term debt:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Short-term borrowings, including current portion of long-term
    debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(a)</SUP>

</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Long-term debt:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Revolving credit facility due 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    360
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Bank term loan due 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200
</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">
    200
</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: -12pt; margin-left: 24pt">
    6.875%&#160;senior notes due 2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    350
</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">
    350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    6.875%&#160;senior debentures due 2018
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    198
</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">
    198
</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: -12pt; margin-left: 24pt">
    6.00%&#160;notes due 2020
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300
</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">
    300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    7.5%&#160;senior debentures due 2027
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    198
</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">
    198
</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: -12pt; margin-left: 48pt">
    %&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;offered
    hereby
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 48pt">
    %&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;offered
    hereby
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Interest rate swaps designated as fair value hedges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    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">
    18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Other obligations with various interest rates and due dates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 48pt">
    Total long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,627
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 48pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Shareholders&#146; equity:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Common stock, par value $1:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Authorized&#151;160,000&#160;shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Issued&#151;125,337&#160;shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    125
</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: -12pt; margin-left: 24pt">
    Capital in excess of par value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,056
</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">
    1,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Treasury stock&#151;9,539&#160;shares, at cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (283
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (283
</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: -12pt; margin-left: 24pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,016
</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">
    2,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    229
</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">
    229
</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: -12pt; margin-left: 24pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 36pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">At October&#160;2, 2010, short-term
    borrowings, including current portion of long-term debt did not
    include any borrowings under our asset securitization program.
    At October&#160;27, 2010, outstanding borrowings under our asset
    securitization program totaled $275.0&#160;million at an
    interest rate of LIBOR&#160;+&#160;0.60%. A portion of the net
    proceeds may be used to repay the borrowings under our asset
    securitization program.
    </FONT></TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    the notes</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    and
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    will each be issued as a separate series of debt securities
    under an indenture dated as of January&#160;15, 1997 between us
    and The Bank of New York Mellon, as trustee. We have summarized
    the material terms and provisions of the notes in this section,
    which supplements the terms of the debt securities contained in
    the accompanying prospectus. In addition to the material terms
    of the notes contained in this prospectus supplement, you should
    read the description of the indenture contained in the
    accompanying prospectus for additional information regarding
    your rights as a holder of the notes before you buy any of these
    notes. References in this section to &#147;us,&#148;
    &#147;we&#148; and &#147;our&#148; are solely to Arrow and not
    to our subsidiaries. References in this section to the
    &#147;indenture&#148; shall mean the indenture, as supplemented
    by the supplemental indenture relating to the notes. In the
    event of any inconsistency between the terms of the notes
    contained in this prospectus supplement and the provisions of
    the indenture contained in the accompanying prospectus, the
    terms contained in this prospectus supplement shall control with
    respect to the notes.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes will be our unsubordinated and unsecured obligations
    and will rank pari passu with all of our existing and future
    unsubordinated and unsecured obligations.
    The&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes are limited to an initial amount of
    $&#160;&#160;&#160;&#160;&#160;, and
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes are limited to an initial amount of
    $&#160;&#160;&#160;&#160;&#160;. Claims of holders of the notes
    will be effectively subordinated to the claims of holders of the
    debt of our subsidiaries with respect to the assets of such
    subsidiaries. In addition, claims of holders of the notes will
    be effectively subordinated to the claims of holders of our
    secured debt and the secured debt of our subsidiaries with
    respect to the collateral securing such claims. Our claims as
    the holder of general unsecured intercompany debt will be
    similarly effectively subordinated to claims of holders of
    secured debt of our subsidiaries.
</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: Arial, Helvetica; color: #000000; background: transparent">
    The notes will be issued in the form of one or more fully
    registered global securities. Notes will be issued only in
    minimum denominations of $2,000 and integral multiples of $1,000
    above that amount.
</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: Arial, Helvetica; color: #000000; background: transparent">
    The&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and will pay interest
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 at a rate of&#160;&#160;&#160;&#160;&#160;% per annum, and
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and will pay interest
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 at a rate of&#160;&#160;&#160;&#160;&#160;% per annum. The
    notes will pay interest semiannually
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year,
    commencing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 to the person in whose name the note is registered at the
    close of business
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    or&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    as the case may be, immediately preceding
    such&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    or&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    The amount of interest payable will be computed on the basis of
    a <FONT style="white-space: nowrap">360-day</FONT>
    year of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. In the event that any interest payment date is not a
    business day, the payment will be made on the next succeeding
    day that is a business day, with no additional interest.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We may from time to time, without notice to or the consent of
    the registered holders of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes,
    create and issue further notes ranking pari passu with the notes
    which will have the same terms as
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    (except for the payment of interest accruing prior to the issue
    date of such further notes or except, in some cases, for the
    first payment of interest following the issue date of such
    further notes) and so that such further notes may be
    consolidated and form a single series with
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    and have the same terms as to status, redemption or otherwise as
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Change of control
    offer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If a Change of Control Triggering Event (as defined below)
    occurs with respect to the notes of a series, unless we have
    exercised our right to redeem the notes as described below, we
    will be required to make an offer to each holder of notes of
    that series to purchase all or any part (equal to $2,000 or an
    integral multiple of $1,000 in excess thereof) of that
    holder&#146;s notes at a purchase price in cash equal to 101% of
    the aggregate principal amount thereof, plus accrued and unpaid
    interest, if any, to the date of purchase (subject to the right
    of holders of record on the relevant record date to receive
    interest due on the relevant interest payment date); provided
    that after giving effect to the purchase, any notes that remain
    outstanding shall have a denomination of $2,000 and integral
    multiples of $1,000 above that amount.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Within 30&#160;days following the date upon which the Change of
    Control Triggering Event has occurred or, at our option, prior
    to any Change of Control (as defined below), but after the
    public announcement of the transaction that constitutes or may
    constitute the Change of Control, except to the extent that we
    have exercised our right to redeem the notes as described under
    &#147;&#151;Optional Redemption,&#148; we will mail a notice (a
    &#147;Change of Control Offer&#148;) to each holder with a copy
    to the trustee describing the transaction or transactions that
    constitute or may constitute a Change of Control Triggering
    Event and offering to purchase notes on the date specified in
    the notice, which date will be no earlier than 30&#160;days nor
    later than 60&#160;days from the date such notice is mailed
    (other than as may be required by law) (such date, the
    &#147;Change of Control Payment Date&#148;). The notice will, if
    mailed prior to the date of consummation of the Change of
    Control, state that the Change of Control Offer is conditioned
    on the Change of Control being consummated on or prior to the
    Change of Control Payment Date specified in the notice.
</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: Arial, Helvetica; color: #000000; background: transparent">
    On each Change of Control Payment Date, we will, to the extent
    lawful:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    accept for payment all notes or portions of the notes properly
    tendered pursuant to the applicable Change of Control Offer;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    deposit with the paying agent an amount equal to the change of
    control payment in respect of all notes or portions of notes
    properly tendered pursuant to the applicable Change of Control
    Offer;&#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: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    deliver or cause to be delivered to the trustee the notes
    properly accepted together with an officers&#146; certificate
    stating the aggregate principal amount of notes or portions of
    notes being purchased.
</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: Arial, Helvetica; color: #000000; background: transparent">
    We will comply, to the extent applicable, with the requirements
    of
    <FONT style="white-space: nowrap">Rule&#160;14(e)-1</FONT>
    of the Exchange Act and any other securities laws or regulations
    in connection with the purchase of notes pursuant to a Change of
    Control Triggering Event. To the extent that the provisions of
    any securities laws or regulations conflict with the terms
    described in the notes, we will comply with the applicable
    securities laws and regulations and will not be deemed to have
    breached our obligations by virtue thereof.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Holders of notes electing to have notes purchased pursuant to a
    Change of Control Offer will be required to surrender their
    notes, with the form entitled &#147;Option of Holder to Elect
    Purchase&#148; on the reverse of the note completed, to the
    paying agent at the address specified in the notice, or transfer
    their notes to the paying agent by book-entry transfer pursuant
    to the applicable procedures of the paying agent, prior to the
    close of business on the third business day prior to the Change
    of Control Payment Date.
</DIV>
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    <BR>
    S-15
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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: Arial, Helvetica; color: #000000; background: transparent">
    We will not be required to make a Change of Control Offer if a
    third party makes such an offer in the manner, at the times and
    otherwise in compliance with the requirements for an offer made
    by us and such third party purchases all notes properly tendered
    and not withdrawn under its offer. In addition, we will not
    purchase any notes if there has occurred and is continuing on
    the Change of Control Payment Date an Event of Default under the
    Indenture, other than a default in the payment of the change of
    control payment upon a Change of Control Triggering Event.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If holders of not less than 95% in aggregate principal amount of
    the
    outstanding&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    validly tender and do not withdraw such notes in a Change of
    Control Offer and we, or any third party making a Change of
    Control Offer in lieu of us, as described above, purchases all
    of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    validly tendered and not withdrawn by such holders, we will have
    the right, upon not less than 30 nor more than
    60&#160;days&#146; prior notice, given not more than
    30&#160;days following such purchase pursuant to the Change of
    Control Offer described above, to redeem
    all&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    or&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes
    that remain outstanding following such purchase at a redemption
    price in cash equal to 101% of the principal amount thereof,
    plus accrued and unpaid interest, if any, to the date of
    redemption (subject to the right of holders of record on a
    record date to receive interest on the relevant interest payment
    date).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The definition of Change of Control includes a phrase relating
    to the sale, lease, transfer, conveyance or other disposition of
    &#147;all or substantially all&#148; of our assets and the
    assets of our subsidiaries taken as a whole. Although there is a
    limited body of case law interpreting the phrase
    &#147;substantially all,&#148; there is no precise established
    definition of the phrase under applicable law. Accordingly, the
    ability of a holder of notes to require us to repurchase its
    notes as a result of a sale, lease, transfer, conveyance or
    other disposition of less than all of our assets and the assets
    of our subsidiaries taken as a whole to another person may be
    uncertain.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    For purposes of the Change of Control Offer provisions of the
    notes, the following definitions are applicable:
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Change of Control&#148; means the occurrence of any one of
    the following:
</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: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;the direct or indirect sale, lease, transfer,
    conveyance or other disposition (other than by way of merger or
    consolidation), in one or a series of related transactions, of
    all or substantially all of our assets and the assets of our
    subsidiaries taken as a whole to any &#147;person&#148; (as that
    term is used in Section&#160;13(d)(3) of the Exchange Act) other
    than to us or one of our Subsidiaries;
</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: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;the consummation of any transaction (including without
    limitation, any merger or consolidation) the result of which is
    that any &#147;person&#148; (as that term is used in
    Section&#160;13(d)(3) of the Exchange Act) becomes the
    &#147;beneficial owner&#148; (as defined in
    <FONT style="white-space: nowrap">Rules&#160;13d-3</FONT>
    and <FONT style="white-space: nowrap">13d-5</FONT>
    under the Exchange Act), directly or indirectly, of more than
    50% of our outstanding Voting Stock, measured by voting power
    rather than number of shares;
</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: Arial, Helvetica; color: #000000; background: transparent">
    (c)&#160;we consolidate with, or merge with or into, any person,
    or any person consolidates with, or merges with or into, us, in
    any such event pursuant to a transaction in which any of our
    outstanding Voting Stock or the outstanding Voting Stock of such
    other person is converted into or exchanged for cash, securities
    or other property, other than any such transaction where the
    shares of our Voting Stock outstanding immediately prior to such
    transaction constitute, or are converted into or exchanged for,
    a majority of the Voting Stock of the surviving person
    immediately after giving effect to such transaction;
</DIV>
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    <BR>
    S-16
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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: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (d)&#160;the first day on which the majority of the members of
    our board of directors cease to be Continuing Directors;&#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: Arial, Helvetica; color: #000000; background: transparent">
    (e)&#160;the adoption of a plan relating to our liquidation or
    dissolution.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Change of Control Triggering Event&#148; means the
    occurrence of both a Change of Control and a Ratings Event.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Continuing Director&#148; means, as of any date of
    determination, any member of our board of directors who:
</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: Arial, Helvetica; color: #000000; background: transparent">
    (1)&#160;was a member of such board of directors on the date of
    this prospectus supplement;&#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: Arial, Helvetica; color: #000000; background: transparent">
    (2)&#160;was nominated for election, elected or appointed to our
    board of directors with the approval of a majority of the
    continuing directors who were members of our board of directors
    at the time of such nomination, election or appointment (either
    by a specific vote or by approval of our proxy statement in
    which such member was named as a nominee for election as a
    director, without objection to such nomination).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    A Delaware Chancery Court recently interpreted a similar
    definition of &#147;Continuing Directors&#148; and found that,
    under Delaware law, for purposes of such definition, a board of
    directors may approve a slate of shareholder-nominated directors
    without endorsing them or while simultaneously recommending and
    endorsing its own slate instead. If a New York court were to
    adopt a similar interpretation under New York law, the foregoing
    interpretation would permit our board to approve a slate of
    directors that included a majority of dissident directors
    nominated pursuant to a proxy contest, and the ultimate election
    of such dissident slate would not constitute a &#147;Change of
    Control Triggering Event&#148; that would trigger your right to
    require us to repurchase your notes as described above.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Investment Grade&#148; means a rating of Baa3 or better by
    Moody&#146;s (or its equivalent under any successor rating
    category of Moody&#146;s); a rating of BBB- or better by
    S&#038;P (or its equivalent under any successor rating category
    of S&#038;P); and the equivalent investment grade rating from
    any replacement Rating Agency or Agencies appointed by us.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Rating Agency&#148; means each of Moody&#146;s and
    S&#038;P; provided, that if either of Moody&#146;s or S&#038;P
    ceases to rate the notes or fails to make a rating of the notes
    publicly available, we will appoint a replacement for such
    Rating Agency that is a &#147;nationally recognized statistical
    rating organization&#148; within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;15c3-1(c)(2)(vi)(F)</FONT>
    under the Exchange Act.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Ratings Event&#148; means, with respect to a series of
    notes, ratings of the notes of that series are lowered by each
    of the Rating Agencies and the notes of that series are rated
    below Investment Grade by each of the Rating Agencies in any
    case on any day during the period (the &#147;Trigger
    Period&#148;) commencing on the date 60&#160;days prior to the
    first public announcement by us of any Change of Control (or
    pending Change of Control) and ending 60&#160;days following
    consummation of such Change of Control (which Trigger Period
    will be extended for so long as the rating of the notes of that
    series is under publicly announced consideration for a possible
    downgrade by either of the Rating Agencies).
</DIV>
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    <BR>
    S-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%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    &#147;S&#038;P&#148; means Standard&#160;&#038; Poor&#146;s
    Ratings Services, a division of The McGraw-Hill Companies, Inc.,
    and its successors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Voting Stock&#148; of any specified person as of any date
    means the capital stock of such person that is at the time
    entitled to vote generally in the election of the board of
    directors of such person.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Optional
    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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We may redeem the notes in whole at any time or in part from
    time to time, at our option, at a redemption price equal to the
    greater of (1)&#160;100% of the principal amount of the notes to
    be redeemed plus accrued and unpaid interest on the principal
    amount being redeemed to the redemption date, or (2)&#160;the
    sum of the present values of the remaining scheduled payments of
    principal and interest on the notes to be redeemed (not
    including any portion of those payments of interest accrued as
    of the date of redemption) discounted to the date of redemption
    on a semi-annual basis (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the applicable Treasury Rate
    plus&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;basis
    points for
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes and
    plus&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    basis points for
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes, in each case plus accrued and unpaid interest on the
    principal amount being redeemed to the redemption date; provided
    that the principal amount of a note remaining outstanding after
    redemption in part shall be $2,000 or an integral multiple of
    $1,000 in excess thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Treasury Rate&#148; means, with respect to any redemption
    date, (1)&#160;the yield, under the heading which represents the
    average for the immediately preceding week, appearing in the
    most recently published statistical release designated
    &#147;H.15(519)&#148; or any successor publication which is
    published weekly by the Board of Governors of the Federal
    Reserve System and which establishes yields on actively traded
    United States Treasury securities adjusted to constant maturity
    under the caption &#147;Treasury Constant Maturities,&#148; for
    the maturity corresponding to the Comparable Treasury Issue (if
    no maturity is within three months before or after the Remaining
    Life, yields for the two published maturities most closely
    corresponding to the Comparable Treasury Issue will be
    determined and the Treasury Rate will be interpolated or
    extrapolated from such yields on a straight line basis, rounding
    to the nearest month) or (2)&#160;if such release (or any
    successor release) is not published during the week preceding
    the calculation date or does not contain such yields, the rate
    per annum equal to the semi-annual equivalent
    <FONT style="white-space: nowrap">yield-to-maturity</FONT>
    of the Comparable Treasury Issue, calculated using a price for
    the Comparable Treasury Issue (expressed as a percentage of its
    principal amount) equal to the Comparable Treasury Price for
    such redemption date. The Treasury Rate will be calculated on
    the third Business Day preceding the redemption date.
</DIV>

<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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Business Day&#148; means any calendar day that is not a
    Saturday, Sunday or legal holiday in New&#160;York, New York and
    on which commercial banks are open for business in New York, 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Comparable Treasury Issue&#148; means the United States
    Treasury security selected by an Independent Investment Banker
    as having a maturity comparable to the remaining term
    (&#147;Remaining Life&#148;) of the notes to be redeemed that
    would be utilized, at the time of selection and in accordance
    with customary financial practice, in pricing new issues of
    corporate debt securities of comparable maturity to the
    remaining term of such notes.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Independent Investment Banker&#148; means Banc of America
    Securities LLC, J.P. Morgan Securities LLC and Morgan Stanley
    &#038; Co. Incorporated and their successors or, if such firms
    are unwilling or unable to select the Comparable Treasury Issue,
    an independent investment banking institution of national
    standing appointed by the Trustee after consultation with us.
</DIV>
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    <BR>
    S-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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Comparable Treasury Price&#148; means (1)&#160;the average
    of five Reference Treasury Dealer Quotations for such redemption
    date, after excluding the highest and lowest Reference Treasury
    Dealer Quotations, or (2)&#160;if the Independent Investment
    Banker obtains fewer than five such Reference Treasury Dealer
    Quotations, the average of all such quotations.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Reference Treasury Dealer&#148; means (1)&#160;each of
    Banc of America Securities LLC, J.P.&#160;Morgan&#160;Securities
    LLC and Morgan Stanley&#160;&#038; Co. Incorporated and their
    respective successors, provided, however, that if any of the
    foregoing shall cease to be a primary U.S.&#160;government
    securities dealer in New York City (a &#147;Primary Treasury
    Dealer&#148;), we will substitute for such firm another Primary
    Treasury Dealer, and (2)&#160;any two other Primary Treasury
    Dealers selected by the Independent Investment Banker after
    consultation with us.
</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: Arial, Helvetica; color: #000000; background: transparent">
    &#147;Reference Treasury Dealer Quotations&#148; means, with
    respect to each Reference Treasury Dealer and any redemption
    date, the average, as determined by the Independent Investment
    Banker, of the bid and asked prices for the Comparable Treasury
    Issue (expressed in each case as a percentage of its principal
    amount) quoted in writing to the Independent Investment Banker
    at 5:00&#160;p.m., New York City time, on the third Business Day
    preceding such redemption date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Holders of notes to be redeemed as provided above will receive
    notice thereof by first-class mail at least 30 and not more than
    60&#160;days before the date fixed for redemption. If fewer than
    all of the notes of the series are to be redeemed, the Trustee
    will select, not more than 60&#160;days before the redemption
    date, the particular notes or portions thereof for redemption
    from the outstanding notes not previously called by such method
    as the Trustee deems fair and appropriate.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Book entry;
    delivery 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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Global
    notes</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The certificates representing the notes will be represented by
    global notes issued in fully registered form without coupons,
    except in the limited circumstances described below. The global
    notes will be deposited with, or on behalf of, The Depository
    Trust&#160;Company (&#147;DTC&#148;) and registered in the name
    of Cede&#160;&#038; Co., as nominee of DTC, or will remain in
    the custody of the trustee pursuant to the FAST Balance
    Certificate Agreement between DTC and the trustee.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Ownership of beneficial interests in each global note will be
    limited to persons who have accounts with DTC, which we refer to
    as DTC participants, or persons who hold interests through DTC
    participants. We expect that under procedures established by
    DTC, ownership of beneficial interests in each global note will
    be shown on, and transfer of ownership of those interests will
    be effected only through, records maintained by DTC, with
    respect to interests of DTC participants, and the records of DTC
    participants, with respect to other owners of beneficial
    interests in the global notes.
</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: Arial, Helvetica; color: #000000; background: transparent">
    All interests in the global notes will be subject to the
    procedures and requirements of DTC. Those interests may also be
    subject to the procedures and requirements of the direct and
    indirect participants in DTC&#146;s book entry system, including
    Euroclear Bank S.A./NV, as operator of the Euroclear System
    (&#147;Euroclear&#148;), and Clearstream Banking,
    soci&#233;t&#233; anonyme (&#147;Clearstream Luxembourg&#148;).
</DIV>
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    <BR>
    S-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Certificated
    notes</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Notes in physical, certificated form will be issued and
    delivered to each person that DTC identifies as a beneficial
    owner of the related notes only if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    DTC notifies us that it is unwilling or unable to continue as
    depository for the global notes or DTC ceases to be a clearing
    agency registered as such under the Exchange Act if so required
    by applicable law or regulation, and no successor depository for
    the notes shall have been appointed within 90&#160;days of such
    notification or of our becoming aware of DTC&#146;s ceasing to
    be so registered, as the case may be;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    we, in our sole discretion, but subject to the procedures of
    DTC, execute and deliver to the trustee an order to the effect
    that the global notes shall be so exchangeable;&#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: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    an Event of Default under the indenture governing the notes has
    occurred and is continuing with respect to the notes.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Upon any such exchange, we will execute and the trustee will
    authenticate and deliver certificated notes in exchange for
    interests in the global notes. We anticipate that those
    certificated notes will be registered in such names as DTC
    instructs the trustee and that those instructions will be based
    upon directions received by DTC from its participants with
    respect to ownership of beneficial interests in the global notes.
</DIV>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">Book entry
    system</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    DTC has advised us that it is:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a limited purpose trust company organized under the New York
    Banking Law;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a &#147;banking organization&#148; within the meaning of the New
    York Banking Law;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a member of the Federal Reserve System;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a &#147;clearing corporation&#148; within the meaning of the New
    York Uniform Commercial Code;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    &#147;a clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Exchange Act.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    DTC was created to hold securities of institutions that have
    accounts with DTC (&#147;participants&#148;) and to facilitate
    the clearance and settlement of securities transactions among
    its participants in such securities through electronic book
    entry changes in accounts of the participants, thereby
    eliminating the need for physical movement of securities
    certificates. DTC&#146;s participants include securities brokers
    and dealers, banks, trust companies, clearing corporations and
    certain other organizations, some of whom (and/or their
    representatives) own DTC. Indirect access to DTC&#146;s book
    entry system is also available to others such as banks, brokers,
    dealers and trust companies (&#147;indirect participants&#148;)
    that clear through or maintain a custodial relationship with a
    participant, either directly or indirectly. Investors that are
    not participants may beneficially own securities held by or on
    behalf of DTC only through participants or indirect participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We expect that, upon the issuance of a global note, DTC will
    credit, on its book entry registration and transfer system, the
    respective principal amounts of the notes represented by such
    global note to the accounts of participants. Ownership of
    beneficial interests in the global notes will be limited to
    participants or persons that may hold interests through
    participants, including indirect participants. Ownership of
    beneficial interests in the global notes will be shown on, and
    the transfer of those beneficial interests will be effected only
    through, records
</DIV>
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    <BR>
    S-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    maintained by DTC (with respect to participants&#146; interests)
    and participants and indirect participants (with respect to the
    owners of beneficial interests in the global notes other than
    participants). Likewise, beneficial interests in global notes
    may only be transferred in accordance with DTC&#146;s
    procedures, in addition to those provided for under the
    indenture and, if applicable, those of the applicable
    participants or indirect participants, including those of
    Euroclear and Clearstream Luxembourg.
</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: Arial, Helvetica; color: #000000; background: transparent">
    So long as DTC or its nominee is the registered holder of the
    global notes, DTC or such nominee, as the case may be, will be
    considered the sole owner and holder of the related notes for
    all purposes under the indenture. Except as described in this
    prospectus, owners of beneficial interests in the global notes
    will not be entitled to have the notes represented by such
    global notes registered in their names and will not receive or
    be entitled to receive physical delivery of certificated notes.
    In addition, owners of beneficial interests in the global notes
    will not be considered to be the owners or registered holders of
    the notes represented by those beneficial interests under the
    indenture for any purpose, including with respect to the giving
    of any direction, instruction or approval to the trustee.
    Accordingly, each person owning a beneficial interest in a
    global note must rely on the procedures of DTC and, if such
    person is not a participant, on the procedures of the
    participant through which such person owns its beneficial
    interest, to exercise any right of a registered holder of notes.
    We understand that under existing industry practice, in the
    event that DTC is entitled to take any action as the registered
    holder of a global note, DTC would authorize its participants to
    take such action and that the participants would authorize
    owners of beneficial interests owning through such participants
    to take such action or would otherwise act upon the instructions
    of owners of beneficial interests.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Payment of principal of and premium, if any, and interest on
    notes represented by a global note registered in the name of DTC
    or its nominee will be made to DTC or its nominee, as the case
    may be, as the registered holder of such global note. We expect
    that DTC or its nominee, upon receipt of any payment in respect
    of a global note, will credit its participants&#146; accounts
    with payments in amounts proportionate to their respective
    beneficial interests in the principal amount of such global note
    as shown on the records of DTC or its nominee. We also expect
    that payments by participants and indirect participants to
    owners of beneficial interests in a global note will be governed
    by standing instructions and customary practices and will be the
    responsibility of such participants and indirect participants
    and not of DTC. We will not have any responsibility or liability
    for any aspect of the records relating to, or payments made on
    account of, ownership of beneficial interests in the global
    notes or for maintaining, supervising or reviewing any records
    relating to such beneficial interests or for any other aspect of
    the relationship between DTC and its participants and indirect
    participants or the relationship between such participants and
    indirect participants and the owners of beneficial interests
    owning through such participants and indirect participants.
</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><I><FONT style="font-family: Arial, Helvetica">Trading</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Transfers between participants in DTC will be effected in the
    ordinary way in accordance with DTC&#146;s rules and operating
    procedures and will be settled in same day funds, while
    transfers between participants in Euroclear and Clearstream
    Luxembourg will be effected in the ordinary way in accordance
    with their respective rules and operating procedures.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Any cross market transfer between participants in DTC, on the
    one hand, and Euroclear or Clearstream Luxembourg participants,
    on the other hand, will be effected through DTC in accordance
    with its rules on behalf of Euroclear or Clearstream Luxembourg,
    as the case may be,
</DIV>
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    <BR>
    S-21
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    by its respective depositary. However, such cross market
    transfers will require delivery of instructions to Euroclear or
    Clearstream Luxembourg, as the case may be, by the counterparty
    in such system in accordance with its rules and procedures and
    within its established deadlines. Euroclear or Clearstream
    Luxembourg, as the case may be, will, if the transfer meets its
    settlement requirements, deliver instructions to its respective
    depositary to take action to effect final settlement on its
    behalf by delivering or receiving the beneficial interests in
    the applicable global note in DTC, and making or receiving
    payment in accordance with normal procedures for funds
    settlement applicable to DTC. Participants in Euroclear or
    Clearstream Luxembourg may not deliver instructions directly to
    the depositaries for Euroclear or Clearstream Luxembourg, as the
    case may be.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Because of time zone differences, the securities account of a
    Euroclear or Clearstream Luxembourg participant purchasing a
    beneficial interest in a global note from a DTC participant will
    be credited during the securities settlement processing day
    (which must be a business day for Euroclear or Clearstream
    Luxembourg, as applicable) immediately following DTC&#146;s
    settlement date. Credit of such transfer of a beneficial
    interest in a global note settled during such processing day
    will be reported to the applicable Euroclear or Clearstream
    Luxembourg participant on that day. Cash received in Euroclear
    or Clearstream Luxembourg as a result of a transfer of a
    beneficial interest in a global note by or through a Euroclear
    or Clearstream Luxembourg participant to a DTC participant will
    be received with value on DTC&#146;s settlement date but will be
    available in the applicable Euroclear or Clearstream Luxembourg
    cash account only as of the business day for Euroclear or
    Clearstream Luxembourg following DTC&#146;s settlement date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Although we believe that DTC, Euroclear and Clearstream
    Luxembourg have agreed to the procedures described above in
    order to facilitate transfers of interests in the global notes
    among participants of DTC, Euroclear and Clearstream Luxembourg,
    they are under no obligation to perform or continue to perform
    such procedures, and such procedures may be discontinued at any
    time. Neither we nor the trustee will have any responsibility
    for the performance by DTC, Euroclear or Clearstream Luxembourg
    or their respective participants or indirect participants of
    their respective obligations under the rules and procedures
    governing their operations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The information in this subsection &#147;Book Entry; Delivery
    and Form&#148; concerning DTC, Euroclear and Clearstream
    Luxembourg and their respective book entry systems has been
    obtained from sources that we believe to be reliable, but we
    take no responsibility for the accuracy thereof.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Payments of interest and principal on the notes will be made in
    U.S.&#160;dollars at the office of the trustee. At our option,
    however, we may make payments by check mailed to the
    holder&#146;s registered address or, with respect to global
    notes, by wire transfer. We will make interest payments to the
    person in whose name the note is registered at the close of
    business on the record date for the interest payment.
</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: Arial, Helvetica; color: #000000; background: transparent">
    The trustee initially will be designated as our paying agent for
    payments on the notes. We may at any time designate additional
    paying agents or rescind the designation of any paying agent or
    approve a change in the office through which any paying agent
    acts.
</DIV>
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    <BR>
    S-22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Subject to the requirements of any applicable abandoned property
    laws, the trustee and paying agent shall pay to us upon written
    request any money held by them for payments on the notes that
    remain unclaimed for two years after the date upon which that
    payment has become due. After payment to us, holders entitled to
    the money must look to us for payment. In that case, all
    liability of the trustee or paying agent with respect to that
    money will cease.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Information
    concerning the trustee</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We have appointed The Bank of New York Mellon trustee under the
    indenture, as paying agent, registrar and custodian with regard
    to the notes.
</DIV>
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    <BR>
    S-23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Certain U.S.
    federal tax considerations<BR>
    for <FONT style="white-space: nowrap">non-U.S.</FONT>
    holders</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following discussion is a general summary of certain
    U.S.&#160;federal tax consequences of the purchase, ownership
    and disposition of the notes as of the date hereof. Except where
    noted, this summary deals only with the notes held by a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
    A
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;Holder&#148;</FONT>
    means a beneficial owner of the notes (other than a partnership)
    that is for U.S.&#160;federal income tax purposes not any of the
    following: (i)&#160;a citizen or individual resident of the
    United States (including certain U.S. expatriates), (ii)&#160;a
    corporation (or other entity that is treated as a corporation
    for U.S.&#160;federal income tax purposes) that is created or
    organized in or under the laws of the United States or any State
    thereof (including the District of Columbia), (iii)&#160;an
    estate the income of which is includible in gross income for
    U.S.&#160;federal income tax purposes regardless of its source,
    or (iv)&#160;a trust if (1)&#160;a court within the United
    States is able to exercise primary supervision over its
    administration and one or more United States persons have the
    authority to control all of its substantial decisions or
    (2)&#160;it has a valid election in effect under applicable
    United States Treasury regulations to be treated as a United
    States person. If a partnership (including any entity that is
    treated as a partnership for U.S.&#160;federal income tax
    purposes) is a beneficial owner of the notes, the treatment of a
    partner in the partnership will generally depend upon the status
    of the partner and upon the activities of the partnership. A
    beneficial owner of the notes that is a partnership, and
    partners in such a partnership, should consult their tax
    advisors about the U.S.&#160;federal income tax consequences of
    the purchase, ownership and disposition of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This summary is based on interpretations of the Internal Revenue
    Code of 1986, as amended (the &#147;Code&#148;), Treasury
    regulations issued thereunder, and rulings and decisions
    currently in effect (or in some cases proposed), all of which
    are subject to change. Any such change may be applied
    retroactively and may adversely affect the U.S.&#160;federal tax
    consequences described herein. This summary does not address any
    U.S.&#160;federal tax consequences, such as the estate and gift
    tax, other than U.S.&#160;federal income tax consequences.
</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: Arial, Helvetica; color: #000000; background: transparent">
    <B>The Internal Revenue Service (the &#147;IRS&#148;) may
    disagree with all or a part of the discussion below.
    Accordingly, persons considering the purchase of the notes
    should consult their own tax advisors concerning the application
    of U.S.&#160;federal tax laws to their particular situations as
    well as any consequences of the purchase, beneficial ownership
    and disposition of the notes arising under the laws of any other
    taxing jurisdiction.</B>
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    will not be subject to U.S.&#160;federal income or withholding
    tax in respect of interest income on the notes if each of the
    following requirements is satisfied:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The interest is not &#147;U.S.&#160;trade or business
    income&#148; (as described below);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    provides to the Withholding Agent (as defined below) a properly
    completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute form), signed under penalties of
    perjury, certifying that the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is not a United States person and providing the beneficial
    owner&#146;s name and address. If a note is held through a
    securities clearing organization, bank or another financial
    institution that holds customers&#146; securities in the
    ordinary course of its trade or business, this requirement is
    satisfied if (i)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    provides such a form to the organization or institution, and
    (ii)&#160;the organization or institution, under penalties of
    perjury, certifies to the
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD></TD>
    <TD align="left">
    Withholding Agent that it has received such a form from the
    beneficial owner or another intermediary and furnishes the
    Withholding Agent with a copy of such form. Generally, if the
    information provided in such IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute form) changes, the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    must report that change within thirty days of such change.
    Generally, the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    must confirm to the Withholding Agent the continuing validity of
    the IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute form) within the period beginning ninety
    days prior to the first day of the third calendar year following
    the provision of such form and during the same period every
    three years thereafter while such holder is still the beneficial
    owner of the notes;
</TD>
</TR>

</TABLE>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    does not actually or constructively own 10% or more of the
    voting power of our stock;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is not a &#147;controlled foreign corporation&#148; that is
    actually or constructively related to us;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is not a bank receiving interest on the notes in the manner
    described in section&#160;881(c)(3)(A) of the Code.
</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: Arial, Helvetica; color: #000000; background: transparent">
    For purposes of this discussion, any interest income and any
    gain realized on the sale, exchange, retirement or other taxable
    disposition of the notes will be considered
    &#147;U.S.&#160;trade or business income&#148; if such interest
    income or gain is (i)&#160;effectively connected with the
    conduct of a trade or business in the United States, and
    (ii)&#160;if an applicable income tax treaty so provides, is
    attributable to a permanent establishment 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    A &#147;Withholding Agent&#148; is the last U.S.&#160;payor (or
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;payor</FONT>
    who is a qualified intermediary, U.S.&#160;branch of a foreign
    person, withholding foreign trust or withholding foreign
    partnership) in the chain of payment prior to payment to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    (which itself is not a Withholding Agent).
</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: Arial, Helvetica; color: #000000; background: transparent">
    To the extent these conditions are not met, a 30% withholding
    tax will apply to interest income on the notes, unless one of
    the following two exceptions is satisfied. The first exception
    is that an applicable income tax treaty reduces or eliminates
    such tax, and a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    claiming the benefit of that treaty provides to the Withholding
    Agent a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or substitute form). The second exception is that the interest
    is U.S.&#160;trade or business income and the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    provides a statement to that effect on an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or substitute form). A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that provides a
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    generally will be subject to U.S.&#160;federal income tax on a
    net income basis with respect to all income from the notes.
    Additionally, any such
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that is a corporation for U.S. tax purposes could be subject to
    a branch profits tax on its effectively connected earnings and
    profits. Special procedures contained in Treasury regulations
    may apply to payments through intermediaries. We urge
    prospective
    <FONT style="white-space: nowrap">non-U.S.&#160;Holders</FONT>
    to consult their own tax advisors for information on the impact
    of these withholding regulations.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Dispositions of
    the notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Generally, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    will not be subject to U.S.&#160;federal income tax on gain
    realized upon the sale, exchange, retirement or other taxable
    disposition of a note unless:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    such holder is an individual present in the United States for
    183&#160;days or more in the taxable year of the sale, exchange,
    retirement or other taxable disposition and certain other
    conditions are met,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the gain is U.S.&#160;trade or business income.
</TD>
</TR>

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

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Information
    reporting requirements and backup withholding</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Payments of interest made on or with respect to the notes to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder,</FONT>
    and any taxes withheld from such payments, will generally be
    reported to the IRS. Copies of the information returns reporting
    such interest payments and any withholding may also be made
    available to the tax authorities in the country in which the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    resides under the provisions of an applicable income 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that provides a properly completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or substitute form) or otherwise establishes an exemption will
    not be subject to additional information reporting requirements
    or backup withholding with respect to payments on the notes,
    provided that the Withholding Agent has no actual knowledge or
    reason to know that the holder is a United&#160;States person or
    otherwise does not satisfy the requirements for 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Information reporting and backup withholding will not apply if
    the proceeds of a note are paid to or through a foreign office
    of a broker that is not a United States person or a
    &#147;U.S.&#160;related person,&#148; as defined below.
    Information reporting (but not backup withholding) will apply if
    the proceeds of a note are paid to or through a foreign office
    of a broker that is either a United&#160;States person or a
    &#147;U.S.&#160;related person.&#148; However, no such reporting
    is required if (i)&#160;the holder certifies as to its status as
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    under penalties of perjury or the broker has certain documentary
    evidence in its files as to the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder&#146;s</FONT>
    foreign status, and (ii)&#160;the broker has no actual knowledge
    or reason to know to the contrary. Backup withholding will not
    apply to payments made through foreign offices of a United
    States person or U.S.&#160;related person absent actual
    knowledge that the payee is a United States person.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    For purposes of this paragraph, a &#147;U.S.&#160;related
    person&#148; is:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a &#147;controlled foreign corporation&#148; for
    U.S.&#160;federal income 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: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a foreign person 50% or more of whose gross income during a
    specified three-year period is effectively connected with the
    conduct of a U.S.&#160;trade or business;&#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: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a foreign partnership if one or more of its partners are United
    States persons who, in the aggregate, hold more than 50% of the
    income or capital interest of the partnership or if the
    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: Arial, Helvetica; color: #000000; background: transparent">
    Information reporting and backup withholding will generally
    apply to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    if the proceeds of a note are paid to or through a
    U.S.&#160;office of a broker, unless the holder certifies as to
    its status as a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    under penalties of perjury or otherwise establishes an
    exemption, provided that the broker has no actual knowledge or
    reason to know to the contrary.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Backup withholding is not an additional tax and may be refunded
    or credited against the holder&#146;s U.S.&#160;federal income
    tax liability, provided that certain required information is
    timely furnished to the IRS.
</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: Arial, Helvetica; color: #000000; background: transparent">
    <B>The federal tax discussion set forth above is included for
    general information only and may not be applicable depending
    upon a holder&#146;s particular situation. Holders of the notes
    should consult their own tax advisors with respect to the tax
    consequences to them of the beneficial ownership and disposition
    of the notes, including the tax consequences under state, local,
    foreign and other tax laws and the possible effects of changes
    in federal or other tax laws.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

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

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

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Underwriting</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Subject to the terms and conditions in the underwriting
    agreement between us and Banc of America Securities LLC,
    J.P.&#160;Morgan Securities LLC and Morgan Stanley&#160;&#038;
    Co. Incorporated, as representatives of the underwriters named
    below, we have agreed to sell to each underwriter, and each
    underwriter has severally agreed to purchase from us the
    principal amount of notes set forth opposite the names of the
    underwriters 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&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="12%" 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="12%" 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: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</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="right" valign="bottom">
    <B>Principal amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Principal amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Underwriter</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notes</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Banc of America Securities LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    J.P. Morgan Securities LLC&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The underwriting agreement provides that the underwriters will
    purchase all of the notes if any of them are purchased.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The underwriters initially propose to offer the notes to the
    public at the applicable public offering price that appears on
    the cover page of this prospectus supplement. The underwriters
    may offer the notes to selected dealers at the public offering
    price minus a concession of up to&#160;&#160;&#160;&#160;&#160;%
    of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes and&#160;&#160;&#160;&#160;&#160;% of the principal amount
    of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes. In addition, the underwriters may allow, and those
    selected dealers may reallow, a concession of up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%
    of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes and&#160;&#160;&#160;&#160;&#160;% of the principal amount
    of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    notes to certain other dealers. After the initial offering, the
    underwriters may change the public offering price and any other
    selling terms. The underwriters may offer and sell notes through
    certain of their affiliates. The offering of the notes by the
    underwriters is subject to receipt and acceptance and subject to
    the underwriters&#146; right to reject any order in whole or in
    part.
</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: Arial, Helvetica; color: #000000; background: transparent">
    In the underwriting agreement, we have agreed that:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We will pay our expenses related to the offering, which we
    estimate will be $&#160;&#160;&#160;&#160;&#160;.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We will indemnify the underwriters against certain liabilities,
    including liabilities under the Securities Act of 1933, or
    contribute to payments that the underwriters may be required to
    make in respect of those liabilities.
</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: Arial, Helvetica; color: #000000; background: transparent">
    The notes are a new issue of securities, and there is currently
    no established trading market for the notes. We do not intend to
    apply for the notes to be listed on any securities exchange or
    to arrange for the notes to be quoted on any quotation system.
    The underwriters have advised us that they intend to make a
    market in the notes, but they are not obligated to do so. The
    underwriters may discontinue any market making in the notes at
    any time in their sole discretion. Accordingly, we cannot assure
    you that a liquid trading market will develop for the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In connection with the offering of the notes, the underwriters
    may engage in over-allotment, stabilizing transactions and
    syndicate covering transactions. Over-allotment involves sales
    in excess of the offering size, which creates a short position
    for the underwriters. Stabilizing transactions involve bids to
    purchase the notes in the open market for the purpose of
    pegging, fixing or maintaining the price of the notes.
    Syndicate-covering transactions involve purchases
</DIV>
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    <BR>
    S-27
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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: Arial, Helvetica; color: #000000; background: transparent">
    of the notes in the open market after the distribution has been
    completed in order to cover short positions. Stabilizing
    transactions and syndicate-covering transactions may cause the
    price of the notes to be higher than it would otherwise be in
    the absence of those transactions. If the underwriters engage in
    stabilizing or syndicate-covering transactions, they may
    discontinue them at any time. However, there is no assurance
    that the underwriters will undertake any stabilization action.
    Any stabilization action may begin on or after the date on which
    adequate public disclosure of the terms of the offer of the
    notes is made and, if begun, may be ended at any time, but it
    must end no later than the earlier of 30&#160;days after the
    issue date of the notes and 60&#160;days after the date of the
    allotment of the notes. Any stabilization action or
    over-allotment shall be conducted by the relevant underwriter
    (or person acting on behalf of any underwriter) in accordance
    with all applicable laws and rules.
</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: Arial, Helvetica; color: #000000; background: transparent">
    The underwriters also may impose a penalty bid. This occurs when
    a particular underwriter repays to the underwriters a portion of
    the underwriting discount received by it because the
    representatives of the underwriters have repurchased notes sold
    by or for the account of such underwriter in stabilizing or
    short covering transactions.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Conflicts 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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the ordinary course of their respective businesses, the
    underwriters or their affiliates have engaged, or may in the
    future engage, in commercial banking or investment banking
    transactions with Arrow and its affiliates.
</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: Arial, Helvetica; color: #000000; background: transparent">
    Affiliates of our underwriters act as administrative agent,
    syndication agent and lenders under our revolving credit
    facility, and provide financing to us under our asset
    securitization program. We may apply a portion of the net
    proceeds of the offering to repay borrowings under our
    outstanding revolving credit facility or our asset
    securitization program. As a result of this repayment,
    affiliates of our underwriters, Banc of America Securities LLC
    and J.P. Morgan Securities LLC, may receive more than 5% of the
    net proceeds of the offering, and therefore the offering will be
    conducted in accordance with NASD Rule 2720(a)(1).
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Selling
    restrictions</FONT></B>
</DIV>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">European
    economic area</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In relation to each member state of the European Economic Area
    that has implemented the Prospectus Directive (each, a relevant
    member state), each underwriter has represented and agreed that
    with effect from and including the date on which the Prospectus
    Directive is implemented in that relevant member state (the
    relevant implementation date), it has not made and will not make
    an offer of the securities described in this prospectus to the
    public in that relevant member state other than:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;at any time to any legal entity that is authorized or
    regulated to operate in the financial markets or, if not so
    authorized or regulated, whose corporate purpose is solely to
    invest in securities;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;at any time to any legal entity that has two or more of
    (1)&#160;an average of at least 250&#160;employees during the
    last financial year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown in its last annual or
    consolidated accounts;
</DIV>
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    <BR>
    S-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: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (c)&#160;to fewer than 100 natural or legal persons (other than
    qualified investors defined in the Prospectus Directive) subject
    to obtaining the prior written consent of the
    representatives;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (d)&#160;at any time in any other circumstances that do not
    require the publication of a prospectus pursuant to
    Article&#160;3 of the Prospectus Directive,
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    provided that no such offer of securities referred to in
    (a)&#160;to (d)&#160;above shall require us or any underwriter
    to publish a prospectus pursuant to Article&#160;3 of the
    Prospectus Directive or supplement a prospectus pursuant to
    Article&#160;16 of the Prospectus Directive.
</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: Arial, Helvetica; color: #000000; background: transparent">
    For the purposes of this provision, the expression an
    &#147;offer of securities to the public&#148; in any relevant
    member state means the communication in any form and by any
    means of sufficient information on the terms of the offer and
    the securities to be offered so as to enable an investor to
    decide to purchase or subscribe the securities, as the
    expression may be varied in that member state by any measure
    implementing the Prospectus Directive in that member state, and
    the expression &#147;Prospectus Directive&#148; means Directive
    2003/71/EC and includes any relevant implementing measure in
    each relevant member state.
</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><I><FONT style="font-family: Arial, Helvetica">United
    Kingdom</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Each underwriter has represented and agreed that:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;it has only communicated or caused to be communicated
    and will only communicate or cause to be communicated an
    invitation or inducement to engage in investment activity
    (within the meaning of Section&#160;21 of the Financial Services
    and Markets Act 2000 (the &#147;FSMA&#148;), received by it in
    connection with the issue or sale of the notes in circumstances
    in which Section&#160;21(1) of the FSMA does not apply to
    us;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;it has complied and will comply with all applicable
    provisions of the FSMA with respect to anything done by it in
    relation to the notes in, from or otherwise involving the
    United&#160;Kingdom.
</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><I><FONT style="font-family: Arial, Helvetica">Hong
    Kong</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes may not be offered or sold by means of any document
    other than (i)&#160;in circumstances which do not constitute an
    offer to the public within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), or (ii)&#160;to
    &#147;professional investors&#148; within the meaning of the
    Securities and Futures Ordinance (Cap.571, Laws of Hong Kong)
    and any rules made thereunder, or (iii)&#160;in other
    circumstances which do not result in the document being a
    &#147;prospectus&#148; within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), and no advertisement,
    invitation or document relating to the notes may be issued or
    may be in the possession of any person for the purpose of issue
    (in each case whether in Hong Kong or elsewhere), which is
    directed at, or the contents of which are likely to be accessed
    or read by, the public in Hong&#160;Kong (except if permitted to
    do so under the laws of Hong Kong) other than with respect to
    notes which are or are intended to be disposed of only to
    persons outside Hong Kong or only to &#147;professional
    investors&#148; within the meaning of the Securities and Futures
    Ordinance (Cap. 571, Laws of Hong Kong) and any rules made
    thereunder.
</DIV>
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    <BR>
    S-29
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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><I><FONT style="font-family: Arial, Helvetica">Japan</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes have not been and will not be registered under the
    Securities and Exchange Law of Japan (the Securities and
    Exchange Law) and each underwriter has agreed that it will not
    offer or sell any notes, directly or indirectly, in Japan or to,
    or for the benefit of, any resident of Japan (which term as used
    herein means any person resident in Japan, including any
    corporation or other entity organized under the laws of Japan),
    or to others for re-offering or resale, directly or indirectly,
    in Japan or to a resident of Japan, except pursuant to an
    exemption from the registration requirements of, and otherwise
    in compliance with, the Securities and Exchange Law and any
    other applicable laws, regulations and ministerial guidelines of
    Japan.
</DIV>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">Singapore</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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This prospectus has not been registered as a prospectus with the
    Monetary Authority of Singapore. Accordingly, this prospectus
    and any other document or material in connection with the offer
    or sale, or invitation for subscription or purchase, of the
    notes may not be circulated or distributed, nor may the notes be
    offered or sold, or be made the subject of an invitation for
    subscription or purchase, whether directly or indirectly, to
    persons in Singapore other than (i)&#160;to an institutional
    investor under Section&#160;274 of the Securities and Futures
    Act, Chapter&#160;289 of Singapore (the &#147;SFA&#148;),
    (ii)&#160;to a relevant person, or any person pursuant to
    Section&#160;275(1A), and in accordance with the conditions,
    specified in Section&#160;275 of the SFA or (iii)&#160;otherwise
    pursuant to, and in accordance with the conditions of, any other
    applicable provision of the SFA.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Where the notes are subscribed or purchased under
    Section&#160;275 by a relevant person which is: (a)&#160;a
    corporation (which is not an accredited investor) the sole
    business of which is to hold investments and the entire share
    capital of which is owned by one or more individuals, each of
    whom is an accredited investor; or (b)&#160;a trust (where the
    trustee is not an accredited investor) whose sole purpose is to
    hold investments and each beneficiary is an accredited investor,
    shares, debentures and units of shares and debentures of that
    corporation or the beneficiaries&#146; rights and interest in
    that trust shall not be transferable for 6&#160;months after
    that corporation or that trust has acquired the notes under
    Section&#160;275 except: (1)&#160;to an institutional investor
    under Section&#160;274 of the SFA or to a relevant person, or
    any person pursuant to Section&#160;275(1A), and in accordance
    with the conditions, specified in Section&#160;275 of the SFA;
    (2)&#160;where no consideration is given for the transfer; or
    (3)&#160;by operation of law.
</DIV>

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Validity of the
    notes</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The validity of the notes offered and sold in this offering will
    be passed upon for us by Milbank, Tweed, Hadley&#160;&#038;
    McCloy LLP and for the underwriters by Davis Polk&#160;&#038;
    Wardwell LLP.
</DIV>

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

<A name='125'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">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: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Ernst&#160;&#038; Young LLP, independent registered public
    accounting firm, has audited our consolidated financial
    statements and schedule included in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009, and the effectiveness
    of internal control over financial reporting as of
    December&#160;31, 2009, as set forth in their reports, which are
    incorporated by reference in the accompanying prospectus. Our
    financial statements and schedule are incorporated by reference
    in reliance on Ernst&#160;&#038; Young LLP&#146;s reports, given
    on their authority as experts in accounting and auditing.
</DIV>
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    <BR>
    S-30
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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">Prospectus</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">
    <IMG src="y87353e8735300.gif" alt="(ARROW ELECTRONICS, INC. LOGO)"><B>
    </B>
</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Arrow
    Electronics, Inc.</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">Preferred Stock</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">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">
    We or selling security holders may offer and sell the securities
    from time to time in one or more offerings at prices and on
    terms to be determined at the time of offering. This prospectus
    provides you with a general description of the securities we or
    selling security holders may offer.
</DIV>

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

<DIV align="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 time we or selling security holders sell securities, we
    will provide a supplement to this prospectus that contains
    specific information about the offering and the terms of the
    securities. The supplement may also add, update or change
    information contained in this prospectus. You should carefully
    read this prospectus and any supplement 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">
    We or selling security holders may offer and sell the following
    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">
    debt securities, in one or more series, consisting of notes,
    debentures or other evidences of indebtedness;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    common stock;&#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">
    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">
    Our common stock is traded on the New York Stock Exchange under
    the symbol &#147;ARW.&#148; Any common stock sold pursuant to
    this prospectus or any prospectus supplement will be listed on
    that exchange, subject to official notice of issuance. The
    prospectus supplement will state whether any other securities
    offered thereby will be listed on a securities exchange.
</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 risk. See &#147;Risk
    Factors&#148; beginning on page&#160;9 of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008, which is incorporated
    by reference herein.</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 STATE
    SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE
    SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY 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 align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this prospectus is September&#160;23, 2009.
</DIV>
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<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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<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 align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</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">TABLE OF
    CONTENTS</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="96%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#301'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#302'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#303'>Forward Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#304'>Arrow Electronics, Inc.&#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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#305'>Consolidated Ratios of Earnings to Fixed
    Charges</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='#306'>Use of Proceeds</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='#307'>Description of Debt Securities</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='#308'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#309'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#310'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#311'>Validity of Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#312'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

<A name='301'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a &#147;shelf&#148; registration
    statement that we filed with the United States Securities and
    Exchange Commission, or the &#147;SEC.&#148; By using a shelf
    registration statement, we or selling security holders may sell
    any combination of the securities described in this prospectus
    (from time to time and in one or more offerings). This
    prospectus only provides you with a general description of the
    securities that we or selling security holders may offer. Each
    time we sell securities, we will provide a prospectus supplement
    that will contain specific information about the terms of that
    offering. The supplement may also add, update or change
    information contained in this prospectus. Before purchasing any
    securities, you should carefully read both this prospectus and
    any supplement, together with any related free writing
    prospectus and the additional information described under the
    heading &#147;Where You Can Find More Information.&#148; Unless
    otherwise indicated or unless the context requires otherwise,
    all references in this prospectus to &#147;Arrow&#148;,
    &#147;company&#148;, &#147;we&#148;, &#147;our&#148;,
    &#147;us&#148; or similar references mean Arrow Electronics, Inc.
</DIV>

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

<DIV align="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 in this
    prospectus. We have not authorized anyone to provide you with
    information different from that contained in this prospectus.
    The information contained in or incorporated by reference in
    this prospectus and any supplement to this prospectus is
    accurate only as of the dates of their respective covers,
    regardless of the time of delivery of this prospectus or any
    supplement to this prospectus or of any sale of our securities.
    Our business, financial condition, results of operations and
    prospects may have changed since these 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">
    No action is being taken in any jurisdiction outside the United
    States to permit a public offering of the securities or
    possession or distribution of this prospectus or any supplement
    to this prospectus in that jurisdiction. Persons who come into
    possession of this prospectus or any supplement to this
    prospectus in jurisdictions outside the United States are
    required to inform themselves about and to observe any
    restrictions as to this offering and the distribution of this
    prospectus or any supplement to this prospectus applicable to
    that jurisdiction.
</DIV>

<A name='302'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We file annual, quarterly and current reports, proxy statements
    and other documents with the SEC under the Securities Exchange
    Act of 1934. You may read and copy any document we file at the
    SEC&#146;s public reference room, 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 SEC
    filings are also available to the public on the SEC&#146;s Web
    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, on which our common stock is listed.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may obtain a copy of any of our filings with the SEC, or any
    of the agreements or other documents that constitute exhibits to
    those filings, without charge, by request directed to us at the
    following address and telephone number:
</DIV>

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

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

    <FONT style="font-family: 'Times New Roman', Times">Arrow
    Electronics, Inc.<BR>
    50 Marcus Drive<BR>
    Melville, New York
    <FONT style="white-space: nowrap">11747-4210</FONT><BR>
    <FONT style="white-space: nowrap">(631)&#160;847-2000</FONT><BR>
    Attention: Secretary
    </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">
    Copies of these filings are also available from our website at
    <FONT style="white-space: nowrap">http://www.arrow.com.</FONT>
    We do not intend this internet address to be an active link or
    to otherwise incorporate the contents of the website into 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">
    The SEC allows us to &#147;incorporate by reference&#148; in
    this prospectus the information that we file with them, which
    means that we can disclose important information to you by
    referring you to those reports. Accordingly, we are
    incorporating by reference in this prospectus the documents
    listed below and any future
</DIV>
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    <BR>
    3
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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">
    filings we make with the SEC under Section&#160;13(a), 13 (c),
    14 or 15(d) of the Securities Exchange Act of 1934:
</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;Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008;
</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;Our Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended April&#160;4, 2009 and July&#160;4, 2009;
</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;Our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on March&#160;3, 2009, April&#160;8, 2009, May&#160;5,
    2009 and May&#160;26, 2009;&#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">
    (4)&#160;The description of our common stock set forth on our
    registration statement filed with the Securities and Exchange
    Commission pursuant to Section&#160;12 of the Exchange Act,
    including any amendments or reports filed for the purpose of
    updating such description.
</DIV>

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

<DIV align="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 information incorporated by reference is deemed to be part
    of this prospectus, except for any information superseded by
    information contained directly in this prospectus. Any
    information that we file later with the SEC will automatically
    update and supersede this information.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus constitutes a part of a registration statement
    on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed by us with the SEC under the Securities Act of 1933. This
    prospectus does not contain all the information that is
    contained in the registration statement, some of which we are
    allowed to omit in accordance with the rules and regulations of
    the SEC. We refer you to the registration statement and to the
    exhibits filed with the registration statement for further
    information with respect to Arrow. Statements contained in this
    prospectus concerning the provisions of documents are summaries
    of the material provisions of those documents. Since this
    prospectus may not contain all of the information that you may
    find important, you should review the full text of these
    documents.
</DIV>

<A name='303'>
<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 includes forward-looking statements that are
    subject to numerous assumptions, risks, and uncertainties, which
    could cause actual results or facts to differ materially from
    such statements for a variety of reasons, including, but not
    limited to: industry conditions; our implementation of our new
    enterprise resource planning system; changes in product supply,
    pricing and customer demand; competition; other vagaries in the
    global components and global enterprise computing solutions
    (&#147;ECS&#148;) markets; changes in relationships with key
    suppliers; increased profit margin pressure; the effects of
    additional actions taken to become more efficient or lower
    costs; and our ability to generate additional cash flow.
    Forward-looking statements are those statements, which are not
    statements of historical fact. These forward-looking statements
    can be identified by forward-looking words such as
    &#147;expects,&#148; &#147;anticipates,&#148;
    &#147;intends,&#148; &#147;plans,&#148; &#147;may,&#148;
    &#147;will,&#148; &#147;believes,&#148; &#147;seeks,&#148;
    &#147;estimates,&#148; and similar expressions. Readers are
    cautioned not to place undue reliance on these forward-looking
    statements, which speak only as of the date on which they are
    made. We undertake no obligation to update publicly or revise
    any of the forward-looking statements.
</DIV>

<A name='304'>
<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">ARROW
    ELECTRONICS, INC.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a global provider of products, services, and solutions to
    industrial and commercial users of electronic components and
    enterprise computing solutions. We believe we are a leader in
    the electronics distribution industry in operating systems,
    employee productivity, value-added programs, and total quality
    assurance. We serve approximately 800 suppliers and
    approximately 130,000 original equipment manufacturers
    (&#147;OEMs&#148;), contract manufacturers (&#147;CMs&#148;),
    and commercial customers.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Serving our industrial and commercial customers as a supply
    channel partner, we offer both a wide spectrum of products and a
    broad range of services and solutions, including materials
    planning, design services, programming and assembly services,
    inventory management, and a variety of online supply chain tools.
</DIV>

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

<DIV align="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 diverse worldwide customer base consists of OEMs, CMs, and
    commercial customers. Customers include manufacturers of
    consumer and industrial equipment (including machine tools,
    factory automation, and robotic equipment), telecommunications
    products, automotive and transportation, aircraft and aerospace
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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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">
    equipment, scientific and medical devices, and computer and
    office products. Customers also include value-added resellers
    (&#147;VARs&#148;) of enterprise computing solutions.
</DIV>

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

<DIV align="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 approximately 250 sales facilities and 21
    distribution and value-added centers in 53 countries and
    territories, serving over 70 countries and territories. Through
    this network, we provide one of the broadest product offerings
    in the electronic components and enterprise computing solutions
    distribution industries and a wide range of value-added services
    to help customers reduce their time to market, lower their total
    cost of ownership, introduce innovative products through demand
    creation opportunities, and enhance their overall
    competitiveness.
</DIV>

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

<DIV align="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 two business segments. We distribute electronic
    components to OEMs and CMs through our global components
    business segment and provide enterprise computing solutions to
    VARs through our global ECS business segment.
</DIV>

<A name='305'>
<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">CONSOLIDATED
    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">
    Set forth below is information concerning our ratios of earnings
    to fixed charges on a consolidated basis for the periods
    indicated.
</DIV>

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

<DIV align="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 ratio of earning to fixed charges,
    &#147;earnings&#148; consists of income (loss) before income
    taxes, reduced by equity in earnings of affiliated companies and
    capitalized interest, plus fixed charges and distributed income
    from equity investees.  &#147;Fixed charges&#148; consist of
    interest and other financing expenses, net, plus capitalized
    interest and the estimated interest component of rent expense.
</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="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Six Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 7pt" 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>July&#160;4, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
</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">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.41
</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 valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Earnings for 2008 were inadequate to cover fixed charges by
    $608.1 million due to a noncash impairment charge associated
    with goodwill of $1.02 billion, restructuring and integration
    charges of $70.1 million, and a charge related to a preference
    claim from 2001 of $10.9 million.</TD>
</TR>

</TABLE>

<A name='306'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as otherwise described in the prospectus supplement
    relating to an offering of securities, the net proceeds from the
    sale of securities offered pursuant to this prospectus and any
    prospectus supplement will be used for general corporate
    purposes.
</DIV>

<A name='307'>
<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">
    We have described below the general terms and provisions of the
    debt securities to which a prospectus supplement may relate. We
    will describe the particular terms of the debt securities
    offered by any prospectus supplement in the prospectus
    supplement relating to the offered 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">
    We may from time to time offer and sell debt securities,
    consisting of debentures, notes
    <FONT style="white-space: nowrap">and/or</FONT> other
    unsecured evidences of indebtedness. The debt securities will be
    either our unsecured senior debt securities or our unsecured
    subordinated debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will issue senior debt securities under an indenture, called
    the &#147;senior indenture&#148;, dated as of January&#160;15,
    1997, between us and The Bank of New York Mellon (as successor
    to Bank of Montreal Trust&#160;Company), as trustee, in such
    capacity, called the &#147;senior trustee&#148;. We may also
    issue subordinated debt securities under a proposed indenture,
    called the &#147;subordinated indenture&#148;, between us and
    The Bank of New&#160;York Mellon, as trustee, in such capacity
    the &#147;subordinated trustee&#148;. In this prospectus, we
    refer to the senior indenture and the subordinated indenture
    together as the &#147;indentures&#148;, to the senior debt
    securities and the subordinated debt securities together as the
    &#147;debt securities&#148; and to the senior trustee and the
    subordinated trustee together as the &#147;trustees&#148;.
    Unless otherwise indicated, section references in this
    prospectus or in an
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- 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">
    accompanying prospectus supplement are to the relevant
    provisions of both the senior indenture and the subordinated
    indenture. The following summary of important provisions of the
    debt securities and the indentures does not purport to be
    complete. This summary is subject to the detailed provisions of
    the indentures, including the definition of certain terms used
    in this prospectus and those terms made a part of the indentures
    by reference to the Trust&#160;Indenture Act. Wherever
    particular sections or defined terms of the indentures are
    referred to, those sections or defined terms are incorporated by
    reference in this prospectus as part of the statement made, and
    the statement is qualified in its entirety by such reference.
    Numerical references in parentheses below are to sections in the
    indentures. Capitalized terms that are used and not otherwise
    defined in this prospectus will have the meanings assigned to
    them in the indentures.
</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 indentures provide for the issuance from time to time of
    debentures, notes or other evidences of indebtedness by us in an
    unlimited amount pursuant to a supplemental indenture, a board
    resolution, or an officer&#146;s certificate pursuant to a
    supplemental indenture or board resolution. (Section&#160;2.3)
</DIV>

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

<DIV align="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 each indenture, we may issue debt securities in one or
    more series with the same or various maturities, at par, at a
    premium or with an original issue discount. The applicable
    prospectus supplement relating to a particular series of debt
    securities will describe the specific terms of the debt
    securities we may offer, including:
</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;the designation of the debt securities of a particular
    series, which will distinguish the debt securities of that
    series from the debt securities of all other series;
</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 limit upon the aggregate principal amount of the
    debt securities of that series that may be authenticated and
    delivered under the indentures and any limitation on our ability
    to increase the aggregate principal amount after the initial
    issuance of the debt securities of that series;
</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;the date or dates on which the principal of the debt
    securities of that series is payable (which date or dates may be
    fixed or extendible);
</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;the rate or rates (which may be fixed or variable) per
    year at which the debt securities of that series will bear
    interest, if any;
</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">
    (e)&#160;the date or dates from which interest will accrue, on
    which interest will be payable and (in the case of registered
    securities (which is defined as any debt security registered on
    the security register)) on which a record will be taken for the
    determination of holders to whom interest is payable
    <FONT style="white-space: nowrap">and/or</FONT> the
    method by which such rate or rates or date or dates will be
    determined;
</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">
    (f)&#160;if other than as provided in the indentures, the place
    or places where (1)&#160;the principal of and any interest on
    debt securities will be payable, (2)&#160;any registered
    securities may be surrendered for exchange, (3)&#160;notices,
    demands to or upon us in respect of the debt securities of that
    series or the indentures may be served and (4)&#160;notice to
    holders may be published;
</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">
    (g)&#160;our right, if any, to redeem debt securities of that
    series, in whole or in part, at our option and the period or
    periods within which, the price or prices at which and any terms
    and conditions upon which debt securities of that series may be
    redeemed pursuant to any sinking fund or otherwise;
</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">
    (h)&#160;our obligation, if any, to redeem, purchase or repay
    debt securities of that series pursuant to any mandatory
    redemption, sinking fund or analogous provisions or at the
    option of a holder and the price or prices at which and the
    period or periods within which and any of the terms and
    conditions upon which debt securities of that series will be
    redeemed, purchased or repaid, in whole or in part, pursuant to
    our redemption obligation;
</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">
    (i)&#160;if other than denominations of $1,000 and any integral
    multiple of $1,000, the denominations in which debt securities
    of that series will be issuable;
</DIV>
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    <BR>
    6
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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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;if other than the principal amount of the debt
    securities, the portion of the principal amount of debt
    securities of that series which will be payable upon
    acceleration of the maturity of those securities;
</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">
    (k)&#160;if other than the coin or currency in which the debt
    securities of that series are denominated, the coin or currency
    in which payment of the principal of or interest on the debt
    securities of that series will be payable or if the amount of
    payments of principal of
    <FONT style="white-space: nowrap">and/or</FONT>
    interest on the debt securities of that series may be determined
    with reference to an index based on a coin or currency other
    than that in which the debt securities of that series are
    denominated, the manner in which those amounts will be
    determined;
</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">
    (l)&#160;if other than the currency of the United States of
    America, the currency or currencies, including composite
    currencies, in which payment of the principal of and interest on
    the debt securities of that series will be payable, and the
    manner in which any currencies will be valued against other
    currencies in which any other debt securities will be payable;
</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">
    (m)&#160;whether the debt securities of that series or any
    portion thereof will be issuable, with or without coupons, as
    registered securities (and if so, whether those debt securities
    will be issuable as registered global securities) or
    unregistered securities (which is defined as any debt security
    other than a registered security), or any combination of the
    foregoing, any restrictions applicable to the offer, sale or
    delivery of unregistered securities or the payment of interest
    on those securities and, if other than as provided in the
    indenture, the terms upon which unregistered securities of any
    series may be exchanged for registered securities of that series
    and vice versa;
</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">
    (n)&#160;whether and under what circumstances we will pay
    additional amounts on debt securities held by a person who is
    not a U.S.&#160;person in respect of any tax, assessment or
    governmental charge withheld or deducted and, if so, whether we
    will have the option to redeem the securities rather than pay
    any additional amounts;
</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">
    (o)&#160;if the debt securities of that series are to be
    issuable in definitive form (whether upon original issue or upon
    exchange of a temporary debt security of that series) only upon
    receipt of certain certificates or other documents or
    satisfaction of other conditions, the form and terms of those
    certificates, documents or conditions;
</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">
    (p)&#160;any trustees, depositaries, authenticating or paying
    agents, transfer agents or the registrar or any other agents
    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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (q)&#160;provisions, if any, for the defeasance of the debt
    securities of that series, including provisions permitting
    defeasance of less than all the debt securities of that series,
    which provisions may be in addition to, in substitution for, or
    in modification of (or any combination of the foregoing) the
    provisions of the indentures;
</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">
    (r)&#160;if the debt securities of that series are issuable in
    whole or in part as one or more registered global securities,
    the identity of the depositary (if other than The Depository
    Trust&#160;Company, or DTC) for that registered global security
    or securities (which depositary will, at the time of its
    designation as depositary and at all times while it serves as
    depositary, be a clearing agency registered under the Exchange
    Act and any other applicable statute or regulation);
</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">
    (s)&#160;any other events of default or covenants with respect
    to the debt securities of that series in addition to the events
    of default or covenants set forth in the indentures; 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">
    (t)&#160;any other terms of the debt securities of that series,
    which terms will not be inconsistent with the provisions of the
    indentures.
</DIV>

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

<DIV align="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 indenture contains any restriction on the payment of
    dividends or any financial covenants. Neither indenture contains
    provisions which would afford you protection in the event of a
    transfer of assets to a subsidiary and incurrence of unsecured
    debt by such subsidiary, or in the event of a decline in our
    credit quality resulting from highly leveraged or other similar
    transactions involving us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The senior debt securities will be unsubordinated obligations of
    ours and the senior debt securities will rank equal in right of
    payment with all of our existing and future unsecured and
    unsubordinated obligations.
</DIV>
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    <BR>
    7
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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">
    The indebtedness represented by the subordinated debt securities
    will be subordinated in right of payment to the prior payment in
    full of our senior debt, as described below under
    &#147;Subordination&#148;. Claims of holders of the debt
    securities will be effectively subordinated to the claims of
    holders of the debt of our subsidiaries with respect to the
    assets of our subsidiaries. In addition, claims of holders of
    the debt securities will be effectively subordinated to the
    claims of holders of our secured debt and the secured debt of
    our subsidiaries with respect to the collateral securing those
    claims. Our claims as the holder of general unsecured
    intercompany debt will be similarly effectively subordinated to
    claims of holders of secured debt of our subsidiaries.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we issue subordinated debt securities, our obligations to
    make any payment of the principal of and premium, if any, and
    interest on, any subordinated debt securities to be issued will
    be subordinate and junior in right of payment to the prior
    payment in full of all of our senior indebtedness, whether
    outstanding on the date of the subordinated indenture or
    thereafter incurred.
</DIV>

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

<DIV align="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 not pay the principal of or interest or premium on the
    subordinated debt securities if (i)&#160;we fail to make any of
    such payments on any senior indebtedness (other than trade
    accounts payable) which has matured by lapse of time,
    acceleration or otherwise, or (ii)&#160;a default occurs on the
    senior indebtedness (other than trade accounts payable) that
    allows the holders of the senior indebtedness to accelerate its
    maturity after lapse of time, the giving of notice or both and
    that default continues.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any payment or distribution of our assets occurs upon our
    dissolution,
    <FONT style="white-space: nowrap">winding-up,</FONT>
    liquidation or reorganization, we may not pay the principal of
    or interest or premium on the subordinated debt securities until
    we have made such payments in full to the holders of all senior
    indebtedness. If such dissolution,
    <FONT style="white-space: nowrap">winding-up,</FONT>
    liquidation or reorganization occurs and the holders of the
    subordinated debt securities receive a payment or distribution,
    then they must turn that payment or distribution over to the
    holders of the senior indebtedness or a trustee for the benefit
    of the senior indebtedness holders. Because of this
    subordination, if an insolvency occurs, holders of the
    subordinated debt securities may recover less, proportionately,
    than holders of senior debt and our general unsecured creditors.
</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</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 terms, if any, on which debt securities are convertible into
    our common stock will be set forth in the prospectus supplement
    for that series of debt securities. These terms 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 conversion 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 conversion 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">
    provision as to whether conversion will be at our option or at
    the option of the holder,
</TD>
</TR>


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


<TR valign="top" 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 events requiring an adjustment of the conversion
    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">
    provisions affecting conversion in the event of the redemption
    of such series of debt securities.
</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">REGISTERED
    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">
    Unless otherwise specified in the applicable prospectus
    supplement, DTC will act as securities depositary for the debt
    securities. The debt securities will be issued only as
    registered global securities registered in the name of
    DTC&#146;s nominee, which we expect will be Cede&#160;&#038; Co.
    We will issue one or more registered global securities for the
    debt securities representing the aggregate principal amount of
    that series of debt securities and will deposit the registered
    global securities with DTC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The description of book-entry procedures in this prospectus
    includes summaries of certain rules and operating procedures of
    DTC that affect transfers of interests in the registered global
    securities issued in connection with sales of debt securities
    made pursuant to this prospectus. The descriptions of the
    operations and procedures of DTC that follow are provided solely
    as a matter of convenience. These operations and
</DIV>
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    <BR>
    8
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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">
    procedures are solely within the control of the DTC settlement
    system and are subject to change from time to time.
</DIV>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a limited purpose trust company organized under the New York
    Banking Law;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;banking organization&#148; within the meaning of the New
    York Banking Law;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;clearing corporation&#148; within the meaning of the New
    York Uniform Commercial Code;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;a clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Exchange Act.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC was created to hold securities of institutions that have
    accounts with DTC (&#147;participants&#148;) and to facilitate
    the clearance and settlement of securities transactions among
    its participants in such securities through electronic
    book-entry changes in accounts of the participants, thereby
    eliminating the need for physical movement of securities
    certificates. DTC&#146;s participants include securities brokers
    and dealers, banks, trust companies, clearing corporations and
    certain other organizations, some of whom (and/or their
    representatives) own DTC. Indirect access to DTC&#146;s
    book-entry system is also available to others such as banks,
    brokers, dealers and trust companies (&#147;indirect
    participants&#148;) that clear through or maintain a custodial
    relationship with a participant, either directly or indirectly.
    Investors that are not participants may beneficially own
    securities held by or on behalf of DTC only through participants
    or indirect participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that, upon the issuance of a global note, DTC will
    credit, on its book entry registration and transfer system, the
    respective principal amounts of the notes represented by such
    global note to the accounts of participants. Ownership of
    beneficial interests in the global notes will be limited to
    participants or persons that may hold interests through
    participants, including indirect participants. Ownership of
    beneficial interests in the global notes will be shown on, and
    the transfer of those beneficial interests will be effected only
    through, records maintained by DTC (with respect to
    participants&#146; interests) and participants and indirect
    participants (with respect to the owners of beneficial interests
    in the global notes other than participants). Likewise,
    beneficial interests in global notes may only be transferred in
    accordance with DTC&#146;s procedures, in addition to those
    provided for under the indenture and, if applicable, those of
    the applicable participants or indirect participants, including
    Euroclear Bank S.A./N.V., as operator of the Euroclear System
    (&#147;Euroclear&#148;) and Clearstream Banking
    soci&#233;t&#233; anoyme (&#147;Clearstream Luxembourg&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as DTC or its nominee is the registered holder of the
    global notes, DTC or such nominee, as the case may be, will be
    considered the sole owner and holder of the related notes for
    all purposes under the indenture. Except as described in this
    prospectus, owners of beneficial interests in the global notes
    will not be entitled to have the notes represented by such
    global notes registered in their names and will not receive or
    be entitled to receive physical delivery of certificated notes.
    In addition, owners of beneficial interests in the global notes
    will not be considered to be the owners or registered holders of
    the notes represented by those beneficial interests under the
    indenture for any purpose, including with respect to the giving
    of any direction, instruction or approval to the trustee.
    Accordingly, each person owning a beneficial interest in a
    global note must rely on the procedures of DTC and, if such
    person is not a participant, on the procedures of the
    participant through which such person owns its beneficial
    interest, to exercise any right of a registered holder of notes.
    We understand that under existing industry practice, in the
    event that DTC is entitled to take any action as the registered
    holder of a global note, DTC would authorize its participants to
    take such action and that the participants would authorize
    owners of beneficial interests owning through such participants
    to take such action or would otherwise act upon the instructions
    of owners of beneficial interests.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of principal of and premium, if any, and interest on
    notes represented by a global note registered in the name of DTC
    or its nominee will be made to DTC or its nominee, as the case
    may be, as the registered holder of such global note. We expect
    that DTC or its nominee, upon receipt of any payment in respect
    of a global note, will credit its participants&#146; accounts
    with payments in amounts proportionate to their respective
    beneficial interests in the principal amount of such global note
    as shown on the records of DTC or its nominee. We also expect
    that payments by participants and indirect participants to
    owners of beneficial interests in a global note will be governed
    by standing instructions and customary practices and will be the
</DIV>
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    <BR>
    9
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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">
    responsibility of such participants and indirect participants
    and not of DTC. We will not have any responsibility or liability
    for any aspect of the records relating to, or payments made on
    account of, ownership of beneficial interests in the global
    notes or for maintaining, supervising or reviewing any records
    relating to such beneficial interests or for any other aspect of
    the relationship between DTC and its participants and indirect
    participants or the relationship between such participants and
    indirect participants and the owners of beneficial interests
    owning through such participants and indirect participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transfers between participants in DTC will be effected in the
    ordinary way in accordance with DTC&#146;s rules and operating
    procedures and will be settled in same day funds, while
    transfers between participants in Euroclear and Clearstream
    Luxembourg will be effected in the ordinary way in accordance
    with their respective rules and operating procedures.
</DIV>

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

<DIV align="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 cross market transfer between participants in DTC, on the
    one hand, and Euroclear or Clearstream Luxembourg participants,
    on the other hand, will be effected through DTC in accordance
    with its rules on behalf of Euroclear or Clearstream Luxembourg,
    as the case may be, by its respective depositary. However, such
    cross market transfers will require delivery of instructions to
    Euroclear or Clearstream Luxembourg, as the case may be, by the
    counterparty in such system in accordance with its rules and
    procedures and within its established deadlines. Euroclear or
    Clearstream Luxembourg, as the case may be, will, if the
    transfer meets its settlement requirements, deliver instructions
    to its respective depositary to take action to effect final
    settlement on its behalf by delivering or receiving the
    beneficial interests in the applicable global note in DTC, and
    making or receiving payment in accordance with normal procedures
    for funds settlement applicable to DTC. Participants in
    Euroclear or Clearstream Luxembourg may not deliver instructions
    directly to the depositaries for Euroclear or Clearstream
    Luxembourg, as the case may be.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of time zone differences, the securities account of a
    Euroclear or Clearstream Luxembourg participant purchasing a
    beneficial interest in a global note from a DTC participant will
    be credited during the securities settlement processing day
    (which must be a business day for Euroclear or Clearstream
    Luxembourg, as applicable) immediately following DTC&#146;s
    settlement date. Credit of such transfer of a beneficial
    interest in a global note settled during such processing day
    will be reported to the applicable Euroclear or Clearstream
    Luxembourg participant on that day. Cash received in Euroclear
    or Clearstream Luxembourg as a result of a transfer of a
    beneficial interest in a global note by or through a Euroclear
    or Clearstream Luxembourg participant to a DTC participant will
    be received with value on DTC&#146;s settlement date but will be
    available in the applicable Euroclear or Clearstream Luxembourg
    cash account only as of the business day for Euroclear or
    Clearstream Luxembourg following DTC&#146;s settlement date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although we believe that DTC, Euroclear and Clearstream
    Luxembourg have agreed to the procedures described above in
    order to facilitate transfers of interests in the global notes
    among participants of DTC, Euroclear and Clearstream Luxembourg,
    they are under no obligation to perform or continue to perform
    such procedures, and such procedures may be discontinued at any
    time. Neither we nor the trustee will have any responsibility
    for the performance by DTC, Euroclear or Clearstream Luxembourg
    or their respective participants or indirect participants of
    their respective obligations under the rules and procedures
    governing their operations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information in this subsection concerning DTC, Euroclear and
    Clearstream Luxembourg and their respective book entry systems
    has been obtained from sources that we believe to be reliable,
    but we take no responsibility for the accuracy 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">CERTAIN
    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">
    Except as specified below or in the applicable prospectus
    supplement, the following covenants apply to all series of
    senior 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>RESTRICTIONS ON LIENS.</I>&#160;&#160;The senior indenture
    provides that we will not, and will not permit any Restricted
    Subsidiary to, create or incur any Lien on any shares of stock,
    indebtedness or other obligations of a Restricted Subsidiary or
    any Principal Property of ours or of a Restricted Subsidiary,
    whether those shares of stock, indebtedness or other obligations
    of a Restricted Subsidiary or Principal Property are owned at
    the date
</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">
    of the senior indenture or acquired afterwards, unless we secure
    or cause the applicable Restricted Subsidiary to secure the debt
    securities outstanding under the senior indenture equally and
    ratably with (or, at our option, prior to) all indebtedness
    secured by the particular Lien, so long as the indebtedness is
    so secured. This covenant does not apply in the case of:
</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;the creation of any Lien on any shares of stock,
    indebtedness or other obligations of a Subsidiary or any
    Principal Property acquired after the date of the senior
    indenture (including acquisitions by way of merger or
    consolidation) by us or a Restricted Subsidiary,
    contemporaneously with that acquisition, or within 180&#160;days
    thereafter, to secure or provide for the payment or financing of
    any part of the purchase price, or the assumption of any Lien
    upon any shares of stock, indebtedness or other obligations of a
    Subsidiary or any Principal Property acquired after the date of
    the senior indenture existing at the time of the acquisition, or
    the acquisition of any shares of stock, indebtedness or other
    obligations of a Subsidiary or any Principal Property subject to
    any Lien without the assumption of that Lien, provided that
    every Lien referred to in this clause (a) will attach only to
    the shares of stock, indebtedness or other obligations of a
    Subsidiary or any Principal Property so acquired and fixed
    improvements on that Principal Property;
</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 Lien on any shares of stock, indebtedness or other
    obligations of a Subsidiary or any Principal Property existing
    on the date of the senior indenture;
</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 Lien on any shares of stock, indebtedness or other
    obligations of a Subsidiary or any Principal Property in favor
    of us or any Restricted Subsidiary;
</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 Lien on any Principal Property being constructed or
    improved securing loans to finance the construction or
    improvements of that property;
</DIV>

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<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">
    (e)&#160;any Lien on shares of stock, indebtedness or other
    obligations of a Subsidiary or any Principal Property incurred
    in connection with the issuance of tax-exempt governmental
    obligations, including, without limitation, industrial revenue
    bonds and similar financings;
</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">
    (f)&#160;any mechanics&#146;, materialmen&#146;s, carriers&#146;
    or other similar Liens arising in the ordinary course of
    business with respect to obligations that are not yet due or
    that are being contested in good faith;
</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">
    (g)&#160;any Lien on any shares of stock, indebtedness or other
    obligations of a Subsidiary or any Principal Property for taxes,
    assessments or governmental charges or levies not yet
    delinquent, or already delinquent but the validity of which is
    being contested in good faith;
</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">
    (h)&#160;any Lien on any shares of stock, indebtedness or other
    obligations of a Subsidiary or any Principal Property arising in
    connection with legal proceedings being contested in good faith,
    including any judgment Lien so long as execution on the Lien is
    stayed;
</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">
    (i)&#160;any landlord&#146;s Lien on fixtures located on
    premises leased by us or a Restricted Subsidiary in the ordinary
    course of business, and tenants&#146; rights under leases,
    easements and similar Liens not materially impairing the use or
    value of the property involved;
</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">
    (j)&#160;any Lien arising by reason of deposits necessary to
    qualify us or any Restricted Subsidiary to conduct business,
    maintain self-insurance, or obtain the benefit of, or comply
    with, any law;
</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">
    (k)&#160;Liens on our current assets to secure loans to us that
    mature within twelve months from their creation and that are
    made in the ordinary course of business;&#160;and
</DIV>

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<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">
    (l)&#160;any renewal of or substitution for any Lien permitted
    by any of the preceding clauses, provided, in the case of a Lien
    permitted under clauses (a), (b)&#160;or (d), the indebtedness
    secured is not increased nor the Lien extended to any additional
    assets. (Section 4.3(a) of senior 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">
    Notwithstanding the foregoing, we or any Restricted Subsidiary
    may create or assume Liens in addition to those permitted by the
    preceding paragraph, and renew, extend or replace those Liens,
    provided that at the time of and after giving effect to the
    creation, assumption, renewal, extension or replacement,
    Exempted Debt does not exceed 15&#160;percent of Consolidated
    Net Tangible Assets. (Section&#160;4.3(b) of senior indenture)
</DIV>
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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">
    <I>RESTRICTIONS ON SALE AND LEASE-BACK
    TRANSACTIONS.</I>&#160;&#160;The senior indenture provides that
    we will not, and will not permit any Restricted Subsidiary to,
    sell or transfer, directly or indirectly, except to us or to a
    Restricted Subsidiary, any Principal Property as an entirety, or
    any substantial portion of that Principal Property, with the
    intention of taking back a lease of such property, except a
    lease for a period of three years or less at the end of which it
    is intended that the use of that property by the lessee will be
    discontinued. Notwithstanding the foregoing, we or any
    Restricted Subsidiary may sell any Principal Property and lease
    it back for a longer period:
</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;if we or such applicable Restricted Subsidiary would be
    entitled, pursuant to the provisions of the senior indenture,
    described under the first paragraph under &#147;Restrictions on
    Liens&#148; above, to create a Lien on the property to be leased
    securing Funded Debt in an amount equal to the Attributable Debt
    with respect to the sale and lease-back transaction without
    equally and ratably securing the outstanding senior debt
    securities;&#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">
    (b)&#160;if we promptly inform the trustee of the transaction,
    and we cause an amount equal to the fair value (as determined by
    resolution of our board of directors) of the property to be
    applied (1)&#160;to the purchase of other property that will
    constitute Principal Property having a fair value at least equal
    to the fair value of the property sold, or (2)&#160;to the
    retirement within 120&#160;days after receipt of the proceeds of
    Funded Debt incurred or assumed by us or a Restricted
    Subsidiary, including the senior debt securities; provided,
    further that, in lieu of applying all of or any part of such net
    proceeds to such retirement, we may, within 75&#160;days after
    the sale, deliver or cause to be delivered to the applicable
    trustee for cancellation either debentures or debt securities
    evidencing Funded Debt of ours (which may include the senior
    debt securities) or of a Restricted Subsidiary previously
    authenticated and delivered by the applicable trustee, and not
    yet tendered for sinking fund purposes or called for a sinking
    fund or otherwise applied as a credit against an obligation to
    redeem or retire such debt securities or debentures, and an
    officer&#146;s certificate (which will be delivered to the
    trustee) stating that we elect to deliver or cause to be
    delivered the debentures or debt securities in lieu of retiring
    Funded Debt as provided in the senior indenture.
</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">
    If we deliver debentures or debt securities to the trustee and
    we duly deliver the officers&#146; certificate, the amount of
    cash that we will be required to apply to the retirement of
    Funded Debt under this provision of the senior indenture will be
    reduced by an amount equal to the aggregate of the then
    applicable optional redemption prices (not including any
    optional sinking fund redemption prices) of the applicable
    debentures or debt securities, so delivered, or, if there are no
    such redemption prices, the principal amount of those debentures
    or debt securities. If the applicable debentures or debt
    securities provide for an amount less than the principal amount
    to be due and payable upon a declaration of the maturity, then
    the amount of cash will be reduced by the amount of principal of
    those debentures or debt securities that would be due and
    payable as of the date of the application upon a declaration of
    acceleration of the maturity pursuant to the terms of the
    indenture pursuant to which those debentures or debt securities
    were issued. (Section&#160;4.4(a) of senior 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">
    Notwithstanding the foregoing, we or any Restricted Subsidiary
    may enter into sale and lease-back transactions in addition to
    those permitted by this paragraph, without any obligation to
    retire any outstanding debt securities or other Funded Debt,
    provided that at the time of entering into and giving effect to
    such sale and lease-back transactions, Exempted Debt does not
    exceed 15&#160;percent of Consolidated Net Tangible Assets.
    (Section&#160;4.4(b) of senior 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">CERTAIN
    DEFINITIONS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Attributable Debt&#148; as defined in the senior
    indenture means when used in connection with a sale and
    leaseback transaction referred to above under
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Restrictions on
    Sale and Lease-Back Transactions,&#148; on any date as of which
    the amount of Attributable Debt is to be determined, the product
    of (a)&#160;the net proceeds from the sale and lease-back
    transaction multiplied by (b)&#160;a fraction, the numerator of
    which is the number of full years of the term of the lease
    relating to the property involved in the sale and lease-back
    transaction (without regard to any options to renew or extend
    such term) remaining on the date of the making of the
    computation, and the denominator of which is the number of full
    years of the term of the lease measured from the first day of
    the term.
</DIV>
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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 term &#147;Consolidated Net Tangible Assets&#148; as defined
    in the senior indenture means total assets after deducting all
    current liabilities and intangible assets as set forth in our
    most recent consolidated balance sheet and computed in
    accordance with GAAP.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Exempted Debt&#148; as defined in the senior
    indenture means the sum, without duplication, of the following
    items outstanding as of the date Exempted Debt is being
    determined:
</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;indebtedness of ours and our Restricted Subsidiaries
    incurred after the date of such indenture and secured by liens
    created or assumed or permitted to exist pursuant to
    Section&#160;4.3(b) of such indenture described above under the
    last paragraph of &#147; &#151;&#160;Certain
    Covenants&#160;&#151; Restrictions on Liens&#148;;&#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">
    (b)&#160;Attributable Debt of ours and our Restricted
    Subsidiaries in respect of all sale and lease-back transactions
    with regard to any Principal Property entered into pursuant to
    Section&#160;4.4 (b)&#160;of such indenture described above
    under the last paragraph of &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Restrictions on Sales and Lease-Back
    Transactions&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Funded Debt&#148; as defined in the senior
    indenture means all indebtedness for money borrowed, including
    purchase money indebtedness, having a maturity of more than one
    year from the date of its creation or having a maturity of less
    than one year but by its terms being renewable or extendible at
    the option of the obligor, beyond one year from the date of its
    creation.
</DIV>

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

<DIV align="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 terms &#147;Holder&#148; or &#147;Securityholder&#148; as
    defined in the applicable indenture mean the registered holder
    of any debt security with respect to registered securities and
    the bearer of any unregistered security or any coupon
    appertaining to it, as the case may be.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;GAAP&#148; as defined in the senior indenture
    means generally accepted accounting principles in the United
    States at the date of any computation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Lien&#148; as defined in the senior indenture
    means, with respect to any asset, any mortgage, lien, pledge,
    charge, security interest or encumbrance of any kind, or any
    other type of preferential arrangement that has the practical
    effect of creating a security interest in respect of such asset.
    For the purposes of such indenture, we or any Subsidiary will be
    deemed to own, subject to a Lien, any asset that we have
    acquired or hold subject to the interest of a vendor or lessor
    under any conditional sale agreement, capital lease or other
    title retention agreement relating to such asset.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Original Issue Discount Security&#148; as defined
    in the applicable indenture means any debt security that
    provides for an amount less than the principal amount of a
    particular security to be due and payable upon a declaration of
    acceleration of the maturity of that security pursuant to
    Section&#160;6.2 of such indenture in case of an event of
    default as described under &#147;&#151;&#160;Events of
    Default.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Principal Property&#148; as defined in the senior
    indenture means any manufacturing or processing plant or
    warehouse owned at the date of the senior indenture or acquired
    after that date by us or any of our Restricted Subsidiaries
    which is located within the United States and the gross book
    value of which (including related land and improvements and all
    machinery and equipment without deduction of any depreciation
    reserves) on the date as of which the determination is being
    made exceeds 2&#160;percent of Consolidated Net Tangible Assets,
    other than:
</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 manufacturing or processing plant or warehouse or
    any portion of the same (together with the land on which it is
    erected and fixtures that are a part of that land) which is
    financed by industrial development bonds which are tax exempt
    pursuant to Section&#160;103 of the Internal Revenue Code (or
    which receive similar tax treatment under any subsequent
    amendments or any successor laws or under any other similar
    statute of the United States);
</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 property which in the opinion of our board of
    directors is not of material importance to the total business
    conducted by us as an entirety;&#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">
    (c)&#160;any portion of a particular property which is similarly
    found not to be of material importance to the use or operation
    of such property.
</DIV>
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    <BR>
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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 term &#147;Restricted Subsidiary&#148; as defined in the
    senior indenture means a Subsidiary of ours (a)&#160;of which
    substantially all the property is located, or substantially all
    the business is carried on, within the United States, and
    (b)&#160;which owns a Principal Property; provided, however,
    that any Subsidiary may be declared a Restricted Subsidiary by
    board resolution, effective as of the date such board resolution
    is adopted; provided further, that any such declaration may be
    rescinded by further board resolution, effective as of the date
    that further board resolution is adopted.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Senior Indebtedness&#148; as defined in the
    subordinated indenture means (a)&#160;the principal of, premium,
    if any, and interest on all indebtedness, whether outstanding on
    the date of the subordinated indenture as originally executed or
    thereafter created or incurred, unless, in the instrument
    creating or evidencing the same or pursuant to which the same is
    outstanding, it is provided that such indebtedness is not
    superior in right of payment to the subordinated debt
    securities; and (b)&#160;any amendments, modifications,
    deferrals, renewals or extensions of any such Senior
    Indebtedness, or debentures, notes or other evidences of
    indebtedness issued in exchange for any such Senior
    Indebtedness; provided, however, that Senior Indebtedness shall
    not be deemed to include (i)&#160;indebtedness which constitutes
    subordinated indebtedness and (ii)&#160;any other debt
    securities issued pursuant to the subordinated indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;Subsidiary&#148; as defined in the applicable
    indenture means, with respect to any person, any corporation,
    association or other business entity of which more than 50% of
    the outstanding Voting Stock is owned, directly or indirectly,
    by that person and one or more other Subsidiaries of that person.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">RESTRICTIONS
    ON MERGERS AND SALES OF ASSETS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under each indenture, we may not consolidate with, merge with or
    into, or sell, convey, transfer, lease or otherwise dispose of
    all or substantially all of our property and assets (in one
    transaction or a series of related transactions) to, any person
    (other than a consolidation with or merger with or into a
    Subsidiary or a sale, conveyance, transfer, lease or other
    disposition to a Subsidiary) or permit any person to merge with
    or into us unless (a)&#160;either (1)&#160;we will be the
    continuing person or (2)&#160;the person (if other than
    ourselves) formed by the consolidation or into which we are
    merged or that acquired or leased such property and assets of
    ours will be a corporation organized and validly existing under
    the laws of the United States of America or any of its
    jurisdictions and will expressly assume, by a supplemental
    indenture, executed and delivered to the trustee, all of our
    obligations on all of the debt securities under such indenture,
    and we will have delivered to the trustee an opinion of counsel
    stating that the consolidation, merger or transfer and the
    supplemental indenture complies with such indenture and that all
    conditions precedent provided for in such indenture relating to
    the transaction have been complied with and that the
    supplemental indenture constitutes a legal, valid and binding
    obligation of ours or the successor enforceable against such
    entity in accordance with its terms, subject to customary
    exceptions; and (b)&#160;an officers&#146; certificate to the
    effect that immediately after giving effect to such transaction,
    no default will have occurred and be continuing and an opinion
    of counsel as to the matters set forth in clause&#160;(a) will
    have been delivered to the trustee. (Section&#160;5.1)
</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">
    Events of default defined in the indentures with respect to the
    debt securities of any series are:
</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;we default in the payment of the principal of any debt
    securities of a series when the same becomes due and payable at
    maturity, upon acceleration, redemption or mandatory repurchase,
    including as a sinking fund installment, or otherwise;
</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;we default in the payment of interest on any debt
    securities of a series when the same becomes due and payable,
    and that default continues for a period of 30&#160;days;
</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;we default in the performance of or breach any other
    covenant or agreement of ours in the applicable indenture with
    respect to the debt securities of a series and that default or
    breach continues for a period of 30 consecutive days (or, in the
    case of the subordinated indenture, 60 consecutive days) after
    written notice to us by the trustee or to us and the trustee by
    the Holders of 25&#160;percent or more in aggregate principal
    amount of the debt securities of all series affected thereby;
</DIV>
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    <BR>
    14
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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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;an involuntary case or other proceeding is commenced
    against us or any Restricted Subsidiary with respect to our
    debts or our Restricted Subsidiary&#146;s debts under any
    bankruptcy, insolvency or other similar law now or in the future
    in effect seeking the appointment of a trustee, receiver,
    liquidator, custodian or other similar official relating to us
    or a substantial part of our property, and the involuntary case
    or other proceeding remains undismissed and unstayed for a
    period of 60&#160;days; or an order for relief is entered
    against us or any Restricted Subsidiary under the federal
    bankruptcy laws as now or in the future in effect;
</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">
    (e)&#160;we or any Restricted Subsidiary (1)&#160;commence a
    voluntary case under any applicable bankruptcy, insolvency or
    other similar law now or in the future in effect, or consents to
    the entry of an order for relief in an involuntary case under
    any such law, (2)&#160;consent to the appointment of or taking
    possession by a receiver, liquidator, assignee, custodian,
    trustee, sequestrator or similar official of us or any
    Restricted Subsidiary or for all or substantially all of our
    property and assets or any Restricted Subsidiary&#146;s property
    and assets or (3)&#160;effect any general assignment for the
    benefit of creditors;&#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">
    (f)&#160;any other event of default established with respect to
    any series of debt securities issued pursuant to the applicable
    indenture occurs. (Section&#160;6.1)
</DIV>

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

<DIV align="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 indentures provide that if an event of default described in
    clauses&#160;(a) or (b)&#160;above, with respect to the debt
    securities of any series then outstanding, occurs and is
    continuing, then, and in each and every such case, except for
    any series of debt securities the principal of which has already
    become due and payable, either the trustee or the Holders of not
    less than 25&#160;percent in aggregate principal amount of the
    debt securities of any such affected series then outstanding
    under the applicable indenture (each series being treated as a
    separate class) by notice in writing to us (and to the trustee
    if given by Securityholders), may declare the entire principal
    (or, if the debt securities of any such series are Original
    Issue Discount Securities, the applicable portion of the
    principal amount as may be specified in the terms of the
    particular series established pursuant to that indenture) of all
    debt securities of the affected series, and the interest accrued
    on that series, if any, to be due and payable immediately, and
    upon any such declaration the same will become immediately due
    and payable.
</DIV>

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

<DIV align="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 described clauses&#160;(c) or
    (f)&#160;above, with respect to the debt securities of one or
    more but not all series then outstanding, or with respect to the
    debt securities of all series then outstanding, occurs and is
    continuing, then, and in each and every such case, except for
    any series of debt securities the principal of which has already
    become due and payable, either the trustee or the Holders of not
    less than 25&#160;percent in aggregate principal amount (or, if
    the debt securities of any such series are Original Issue
    Discount Securities, the amount of which is accelerable as
    described in this paragraph) of the debt securities of all the
    affected series then outstanding under the applicable indenture
    (treated as a single class) by notice in writing to us (and to
    the trustee if given by Securityholders) may declare the entire
    principal (or, if the debt securities of any such series are
    Original Issue Discount Securities, such portion of the
    principal amount as may be specified in the terms of that
    series) of all debt securities of all the affected series, and
    the interest accrued on those series, if any, to be due and
    payable immediately, and upon any such declaration the same will
    become immediately due and payable.
</DIV>

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

<DIV align="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 described in clauses&#160;(d) or
    (e)&#160;above occurs and is continuing, then the principal
    amount (or, if any debt securities are Original Issue Discount
    Securities, the portion of the principal as may be specified in
    the terms of that series) of all the debt securities then
    outstanding and interest accrued on those debt securities, if
    any, will be and become immediately due and payable without any
    notice or other action by any Holder or the trustee to the full
    extent permitted by applicable law. Upon certain conditions such
    declarations may be rescinded and annulled and past defaults may
    be waived by the Holders of a majority in principal of the then
    outstanding debt securities of all series that have been
    accelerated, voting as a single class. (Section&#160;6.2)
</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">TRUSTEE&#146;S
    RIGHTS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indentures contain a provision under which, subject to the
    duty of the trustee during a default to act with the required
    standard of care:
</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;the trustee may rely and will be protected in acting or
    refraining from acting upon any resolution, certificate,
    officer&#146;s certificate, opinion of counsel, statement,
    instrument, opinion, report,
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    notice, request, direction, consent, order, bond, debenture,
    note, other evidence or indebtedness or other paper or document
    believed by it to be genuine and to have been signed or
    presented by the proper person or persons, and the trustee need
    not investigate any fact or matter stated in the document, but
    the trustee, in its discretion, may make any further inquiry or
    investigation into any facts or matters as it may see fit;
</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;before the trustee acts or refrains from acting, it may
    require an officer&#146;s certificate
    <FONT style="white-space: nowrap">and/or</FONT> an
    opinion of counsel, which will conform to the requirements of
    the applicable indenture, and the trustee will not be liable for
    any action it takes or omits to take in good faith in reliance
    on that certificate or opinion; subject to the terms of such
    indenture, whenever in the administration of the trusts of such
    indenture the trustee deems it necessary or desirable that a
    matter be proved or established prior to taking or suffering or
    omitting any action under the indenture, that matter (unless
    other evidence in respect thereof be specifically prescribed in
    such indenture) may, in the absence of negligence or bad faith
    on the part of the trustee, be deemed to be conclusively proved
    and established by an officer&#146;s certificate delivered to
    the trustee, and that certificate, in the absence of negligence
    or bad faith on the part of the trustee, will be full warrant to
    the trustee for any action taken, suffered or omitted by it
    under the provisions of such indenture upon the faith of the
    officer&#146;s certificate;
</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;the trustee may act through its attorneys and agents
    not regularly in its employ and will not be responsible for the
    misconduct or negligence of any agent or attorney appointed with
    due care by it under the applicable indenture;
</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 request, direction, order or demand of us mentioned
    in the applicable indenture will be sufficiently evidenced by an
    officer&#146;s certificate (unless other evidence is
    specifically prescribed in such indenture); and any board
    resolution may be evidenced to the trustee by a copy of the
    resolution certified by our Secretary or an Assistant Secretary;
</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">
    (e)&#160;the trustee will be under no obligation to exercise any
    of the rights or powers vested in it by the applicable indenture
    at the request, order or direction of any of the Holders, unless
    the Holders have offered the trustee reasonable security or
    indemnity against the costs, expenses and liabilities that might
    be incurred by it in compliance with the request or direction;
</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">
    (f)&#160;the trustee will not be liable for any action it takes
    or omits to take in good faith that it believes to be authorized
    or within its rights or powers or for any action it takes or
    omits to take in accordance with the direction of the Holders in
    accordance with the applicable indenture relating to the time,
    method and place of conducting any proceeding for any remedy
    available to the trustee, or exercising any trust or power
    conferred upon the trustee, under such indenture;
</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">
    (g)&#160;the trustee may consult with counsel, and the written
    advice of its counsel or any opinion of counsel will be full and
    complete authorization and protection in respect of any action
    taken, suffered or omitted by it under the applicable indenture
    in good faith and in reliance on that opinion of
    counsel;&#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">
    (h)&#160;prior to the occurrence of an event of default under
    each indenture and after the curing or waiving of all events of
    default, the trustee will not be bound to make any investigation
    into the facts or matters stated in any resolution, certificate,
    officer&#146;s certificate, opinion of counsel, board
    resolution, statement, instrument, opinion, report, notice,
    request, consent, order, approval, appraisal, bond, debenture,
    note, coupon, security, or other paper or document, but the
    trustee, in its discretion, may make any further inquiry or
    investigation into any facts or matters as it may see fit and,
    if the trustee decides to make such further inquiry or
    investigation, it will be entitled to examine, during normal
    business hours and upon prior written notice, our books, records
    and premises, personally or by agent or attorney. (Section 7.2)
</DIV>

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

<DIV align="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 various provisions in the indentures, the Holders of
    at least a majority in principal amount (or, if the debt
    securities are Original Issue Discount Securities, such portion
    of the principal as is then accelerable under the applicable
    indenture) of the applicable outstanding debt securities of all
    series affected (voting as a single class) by notice to the
    trustee, may waive, on behalf of the Holders of all the debt
    securities of that series, an existing default or event of
    default with respect to such debt securities of that series and
    its consequences, except a default in the payment of principal
    of or interest on any debt security as specified in
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    clauses of the &#147;Events of Default&#148; section above or in
    respect of a covenant or provision of such indenture which
    cannot be modified or amended without the consent of the Holder
    of each outstanding debt security affected by the default. Upon
    any waiver, the default will cease to exist, and any event of
    default with respect to the debt securities of that series will
    be deemed to have been cured, for every purpose of such
    indenture. However, no waiver will extend to any subsequent or
    other default or event of default or impair any right in
    relation to any subsequent or other default or event of default.
    (Section&#160;6.4)
</DIV>

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

<DIV align="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 provisions in the indentures for the indemnification
    of the trustee and certain other limitations, the Holders of at
    least a majority in aggregate principal amount (or, if any debt
    securities are Original Issue Discount Securities, the portion
    of the principal as is then accelerable under the applicable
    indenture) of the applicable outstanding debt securities of all
    series affected (voting as a single class), may 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
    such series by such indenture, provided that the trustee may
    refuse to follow any direction that conflicts with law or such
    indenture that may involve the trustee in personal liability, or
    that the trustee determines in good faith may be unduly
    prejudicial to the rights of Holders not joining in the giving
    of such direction; and provided, further that the trustee may
    take any other action it deems proper that is not inconsistent
    with any directions received from such Holders of debt
    securities pursuant to such indenture. (Section&#160;6.5)
</DIV>

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

<DIV align="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 indentures provide that no Holder of any applicable debt
    securities of any series may institute any proceeding, judicial
    or otherwise, with respect to the applicable indenture or the
    debt securities of that series, or for the appointment of a
    receiver or trustee, or for any other remedy under the
    indentures, unless:
</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;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;
</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;such Holders of at least 25&#160;percent in aggregate
    principal amount of applicable outstanding debt securities of
    the affected series have made written request to the trustee to
    institute proceedings in respect of the event of default in its
    own name as trustee under such indenture;
</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;the Holder or Holders have offered to the trustee
    indemnity reasonably satisfactory to the trustee against any
    costs, liabilities or expenses to be incurred in compliance with
    the request;
</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;the trustee for 60&#160;days after its receipt of the
    notice, request and offer of indemnity has failed to institute
    any such proceeding;&#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">
    (e)&#160;during the
    <FONT style="white-space: nowrap">60-day</FONT>
    period, the Holders of a majority in aggregate principal amount
    of the applicable outstanding debt securities of the affected
    series have not given the trustee a direction that is
    inconsistent with such written request. A Holder may not use
    such indenture to prejudice the rights of another Holder or to
    obtain a preference or priority over any other Holder.
    (Section&#160;6.6)
</DIV>

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

<DIV align="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 indentures contain a covenant that we will file with the
    trustee, within 15&#160;days after we are required to file the
    same with the SEC, copies of the annual reports and of the
    information, documents and other reports that we may be required
    to file with the SEC pursuant to Section&#160;13 or
    Section&#160;15(d) of the Exchange Act. (Section&#160;4.6)
</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">DISCHARGE,
    LEGAL 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">
    Each indenture provides with respect to each series of
    applicable debt securities that, except as otherwise provided in
    this paragraph, we may terminate our obligations under such debt
    securities of a series and the applicable indenture with respect
    to debt securities of that series if:
</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;all debt securities of that series previously
    authenticated and delivered, with certain exceptions, have been
    delivered to the trustee for cancellation, and we have paid all
    sums payable by us under such indenture with respect to that
    series;&#160;or
</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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;(1)&#160;the debt securities of that series mature
    within one year or all of them are to be called for redemption
    within one year under arrangements satisfactory to the trustee
    for giving the notice of redemption;
</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;we irrevocably deposit in trust with the trustee, as
    trust funds solely for the benefit of the Holders of those debt
    securities, for that purpose, money or U.S.&#160;Government
    obligations or a combination of money or U.S.&#160;Government
    obligations sufficient (unless such funds consist solely of
    money, in the opinion of a nationally recognized firm of
    independent public accountants expressed in a written
    certification delivered to the trustee), without consideration
    of any reinvestment, to pay principal of and interest on the
    debt securities of that series to maturity or redemption, as the
    case may be, and to pay all other sums payable by us under such
    indenture;&#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">
    (3)&#160;we deliver to the trustee an officer&#146;s certificate
    and an opinion of counsel, in each case stating that all
    conditions precedent provided for in such indenture relating to
    the satisfaction and discharge of such indenture with respect to
    the debt securities of that series have been complied with.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the foregoing clause (a), only our obligations
    to compensate and indemnify the trustee will survive. With
    respect to the foregoing clause (b), only our obligations to
    execute and deliver debt securities of that series for
    authentication, to set the terms of the debt securities of that
    series, to maintain an office or agency in respect of the debt
    securities of that series, to have moneys held for payment in
    trust, to register the transfer or exchange of debt securities
    of that series, to deliver debt securities of that series for
    replacement or to be canceled, to compensate and indemnify the
    trustee and to appoint a successor trustee, and our right to
    recover excess money held by the trustee will survive until
    those debt securities are no longer outstanding. Thereafter,
    only our obligations to compensate and indemnify the trustee and
    its right to recover excess money held by the trustee will
    survive. (Section&#160;8.1)
</DIV>

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

<DIV align="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 indenture provides that, except as otherwise provided in
    this paragraph, we:
</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;will be deemed to have paid and will be discharged from
    any and all obligation, in respect of the debt securities of any
    series, and the provisions of such indenture will no longer be
    in effect with respect to the debt securities of that series (a
    &#147;legal defeasance&#148;);&#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">
    (b)&#160;may omit to comply with any specific covenant relating
    to such series provided for in a board resolution or
    supplemental indenture or officer&#146;s certificate that may by
    its terms be defeased pursuant to the indenture (or any term,
    provision or condition of the senior indenture described under
    &#147;&#151;&#160;Certain Covenants&#148;, in the case of the
    senior indenture) and our omission will be deemed not to be an
    event of default under clauses&#160;(c) and (f)&#160;under
    &#147;Events of Default&#148; above with respect to the
    outstanding debt securities of a series (a &#147;covenant
    defeasance&#148;);
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    provided that the following conditions will have been satisfied:
</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;we have irrevocably deposited in trust with the trustee
    as trust funds solely for the benefit of the Holders of the debt
    securities of that series, for payment of the principal of and
    interest on those debt securities, money or U.S.&#160;Government
    obligations or a combination of the foregoing sufficient (unless
    such funds consist solely of money, in the opinion of a
    nationally recognized firm of independent public accountants
    expressed in a written certification thereof delivered to the
    trustee) without consideration of any reinvestment and after
    payment of all federal, state and local taxes or other charges
    and assessments in respect of those payments payable by the
    trustee, to pay and discharge the principal of and accrued
    interest on the outstanding debt securities of such series to
    maturity or earlier redemption (irrevocably provided for under
    arrangements satisfactory to the trustee), as the case may be;
</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;our deposit will not result in a breach or violation
    of, or constitute a default under, such indenture or any other
    material agreement or instrument to which we are a party or by
    which we are bound;
</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;no default with respect to those debt securities will
    have occurred and be continuing on the date of the deposit;
</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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;we will have delivered to the trustee an opinion of
    counsel that the Holders of the debt securities of that series
    have a valid security interest in the trust funds subject to no
    prior liens under such Uniform Commercial Code;&#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">
    (e)&#160;we will have delivered to the trustee an officer&#146;s
    certificate and an opinion of counsel, in each case stating that
    all conditions precedent provided for in such indenture relating
    to the defeasance contemplated have been complied with.
</DIV>

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

<DIV align="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 a legal defeasance, we will have delivered to the
    trustee an opinion of counsel (based on a change in law) or a
    ruling directed to the trustee from the United States Internal
    Revenue Service that the Holders of the debt securities of that
    series will not recognize income, gain or loss for federal
    income tax purposes as a result of our exercise of our option
    under this provision of the applicable indenture and will be
    subject to federal income tax on the same amount and in the same
    manner and at the same times as could have been the case if the
    deposit and defeasance had not occurred, or an instrument, in
    form reasonably satisfactory to the trustee, where we,
    notwithstanding a legal defeasance of our indebtedness in
    respect of debt securities of any series, or any portion of the
    principal amount thereof, will assume the obligation which will
    be absolute and unconditional) to irrevocably deposit with the
    trustee any additional sums of money or additional
    U.S.&#160;Government obligations or any combination of money or
    U.S.&#160;Government obligations, at such time or times as
    necessary, together with the money
    <FONT style="white-space: nowrap">and/or</FONT>
    U.S.&#160;Government obligations so deposited, to pay when due
    the principal of and premium, if any, and interest due and to
    become due on the applicable debt securities; provided, however,
    that the instrument may state that our obligation to make
    additional deposits as aforesaid will be subject to the delivery
    to us by the trustee of a notice asserting the deficiency
    accompanied by an opinion of an independent public accountant of
    nationally recognized standing selected by the trustee, showing
    the applicable calculation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subsequent to a legal defeasance, our obligations to execute and
    deliver debt securities of that series for authentication, to
    set the terms of the debt securities of that series, to maintain
    an office or agency in respect of the debt securities of that
    series, to have moneys held for payment in trust, to register
    the transfer or exchange of debt securities of that series, to
    deliver debt securities of that series for replacement or to be
    canceled, to compensate and indemnify the trustee and to appoint
    a successor trustee, and our right to recover excess money held
    by the trustee will survive until those debt securities are no
    longer outstanding. After those debt securities are no longer
    outstanding, in the case of a legal defeasance, only our
    obligations to compensate and indemnify the trustee and our
    right to recover excess money held by the trustee will survive.
    (Sections&#160;8.2 and 8.3)
</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
    OF THE INDENTURE</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each indenture provides that we and the trustee may amend or
    supplement such indenture or the applicable debt securities of
    any series without notice to or the consent of any Holder:
</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;to cure any ambiguity, defect or inconsistency in such
    indenture, provided that such amendments or supplements do not
    materially and adversely affect the interests of the Holders;
</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;to comply with Article&#160;5 (which relates to the
    covenant discussed under &#147;&#151;&#160;Restrictions on
    Mergers and Sales of Assets&#148;) of such indenture;
</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;to comply with any requirements of the SEC in
    connection with the qualification of such indenture under the
    Trust&#160;Indenture 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">
    (d)&#160;to evidence and provide for the acceptance of
    appointment under such indenture with respect to the debt
    securities of any or all series by a successor trustee;
</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">
    (e)&#160;to establish the form or forms or terms of debt
    securities of any series or of the coupons appertaining to such
    debt securities as permitted under such indenture;
</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">
    (f)&#160;to provide for uncertificated or unregistered debt
    securities and to make all appropriate changes for such purpose;
</DIV>
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    <BR>
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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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;to change or eliminate any provisions of such indenture
    with respect to all or any series of the debt securities not
    then outstanding (and, if the change is applicable to fewer than
    all those series of the applicable debt securities, specifying
    the series to which the change is applicable), and to specify
    the rights and remedies of the trustee and the Holders of those
    debt securities;&#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">
    (h)&#160;to make any change that does not materially and
    adversely affect the rights of any Holder. (Section&#160;9.1)
</DIV>

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

<DIV align="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 indenture also contains provisions that allow us and the
    trustee, subject to certain conditions, without prior notice to
    any Holders, to amend such indenture and the outstanding debt
    securities of any series with the written consent of the Holders
    of a majority in aggregate principal amount of the applicable
    debt securities then outstanding of all series affected by such
    supplemental indenture (all such series voting as one class).
    The Holders of a majority in aggregate principal amount of the
    applicable outstanding debt securities of all series affected
    (all such series voting as one class) by written notice to the
    trustee may waive future compliance by us with any provision of
    such indenture or the debt securities of that series.
    Notwithstanding the foregoing provisions, without the consent of
    each applicable Holder affected, an amendment or waiver,
    including a waiver pursuant to Section&#160;6.4 of such
    indenture, may not:
</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;extend the stated maturity of the principal of, or any
    sinking fund obligation or any installment of interest on, the
    Holder&#146;s debt security or reduce the principal amount or
    the rate of interest of that debt security (including any amount
    in respect of original issue discount), or any premium payable
    with respect to that debt security, or adversely affect the
    rights of that Holder under any mandatory redemption or
    repurchase provision or any right of redemption or repurchase at
    the option of that Holder, or reduce the amount of the principal
    of an Original Issue Discount Security that would be due and
    payable upon the acceleration of the maturity of that debt
    security or any amount provable in bankruptcy, or change any
    place of payment where, or the currency in which, any debt
    security or any premium or the interest on that debt security is
    payable, or impair the right to institute suit for the
    enforcement of any payment on or after the due date of that
    payment;
</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;reduce the percentage in principal amount of
    outstanding debt securities of the relevant series the consent
    of whose Holders is required for any supplemental indenture or
    for any waiver of compliance with certain provisions of such
    indenture or certain defaults and their consequences provided
    for therein;
</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;waive a default in the payment of principal of or
    interest on any applicable debt security of a Holder;&#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">
    (d)&#160;modify any of the provisions of such indenture
    governing supplemental indentures with the consent of
    Securityholders, except to increase the percentage or to provide
    that certain other provisions of such indenture cannot be
    modified or waived without the consent of the Holder of each
    outstanding debt security affected by the modification.
</DIV>

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

<DIV align="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 supplemental indenture which changes or eliminates any
    covenant or other provision of the applicable indenture which
    has expressly been included solely for the benefit of one or
    more particular series of debt securities, or which modifies the
    rights of Holders of applicable debt securities of that series
    with respect to that covenant or provision, will be deemed not
    to affect the rights under such indenture of the Holders of debt
    securities of any other series or of the coupons appertaining to
    those debt securities. It will not be necessary for the consent
    of any Holder under such indenture to approve the particular
    form of any proposed amendment, supplement or waiver, but it
    will be sufficient if the consent approves the substance of the
    amendment, supplement or waiver. After an amendment, supplement
    or waiver under such indenture becomes effective, we or, at our
    request, the trustee will give to the affected Holders a notice
    briefly describing the amendment, supplement or waiver. We or,
    at our request, the trustee will mail supplemental indentures to
    Holders upon request. Any failure of us to mail such notice, or
    any defect in the notice, will not, however, in any way impair
    or affect the validity of any supplemental indenture or waiver.
    (Section&#160;9.2)
</DIV>
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    <BR>
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<A name='308'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="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 authority to issue 160,000,000&#160;shares of common
    stock, par value $1.00 per share and 2,000,000&#160;shares of
    preferred stock, par value $1.00 per share. As of July&#160;24,
    2009, we had outstanding 119,630,955&#160;shares of common stock
    and no shares of preferred stock. Our board of directors has
    authority, without action by our shareholders, to issue
    authorized and unissued shares of preferred stock in one or more
    series and, within certain limitations, to determine the voting
    rights (including the right to vote as a series on particular
    matters), preference as to dividends and in liquidation,
    conversion, redemption and other rights of each 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">
    The following is a brief summary of the voting, dividend,
    liquidation and certain other rights of the holders of the
    capital stock as set forth in our by-laws and Restated
    Certificate of Incorporation, copies of which are filed with the
    Commission.
</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">COMMON
    STOCK</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Voting Rights-Noncumulative Voting.</I>&#160;&#160;The
    holders of common stock are entitled to one vote per share on
    all matters to be voted on by shareholders, including the
    election of directors. Shareholders are not entitled to
    cumulative voting rights, and, accordingly, the holders of a
    majority of the shares voting for the election of directors can
    elect the entire board of directors if they choose to do so and,
    in that event, the holders of the remaining shares will not be
    able to elect any person to the board of directors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Restated Certificate of Incorporation requires the
    affirmative vote of 90% of our outstanding shares of common
    stock to authorize certain mergers, sales of assets, corporate
    reorganizations and other transactions in the event that any
    person or entity acquires 30% or more of our outstanding common
    stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dividends; Restriction on Payment of
    Dividends.</I>&#160;&#160;The holders of common stock are
    entitled to receive such dividends, if any, as may be declared
    from time to time by our board of directors, in its discretion,
    from funds legally available for the purpose and subject to
    prior dividend rights of holders of any shares of preferred
    stock which may be outstanding. Upon liquidation or dissolution
    of Arrow, subject to prior liquidation rights of the holders of
    preferred stock, the holders of common stock are entitled to
    receive on a pro rata basis the remaining assets of Arrow
    available for distribution. Holders of common stock have no
    preemptive or other subscription rights, and there are no
    conversion rights or redemption or sinking fund provisions with
    respect to our common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the terms of our amended and restated credit
    agreement, as amended, and our transfer and administration
    agreement require that the ratio of earnings to cash interest
    expense and debt to EBITDA be maintained at certain designated
    levels.
</DIV>

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

<DIV align="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 outstanding shares of common stock are fully paid and not
    liable to further calls or assessment by us.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our board of directors is authorized, without further vote or
    action by the holders of our common stock, to issue by
    resolution an aggregate of 2,000,000&#160;shares of preferred
    stock. These shares of preferred stock may be issued in one or
    more series as established from time to time by our board of
    directors. Our board also is authorized to fix the number of
    shares and the designation or title of each series of preferred
    stock prior to the issuance of any shares of that series.
    Regarding each class or series of preferred stock, our board
    will fix the voting powers which may be full or limited, or
    there may be no voting powers. Our board will also determine the
    preferences and relative, participating, optional or other
    special rights and qualifications, limitations or restrictions,
    of each series of preferred stock. Our board is further
    authorized to increase or decrease the
</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">
    number of shares of any series subsequent to the issuance of
    shares of that series, but not below the number of shares of the
    class or series then outstanding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No shares of preferred stock are presently outstanding and we
    have no plans to issue a new series of preferred stock. It is
    not possible to state the effect of the authorization and
    issuance of any series of preferred stock upon the rights of the
    holders of common stock until our board of directors determines
    the specific terms, rights and preferences of a series of
    preferred stock. However, possible effects might include
    restricting dividends on the common stock, diluting the voting
    power of the common stock or impairing the liquidation rights of
    the common stock without further action by holders of common
    stock. In addition, under some circumstances, the issuance of
    preferred stock may render more difficult or tend to discourage
    a merger, tender offer or proxy contest, the assumption of
    control by a holder of a large block of our securities or the
    removal of incumbent management, which could thereby depress the
    market price of our common stock.
</DIV>

<A name='309'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have described below the general terms and provisions of the
    debt warrants and equity warrants to which a prospectus
    supplement may relate. We will describe the particular terms of
    any debt warrants and equity warrants offered by any prospectus
    supplement in the prospectus supplement relating to such debt
    warrants or equity warrants.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue debt warrants and equity warrants, evidenced by
    warrant certificates under a warrant agreement, independently or
    together with any debt securities, preferred stock or common
    stock. The warrants may be transferable with or separate from
    such securities. If we offer debt warrants, the applicable
    prospectus supplement will describe the terms of the debt
    warrants, including the following: (i)&#160;the offering price,
    if any, including the currency, or currency unit in which such
    price will be payable; (ii)&#160;the designation, aggregate
    principal amount and terms of the offered debt securities with
    which the debt warrants are issued and the number of debt
    warrants issued with each such offered debt security;
    (iii)&#160;if applicable, the date on or after which the debt
    warrants and the related offered debt securities will be
    separately transferable; (iv)&#160;the designation, aggregate
    principal amount and terms of debt securities purchasable upon
    exercise of one debt warrant and the price or prices at which,
    and the currency, or currency unit in which such principal
    amount of debt securities may be purchased upon exercise;
    (v)&#160;the date on which the right to exercise the debt
    warrants commences and the date on which such right expires;
    (vi)&#160;any U.S.&#160;Federal income tax consequences;
    (vii)&#160;whether the debt warrants represented by the warrant
    certificates will be issued in registered or bearer form or
    both; and (viii)&#160;any other material terms of the debt
    warrants. If we offer equity warrants, the applicable prospectus
    supplement will describe the terms of the equity warrants,
    including the following: (i)&#160;the offering price, if any,
    including the currency or currency unit in which such price will
    be payable; (ii)&#160;the designation of any series of preferred
    stock purchasable upon exercise of the equity warrants;
    (iii)&#160;the number of shares of preferred stock or common
    stock purchasable upon exercise of one equity warrant, and the
    price or prices at which, and the currency, or currency unit in
    which such shares may be purchased upon exercise; (iv)&#160;the
    date on which the right to exercise the equity warrants and the
    date on which such right expires; (v)&#160;any U.S.&#160;Federal
    income tax consequences; (vi)&#160;whether the equity warrants
    represented by the warrant certificate will be issued in
    registered or bearer form or both; (vii)&#160;whether the equity
    warrants or the underlying preferred stock or common stock will
    be listed on any national securities exchange; and
    (viii)&#160;any other material terms of the equity warrants. In
    addition, if we sell any debt warrants or equity warrants for
    any foreign currency or currency units, the restrictions,
    elections, tax consequences, specific terms and other
    information with respect to such issue will be specified 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">
    Warrant certificates, if any, may be exchanged for new warrant
    certificates of different denominations and may (if in
    registered form) be presented for registration of transfer at
    the corporate trust office of the warrant agent, which will be
    listed in the applicable prospectus supplement, or at such other
    office as may be set forth therein. Warrantholders do not have
    any of the rights of holders of debt securities (except to the
    extent that the consent of warrantholders may be required for
    certain modifications of the terms of the indenture under which
</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">
    the series of offered debt securities issuable upon exercise of
    the warrants to be issued) or preferred or common stockholders
    and are not entitled to payments of principal and interest, if
    any, on debt securities or to dividends or other distributions
    made with respect to preferred stock or common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Warrants may be exercised by surrendering the warrant
    certificate, if any, at the corporate trust office or other
    designated office of the warrant agent, with (i)&#160;the form
    of election to purchase on the reverse side of the warrant
    certificate, if any, properly completed and executed, and
    (ii)&#160;payment in full of the exercise price, as set forth in
    the applicable prospectus supplement. Upon exercise of warrants,
    the warrant agent will, as soon as practicable, deliver the debt
    securities, preferred stock or common stock issuable upon the
    exercise of the warrants in authorized denominations in
    accordance with the instructions of the exercise warrantholder
    and at the sole cost and risk of such holder. If less than all
    of the warrants evidenced by the warrant certificate are
    exercised, a new warrant certificate will be issued for the
    remaining amount of unexercised warrants, if sufficient time
    exists prior to the expiration date.
</DIV>

<A name='310'>
<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">
    We or selling security holders may sell the securities being
    offered under this prospectus in four ways or any combination
    thereof:
</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">
    directly to purchasers;
</TD>
</TR>


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


<TR valign="top" 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">
    through underwriters;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through dealers.
</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 any securities are sold pursuant to this prospectus by any
    persons other than us, we will, in a prospectus supplement, name
    the selling security holders, indicate the nature of any
    relationship such holders have had to us or any of our
    affiliates during the three years preceding such offering, state
    the amount of securities of the class owned by such security
    holder prior to the offering and the amount to be offered for
    the security holder&#146;s account, and state the amount and (if
    one percent or more) the percentage of the class to be owned by
    such security holder after completion of the offering.
</DIV>

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

<DIV align="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 directly solicit offers to
    purchase the securities, or agents may be designated to solicit
    such offers. We will, in the prospectus supplement relating to
    such offering, name any agent that could be viewed as an
    underwriter under the Securities Act of 1933 and describe any
    commissions that we or any selling security holder must pay. Any
    such agent will be acting on a best efforts basis for the period
    of its appointment or, if indicated in the applicable prospectus
    supplement, on a firm commitment 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 any underwriters or agents are used in the sale of the
    securities in respect of which this prospectus is delivered, we
    and, if applicable, any selling security holder will enter into
    an underwriting agreement or other agreement with them at the
    time of sale to them, and we will set forth in the prospectus
    supplement relating to such offering the names of the
    underwriters or agents and the terms of the related agreement
    with them.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a dealer is used in the sale of the securities in respect of
    which the prospectus is delivered, we will sell such securities
    to the dealer, as principal. The dealer may then resell such
    securities to the public at varying prices to be determined by
    such dealer at the time of resale.
</DIV>

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

<DIV align="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 indicated in the applicable prospectus supplement, we will
    authorize underwriters, dealers or agents to solicit offers by
    certain institutional investors to purchase securities from us
    pursuant to contracts providing for payment and delivery at a
    future date. Institutional investors with which these contracts
    may be made include, among others, commercial and savings banks,
    insurance companies, pension funds, investment companies and
    educational and charitable institutions. In all cases, these
    purchasers must be approved by us. Unless otherwise
</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">
    set forth in the applicable prospectus supplement, the
    obligations of any purchaser under any of these contracts will
    not be subject to any conditions except 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">
    the purchase of the securities must not at the time of delivery
    be prohibited under the laws of any jurisdiction to which that
    purchaser is subject;&#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">
    if the securities are also being sold to underwriters, we must
    have sold to these underwriters the securities not subject to
    delayed delivery.
</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 may enter into derivative transactions with third parties, or
    sell securities not covered by this prospectus to third parties
    in privately negotiated transactions. If the applicable
    prospectus supplement indicates, in connection with those
    derivatives, the third parties may sell securities covered by
    this prospectus and the applicable prospectus supplement,
    including in short sale transactions. If so, the third parties
    may use securities pledged by us or borrowed from us or others
    to settle those sales or to close out any related open
    borrowings of stock, and may use securities received from us in
    settlement of those derivatives to close out any related open
    borrowings of stock. The third parties in such sale transactions
    will be underwriters and, if not identified in this prospectus,
    will be identified in the applicable prospectus supplement (or a
    post-effective 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">
    We may loan or pledge securities to a financial institution or
    other third party that in turn may sell the securities using
    this prospectus. Such financial institution or third party may
    transfer its short position to investors in our securities or in
    connection with a simultaneous offering of other securities
    offered by this prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One or more firms, referred to as &#147;remarketing firms,&#148;
    may also offer or sell the securities, if the prospectus
    supplement so indicates, in connection with a remarketing
    arrangement upon their purchase. Remarketing firms will act as
    principals for their own accounts or as our agents. These
    remarketing firms will offer or sell the securities in
    accordance with the terms of the securities. The prospectus
    supplement will identify any remarketing firm and the terms of
    its agreement, if any, with us and will describe the remarketing
    firm&#146;s compensation. Remarketing firms may be deemed to be
    underwriters in connection with the securities they remarket.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Remarketing firms, agents, underwriters and dealers may be
    entitled under agreements which they may enter into with us to
    indemnification by us and by any selling security holder against
    certain civil liabilities, including liabilities under the
    Securities Act, and may be customers of, engage in transactions
    with or perform services for us 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">
    In order to facilitate the offering of the securities, any
    underwriters may engage in transactions that stabilize, maintain
    or otherwise affect the price of the securities or any other
    securities the prices of which may be used to determine payments
    on such securities. Specifically, any underwriters may overallot
    in connection with the offering, creating a short position for
    their own accounts. In addition, to cover overallotments or to
    stabilize the price of the securities or of any such other
    securities, the underwriters may bid for, and purchase, the
    securities or any such other securities in the open market.
    Finally, in any offering of the securities through a syndicate
    of underwriters, the underwriting syndicate may reclaim selling
    concessions allowed to an underwriter or a dealer for
    distributing the securities in the offering if the syndicate
    repurchases previously distributed securities in transactions to
    cover syndicate short positions, in stabilization transactions
    or otherwise. Any of these activities may stabilize or maintain
    the market price of the securities above independent market
    levels. Any such underwriters are not required to engage in
    these activities, and may end any of these activities at any
    time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in a prospectus supplement, except
    for our common stock, which is listed on the New York Stock
    Exchange, the securities will not be listed on a national
    securities exchange or inter-dealer quotation system. No
    assurance can be given that any broker-dealer will make a market
    in any series of the securities, and, in any event, no assurance
    can be given as to the liquidity of the trading market for any
    of the securities. The prospectus supplement will state, if
    known, whether or not any broker-dealer intends to make a market
    in the securities. If no such determination has been made, the
    prospectus supplement will so state.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='311'>
<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 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 securities offered by this prospectus will
    be passed upon for us by Milbank, Tweed, Hadley&#160;&#038;
    McCloy LLP, New York, New York.
</DIV>

<A name='312'>
<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">
    Ernst&#160;&#038; Young LLP, independent registered public
    accounting firm, has audited our consolidated financial
    statements and schedule included in our Annual Report on Form
    10-K for the year ended December 31, 2008, and the effectiveness
    of internal control over financial reporting as of December 31,
    2008, as set forth in their reports, which are incorporated by
    reference herein. Our financial statements and schedule are
    incorporated by reference in reliance on Ernst&#160;&#038; Young
    LLP&#146;s reports, given on their authority as experts in
    accounting and auditing.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV style="margin-top: 325pt; font-size: 1pt">&nbsp;</DIV>

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