<SEC-DOCUMENT>0001108426-11-000012.txt : 20110317
<SEC-HEADER>0001108426-11-000012.hdr.sgml : 20110317
<ACCEPTANCE-DATETIME>20110317153718
ACCESSION NUMBER:		0001108426-11-000012
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20110317
DATE AS OF CHANGE:		20110317
EFFECTIVENESS DATE:		20110317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNM RESOURCES INC
		CENTRAL INDEX KEY:			0001108426
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				850019030
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-172902
		FILM NUMBER:		11695133

	BUSINESS ADDRESS:	
		STREET 1:		ALVARADO SQUARE
		STREET 2:		NEW MEXICO
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87158
		BUSINESS PHONE:		5052412700

	MAIL ADDRESS:	
		STREET 1:		ALVARADO SQUARE
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87158

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANZANO CORP
		DATE OF NAME CHANGE:	20000303
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As filed with the Securities and Exchange Commission on March 17, 2011</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON, D.C. 20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">REGISTRATION STATEMENT</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">UNDER</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">THE SECURITIES ACT OF 1933</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman">PNM Resources, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of registrant as specified in its charter)</font></div>

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<div>&#160;</div>
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<td valign="top" width="40%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">New Mexico</font></div>
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<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="31%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">85-0468296</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State or other jurisdiction of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">incorporation or organization)</font></div>
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<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="31%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(I.R.S. Employer</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification Number)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alvarado Square</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Albuquerque, New Mexico 87158</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(505) 241-2700</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</font></div>

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<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Patrick V. Apodaca, Esq.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior Vice President, General Counsel &amp; Secretary</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM Resources, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">414 Silver Avenue SW</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Albuquerque, New Mexico 87102</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telephone: (505) 241-2898</font></div>

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<td valign="middle" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Charles L. Moore, Esq.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Associate General Counsel</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PNM Resources, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Alvarado Square</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Albuquerque, New Mexico 87158</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tel. (505) 241-4935</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fax. (505) 241-2338</font></div>
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<td valign="top" width="34%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">R. Mason Bayler, Jr., Esq.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Troutman Sanders LLP</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1001 Haxall Point</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Richmond, Virginia 23219</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tel. 804-697-1202</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fax. 804-698-5169</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Approximate date of commencement of proposed sale to the public:</font>&#160;&#160;From time to time after the effective date of this registration statement.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font><a name="Check1"><!--EFPlaceholder--></a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&#160; <font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box.&#160; <font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule&#160;12b-2 of the Exchange Act.</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="48%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Large&#160;accelerated&#160;filer&#160; <font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div>
</td>
<td align="left" valign="top" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accelerated&#160;filer&#160; <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="48%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Non-accelerated filer&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font>&#160;(Do not check if a smaller reporting company)</font></div>
</td>
<td align="left" valign="top" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Smaller&#160;reporting&#160;company <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">
<hr style="COLOR: black" align="center" noshade size="1" width="10%">
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CALCULATION OF REGISTRATION FEE <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="13" valign="middle" width="23%" style="BORDER-TOP: black double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title of Each Class of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities to be Registered</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to be</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registered(2)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Maximum</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Offering&#160;Price</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Per Unit(2)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Maximum</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Aggregate</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Offering Price(2)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registration</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fee(2)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Debt Securities</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common Stock, no par value</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Preferred Stock, no par value</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Warrants(3)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities Purchase Contracts</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Units(4)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="26%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Total</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">conversion or exchange of other securities.&#160;&#160;In accordance with Rules 456(b) and 457(r), the Registrant is deferring payment of all of the registration fee.</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC, utilizing a &#8220;shelf&#8221; registration process.&#160;&#160;Under this shelf process, we may, from time to time, offer, issue and sell debt securities, shares of our common stock, shares of our preferred stock, warrants, securities purchase contracts or units, which we collectively refer to as the &#8220;securities&#8221;.&#160;&#160;In addition, selling security holders who may be named in a prospectus supplement may offer and sell from time to time securities in such amounts as set forth in the prospectus supplement. We may, and any selling security holder may, offer the securities independently or together in any combination to be designated at a future date. We may, and any selling security holder may, offer and sell these securities in amounts, at prices and on terms determined at the time of the offering.&#160;&#160;We will not receive any proceeds from the sale of securities by any selling security holders.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This prospectus describes some of the general terms that may apply to the securities. The specific terms of any securities to be offered will be described in supplements to this prospectus. The prospectus supplements also may add, update or change information contained in this prospectus. Any statement that we make in this prospectus will be modified or superseded by any inconsistent statement made by us in a prospectus supplement. <font style="DISPLAY: inline; FONT-WEIGHT: bold">This prospectus may not be used to offer and sell securities unless accompanied by a prospectus supplement. </font>You should carefully read this prospectus and the applicable prospectus supplement, together with the documents we incorporate by reference, before you make your investment decision.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We and any selling security holders may sell the securities directly or to or through underwriters or dealers, and also to other purchasers or through agents or a combination of these methods.&#160;&#160;The names of any underwriters or agents participating in a sale of securities to you, and any applicable commissions or discounts, will be stated in an accompanying prospectus supplement.&#160;&#160;For general information about the distribution of securities offered, please see &#8220;Plan of Distribution&#8221; on page [INSERT PAGE NUMBER] of this prospectus.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To the extent that any selling security holder resells any securities, the selling security holder may be required to provide you with this prospectus and a prospectus supplement identifying and containing specific information about the selling security holder and the terms of the securities being offered.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investing in our securities involves risks.&#160;&#160;See &#8220;Risk Factors&#8221; on page&#160;4 for information on certain risks related to the purchase of any securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our common stock is quoted on the New York Stock Exchange under the symbol &#8220;PNM.&#8221;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</font></div>

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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The date of this prospectus is March 17, 2011.</font></div>
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<td width="4%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;page</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-WEIGHT: bold">Prospectus</font></font></td>
<td width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">About this Prospectus</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Where You Can Find&#160;More Information&#160;&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;2</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PNM Resources, Inc.&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;4</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Risk Factors&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;4</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Forward-Looking Statements</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;5</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Selling Security Holders</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;7</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certain Ratios&#160; </font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;8</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Use of Proceeds&#160; </font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;8</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description of Debt Securities&#160; </font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;9</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description of Common Stock and Preferred Stock&#160; </font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description of Warrants </font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description of Securities Purchase Contracts&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;24</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description of Units&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;24</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Plan of Distribution&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;26</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Legal Matters&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;27</font></td>
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<td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Experts&#160;</font></td>
<td width="4%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;28</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="tx18303_6"><!--EFPlaceholder--></a>ABOUT THIS PROSPECTUS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC, utilizing a &#8220;shelf&#8221; registration process. This prospectus provides you with a general description of the securities we may offer. Each time we or a selling security holder offers and sells the securities, we will describe in a supplement to this prospectus the specific terms of that offering. The applicable prospectus supplement also may add, update or change information in this prospectus. Please carefully read both this prospectus and the applicable prospectus supplement, together with the documents that are incorporated by reference herein that are described under &#8220;Where You Can Find More Information,&#8221; before investing in the securities.&#160;&#160;In particular, you should carefully consider the risks and uncertainties described under the section titled &#8220;Risk Factors&#8221; or otherwise included in any applicable prospectus supplement or incorporated by reference in this prospectus before you decide whether to purchase the securities. These risks and uncertainties, together with those not known to us or those that we may deem immaterial, could impair our business and ultimately affect our ability to make payments on the securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless otherwise indicated or unless the context otherwise requires, all references in this prospectus and any accompanying prospectus supplement to &#8220;PNMR,&#8221; &#8220;PNM Resources,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to PNM Resources, Inc. and its subsidiaries. Unless otherwise indicated, financial information included or incorporated by reference herein and in any accompanying prospectus supplement is for PNM Resources, Inc. and its subsidiaries on a consolidated basis.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This prospectus contains summaries of certain provisions contained in some of the documents described in this prospectus. Please refer to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of the documents referred to in this prospectus have been filed, or will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under &#8220;Where You Can Find More Information.&#8221;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the registration statement of which this prospectus is a part, we may offer, issue and sell securities as set forth on the cover page of this prospectus. Because we are a &#8220;well-known seasoned issuer,&#8221; as defined in Rule 405 of the Securities Act of 1933, as amended, which we refer to as the &#8220;Securities Act,&#8221; we may add to and offer additional securities, including securities held by security holders, by filing a prospectus supplement with the SEC at the time of the offer.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You should rely only on the information contained or incorporated by reference in this prospectus, any applicable prospectus supplements and any free writing prospectus prepared by or on behalf of us. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus, any applicable prospectus supplement, any free writing prospectuses and the documents incorporated by reference is accurate only as of the respective dates of those documents in which the information is contained. Our business, financial condition, results of operations and prospects may have changed since those dates.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHERE YOU CAN FIND MORE INFORMATION</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We file annual, quarterly and current reports and other information with the SEC. You may read and copy these documents at the SEC&#8217;s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information about the Public Reference Room. The SEC also maintains an Internet website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the site is <font style="DISPLAY: inline; FONT-STYLE: italic">www.sec.gov</font>.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Internet address is <font style="DISPLAY: inline; FONT-STYLE: italic">www.pnmresources.com</font>. The contents of the website are not a part of the registration statement of which this prospectus is a part. Our filings with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, filed or furnished pursuant to Section&#160;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, which we refer to as the &#8220;Exchange Act&#8221;, are accessible free of charge at www.pnmresources.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. These reports are also available upon request in print from us free of charge.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are &#8220;incorporating by reference&#8221; in this prospectus information we file with the SEC, which means that we are disclosing important information to you by referring you to those documents. Our combined filings with the SEC present separate filings by PNMR, Public Service Company of New Mexico (&#8220;PNM&#8221;) and Texas-New Mexico Power Company (&#8220;TNMP&#8221;). Information contained therein relating to an individual registrant is filed by that registrant on its own behalf and each registrant makes no representation as to information relating to other registrants. The information we incorporate by reference is considered to be part of this prospectus, unless it is updated or superseded by the information contained in this prospectus or the information we file subsequently with the SEC that is incorporated by reference in this prospectus or a prospectus supplement. We are incorporating by reference the following documents that we have filed with the SEC (except those portions of filings that relate to PNM or TNMP as separate registrants), other than any information in these documents that is deemed not to be &#8220;filed&#8221; with the SEC:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You may obtain without charge a copy of any of the documents we incorporate by reference, except for exhibits to such documents which are not specifically incorporated by reference into such documents, by contacting us at PNM Resources, Inc., Alvarado Square, Albuquerque, New Mexico, 87158, Attention: Shareholder Services. You may also telephone your request at (505)&#160;241-2868.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM Resources is an investor-owned holding company of energy and energy-related businesses.&#160;&#160;Our primary subsidiaries are Public Service Company of New Mexico (&#8220;PNM&#8221;), Texas-New Mexico Power Company, (&#8220;TNMP&#8221;), and FCP Enterprises, Inc. and its subsidiaries (&#8220;First Choice&#8221;). In addition, we have a 50 percent ownership interest in Optim Energy, LLC (&#8220;Optim Energy&#8221;), an energy company not subject to traditional utility rate regulation.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM is an integrated electric public utility with regulated operations primarily engaged in the generation, transmission, distribution and sale of electricity and unregulated operations primarily focused on the sale and marketing of electricity into the wholesale market in the western United States.&#160;&#160;TNMP is a regulated electric utility providing transmission and distribution services in Texas.&#160;&#160;First Choice is a competitive retail electric provider operating in Texas.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Optim Energy was formed in January&#160;2007 by PNMR and ECJV Holdings, LLC, a wholly-owned subsidiary of Cascade Investment, L.L.C., one of PNMR&#8217;s largest shareholders, to focus on unregulated electric operations, principally in the areas of Texas covered by the Electric Reliability Council of Texas, including the development, operation and ownership of diverse generation assets and wholesale marketing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our executive office is located at Alvarado Square, Albuquerque, New Mexico 87158, and our telephone number is (505) 241-2700.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="tx18303_9"><!--EFPlaceholder--></a><a name="Risk_Factors"><!--EFPlaceholder--></a>RISK FACTORS</font><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Investing in the securities involves risk. Please carefully consider the specific risks set forth under the section entitled &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K and other reports filed with the SEC, which are all incorporated by reference in this prospectus, and in the applicable prospectus supplement. Before making an investment decision, you should carefully consider these risks as well as other information contained or incorporated by reference in this prospectus or the applicable supplement to this prospectus. The risks and uncertainties described are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations, financial results and the value of our securities.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This prospectus contains or incorporates by reference &#8220;forward-looking statements,&#8221; which you can generally identify by our use of forward-looking words including &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;anticipate&#8221; or &#8220;plan&#8221; or the negative or other variations of these terms or comparable terminology, or by discussion of strategies that involve risks and uncertainties.&#160;&#160;These forward-looking statements relate to future events or our expectations, projections, estimates, intentions, goals, targets, and strategies and are made pursuant to the Private Securities Litigation Reform Act of 1995. You are cautioned that all forward-looking statements are based upon current expectations and estimates, and we assume no obligation to update this information.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Because actual results may differ materially from those expressed or implied by these forward-looking statements, we caution you not to place undue reliance on these statements. Our business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond our control, that can cause actual results to differ from those expressed or implied by the forward-looking statements.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements are listed under &#8220;Risk Factors&#8221; in a prospectus supplement and may also be found in our periodic reports filed with the SEC at <font style="DISPLAY: inline; FONT-STYLE: italic">www.sec.gov</font>. These risk factors include, without limitation:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The potential unavailability of cash from our subsidiaries or Optim Energy due to regulatory, statutory or contractual restrictions,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The impacts of the decline in the values of marketable equity securities on the trust funds maintained to provide nuclear decommissioning funding and pension and other postretirement benefits, including the levels of funding and expense,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The recession, its disruption in the credit markets, and its impacts on the electricity usage of our customers,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">State and federal regulatory and legislative decisions and actions, including the outcomes of PNM&#8217;s pending electric rate case and transmission rate case, and appeals of prior regulatory proceedings,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The ability of PNM to successfully defend its utilization of a future test year in its current electric rate filing with the New Mexico Public Regulation Commission, including PNM&#8217;s ability to withstand challenges by regulators and intervenors, in the event the pending stipulation in that case is not approved,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The ability of PNM and TNMP to recover their costs and earn their allowed returns in their regulated jurisdictions,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The ability of PNM to meet the renewable energy requirements established by the New Mexico Public Regulation Commission, including the resource diversity requirement, within the specified cost parameters,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The risk that replacement power costs incurred by PNM related to not meeting the specified capacity factor for its generating units under its Emergency Fuel and Purchased Power Adjustment Clause will not be approved by the New Mexico Public Regulation Commission,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The risk that PNM may not be able to recover costs of renewal of rights-of-way on Native American lands through rates charged to customers,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The ongoing risks relating to our ownership interest in Optim Energy, including uncertainties surrounding our assessment of strategic alternatives for our investment in Optim Energy, the risk that a strategic transaction involving Optim Energy may not be consummated, uncertainty regarding potential additional contributions to Optim Energy, and the possibility that we might recognize additional gains or impairments depending on market conditions, the form and structure of a strategic transaction, and relative fair values,</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

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<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The risk that Optim Energy requires additional financial sources to expand its generation capacity or otherwise but is unable to identify and implement profitable acquisitions or that we and ECJV will not agree to make additional capital contributions to Optim Energy,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Regulation or legislation relating to climate change, reduction of greenhouse gas emissions, coal combustion byproducts, and other power plant emissions, including the risk that we and Optim Energy may have to commit to substantial capital investments and additional operating costs to comply with new environmental requirements including possible future requirements to address regional haze regulations and related Best Available Retrofit Technology requirements and concerns about global climate change, and the resultant impacts on the operations and economic viability of generating plants in which PNM and Optim Energy have interests,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The performance of generating units, including Palo Verde Nuclear Generating Station, San Juan Generating Station, Four Corners Power Plant, and Optim Energy generating units, and transmission systems,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The risks associated with completion of generation, transmission, distribution, and other projects, including construction delays and unanticipated cost overruns,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Uncertainty regarding the requirements and related costs of decommissioning power plants owned or partially owned by PNM and Optim Energy and coal mines supplying certain PNM power plants, as well as the ability to recover decommissioning costs through rates charged to customers,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Uncertainty surrounding the status of PNM&#8217;s participation in jointly-owned projects resulting from the scheduled expiration of the operational documents for the projects beginning in 2015 and potential changes in the objectives of the participants in the projects,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The risk that recently enacted reliability standards regarding available transmission capacity may reduce certain PNM transmission rights used to transmit its generation resources and provide access to transmission customers resulting in a need to purchase additional transmission capacity, reduce sales of transmission capacity, or operate generation less economically,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes in Electric Reliability Council of Texas protocols,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes in the cost of power acquired by First Choice,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The ability of First Choice to attract and retain customers,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Collections experience,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fluctuations in interest rates,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weather,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Water supply,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes in fuel costs,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Availability of fuel supplies,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The effectiveness of risk management and commodity risk transactions,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Seasonality and other changes in supply and demand in the market for electric power,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The impact of mandatory energy efficiency measures on customer energy usage,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Variability of wholesale power prices and natural gas prices,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Volatility and liquidity in the wholesale power markets and the natural gas markets,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Uncertainty regarding the ongoing validity of government programs for emission allowances,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes in the competitive environment in the electric industry,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The outcome of legal proceedings,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insurance coverage available for claims made in litigation,</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes in applicable accounting principles, and</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The performance of state, regional, and national economies.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SELLING SECURITY HOLDERS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We may register securities covered by this prospectus for re-offers and resales by any selling security holders who may be named in a prospectus supplement, including Cascade Investment, L.L.C. (&#8220;Cascade&#8221;), one of our largest stockholders.&#160;&#160;Cascade has requested registration, pursuant to a registration rights agreement with PNM Resources, as recently amended, of its common stock and the common stock underlying its Series A Preferred Stock.&#160;&#160;Because we are a well-known seasoned issuer, as defined in Rule 405 of the Securities Act, we may add secondary sales of securities by any selling security holders by filing a prospectus supplement with the SEC. We may register these securities to permit selling security holders to resell their securities when they deem appropriate, subject to market conditions and any applicable legal requirements.&#160;&#160;The manner, timing and execution of sale of securities by selling security holders, if any, would be pursuant to a separate prospectus supplement issued at the time of the particular offering.&#160;&#160;A selling security holder may resell all, a portion or none of the selling security holder&#8217;s securities at any time and from time to time. We may register those securities for sale through an underwriter or other plan of distribution as set forth in a prospectus supplement.&#160;&#160;See &#8220;Plan of Distribution&#8221; on page [INSERT PAGE NUMBER]. Selling security holders also may sell, transfer or otherwise dispose of some or all of their securities in transactions exempt from the registration requirements of the Securities Act. We may pay all expenses incurred with respect to the registration of the securities owned by the selling security holders, other than underwriting fees, discounts or commissions, which will be borne by the selling security holders. In connection with any sale of securities by a selling security holder, we will provide a prospectus supplement naming the selling security holders, the amount of securities to be registered and sold and any other terms of the securities being sold by a selling security holder.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTAIN RATIOS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following table sets forth our Ratio of Earnings to Fixed Charges and our Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends for the periods indicated:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="94%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="9" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Year Ended December 31,</font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="63%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</div>
</td>
<td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2009</font></div>
</div>
</td>
<td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2008</font></div>
</div>
</td>
<td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2007</font></div>
</div>
</td>
<td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2006</font></div>
</div>
</td>
</tr><tr>
<td align="left" valign="top" width="63%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ratio of earnings to fixed charges<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td valign="top" width="7%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.51<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="7%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.76</font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="7%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N/M<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="6%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.29</font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="6%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.98</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="63%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ratio of earnings to combined fixed charges and preferred stock dividends<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td valign="top" width="7%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.50<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(3)</font></font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="7%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.70</font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="7%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N/M<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(5)</font></font></div>
</td>
<td valign="top" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="6%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.29</font></div>
</td>
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<td valign="top" width="6%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.98</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font> For the purpose of computing the ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred stock dividends, &#8220;earnings&#8221; represent (i)&#160;pretax income from continuing operations before adjustment for non-controlling interests in unconsolidated subsidiaries and income or loss from equity investees, and (ii)&#160;fixed charges as below, less (A) interest capitalized, (B) preference security dividend requirements of consolidated subsidiaries and&#160;(C) non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges. &#8220;Fixed charges&#8221; include (i) interest expensed and capitalized, (ii) amortized premiums, discounts and expenses related to indebtedness, (iii) interest from discontinued operations (including capitalized interest), (iv) estimated interest factor of lease rental charges and (v) preference security dividend requirements of consolidated subsidiaries. &#8220;Preference security dividends&#8221; means the amount of pre-tax earnings that is required to pay the dividends on outstanding preference securities. The dividend requirement must be computed as the amount of the dividend divided by (1 minus the effective income tax rate applicable to continuing operations). Currently, we have 477,800 shares of our Convertible Preferred Stock, Series A, outstanding.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font> The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $66.2 million for the year ended December 31, 2010. Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of our investment in an equity investee. If that loss were excluded, the ratio of earnings to fixed charges would have been 1.90.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(3)</font> The shortfall in the earnings available for combined fixed charges and preferred stock dividends to achieve a ratio of earnings to combined fixed charges and preferred stock dividends of 1.00 amounted to $71.1 million for the year ended December 31, 2010.&#160;&#160;Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of our investment in an equity investee.&#160;&#160;If that loss were excluded, the ratio of earnings to combined fixed charges and preferred stock dividends would have been 1.83.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> The ratio of earnings to fixed charges for the year ended December 31, 2008 is not meaningful since earnings available for fixed charges is negative. The shortfall in the earnings available to achieve a ratio of earnings to fixed charges of 1.00 amounted to $375.4 million for the year ended December 31, 2008.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(5)</font> The ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2008 is not meaningful since earnings available for combined fixed charges and preferred stock dividends is negative.&#160;&#160;The shortfall in the earnings available for combined fixed charges and preferred stock dividends to achieve a ratio of earnings to combined fixed charges and preferred stock dividends of 1.00 amounted to $376.6 million for the year ended December 31, 2008.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="tx18303_10"><!--EFPlaceholder--></a>USE OF PROCEEDS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each prospectus supplement will describe the uses of the proceeds from our issuances and sales of securities offered by that prospectus supplement. Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds in the event that securities are sold by a selling security holder.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DESCRIPTION OF DEBT SECURITIES</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following description sets forth certain general terms and provisions of our debt securities. When we offer our debt securities in the future, a prospectus supplement will explain the particular terms of those debt securities and the extent to which any of these general provisions will not apply. You should read this prospectus and any applicable prospectus supplement before you make any investment decision. We may issue one or more series of debt securities directly to the public or as part of a purchase unit from time to time. We may also sell hybrid or novel securities now existing or developed in the future that combine certain features of the debt securities described in this prospectus.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The debt securities will be our direct unsecured general obligations. We may issue the debt securities from time to time in one or more series under an indenture dated as of March 15, 2005 between us and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A.)), as trustee (the &#8216;&#8216;Trustee&#8217;&#8217;). This indenture, as it may be amended and supplemented from time to time, is referred to in this prospectus as the &#8216;&#8216;Indenture.&#8217;&#8217;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have summarized selected provisions of the Indenture below. You should read this summary together with the Indenture, any supplemental indentures or other documents establishing the debt securities for a complete understanding of the provisions that may be important to you. The following description of the debt securities and the Indenture is qualified by reference to the Indenture, which is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. References to certain sections in parentheses below are references to sections of the Indenture. Whenever particular provisions or defined terms in the Indenture are referred to under this &#8216;&#8216;Description of Debt Securities,&#8217;&#8217; such provisions or defined terms are incorporated by reference herein. The Indenture is qualified under the Trust Indenture Act of 1939. You should refer to the Trust Indenture Act of 1939 for provisions that apply to the debt securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There is no requirement under the Indenture that our future issuances of debt securities be issued exclusively under the Indenture and we will be free to employ other indentures or documentation containing provisions different from those included in the Indenture or applicable to one or more issuances of debt securities in connection with future issuances of other debt securities. Nonetheless, the debt securities registered under the registration statement of which this prospectus is a part will only be issued either pursuant to the Indenture or pursuant to an indenture (or a form thereof) that is filed with the SEC in connection with the offering of the debt securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Indenture provides that the applicable debt securities will be issued in one or more series, may be issued at various times, may have differing maturity dates and may bear interest at differing rates. We need not issue all debt securities of one series at the same time and, unless otherwise provided, we may reopen a series, without the consent of the holders of the debt securities of that series for issuances of additional debt securities of that series. Unless otherwise described in the applicable prospectus supplement, the Indenture does not limit the aggregate amount of debt, including secured debt, we or our subsidiaries may incur.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Indenture does not currently contain any restriction on the payment of dividends or any financial covenants. However, the supplemental indenture for any series of debt securities may contain such restrictions. The prospectus supplement related to such debt securities will describe such restrictions and the protections, if any, that such restrictions provide the holders of the debt securities in the event of a highly leveraged transaction involving us that may adversely affect the holders of the debt securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The debt securities will be our direct unsecured general obligations and will rank equally with all of our other unsubordinated debt. As of December&#160;31,&#160;2010, PNMR, exclusive of its subsidiaries, had </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$224.6&#160;million of outstanding short-term and long-term debt that would have ranked equally with the debt securities, and an additional $7.2&#160;million of outstanding long-term debt that is secured.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are a holding company and derive substantially all of our income from our operating subsidiaries. As a result, our cash flows and consequent ability to service our debt, including the debt securities, are dependent upon the earnings of our subsidiaries and distribution of those earnings to us and other payments or distributions of funds by our subsidiaries to us, including payments of principal and interest under intercompany indebtedness. Our operating subsidiaries are separate and distinct legal entities and will have no obligation, contingent or otherwise, to pay any dividends or make any other distributions (except for payments required pursuant to the terms of intercompany indebtedness) to us or to otherwise pay amounts due with respect to the debt securities or to make specific funds available for such payments. Various financing arrangements, charter provisions and regulatory requirements may impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. The debt securities will be effectively subordinated to the claims of all creditors, including trade creditors and tort claimants, of our subsidiaries. In the event of the bankruptcy, insolvency, liquidation or reorganization of the business of one of our subsidiaries, creditors of that subsidiary would generally have the right to be paid in full before any distribution is made to us or the holders of the debt securities. As of December&#160;31,&#160;2010, our subsidiary PNM had $11.5&#160;million aggregate stated value of cumulative preferred stock outstanding and $1,245.9 million aggregate principal amount of short-term and long-term debt outstanding, all of which was unsecured. As of December&#160;31, 2010, our subsidiary TNMP had $315.5&#160;million aggregate principal amount of secured short-term and long-term debt outstanding, excluding $1.2&#160;million of short-term debt payable to PNMR.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Indenture provides that payment of principal, premium and interest on any debt security issued under the Indenture shall be made solely from the assets of PNMR and not from any assets of utility subsidiaries. (See Section&#160;1.14)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provisions of a Particular Series</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The prospectus supplement relating to any series of debt securities being offered will include specific terms relating to that offering. These terms will include any of the following terms that apply to that series:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the title of the debt securities;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the total principal amount of the debt securities;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the person or persons to whom interest payments are made, if other than the registered holder;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the date or dates on which the principal of the debt securities will be payable, how the dates will be determined and whether the stated maturity may be extended;</font></div>

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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the rate or rates at which the debt securities will bear interest, if any, and how the rate or rates will be determined;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the date or dates from which interest on the debt securities will accrue, the interest payment dates on which interest will be paid, and the record dates for the interest payments;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the right, if any, to extend the interest payment periods for the debt securities and the duration of the extension;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the place or places at which or methods by which payments will be made;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">whether we have the option to redeem the debt securities and, if so, the terms of our redemption option;</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any sinking fund or other provisions or options held by holders of the debt securities that would obligate us to repurchase or otherwise redeem the debt securities;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if the debt securities will be issued in denominations other than $1,000 and integral multiples thereof;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any index or formula used for determining principal, premium or interest;</font></div>

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<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any collateral, security, assurance or guarantee applicable to a series of debt securities;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the currency or currencies in which payments will be made if other than United States dollars, and the manner of determining the equivalent of those amounts in United States dollars;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if payments may be made on any of the debt securities, at our election or at the holder&#8217;s election, in a currency or currencies other than that in which the debt securities are stated to be payable, then the currency or currencies in which those payments may be made, the terms and conditions of the election and the manner of determining those amounts;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the portion of the principal payable upon acceleration of maturity, if other than the entire principal;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if the principal payable on the maturity date will not be determinable on one or more dates prior to the maturity date, the amount which will be deemed to be such principal amount as of any such date or the manner of determining such amount;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">whether the provisions described below under &#8216;&#8216;Discharge, Defeasance and Covenant Defeasance&#8217;&#8217; will apply to the debt securities;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">whether the debt securities will be issuable as global securities and, if so, the securities depositary;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any changes or additions to the events of default under the Indenture or changes or additions to our covenants under the Indenture; and</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any other terms of the debt securities not inconsistent with the terms of the Indenture.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See&#160;Section&#160;3.01)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All debt securities of any one series will be substantially identical except as to denomination and except as may otherwise be determined in the manner provided for in the Indenture. (See&#160;Section&#160;3.01)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Debt securities may be issued and sold at a substantial discount below their stated principal amount. If applicable, the prospectus supplement will describe any special United States federal income tax consequences and other considerations which apply to senior debt securities issued at a discount or to any securities denominated or payable in a foreign currency or currency unit.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Redemption</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will set forth any terms for the redemption of any debt securities in the applicable prospectus supplement. Unless we indicate differently in the applicable prospectus supplement, the debt securities will be redeemable upon notice by mail to the holders between 30 and 60 days prior to the redemption date. If less than all of the debt securities of any series are to be redeemed, the Trustee will select the debt securities to be redeemed. In the absence of any provision for selection, the Trustee will choose a method of random selection as it deems fair and appropriate. (See Sections 11.03 and 11.04)</font></div>

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<div id="HDR">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The debt securities will cease to bear interest on the redemption date assuming we redeem them. We will pay the redemption price and any accrued interest once the debt securities are surrendered for redemption. (See Section 11.06) If only part of a debt security is redeemed, the Trustee will deliver to you a new debt security of the same series for the remaining portion without charge. (See&#160;Section 11.07)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may make any redemption, at our option, conditional upon the receipt by the paying agent or agents, on or prior to the date fixed for redemption, of money sufficient to pay the redemption price. If the paying agent or agents have not received the money by the date fixed for redemption, we will not be required to redeem the debt securities. (See Section 11.04)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Payment</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except as may be provided in the applicable prospectus supplement, interest, if any, on each debt security payable on each interest payment date will be paid to the person in whose name the debt security is registered as of the close of business on the regular record date for the interest payment date. If there has been a default in the payment of interest on any debt security, the defaulted interest may be paid to the holder of that debt security as of the close of business on a date to be fixed by the Trustee, which will be between 10 and 15 days prior to the date we proposed for payment of the defaulted interest, and not less than 10 days after receipt by the Trustee of the notice of the proposed payment. The defaulted interest may also be paid in any other manner permitted by any securities exchange on which that debt security may be listed, if the Trustee finds it practicable. (See&#160;Section&#160;3.07)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration of Transfer and Exchange</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless otherwise specified in the prospectus supplement applicable to any series of debt securities, subject to any limitations on the transfer of global securities, the transfer of the debt securities may be registered, and the debt securities may be exchanged for other debt securities of the same series, of authorized denominations and with the same terms and principal amount, at the corporate trust office of the Trustee. We may change the place for registration of transfer and exchange of the debt securities and may designate additional places for registration and exchange. Unless otherwise provided in the prospectus supplement applicable to any series of debt securities, no service charge will be made for any transfer or exchange of the debt securities. However, we may require payment to cover any tax or other governmental charge that may be imposed. We will not be required to execute or to provide for the registration of transfer of, or the exchange of:</font></div>

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<div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any debt security during a period of 15 days prior to giving any notice of redemption; or</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any debt security selected for redemption except the unredeemed portion of any debt security being redeemed in part.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 3.05)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restrictions on Mergers and Sale of Assets</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the terms of the Indenture, we may not consolidate with or merge into any other entity or convey, transfer or lease our properties and assets substantially as an entirety to any entity, unless:</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the surviving or successor entity is organized and validly existing under the laws of the United States, any state thereof or the District of Columbia and it expressly assumes our obligations on all debt securities and under the Indenture;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">immediately after giving effect to the transaction, no event of default and no event which, after notice or lapse of time or both, would become an event of </font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">default shall have occurred and be continuing; and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">we deliver to the Trustee an officers&#8217; certificate and an opinion of counsel as to compliance with the foregoing.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Discharge, Defeasance and Covenant Defeasance</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Indenture provides that we may be:</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">discharged from our obligations, with certain limited exceptions, with respect to any particular series of debt securities, as described in the Indenture, such a discharge being called a &#8216;&#8216;defeasance&#8217;&#8217; in this prospectus; and</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">released from our obligations under certain restrictive covenants especially established with respect to any particular series of debt securities, including the covenants described above under &#8216;&#8216;Restrictions on Mergers and Sale of Assets&#8217;&#8217; and any additional covenants set forth in the applicable prospectus supplement, such a release being called a &#8216;&#8216;covenant defeasance&#8217;&#8217; in this prospectus.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Sections 13.02 and 13.03)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We must satisfy certain conditions to effect a defeasance or covenant defeasance. Those conditions include the irrevocable deposit with the Trustee, in trust, of money or government obligations which through their scheduled payments of principal and interest would provide sufficient money to pay the principal and any premium and interest on those debt securities on the maturity dates of those payments or upon redemption. In addition, we will be required to deliver to the Trustee an opinion of counsel to the effect that the deposit and related defeasance or covenant defeasance will not cause the holders of the applicable series of debt securities to recognize gain or loss for federal income tax purposes, and that such holders will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and related defeasance or covenant defeasance were not to occur. In the case of a defeasance, that opinion of counsel must be based upon a ruling from the Internal Revenue Service or a change in federal income tax law. (See&#160;Section 13.04)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Modification of the Indenture</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We and the Trustee may enter into one or more supplemental indentures without the consent of any holder of the debt securities for certain specified purposes, including:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to evidence the assumption by any permitted successor of our covenants in the Indenture and in the debt securities;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to add to our existing covenants or to surrender any of our rights or powers under the Indenture;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to add additional events of default;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to add to or change any of the provisions to such extent necessary for the issuance of debt securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of debt securities in uncertificated form;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to change, eliminate, or add any provision to the Indenture; provided, however, if the change, elimination, or addition will adversely affect the interests of the holders of the debt securities of any particular series in any material respect, that change, elimination, or addition will become effective only:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">when the consent of the holders of a majority in aggregate principal </font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">amount of the debt securities of that series has been obtained in accordance with the Indenture; or</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">when no debt securities of the affected series remain outstanding under the Indenture;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to secure the debt securities;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" colspan="2" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to establish the form or terms of the debt securities of any other series as permitted by the Indenture;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to evidence and provide for the acceptance of appointment of a successor trustee;</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to provide for or facilitate the administration of the trust by more than one trustee; or</font></div>

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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" colspan="2" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to cure any ambiguity or inconsistency or to make any other provisions with respect to matters and questions arising under the Indenture; provided that the action will not adversely affect the interests of the holders of the debt securities of any particular series in any material respect.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 9.01)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If the Trust Indenture Act of 1939 is amended after the date of the Indenture to require changes to the Indenture, the Indenture will be deemed to be amended so as to conform to that amendment of the Trust Indenture Act of 1939. We and the Trustee may, without the consent of any of the holders, enter into one or more supplemental indentures to evidence that amendment. (See&#160;Section&#160;9.01)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The consent of the holders of a majority in aggregate principal amount of the debt securities of all series then outstanding, considered as one class, is required for all other modifications to the Indenture. However, if less than all of the series of debt securities outstanding are directly affected by a proposed supplemental indenture, then only the consent of the holders of a majority in aggregate principal amount of the outstanding debt securities of all series that are directly affected will be required. No amendment or modification may:</font></div>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">change the stated maturity of the principal of, or any installment of principal of or interest on, any debt security, or reduce the principal amount of any debt security or its rate of interest or change the method of calculating the interest rate or reduce any premium payable upon redemption, or change the currency in which payments are made, or impair the right to institute suit for the enforcement of any payment on or after the date that any principal or interest is due and payable on any debt security, without the consent of the holder;</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">reduce the percentage in principal amount of the outstanding debt security of any particular series the consent of which is required for any supplemental indenture or any waiver of compliance with a provision of the Indenture or any default thereunder and its consequences, or reduce the requirements for quorum or voting, without the consent of all the holders of the series; or</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">modify certain provisions of the Indenture relating to supplemental indentures, waivers of certain covenants and waivers of past defaults with respect to the debt securities of any particular series, without, in each case, the consent of the holder of each outstanding debt security affected thereby.</font></div>
</td>
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 9.02)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A supplemental indenture which changes the Indenture solely for the benefit of one or more particular series of debt securities, or modifies the rights of the holders of the debt securities of one or more series, </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

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<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

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<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">will not affect the rights under the Indenture of the holders of the debt securities of any other series. (See Section 9.02)</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Indenture provides that the debt securities owned by us or anyone else required to make payment on the debt securities will be disregarded and considered not to be outstanding in determining whether the required holders have given a request or consent. (See Section 1.01)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may fix in advance a record date to determine the required number of holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or other such &#8216;&#8216;act&#8217;&#8217; or action of the holders, in certain situations. If the record date is fixed, the holders of the outstanding debt securities of the relevant series on that record date, and no other holders, will be entitled to take or revoke the relevant action, whether or not those holders remain holders after that record date. No action, however, will be effective unless taken on or prior to the applicable expiration date by holders of the requisite principal amount of the outstanding debt securities of that series on that record date. Any request, demand, authorization, direction, notice, consent, election, waiver or other act of a holder will bind every future holder of the same debt securities and the holder of every debt security issued upon the registration of transfer of or in exchange of those debt securities. A transferee will be bound by our acts or those of the Trustee taken in reliance thereon, whether or not notation of that action is made upon that debt security.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 1.04)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Events of Default</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8216;&#8216;Event of default&#8217;&#8217; when used in the Indenture with respect to any particular series of debt securities, means any of the following:</font></div>

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<tr>
<td colspan="2" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#8226;</font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">failure to pay interest on any debt security of the applicable series for 60 days after it is due;</font></div>

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</tr><tr>
<td colspan="2" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#8226;</font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">failure to pay the principal of or premium on any debt security of the applicable series when due (whether at maturity or upon earlier redemption);</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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</tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#8226;</font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" colspan="2" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">failure to pay the deposit of any sinking fund payment, when and as due by the terms of the applicable series;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#8226;</font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" colspan="2" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">failure to perform any other covenant in the Indenture, other than a covenant that does not relate to that series of debt securities, that continues for 90 days after we receive written notice from the Trustee, or we and the Trustee receive a written notice from the holders of a majority in principal amount of the debt securities of such series; however, the Trustee or the Trustee and such holders, as applicable, can agree to an extension of the 90-day period and this extension will be automatic if we are diligently pursuing action to correct the default;</font></div>

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</td>
</tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#8226;</font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">certain events related to our bankruptcy, insolvency or reorganization; or</font></div>

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</td>
</tr><tr>
<td colspan="2" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#8226;</font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any other event of default provided with respect to the debt securities of that series.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 5.01)</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Remedies</font></div>
</div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Acceleration of Maturity</font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If an event of default with respect to any one series of debt securities occurs and continues, either the Trustee or the holders of a majority in principal amount of the outstanding debt securities of that series may declare the principal amount of all the debt securities of that series to be due and payable immediately. However, if the event of default is applicable to more than one series of debt securities, the Trustee or the </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

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<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

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<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">holders of a majority in principal amount of all the outstanding debt securities of all series, considered as one class, and not the holders of any one series, may make a declaration of acceleration. (See Section 5.02)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee, the event of default giving rise to the declaration of acceleration will be considered waived, and the declaration and its consequences will be automatically rescinded and annulled if:</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" colspan="2" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">we have paid or deposited with the Trustee a sum sufficient to pay:</font></div>

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</td>
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<td colspan="2" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="91%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">all overdue interest on all the debt securities of the series;</font></div>

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</td>
</tr><tr>
<td colspan="2" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="91%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the principal of and premium, if any, on any debt securities of the series which have otherwise become due and interest, if any, that is currently due;</font></div>

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</td>
</tr><tr>
<td colspan="2" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="91%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">interest, if any, on overdue interest (to the extent lawful);</font></div>

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</td>
</tr><tr>
<td colspan="2" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="91%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">all amounts due to the Trustee under the Indenture; and</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" colspan="2" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any other event of default with respect to the debt securities of that series has been cured or waived as provided in the Indenture.</font></div>
</td>
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 5.02)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The holders of a majority in principal amount of the outstanding debt securities of any particular series may on behalf of the holders of all the debt securities of that series waive any past default under the Indenture with respect to that series and its consequences, except a default:</font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">in the payment of the principal of or any premium or interest on any debt security of that series, or</font></div>

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</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">in respect of a covenant or provision of the Indenture which cannot be modified or amended by supplemental indenture without the consent of the holder of each outstanding debt security of the series affected.</font></div>
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">However, if a default occurs and continues with respect to more than one series of debt securities, the holders of a majority in aggregate principal amount of the outstanding debt securities of all such series, considered as one class, has the right to waive the default, and not the holders of the debt securities of any one such series. Upon any waiver, the default ceases to exist, and any and all events of default arising therefrom is deemed to have been cured, for every purpose of the Indenture; but no waiver will extend to any subsequent or other default or impair any right consequent thereon. (See&#160;Section 5.13)</font></div>

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</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Right to Direct Proceedings</font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If an event of default with respect to any particular series of debt securities occurs and continues, the holders of a majority in principal amount of the outstanding debt securities of that series have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the debt securities of that series. However, if an event of default occurs and continues with respect to more than one series of debt securities, the holders of a majority in aggregate principal amount of the outstanding debt securities of all such series, considered as one class, have the right to make the direction, and not the holders of the debt securities of any one of such series. In either case, the Indenture further provides that:</font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">such direction will not be in conflict with any rule of law or with the Indenture;</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the Trustee may take any other action deemed proper by the Trustee and not inconsistent with such direction, and</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">subject to the provisions of the Indenture the Trustee will have the right to </font></div>
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<div>&#160;</div>

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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16</font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="top" width="94%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">decline to follow any direction if the Trustee in good faith determines that the proceeding so directed would involve the Trustee in personal liability.</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 5.12)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Limitation on Right to Institute Proceedings</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No holder of debt securities of any particular series will have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or Trustee, or for any other remedy under the Indenture, unless:</font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the holder has previously given to the Trustee written notice of a continuing event of default;</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the holders of a majority in aggregate principal amount of the outstanding debt securities of all series in respect of which an event of default has occurred and is continuing, considered as one class, have made a written request to the Trustee;</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">such holder or holders have offered reasonable indemnity to the Trustee to institute proceedings; and</font></div>

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</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="94%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the Trustee has failed to institute any proceeding for 60 days after notice and has not received any direction inconsistent with the written request of the holders during that period.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(See Section 5.07)</font></div>
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</div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">No Impairment of Right to Receive Payment</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The limitations on the right to institute proceedings, however, do not apply to a suit by a holder of a debt security for payment of the principal of or premium, if any, or interest if any, on that debt security on or after the applicable due date. (See Section 5.08)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Annual Notice to Trustee</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will provide to the Trustee an annual statement by an appropriate officer as to whether we are in default in the performance and observance of any of the terms, provisions and conditions of the Indenture. (See Section 10.04)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notices</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notices to holders of the debt securities will be given by mail to the holders at the addresses that appear in the security register. (See Section 1.06)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Trustee is The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A.)). In addition to acting as Trustee, The Bank of New York Mellon Trust Company, N.A. and its affiliates act, and may act, as Trustee under our and our affiliates&#8217; other various indentures and trusts. We and our affiliates also maintain credit and liquidity facilities and conduct other banking transactions with affiliates of the Trustee in the ordinary course of our businesses. In addition, an affiliate of the Trustee is the owner participant with respect to a portion of the Palo Verde Nuclear Generating Station which is subject to a sale and leaseback financing agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Trustee may resign at any time by giving us written notice or be removed at any time by an act of the holders of a majority in principal amount of any particular series of debt securities then outstanding delivered to the Trustee and us. In addition, provided that no event of default has occurred or is continuing, we may appoint a new trustee upon delivering to the Trustee a resolution of our board of directors appointing a successor trustee and the successor&#8217;s acceptance of our appointment. In this case, the Trustee will be deemed to have resigned and the successor will be deemed to have been appointed as trustee in accordance with the Indenture. In any event, the resignation or removal of the Trustee, and no appointment of a successor trustee, will be effective until the acceptance of appointment by a successor trustee. (See Section 6.10)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Trustee will perform only those duties that are specifically set forth in the Indenture unless an event of default under the Indenture occurs and continues. In case an event of default occurs and continues, the Trustee will exercise the same degree of care and skill as a prudent individual would exercise in the conduct of his or her own affairs. (See Section 6.01)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following descriptions of our common stock and preferred stock and the relevant provisions of the articles of incorporation of PNM Resources, as amended through October&#160;27, 2008 (our &#8220;Articles of Incorporation&#8221;), and by-laws are summaries and are qualified by reference to our Articles of Incorporation filed with the SEC as an exhibit to our Current Report on Form 8-K filed November&#160;21, 2008 (incorporated by reference herein) and the by-laws previously filed with the SEC as an exhibit to our Current Report on Form 8-K as filed December 11, 2009 (incorporated by reference herein). The following also summarizes </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">certain applicable provisions of the New Mexico Business Corporation Act and the New Mexico Public Utility Act and those summaries are qualified by reference to those Acts.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our authorized capital stock consists of 120,000,000 shares of common stock, no par value and 10,000,000 shares of preferred stock, no par value, of which 500,000 shares have been designated Convertible Preferred Stock, Series A, which we refer to in this prospectus as &#8220;Series A Preferred Stock&#8221;. As of March 1, 2011, 2011, 86,673,174 shares of our common stock and 477,800 shares of our Series A Preferred Stock were outstanding.&#160;&#160;Each share of Series A Preferred Stock is convertible at the option of the holder at any time into 10 shares of common stock, subject to certain anti-dilution adjustments.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividend Rights with Respect to Our Common Stock and Series A Preferred Stock</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After giving effect to any prior rights of our Series A Preferred Stock, and any other series of preferred stock that should become outstanding, we will pay dividends on our common stock as determined by our Board of Directors (the &#8220;Board&#8221;) out of legally available funds.&#160;Our ability to pay dividends depends primarily upon the ability of our subsidiaries to pay dividends or otherwise transfer funds to us.&#160;Various financing arrangements, charter provisions and regulatory requirements may impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless waived by the holders of at least two-thirds of the number of then outstanding shares of Series A Preferred Stock, no dividend on our common stock shall be declared unless a dividend on the Series A Preferred Stock is declared and paid at the same time in an amount equal to the dividend that would be received by a holder of the number of shares (including fractional shares) of common stock into which such Series A Preferred Stock is convertible on the record date for such dividend.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holders of common stock are entitled to one vote for each share held by them on all matters submitted to our shareholders. Holders of our common stock do not have cumulative voting rights in the election of directors. The New Mexico Business Corporation Act and our Articles of Incorporation and by-laws generally require the affirmative vote of a majority of the shares represented at a shareholder meeting and entitled to vote for shareholder action, including the election of directors. Under the New Mexico Business Corporation Act, some corporate actions, including amending the articles of incorporation and approving a plan of merger, consolidation or share exchange, require the affirmative vote of a majority of the outstanding shares entitled to vote, which could include, in certain circumstances, classes of preferred stock.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Articles of Incorporation limit the Board to designating voting rights for series of preferred stock only (1)&#160;when we fail to pay dividends on the applicable series of preferred stock, (2)&#160;when proposed changes to the Articles of Incorporation would adversely impact preferred shareholders&#8217; rights and privileges and (3)&#160;if the Board issues a new series of preferred stock convertible into common stock and confers upon the holders of such convertible preferred stock the right to vote as a single class with holders of common stock on all matters submitted to a vote of holders of common stock at a meeting of shareholders other than for election of directors, with the same number of votes as the number of shares of common stock into which the shares of such preferred stock are convertible, provided that at all times the aggregate preferred stock outstanding with such voting rights is convertible into no more than 12&#160;million shares of common stock. The 477,800 currently outstanding shares of Series A Preferred Stock are convertible into 4,778,000 shares of common stock, subject to certain anti-dilution adjustments.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holders of each outstanding share of Series A Preferred Stock are entitled to vote as a single class with holders of our common stock on all matters except the election of directors.&#160;&#160;Without first obtaining the consent or approval of the holders of a majority of the outstanding shares of Series A Preferred Stock, voting as a separate class, we cannot amend any provisions of our Articles of Incorporation in a manner that would have an adverse impact on the rights and privileges of the Series A Preferred Stock.&#160;&#160;Holders of our outstanding shares of Series A Preferred Stock are entitled to the number of votes corresponding to the </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Articles of Incorporation do not allow our directors to create classes of directors. All directors are elected annually.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the event we are liquidated or dissolved, either voluntarily or involuntarily, each share of Series A Preferred Stock is entitled to a liquidation preference of $1.00 per share.&#160;&#160;After that claim is satisfied, holders of our common stock are entitled to, ratably, an amount equal to $1.00, divided by the number of shares of common stock into which a share of Series A Preferred Stock is then convertible, and multiplied by the number of shares of common stock then outstanding.&#160;&#160;After that claim is satisfied, all remaining assets will be distributed to the holders of the Series A Preferred Stock and common stock ratably on the basis of the number of shares of outstanding common stock and, in the case of the Series A Preferred Stock, the number of shares of common stock into which the outstanding shares of Series A Preferred Stock are then convertible.&#160;&#160;The rights of the holders of our common stock to share ratably (according to the number of shares held by them) in the distribution of remaining assets will also be subject to the liquidation preferences and other rights of any additional series of preferred stock that we may issue in the future.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preemptive Rights with Respect to Our Common Stock and Series A Preferred Stock</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither the holders of our common stock nor the holders of our Series A Preferred Stock have a preemptive right to purchase shares of our authorized but unissued shares, or securities convertible into shares or carrying a right to subscribe to or acquire shares, except under the terms and conditions as may be provided by our Board in its sole judgment.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As discussed above, each share of Series A Preferred Stock is convertible at the option of the holder at any time into 10 shares of common stock, subject to certain anti-dilution adjustments.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our common stock is listed on the New York Stock Exchange under the &#8220;PNM&#8221; symbol.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transfer Agent and Registrar</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The transfer agent and registrar for our common stock is Mellon Investor Services, 480 Washington Boulevard, Jersey City, New Jersey, 07310.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Stock</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our Board is authorized, pursuant to our Articles of Incorporation, by resolution to provide for the issuance of up to 10,000,000&#160;shares of preferred stock in one or more series and to fix, from time to time before issuance:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the serial designation, authorized number of shares and the stated value;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the dividend rate, if any, the date or dates on which the dividends will be payable, and the extent to which the dividends may be cumulative;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the price or prices at which shares may be redeemed, and any terms, conditions and limitations upon any redemption;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the amount or amounts to be received by the holders in the event of our dissolution, liquidation, or winding up;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any sinking fund provisions for redemption or purchase of shares of any series;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the terms and conditions, if any, on which shares may be converted into, or exchanged for, shares of other capital stock, or of other series of preferred stock; and</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the voting rights, if any, for the shares of each series, limited to circumstances (1)&#160;when we fail to pay dividends on the applicable series of preferred stock, (2)&#160;when proposed changes to the Articles of Incorporation would adversely impact preferred shareholders&#8217; rights and privileges and </font></div>
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<td width="95%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(3)&#160;if the Board issues a new series of preferred stock convertible into common stock and confers upon the holders of such convertible preferred stock the right to vote as a single class with holders of common stock on all matters submitted to a vote of holders of common stock at a meeting of shareholders other than for election of directors, with the same number of votes as the number of shares of common stock into which the shares of such preferred stock are convertible, provided that at all times the aggregate preferred stock outstanding with such voting rights is convertible into no more than 12&#160;million shares of common stock. Currently, of the 10,000,000 authorized shares of preferred stock, 500,000 have been designated as Series A Preferred Stock, of which 477,800 Series A Preferred Stock shares have been issued and are outstanding.</font></td>
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<div>&#160;</div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior to the issuance of shares of each series of our preferred stock, our Board is required to adopt resolutions and file articles of amendment with the New Mexico Public Regulation Commission. The certificate of amendment will fix for each series the designation and number of shares and the rights, preferences, privileges and restrictions of the shares subject to the limitations set forth above.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All shares of preferred stock will, when issued, be fully paid and nonassessable and will not have any preemptive or similar rights.&#160;&#160;We are not required by the New Mexico Business Corporation Act to seek shareholder approval prior to any issuance of authorized but unissued stock and our Board does not currently intend to seek shareholder approval prior to any issuance of authorized but unissued stock, unless otherwise required by law or the listing requirements of the New York Stock Exchange.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain Other Matters</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Articles of Incorporation and by-laws include a number of provisions that may have the effect of discouraging persons from acquiring large blocks of our stock or delaying or preventing a change in our control. The material provisions that may have such an effect include:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">authorization for our Board to issue our preferred stock in series and to fix rights and preferences of the series (including, among other things, whether, and to what extent, the shares of any series will have voting rights, within the limitations described above, and the extent of the preferences of the shares of any series with respect to dividends and other matters);</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">advance notice procedures with respect to any proposal other than those adopted or recommended by our Board; and</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">provisions specifying that only a majority of the Board, the chairman of the Board, the president or holders of not less than one-tenth of all our shares entitled to vote may call a special meeting of stockholders.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the New Mexico Public Utility Act, approval of the New Mexico Public Regulation Commission is required for certain transactions which may result in our change in control or exercise of control.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="F58016111"><!--EFPlaceholder--></a>DESCRIPTION OF WARRANTS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This section describes the general terms of the warrants that we may offer and sell by this prospectus. This prospectus and any applicable prospectus supplement will contain the material terms and conditions for each warrant. The applicable prospectus supplement may add, update or change the terms and conditions of the warrants as described in this prospectus.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">General</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may issue warrants to purchase debt securities, common stock or preferred stock. Warrants may be issued independently or together with any securities and may be attached to or separate from those securities. The warrants will be issued under warrant agreements to be entered into between us and a bank or trust company, as warrant agent, all of which will be described in the prospectus supplement relating to the warrants we are offering. The warrant agent will act solely as our agent in connection with the warrants and will not have any obligation or relationship of agency or trust for or with any holders or beneficial </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">owners of warrants. A copy of the warrant agreement will be filed with the SEC in connection with the offering of the warrants.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Debt Warrants</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We may issue warrants for the purchase of our debt securities. As explained below, each debt warrant will entitle its holder to purchase debt securities at an exercise price set forth in, or to be determinable as set forth in, the related prospectus supplement. Debt warrants may be issued separately or together with debt securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any debt warrants will be issued under debt warrant agreements to be entered into between us and one or more banks or trust companies, as debt warrant agent, as will be set forth in the prospectus supplement relating to the debt warrants being offered by the prospectus supplement and this prospectus. A copy of the debt warrant agreement, including a form of debt warrant certificate representing the debt warrants, will be filed with the SEC in connection with the offering of the debt warrants.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The particular terms of each issue of debt warrants, the debt warrant agreement relating to the debt warrants and the debt warrant certificates representing debt warrants will be described in the applicable prospectus supplement, including, as applicable:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the title of the debt warrants;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the initial offering price;</font></div>
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</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the title, aggregate principal amount and terms of the debt securities purchasable upon exercise of the debt warrants;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the currency or currency units in which the offering price, if any, and the exercise price are payable;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the title and terms of any related debt securities with which the debt warrants are issued and the number of the debt warrants issued with each debt security;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the date, if any, on and after which the debt warrants and the related debt securities will be separately transferable;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the principal amount of debt securities purchasable upon exercise of each debt warrant and the price at which that principal amount of debt securities may be purchased upon exercise of each debt warrant;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if applicable, the minimum or maximum number of warrants that may be exercised at any one time;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the date on which the right to exercise the debt warrants will commence and the date on which the right will expire;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if applicable, a discussion of United States federal income tax, accounting or other considerations applicable to the debt warrants;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">whether the debt warrants represented by the debt warrant certificates will be issued in registered or bearer form and, if registered, where they may be transferred and registered;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">anti-dilution provisions of the debt warrants, if any;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">redemption or call provisions, if any, applicable to the debt warrants;&#160;and</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any additional terms of the debt warrants, including terms, procedures and limitations relating to the exchange and exercise of the debt warrants.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Debt warrant certificates will be exchangeable for new debt warrant certificates of different denominations and, if in registered form, may be presented for registration of transfer and debt warrants may be exercised at the corporate trust office of the debt warrant agent or any other office indicated in the related prospectus supplement. Before the exercise of debt warrants, holders of debt warrants will not be entitled to payments of principal, premium, if any, or interest, if any, on the debt securities purchasable upon exercise of the debt warrants, or to enforce any of the covenants in the applicable indenture.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Warrants</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may issue warrants for the purchase of our equity securities such as our preferred stock or common stock. As explained below, each equity warrant will entitle its holder to purchase equity securities at an exercise price set forth in, or to be determinable as set forth in, the related prospectus supplement. Equity warrants may be issued separately or together with equity securities.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any equity warrants will be issued under equity warrant agreements to be entered into between us and one or more banks or trust companies, as equity warrant agent, as will be set forth in the prospectus supplement relating to the equity warrants being offered by the prospectus supplement and this prospectus. A copy of the equity warrant agreement, including a form of equity warrant certificate representing the equity warranty, will be filed with the SEC in connection with the offering of the equity warrants.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The particular terms of each issue of equity warrants, the equity warrant agreement relating to the equity warrants and the equity warrant certificates representing equity warrants will be described in the applicable prospectus supplement, including, as applicable:</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the title of the equity warrants;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the initial offering price;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the aggregate number of equity warrants and the aggregate number of shares of the equity security purchasable upon exercise of the equity warrants;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the currency or currency units in which the offering price, if any, and the exercise price are payable;</font></div>
</td>
</tr><tr>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if applicable, the designation and terms of the equity securities with which the equity warrants are issued, and the number of equity warrants issued with each equity security;</font></div>
</td>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the date, if any, on and after which the equity warrants and the related equity security will be separately transferable;</font></div>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if applicable, the minimum or maximum number of the warrants that may be exercised at any one time;</font></div>
</td>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the date on which the right to exercise the equity warrants will commence and the date on which the right will expire;</font></div>
</td>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if applicable, a discussion of United States federal income tax, accounting or other considerations applicable to the equity warrants;</font></div>
</td>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">anti-dilution provisions of the equity warrants, if any;</font></div>
</td>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">redemption or call provisions, if any, applicable to the equity warrants;&#160;and</font></div>
</td>
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<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any additional terms of the equity warrants, including terms, procedures and limitations relating to the exchange and exercise of the equity warrants.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holders of equity warrants will not be entitled, solely by virtue of being holders, to vote, to consent, to receive dividends, to receive notice as shareholders with respect to any meeting of shareholders for the election of directors or any other matter, or to exercise any rights whatsoever as a holder of the equity securities purchasable upon exercise of the equity warrants.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DESCRIPTION OF SECURITIES PURCHASE CONTRACTS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This section describes the general terms of the securities purchase contracts that we may offer and sell by this prospectus. This prospectus and any prospectus supplement will contain the material terms and conditions for each securities purchase contract. A prospectus supplement may add, update or change the terms and conditions of the securities purchase contracts as described in this prospectus.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may issue securities purchase contracts, representing contracts obligating holders to purchase from or sell to us, and obligating us to sell to or purchase from the holders, a specified number of shares of common stock or preferred stock or a specified number of equity warrants, at a future date or dates, or a variable number of shares of common stock or preferred stock or a variable number of equity warrants for a stated amount of consideration. The price per share or per equity warrant and the number of shares of common stock or preferred stock or the number of equity warrants may be fixed at the time the securities purchase contracts are issued or may be determined by reference to a specific formula set forth in the securities purchase contracts. Any such formula may include anti-dilution provisions to adjust the number of shares of common stock or preferred stock or the number of equity warrants issuable pursuant to the securities purchase contracts upon certain events.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also may issue securities purchase contracts, representing contracts obligating holders to purchase from or sell to us, and obligating us to sell to or purchase from the holders, a specified principal amount of debt securities or debt warrants at a future date or dates. The purchase price and the interest rate may be fixed at the time the securities purchase contracts are issued or may be determined by reference to a specific formula set forth in the securities purchase contracts.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The securities purchase contracts may require holders to secure their obligations in a specified manner and in certain circumstances we may deliver newly issued prepaid securities purchase contracts upon release to a holder of any collateral securing such holder&#8217;s obligations under the original securities purchase contract.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The applicable prospectus supplement will describe the general terms of any securities purchase contracts and, if applicable, prepaid securities purchase contracts. The description in the prospectus supplement will not purport to be complete and will be qualified in its entirety by reference to:</font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="left" valign="top" width="98%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the securities purchase contracts;</font></div>
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<td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="98%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the collateral arrangements and depositary arrangements, if applicable, relating to such securities purchase contracts; and</font></div>
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<td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="98%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;&#160;</font></td>
<td align="left" valign="top" width="98%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">if applicable, the prepaid securities purchase contracts and the document pursuant to which such prepaid securities purchase contracts will be issued.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Material United States federal income tax considerations applicable to the securities purchase contracts also will be discussed in the applicable prospectus supplement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DESCRIPTION OF UNITS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We may issue units comprising one or more of the other securities described in this prospectus in any combination. Units also may include debt obligations of third parties, such as U.S. Treasury securities. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately at any time or at any time before a specified date.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The applicable prospectus supplement may describe:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#8226;&#160;&#160;&#160;the designation and terms of the units and of the securities composing the units, including whether and under what circumstances those securities may be held or transferred separately;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#8226;&#160;&#160;&#160;any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#8226;&#160;&#160;&#160;whether the units will be issued in fully registered or global form.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The applicable prospectus supplement will describe the terms of any units. The preceding description and any description of units in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the unit agreement and, if applicable, collateral arrangements and depositary arrangements relating to such units, which documents will be filed with the SEC in connection with the offering of any units.</font></div>

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<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="rom114041_11"><!--EFPlaceholder--></a><a name="tx18303_12"><!--EFPlaceholder--></a><a name="Plan_of_Distribution"><!--EFPlaceholder--></a>PLAN OF DISTRIBUTION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may sell the securities, in or outside of the United States, to underwriters or dealers, through agents, directly to purchasers or through a combination of these methods. The applicable prospectus supplement will contain specific information relating to the terms of the offering, including, to the extent not otherwise included in the prospectus:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the purchase price of the securities;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8226;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers; and</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any securities exchange on which the securities may be listed.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By Underwriters</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If underwriters are used in the sale, the securities will be acquired by the underwriters for their own account. Underwriters may offer the securities directly or through underwriting syndicates represented by one or more managing underwriters. The underwriters may resell the securities in one or more transactions, including negotiated transactions, at a fixed public offering price, which may be changed, at market prices prevailing at the time of the sale, at prices based on prevailing market prices or at negotiated prices. Unless otherwise set forth in the applicable prospectus supplement, the obligations of the underwriters to purchase the securities will be subject to certain conditions.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By Dealers</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If dealers are used in the sale, unless otherwise specified in the applicable prospectus supplement, we will sell the securities to the dealers as principals. The dealers may then resell the securities to the public at varying prices to be determined by the dealers at the time of resale. The applicable prospectus supplement will contain more information about the dealers, including the names of the dealers and the terms of our agreement with them.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By Agents and Direct Sales</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may sell the securities directly to the public, without the use of underwriters, dealers or agents. We may also sell the securities through agents we designate from time to time. The applicable prospectus supplement will contain more information about the agents, including the names of the agents and any commission we agree to pay the agents.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also may engage a broker-dealer from time to time to act as agent or principal for the offer of the securities in one or more placements pursuant to a distribution agreement. If we and the broker-dealer agree, we will sell to the broker-dealer as agent or as principal, and the broker-dealer will seek to solicit offers to purchase on an agency basis and/or will purchase on a principal basis, the securities. The number and purchase price (less an underwriting discount) of the securities we sell to the broker-dealer will be mutually agreed on the relevant trading day. The securities sold under the distribution agreement will be sold at prices related to the prevailing market price for such securities, and therefore exact figures regarding the price, proceeds that will be raised or commissions to be paid will be described in a prospectus supplement to this prospectus or in other filings made in accordance with and as permitted by the Securities Act and the Exchange Act. The broker-dealer may make sales of the securities pursuant to the distribution agreement in privately negotiated transactions and/or any other method permitted by law deemed to be an &#8220;at-the-market&#8221; offering as defined in Rule&#160;415 promulgated under the Securities Act including sales made on the New York Stock Exchange, the current trading market for our common stock.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General Information</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Underwriters, dealers and agents that participate in the distribution of the securities may be deemed underwriters as defined in the Securities Act, and any discounts or commissions we pay to them and any profit made by them on the resale of the securities may be treated as underwriting discounts and commissions under the Securities Act. Any underwriters, dealers or agents will be identified and their compensation from us will be described in the applicable prospectus supplement. Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may agree with the underwriters, dealers and agents to indemnify them against certain civil liabilities, including liabilities under the Securities Act, or to contribute with respect to payments which the underwriters, dealers or agents may be required to make.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Underwriters, dealers and agents may be customers of, engage in transactions with or perform services for, us in the ordinary course of their businesses. We will describe in the applicable prospectus supplement naming the underwriters, dealers or agents, the nature of any material relationship between us and the underwriters, dealers or agents, respectively.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distribution by Selling Security Holders</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling security holders may distribute securities from time to time in one or more transactions (which may involve block transactions) on the New York Stock Exchange or otherwise. Selling security holders may sell securities at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices or at fixed prices. The selling security holders may from time to time offer their securities through underwriters, brokers, dealers or agents, who may receive compensation in the form of underwriting discounts, commissions or concessions from the selling security holders and/or the purchasers of the securities for whom they act as agent. From time to time, the selling security holders may engage in short sales, short sales against the box, puts and calls and other transactions in our securities, or derivatives thereof, and may sell and deliver securities in connection therewith.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of the date of this prospectus, we have engaged no underwriter, broker, dealer or agent in connection with any distribution of securities pursuant to this prospectus by any selling security holders. To the extent required, the amount of securities to be sold, the purchase price, the name of any applicable agent, broker, dealer or underwriter, and any applicable commissions with respect to a particular offer will be set forth in the applicable prospectus supplement. The aggregate net proceeds to the selling security holders from the sale of securities will be the sale price of those securities, less any commissions, if any, and other expenses of issuance and distribution not borne by us.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The selling security holders and any brokers, dealers, agents or underwriters that participate with the selling security holders in a distribution of securities may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act, in which event any discounts, concessions and commissions received by such brokers, dealers, agents or underwriters and any profit on the resale of the securities purchased by them may be deemed to be underwriting discounts and commissions under the Securities Act.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The applicable prospectus supplement will set forth the extent to which we will have agreed to bear fees and expenses of the selling security holders in connection with the registration of the securities offered hereby by them. We may, if so indicated in the applicable prospectus supplement, agree to indemnify selling security holders against certain civil liabilities, including liabilities under the Securities Act.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="tx18303_13"><!--EFPlaceholder--></a>LEGAL MATTERS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain legal matters in connection with the securities offered hereby will be passed upon for us by Charles L. Moore, Esq., Associate General Counsel, and, unless otherwise indicated in the applicable prospectus supplement, certain other matters will be passed upon for us by Troutman Sanders LLP. If legal matters in connection with offerings made pursuant to this prospectus are passed upon by counsel for the </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">underwriters, dealers or agents, if any, such counsel will be named in the applicable prospectus supplement relating to such offering. As of March&#160;1, 2011, Charles L. Moore, Esq. held options to acquire 35,000 shares of our common stock (25,162 of which were exercisable).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="tx18303_14"><!--EFPlaceholder--></a>EXPERTS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The financial statements and the related financial statement schedules, incorporated in this&#160;prospectus by reference from PNM Resources, Inc.&#8217;s Form 10-K for the year ended December 31, 2010, and the effectiveness of&#160;PNM Resources, Inc.&#8217;s internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their reports, which&#160;are incorporated herein by reference.&#160;Such financial statements and financial statement schedules have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.</font></div>

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<td align="left" valign="top" width="5%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item&#160;14.</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Other Expenses of Issuance and Distribution.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following table sets forth the costs and expenses payable in connection with the distribution of the securities being registered. All amounts are estimated.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount&#160;to&#160;be</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paid</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">SEC registration fee</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Printing fees</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Legal fees and expenses</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accounting fees and expenses</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Trustee&#8217;s fees and expenses</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Rating agency fees</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Listing fees</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">***</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="88%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Miscellaneous</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="88%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></div>
</td>
<td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
</tr><tr>
<td valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div>
<hr style="COLOR: black" align="left" noshade size="1" width="8%">
</div>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
</td>
<td align="left" valign="top" width="69%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">In accordance with Rules 456(b) and 457(r) of the Securities Act, we are deferring payment of all of the registration fee.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">**</font></div>
</td>
<td align="left" valign="top" width="69%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Estimated costs and expenses are not presently known.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">***</font></div>
</td>
<td align="left" valign="top" width="69%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Listing fees are based upon the principal amount of securities listed, if any, and are therefore not currently determinable.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item&#160;15.</font></div>
</td>
<td align="left" valign="top" width="65%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Indemnification of Directors and Officers.</font></div>
</td>
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Section&#160;6 of Article II of PNM Resources, Inc.&#8217;s Bylaws contains the following provisions with respect to indemnification of directors and officers:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each person serving as a director or an officer of the Corporation, or, at the request of the Corporation, as a director or an officer of any other company in which the Corporation has a financial interest and regardless of whether or not the person is then in office, and the heirs, executors, administrators and personal representatives of the person, shall be indemnified by the Corporation to the full extent of the authority of the Corporation to so indemnify as authorized by New Mexico law.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section&#160;53-11-4.1 of the Business Corporation Act of the State of New Mexico provides that a corporation shall have power to indemnify any person made (or threatened to be made) a party to any proceeding (whether threatened, pending or completed) by reason of the fact that the person is or was a director (or, while a director, is or was serving in any of certain other capacities) if:&#160;(1)&#160;the person acted in good faith; (2)&#160;the person reasonably believed: (a)&#160;in the case of conduct in the person&#8217;s official capacity with the corporation, that the person&#8217;s conduct was in its best interests; and (b)&#160;in all other cases, that the person&#8217;s conduct was at least not opposed to its best interests; and (3)&#160;in the case of any criminal proceeding, the person had no reasonable cause to believe the person&#8217;s conduct was unlawful. Indemnification may be made against judgments, penalties, fines, settlements and reasonable expenses actually incurred by the person in connection with the proceeding, but may be limited or unavailable with respect to certain proceedings. In some instances, indemnification of a director may be mandatory or, upon </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">II-1</font></font></font></div>
</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the application of a director, may be ordered by a court. Reasonable expenses incurred by a director may, under certain circumstances, be paid or reimbursed in advance of a final disposition of a proceeding. Unless limited by its articles of incorporation, a corporation may (or, as the case may be, shall) indemnify and advance expenses to an officer of the corporation to the same extent as to a director under Section&#160;53-11-4.1. Also, unless limited by its articles of incorporation, a corporation has:&#160;(1)&#160;the power to indemnify and to advance expenses to an employee or agent of the corporation to the same extent that it may indemnify and advance expenses to directors under the statute; and (2)&#160;additional power to indemnify and to advance reasonable expenses to an officer, employee or agent who is not a director to such further extent, consistent with law, as may be provided by its articles of incorporation, by-laws, general or specific action of its Board of Directors, or contract.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section&#160;53-11-4.1 was amended in 1987 to provide that the indemnification authorized thereunder shall not be deemed exclusive of any rights to which those seeking indemnification may be entitled under the articles of incorporation, the by-laws, an agreement, a resolution of shareholders or directors or otherwise. We have entered into agreements with each director and officer which provide for indemnification of directors and officers to the fullest extent permitted by law including advancement of litigation expenses where appropriate. The agreements provide for the appointment of a reviewing party by the Board of Directors to make a determination whether claimed indemnification is permitted under applicable law.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insurance is maintained on a regular basis (and not specifically in connection with this offering) against liabilities arising on the part of directors and officers out of their performance in such capacities or arising on the part of PNM Resources, Inc. out of its foregoing indemnification provisions, subject to certain exclusions and to the policy limits.</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="left" valign="top" width="5%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item&#160;16.</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Exhibits and Financial Statement Schedules.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following exhibits are included herein or incorporated herein by reference:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="middle" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
</td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit Description</font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;1.1</font></div>
</td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Underwriting Agreement*</font></div>
</td>
</tr><tr>
<td valign="middle" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.1</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Indenture dated as of March 15, 2005, between PNMR and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A.), as Trustee (incorporated by reference from Exhibit 10.2 to PNMR&#8217;s Current Report on Form 8-K filed March 31, 2005, File No. 1-32462)</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.2</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Supplemental Indenture No. 1, dated as of March 30, 2005, between PNMR and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A.), as Trustee, with Form of Senior Note included as Exhibit A thereto (incorporated by reference from Exhibit 10.3 to PNMR&#8217;s Current Report on Form 8-K filed March 31, 2005, File No. 333-32170)</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.3</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Supplemental Indenture No. 2, dated as of May 16, 2008 between PNMR and The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A.), as Trustee (incorporated by reference from Exhibit 4.3 to PNMR&#8217;s Current Report on Form 8-K filed May 21, 2008, File No. 1-32462)</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.4</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Debt Security (included in Exhibit 4.1)</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.5</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Statement of Resolutions for Preferred Stock*</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.6</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Certificate for Preferred Stock*</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.7</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Warrant Agreement (including Form of Warrant Certificates)*</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr></table>

<div>&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">II-2</font></font></font></div>
</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.8</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Securities Purchase Contract*</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.9</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form of Unit Agreement (including Form of Unit Certificates)*</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;5.1</font></div>
</td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Opinion of Charles&#160;L. Moore, Esq.</font></div>
</td>
</tr><tr>
<td valign="middle" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5.2</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Opinion of Troutman Sanders LLP</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12.1</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Computation of Ratio of Earnings to Fixed Charges&#160;&#160;(incorporated by reference from Exhibit&#160;12.1 to PNMR&#8217;s Report on Form 10-K for the year ended December 31, 2010, File No.&#160;1-32462)</font></div>
</td>
</tr><tr>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12.2</font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends</font></div>
</td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.1</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent of Deloitte &amp; Touche LLP, Independent Registered Public Accounting Firm</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent of Charles&#160;L. Moore, Esq. (included in Exhibit&#160;5.1 to this Registration Statement)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent of Troutman Sanders LLP (included in Exhibit&#160;5.2 to this Registration Statement)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">24.1</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Powers of Attorney (included on pages II-6 and II-7 of this Registration Statement)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25.1</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A.)), as Trustee for the Debt Securities</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">To be filed subsequently on Form 8-K or by a post-effective amendment at the time information as to the securities being registered is included in a prospectus supplement in accordance with Rule 430B.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) The undersigned registrant hereby undertakes:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i) To include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">provided, however,</font> that paragraphs (i), (ii)&#160;and (iii)&#160;above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section&#160;13 or Section&#160;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b) that is part of the registration statement.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)&#160;&#160;&#160;That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;&#160;Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to&#160;be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was a part of the registration statement or made in any such document immediately prior to such effective date.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section&#160;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or controlling persons of the registrant pursuant to the provisions described under Item </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#160;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)&#160;The undersigned Registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection&#160;(a) of Section&#160;310 of the Trust&#160;Indenture Act (&#8220;Act&#8221;) in accordance with the rules and regulations prescribed by the Commission under Section&#160;305(b)(2) of the Act.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Albuquerque, State of New Mexico, on March 17, 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PNM RESOURCES, INC.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-VARIANT: small-caps">/s/&#160;&#160;Patricia K. Collawn</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Patricia K. Collawn</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President and</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief Executive Officer</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints, jointly and severally, Patricia K. Collawn, Charles&#160;N. Eldred and Thomas G. Sategna, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her any and all capacities, to sign any and all amendments (including, without limitation, post-effective Amendments and any amendments or abbreviated registration statements increasing the amount of securities for which registration is being sought) to this registration statement, with all exhibits and any and all documents required to be filed with respect thereto, with the Securities and Exchange Commission or any regulatory authority, granting unto such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully to all intents and purposes as he or she might or could do if personally present, hereby ratifying and confirming all that such attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;&#160;<font style="DISPLAY: inline; FONT-VARIANT: small-caps">Patricia K. Collawn</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President and</font></div>

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<td valign="top" width="15%" style="PADDING-BOTTOM: 1px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March 17, 2011</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Patricia K. Collawn</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Principal Executive Officer)</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;&#160;<font style="DISPLAY: inline; FONT-VARIANT: small-caps">Charles N. Eldred</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive Vice President and</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief Financial Officer</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March 17, 2011</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Charles N. Eldred</font></font></div>
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<td valign="middle" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Principal Financial Officer)</font></font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;&#160;<font style="DISPLAY: inline; FONT-VARIANT: small-caps">Thomas G. Sategna</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice President and Corporate Controller</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Principal Accounting Officer)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March 17, 2011</font></div>
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<td valign="middle" width="38%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Thomas G. Sategna</font></font></div>
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<td colspan="2" valign="middle" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="38%" style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
</div>
</td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<td align="left" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="15%">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March 17, 2011</font></div>
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<td valign="middle" width="38%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Jeffry E. Sterba</font></font></div>
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<td colspan="2" valign="middle" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="38%" style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;&#160;<font style="DISPLAY: inline; FONT-VARIANT: small-caps">Adelmo E. Archuleta</font></font></div>
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<td align="left" valign="bottom" width="4%">
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<TYPE>EX-5.1
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 17, 2011</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PNM Resources, Inc.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Alvarado Square</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Albuquerque, New Mexico 87158</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ladies and Gentlemen:</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I am acting as counsel for PNM Resources, Inc., a New Mexico corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), in connection with the preparation and filing with the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Commission</font>&#8221;) on or about the date hereof, of a registration statement on Form S-3 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement</font>&#8221;). The Registration Statement relates to the proposed sale from time to time pursuant to Rule 415 of the Securities Act of 1933, as amended (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Act</font>&#8221;), of (i) debt securities of the Company (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Debt Securities</font>&#8221;) to be issued under an indenture, as supplemented to date (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Indenture</font>&#8221;), and as further supplemented, if needed, by one or more supplemental indentures (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Supplemental Indenture</font>&#8221;), the forms of which Supplemental Indentures will be filed, as necessary, as exhibits to a Form 8-K incorporated by reference into the Registration Statement, (ii) shares of the Company&#8217;s common stock, no par value (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock</font>&#8221;), (iii) shares of the Company&#8217;s preferred stock, no par value, the terms of which will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Preferred Stock</font>&#8221;, and together with the Common Stock, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares</font>&#8221;), (iv) warrants to purchase Debt Securities, Common Stock or Preferred Stock, or any combination thereof (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrants</font>&#8221;), to be issued under a separate warrant agreement (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrant Agreement</font>&#8221;) with respect to each series of Warrants, the form of which Warrant Agreement will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement, (v) contracts to purchase Debt Securities, Common Stock, Preferred Stock or Warrants (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities Purchase Contracts</font>&#8221;), each securing the obligations of the holder thereof to purchase the specified securities under the Securities Purchase Contract, issued under a securities purchase agreement (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities Purchase Agreement</font>&#8221;), the form of which Securities Purchase Agreement will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement, and (vi) units representing ownership of any combination of other Securities (defined below) or debt obligations of third parties, such as U.S. Treasury obligations (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Units</font>&#8221;), to be issued under a separate unit agreement (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Unit Agreement</font>&#8221;) with respect to each series of Units, the form of which Unit Agreement will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement.&#160;&#160;The Debt Securities, Common Stock, Preferred Stock, Warrants, Securities Purchase Contracts and Units are referred to, collectively, as the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities</font>.&#8221; The Securities are to be sold from time to time as set forth in the Registration Statement, the Prospectus comprising a part thereof (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus</font>&#8221;) and any supplements to the Prospectus (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus Supplements</font>&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This opinion is being furnished in accordance with the requirements of Item 601(b)(5)(i) of Regulation S-K.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I have examined originals or copies, certified or otherwise identified to my satisfaction, of such corporate records, agreements, and other instruments, certificates, orders, opinions, correspondence with public officials, certificates provided by the Company&#8217;s officers and representatives, and other documents as I have deemed necessary or advisable for the purposes of rendering the opinions set forth herein, including (i)&#160;the corporate and organizational documents of the Company, including the Articles of Incorporation, as amended to date, and the Bylaws of the Company, (ii)&#160;the initial resolutions of the Board of Directors of the Company (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Board</font>&#8221;) with respect to the filing of the Registration Statement, the offering of the Securities and certain related matters, (iii)&#160;the Registration Statement and exhibits thereto, including the Prospectus comprising a part thereof.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In making such examination and rendering the opinions set forth below, I have assumed without verification (i) that all documents submitted to me as originals are authentic, complete and accurate, (ii) that all signatures on documents submitted to me are genuine, (iii) that all individuals executing such documents had the requisite legal capacity, (iv) that all documents submitted to me as copies conform to authentic original documents, and (v) that any documents not yet executed will be duly executed in form(s) duly authorized and established in accordance with the action of the Board or a duly authorized committee of the Board.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In rendering the opinions expressed below, I have assumed that: (i) the Company is, as of the date hereof, and will continue to be, validly existing and in good standing under the laws of the State of New Mexico, and has, and will continue to have, all requisite power and authority to enable it to execute, deliver and perform its obligations with respect to the relevant Securities and the related documents; (ii) the relevant Securities will be issued and sold after all applicable regulatory approvals have been obtained and in compliance with applicable law (including state securities or &#8220;blue sky&#8221; laws) and pursuant to and in the manner stated in the Registration Statement and the applicable Prospectus Supplement, and the relevant Securities will be established so as not to, and the execution, delivery and performance of any applicable governing instrument will not, violate, conflict with or </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">constitute a default under any applicable laws, rules or regulations to which the Company is subject; (iii) the Company will duly authorize the offering and issuance of the relevant Securities, including the terms of any new series of Preferred Stock, and will take any other appropriate additional corporate action with respect thereto; (iv) the Registration Statement, and any amendments thereto (including post-effective amendments), will be, at the time of issuance and sale of the relevant Securities, effective under the Act; (v) at the time of issuance and sale of the relevant Securities, a Prospectus Supplement will have been filed with the Commission describing the relevant Securities; and (vi) any Shares issuable upon conversion, exchange or exercise of any the relevant Securities being offered and issued will be duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The opinions expressed below are subject to, and qualified and limited by the effects of (i) bankruptcy, fraudulent conveyance or fraudulent transfer, insolvency, reorganization, moratorium, liquidation, conservatorship and similar laws, and limitations imposed under judicial decisions related to or affecting creditors&#8217; rights and remedies generally, (ii) general equitable principles, regardless of whether the issue of enforceability is considered in a proceeding in equity or at law (regardless of whether arising prior to, or after, the date hereof), and principles limiting the availability of the remedy of specific performance or injunctive relief, (iii) concepts of good faith, fair dealing and reasonableness, and (iv) the possible unenforceability under certain circumstances of provisions providing for indemnification or contribution that are contrary to public policy.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based upon the foregoing and subject to the assumptions, qualifications and limitations set forth herein, it is my opinion that:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;With respect to the Common Stock, when, in accordance with action of the Board, such shares have been issued and sold by the Company in the manner contemplated by the Registration Statement and in any relevant amendment thereto or in any Prospectus Supplement and in accordance with the action of the Board, and the consideration therefor has been received by the Company, such shares of Common Stock will be duly authorized, validly issued, fully paid and nonassessable.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;With respect to the Preferred Stock, when, in accordance with action of the Board, a statement conforming to the New Mexico Business Corporation Act establishing the terms of the relevant series of the Preferred Stock has been filed with the New Mexico Public Regulation Commission, the shares of such series of Preferred Stock have been issued and sold by the Company in the manner contemplated by the Registration Statement and in any relevant amendment thereto or in the relevant Prospectus Supplement and in accordance with the action of the Board, and the consideration therefor has been received by the Company, the shares of such series of Preferred Stock will be duly authorized, validly issued, fully paid and nonassessable.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I am a member of the bar of the State of New Mexico, and the foregoing opinions are limited solely to the federal law of the United States of America and the laws of the State of New Mexico, except that I express no opinion as to the effect of the securities or blue sky laws of any state (including, without limitation, the State of New Mexico), municipal law or the laws of any agencies within any state (including, without limitation, the State of New Mexico).&#160;&#160;This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to the use of my name under the caption &#8220;Legal Matters&#8221; in the Prospectus or any Prospectus Supplement comprising a part thereof.&#160;&#160;In giving such consent, I do not thereby admit that I am in the category of persons whose consent is required under Section&#160;7 of the Act or the rules and regulations of the Commission thereunder.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This opinion is rendered solely for your benefit in connection with the offer and sale of the Securities and may not be relied upon, quoted or used by any other person or entity or for any other purpose without my prior written consent except that this opinion may be relied upon by Troutman Sanders LLP solely for the purposes of the delivery of an opinion on behalf of the Company in respect of the Registration Statement.&#160;&#160;This opinion is expressed as of the date hereof and I do not assume any obligation to update or supplement it to reflect any change in any fact or circumstance that hereafter comes to my attention, or any change in law that may occur hereafter.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Very truly yours,</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By&#160;<font style="TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160; /</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s/ Charles L. Moore&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Charles L. Moore</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Associate General Counsel</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM Resources, Inc.</font></div>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>exh5-2_031711.htm
<DESCRIPTION>EXHIBIT 5.2
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<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TROUTMAN SANDERS LLP</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Albuquerque, New Mexico 87158</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ladies and Gentlemen:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are acting as counsel for PNM Resources, Inc., a New Mexico corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), in connection with the preparation and filing with the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Commission</font>&#8221;) on or about the date hereof, of a registration statement on Form S-3 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement</font>&#8221;).&#160;&#160;The Registration Statement relates to the proposed sale from time to time pursuant to Rule 415 of the Securities Act of 1933, as amended (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Act</font>&#8221;), of (i) debt securities of the Company (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Debt Securities</font>&#8221;) to be issued under an indenture, as supplemented to date (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Indenture</font>&#8221;), and as further supplemented, if needed, by one or more supplemental indentures (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Supplemental Indenture</font>&#8221;), the forms of which Supplemental Indentures will be filed, as necessary, as exhibits to a Form 8-K incorporated by reference into the Registration Statement, (ii) shares of the Company&#8217;s common stock, no par value (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock</font>&#8221;), (iii) shares of the Company&#8217;s preferred stock, no par value, the terms of which will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Preferred Stock</font>&#8221;), (iv) warrants to purchase Debt Securities, Common Stock or Preferred Stock, or any combination thereof (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrants</font>&#8221;), to be issued under a separate warrant agreement (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrant Agreement</font>&#8221;) with respect to each series of Warrants, the form of which Warrant Agreement will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement, (v) contracts to purchase Debt Securities, Common Stock, Preferred Stock or Warrants (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities Purchase Contracts</font>&#8221;), each securing the obligations of the holder thereof to purchase the specified securities under the Securities Purchase Contract, issued under a securities purchase agreement (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities Purchase Agreement</font>&#8221;), the form of which Securities Purchase Agreement will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement, and (vi) units representing ownership of any combination of other Securities (defined below) or debt obligations of third parties, such as U.S. Treasury obligations (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Units</font>&#8221;), to be issued under a separate unit agreement (each, a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Unit Agreement</font>&#8221;) with respect to each series of Units, the form of which Unit Agreement will be filed, as necessary, as an exhibit to a Form 8-K incorporated by reference into the Registration Statement. The Debt Securities, Common Stock, Preferred Stock, Warrants, Securities Purchase Contracts and Units are referred to, collectively, as the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities</font>.&#8221; The Securities are to be sold from time to time as set forth in the Registration Statement, the Prospectus comprising a part thereof (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus</font>&#8221;) and any supplements to the Prospectus (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus Supplements</font>&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">March 17, 2011</div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This opinion is being furnished in accordance with the requirements of Item 601(b)(5)(i) of Regulation S-K.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have examined originals or copies, certified or otherwise identified to our satisfaction, of such corporate records, agreements, and other instruments, certificates, orders, opinions, correspondence with public officials, certificates provided by the Company&#8217;s officers and representatives, and other documents as we have deemed necessary or advisable for the purposes of rendering the opinions set forth herein, including (i) the corporate and organizational documents of the Company, including the Articles of Incorporation, as amended to date, and the Bylaws of the Company, (ii) the initial resolutions of the Board of Directors of the Company (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Board</font>&#8221;) with respect to the filing of the Registration Statement, the offering of the Securities and certain related matters and (iii)&#160;the Registration Statement and exhibits thereto, including the Prospectus comprising a part thereof.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In making such examination and rendering the opinions set forth below, we have assumed without verification (i) that all documents submitted to us as originals are authentic, complete and accurate, (ii) that all signatures on documents submitted to us are genuine, (iii) that all individuals executing such documents had the requisite legal capacity, (iv) that all documents submitted to us as copies conform to authentic original documents, and (v) that any documents not yet executed will be duly executed in form(s) duly authorized and established in accordance with the action of the Board or a duly authorized committee of the Board.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To the extent that the obligations of the Company with respect to the Debt Securities, Warrants, Securities Purchase Contracts or Unit Agreements may be dependent upon such matters, we assume for purposes of this opinion that:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(A) in the case of the Debt Securities, the trustee under the Indenture and any Supplemental Indenture is duly qualified to engage in the activities contemplated by the Indenture or Supplemental Indenture; that the Indenture or any Supplemental Indenture has been duly authorized, executed and delivered by the trustee and constitutes the legal, valid and binding obligation of the trustee enforceable against the trustee in accordance with its terms; that the trustee is in compliance with respect to the performance of its obligations under the Indenture and all Supplemental Indentures and with all applicable laws and regulations; and that the trustee has the requisite organizational and legal power and authority to perform its obligations under the Indenture or all Supplemental Indentures;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(B) in the case of the Warrants, the warrant agent under any Warrant Agreement is duly qualified to engage in the activities contemplated by such Warrant Agreement; that such Warrant Agreement has been duly authorized, executed and delivered by the warrant agent and constitutes the legal, valid and binding obligation of the warrant agent enforceable against the warrant agent in accordance with its terms; that the warrant agent is in compliance with respect to the performance of its obligations under such Warrant Agreement and with all applicable laws </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and regulations; and that the warrant agent has the requisite organizational and legal power and authority to perform its obligations under such Warrant Agreement;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(C) in the case of the Securities Purchase Contracts, the securities purchase contract agent under any Securities Purchase Agreement is duly qualified to engage in the activities contemplated by such Securities Purchase Agreement; that such Securities Purchase Agreement has been duly authorized, executed and delivered by the securities purchase contract agent and constitutes the legal, valid and binding obligation of the securities purchase contract agent enforceable against the securities purchase contract agent in accordance with its terms; that the securities purchase contract agent is in compliance with respect to the performance of its obligations under such Securities Purchase Agreement and with all applicable laws and regulations; and that the securities purchase contract agent has the requisite organizational and legal power and authority to perform its obligations under such Securities Purchase Agreement; and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(D) in the case of the Unit Agreements, the unit agent under any Unit Agreement is duly qualified to engage in the activities contemplated by such Unit Agreement; that such Securities Unit Agreement has been duly authorized, executed and delivered by the unit agent and constitutes the legal, valid and binding obligation of the unit agent enforceable against the unit agent in accordance with its terms; that the unit agent is in compliance with respect to the performance of its obligations under such Unit Agreement and with all applicable laws and regulations; and that the unit agent has the requisite organizational and legal power and authority to perform its obligations under such Unit Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The opinions expressed below are subject to, and qualified and limited by the effects of: (i) bankruptcy, fraudulent conveyance or fraudulent transfer, insolvency, reorganization, moratorium, liquidation, conservatorship and similar laws, and limitations imposed under judicial decisions related to or affecting creditors&#8217; rights and remedies generally, (ii) general equitable principles, regardless of whether the issue of enforceability is considered in a proceeding in equity or at law (regardless of whether arising prior to, or after, the date hereof), and principles limiting the availability of the remedy of specific performance or injunctive relief, (iii) concepts of good faith, fair dealing and reasonableness, and (iv) the possible unenforceability under certain circumstances of provisions providing for indemnification or contribution that are contrary to public policy.&#160;&#160;We also express no opinion concerning the enforceability of (a) the choice of New York law in any applicable Indenture, Supplemental Indenture, Warrant Agreement, Securities Purchase Agreement or Unit Agreement under the laws of any jurisdiction other than New York or (b) the waiver of rights or defenses contained in the documents establishing the Securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In rendering the opinions expressed below, we have assumed that: (i) the Company is, as of the date hereof, and will continue to be, validly existing and in good standing under the laws of the State of New Mexico, and has, and will continue to have, all requisite power and authority to enable it to execute, deliver and perform its obligations under the Securities and the related </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">documents; (ii) the relevant Securities will be issued and sold after all applicable regulatory approvals have been obtained and in compliance with applicable law (including the Trust Indenture Act of 1939, if applicable, and state securities or &#8220;blue sky&#8221; laws) and pursuant to and in the manner stated in the Registration Statement and the applicable Prospectus Supplement, and the relevant Securities will be established so as not to, and the execution, delivery and performance of the applicable Indenture, Supplemental Indenture, Warrant Agreement, Securities Purchase Agreement or Unit Agreement will not, violate, conflict with or constitute a default under any applicable laws, rules or regulations to which the Company is subject; (iii) the Company will duly authorize the offering and issuance of the Securities and will duly authorize, approve and establish the final terms and conditions thereof and of any applicable Indenture, Supplemental Indenture, Warrant Agreement, Securities Purchase Agreement or Unit Agreement and will take any other appropriate additional corporate action with respect thereto; (iv) the Registration Statement, and any amendments thereto (including post-effective amendments), will be, at the time of issuance and sale of the relevant Securities, effective under the Act; (v) at the time of issuance and sale of the relevant Securities, a Prospectus Supplement will have been filed with the Commission describing the Securities; (vi) any Securities issuable upon conversion, exchange or exercise of the relevant Securities being offered and issued will be duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise and, that the Company will have a sufficient number of authorized but unissued shares therefor under its Articles of Incorporation; (vii) the Indenture, each Supplemental Indenture, each Warrant Agreement, each Securities Purchase Agreement and each Unit Agreement will be governed by the laws of the State of New York; (viii) the choice of New York law in each of the&#160;Indenture, each Supplemental Indenture, each Warrant Agreement, each Securities Purchase Agreement and each Unit Agreement purporting to be governed by the laws of the State of New York is legal, valid, binding and enforceable under the laws of all applicable jurisdictions; (ix) the Debt Securities will not bear interest at a rate that is usurious under the laws of the jurisdiction governing the creation thereof; and (x) the execution, delivery and performance by the Company of the&#160;Indenture, each Supplemental Indenture, each Warrant Agreement, each Securities Purchase Agreement and each Unit Agreement do not and will not constitute a breach, conflict, default or violation of (a) the Company&#8217;s Articles of Incorporation or Bylaws, or any agreement or other instrument to which the Company or its properties are subject, (b) any judicial or regulatory order or decree of any governmental authority or (c) any consent, approval, license, authorization or validation of, or filing, recording or registration with, any governmental authority.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;With respect to the Debt Securities, when, in accordance with action of the Board or a committee thereof, (i) the Indenture and any Supplemental Indenture or other instrument thereunder to be entered into, or otherwise executed or adopted, in connection with the issuance of the Debt Securities have been duly executed and delivered by the Company and the trustee named therein, (ii) the Debt Securities have been duly executed, authenticated and delivered in </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM Resources, Inc.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 17, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">accordance with the terms of the Indenture and any Supplemental Indenture, and (iii) the Debt Securities have been validly issued and sold, and the purchase price therefor has been paid to the Company, in the manner contemplated by the Registration Statement and in any relevant amendment thereto or in any Prospectus Supplement and in accordance with the Indenture and the relevant Supplemental Indenture, the Debt Securities will be valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 17, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name under the caption &#8220;Legal Matters&#8221; in the Prospectus or any Prospectus Supplement comprising a part thereof. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Very truly yours,</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(In thousands, except ratio)</font></div>
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<td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2006</font></div>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exchange Commission:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Interest expensed and capitalized</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">123,633</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">123,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">134,958</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">124,299</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">135,819</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amortization of debt premium, discount and expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,627</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5,430</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,386</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,566</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,729</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Interest from discontinued operations (including capitalized interest)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,027</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,758</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,790</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Estimated interest factor of lease rental charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,888</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,034</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,894</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,804</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Preferred dividend requirements of subsidiary</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,075</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">759</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">689</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">556</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">798</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;Total Fixed Charges</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">136,223</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">138,083</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">163,685</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">152,771</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">160,260</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Preferred stock dividend requirements</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,865</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,865</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,216</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total Combined Fixed Charges and Preferred Stock Dividends</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">141,088</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">142,948</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">164,901</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">152,771</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">160,260</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Earnings, as defined by the Securities and Exchange</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Commission:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Earnings (loss) from continuing operations before income taxes and non-controlling interest</font></font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(63,379</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">94,751</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(388,381</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">63,112</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">164,018</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Earnings) loss of equity investee</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">15,223</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">30,145</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">29,687</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(7,581</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Earnings (loss) from continuing operations before income taxes, non-controlling interest,&#160;&#160;and investee earnings</font></font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(48,156</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">124,896</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(358,694</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">55,531</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">164,018</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fixed charges as above</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">136,223</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">138,083</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">163,685</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">152,771</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">160,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Interest capitalized</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(3,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(7,743</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(8,849</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10,740</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(6,503</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="51%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Non-controlling interest in earnings of Valencia</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(13,563</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(11,890</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(7,179</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Preferred dividend requirements of subsidiary</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,075</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(759</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(689</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(556</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(798</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Earnings Available for Combined Fixed Charges and Preferred Stock Dividends</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">70,028</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">242,587</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(211,726</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">197,006</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">316,977</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="51%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.50</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.70</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N/M</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.29</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.98</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div>&#160;</div>

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<tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="11" valign="top" width="116%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1 </font>The shortfall in the earnings available for combined fixed charges and preferred stock divendends to achieve a ratio of earnings to combined fixed charges and preferred stock dividends of 1.00 amounted to $71.1 million for the year ended December 31, 2010.&#160;&#160;Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of PNMR's investment in an equity investee.&#160;&#160;If that loss were excluded, the ratio of earnings to combined fixed charges and preferred stock dividends would have been 1.83.</font></div>
</td>
</tr><tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="11" valign="top" width="116%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2 </font>The ratio of earnings to combinded fixed charges and preferred stock dividends for the year ended December 31, 2008 is not meaningful since earnings available for combined fixed charges and preferred stock dividends is negative.&#160;&#160;The shortfall in the earnings available for combined fixed charges and preferred stock dividends to achieve a ratio of earnings to combined fixed charges and preferred stock dividends of 1.00 amounted to $376.6 million for the year ended December 31, 2008.</font></div>
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<br>
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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exh23-1_031711.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>
<head>
    <title>exh23-1_031711.htm</title>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<br>
<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Exhibit 23.1</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">We consent to the incorporation by reference in this Registration Statement on Form S-3 of our reports dated March 1, 2011, relating to the financial statements and financial statement schedules of PNM Resources, Inc. and subsidiaries, and the effectiveness of PNM Resources, Inc. and subsidiaries&#8217; internal control over financial reporting, appearing in the Annual Report on Form 10-K of PNM Resources, Inc. for the year ended December 31, 2010, and to the reference to us under the heading "Experts" in the Prospectus, which is part of this Registration Statement.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">/s/ DELOITTE &amp; TOUCHE LLP</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Dallas, Texas</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">March 17, 2011</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>6
<FILENAME>exh25-1_031711.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<html>
<head>
    <title>exh25-1_031711.htm</title>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<br>
<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit 25.1</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C.&#160;&#160;20549</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM T-1</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">STATEMENT OF ELIGIBILITY</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNDER THE TRUST INDENTURE ACT OF 1939 OF A</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)&#160;&#160;&#160;&#160;[&#160;&#160;&#160;]</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">___________________________</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of trustee as specified in its charter)</font></div>

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</div>

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<tr>
<td valign="top" width="41%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Jurisdiction of incorporation</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">if not a U.S. national bank)</font></div>
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<td valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">95-3571558</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S. employer</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">identification no.)</font></div>

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<td valign="top" width="41%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">700 South Flower Street, Suite 500</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Los Angeles, California</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address of principal executive offices)</font></div>
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<td valign="top" width="37%">
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">90017</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal Department</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; &#160; &#160; &#160; The Bank of New York Mellon Trust Company, N.A.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One Wall Street, 15<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Floor</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New York, NY &#160;10286</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212) 635-1270</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Name, address and telephone number of agent for service)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">___________________________</font></font></div>

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</div>

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</div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Exact name of obligor as specified in its charter)</font></div>

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</div>

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</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="41%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New Mexico</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(State or other jurisdiction of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incorporation or organization)</font></div>
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<td valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">85-0468296</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(I.R.S. employer</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">identification no.)</font></div>

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</tr><tr>
<td valign="top" width="41%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alvarado Square</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Address of principal executive offices)</font></div>
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<td valign="top" width="37%">
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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</div>

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</div>

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</div>

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<hr style="COLOR: black" noshade size="2">
</div>
</div>

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</div>
</div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;General information.</font></div>

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</div>

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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 23px">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
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<td width="900">
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name and address of each examining or supervising authority to which it is subject.</font></div>
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<tr>
<td valign="middle" width="66%" style="BORDER-TOP: black 0.5pt dashed; BORDER-BOTTOM: black 1px dashed">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Name</font></font></div>

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<td valign="middle" width="33%" style="BORDER-TOP: black 0.5pt dashed; BORDER-BOTTOM: black 1px dashed">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Address</font></font></div>

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</td>
</tr><tr>
<td align="left" valign="top" width="66%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comptroller of the Currency &#8211; </font></div>

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</td>
<td align="left" valign="top" width="33%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Washington, D.C. 20219</font></div>
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<td align="left" valign="top" width="66%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal Reserve Bank</font></div>
</td>
<td align="left" valign="top" width="33%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">San Francisco, California 94105</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
</tr><tr>
<td align="left" valign="top" width="66%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal Deposit Insurance </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporation</font></div>
</td>
<td align="left" valign="top" width="33%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Washington, D.C. 20429</font></div>
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</div>

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</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 53px">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 6px">&#160;</td>
<td style="WIDTH: 23px">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
</td>
<td width="900">
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whether it is authorized to exercise corporate trust powers.</font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81px">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td width="901">
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Yes.</font></div>
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<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 2.&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Affiliations with Obligor.</font></div>
</div>

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<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If the obligor is an affiliate of the trustee, describe each such affiliation.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>None.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 16.&#160;&#160;&#160; Li</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">st of Exhibits.</font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160; Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A.&#160;&#160;(Exhibit 1 to Form T-1 filed on September 8, 2008 in connection with Registration Statement No. 333-135006)</font></div>
</td>
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</div>

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<div>
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<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed January 11, 2005 in connection with Registration Statement No. 333-121948).</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of the authorization of the trustee to exercise corporate trust powers.&#160;&#160;(Exhibit 3 to Form T-1 filed on September 8, 2008 in connection with Registration Statement No. 333-135006).</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of the existing by-laws of the trustee.&#160;&#160;(Exhibit 4 to Form T-1 filed on September 8, 2008 in connection with Registration Statement No. 333-135006).</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The consent of the trustee required by Section 321(b) of the Act.&#160;&#160;(Exhibit 6 to Form T-1 filed on September 8, 2008 in connection with Registration Statement No. 333-135006).</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not applicable.</font></div>
</td>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not applicable.</font></div>
</td>
</tr></table>
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<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City Los Angeles, and State of California, on the 17<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of March, 2011.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 66.65pt"></font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;THE&#160;BANK&#160;OF&#160;NEW&#160;YORK MELLON</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 66.65pt"></font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;TRUST COMPANY, N.A.</font></div>

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</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 261pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Raymond Torres&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 261pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:&#160;&#160;Raymond Torres</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 261pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;&#160;&#160;&#160;&#160;Senior Associate</font></div>
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<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
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</div>
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<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT 7</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated Report of Condition of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of 700 South Flower Street, Suite 200, Los Angeles, CA 90017</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>At the close of business December 31, 2010, published in accordance with Federal regulatory authority instructions.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 450pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dollar Amounts</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 450pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in Thousands</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ASSETS&#160; </font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash and balances due from</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>depository institutions:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Noninterest-bearing balances</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;and currency and coin&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font>2,000</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Interest-bearing balances&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font>151</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Held-to-maturity securities&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font>7</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Available-for-sale securities&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;&#160;754,025</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Federal funds sold and securities</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>purchased under agreements to resell:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Federal funds sold&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>70,300</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Securities purchased under agreements to resell&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loans and lease financing receivables:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Loans and leases held for sale&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Loans and leases,</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;net of unearned income&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font>&#160;&#160;&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>LESS: Allowance for loan and</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;lease losses&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font>&#160;&#160;&#160;&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Loans and leases, net of unearned</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;income and allowance&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trading assets&#160;&#160;&#160; &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Premises and fixed assets (including</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>capitalized leases)&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>9,168</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other real estate owned&#160;&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investments in unconsolidated</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>subsidiaries and associated</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>companies&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;1</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct and indirect investments in real estate ventures&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not applicable</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intangible assets:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;Goodwill&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>856,313</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;Other Intangible Assets&#160; &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font>223,370</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other assets&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">156,663</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total assets&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font><font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">$2,027,521</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">LIABILITIES</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposits:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In domestic offices&#160;&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font>&#160;&#160;500</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Noninterest-bearing&#160;&#160; &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font>&#160;500</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Interest-bearing &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font>&#160;&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not applicable</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Federal funds purchased and securities</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>sold under agreements to repurchase:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Federal funds purchased&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Securities sold under agreements to repurchase&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trading liabilities&#160;&#160; &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other borrowed money:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(includes mortgage indebtedness</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>and obligations under capitalized</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>leases)&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;&#160;&#160;&#160; </font></font></font>268,691</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not applicable</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not applicable</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subordinated notes and debentures&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other liabilities&#160;&#160;&#160; &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;&#160;&#160;&#160; </font></font></font>235,783</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total liabilities&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;504,974</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority interest in consolidated subsidiaries&#160;&#160;&#160; &#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160;0</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">EQUITY CAPITAL</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Perpetual preferred stock and related surplus&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#160; 0</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common stock&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font> </font></font></font>1,000</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Surplus (exclude all surplus related to preferred stock)&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font>&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230; </font></font></font>1,121,520</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained earnings&#160;&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font>&#160;&#160; </font></font></font>438,997</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated other comprehensive</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>income&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font>&#160;&#160;&#160; </font></font></font>1,579</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other equity capital components&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;&#160;&#160; </font></font></font></font>&#160;&#160;0&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total equity capital&#160;&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font></font></font></font>&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">1,563,096</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total liabilities and equity capital (sum of items 21 and 28)&#160;&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8230;&#160;&#160; </font></font></font><font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">2,068,070</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>I, Karen Bayz, Vice President of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Karen Bayz&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vice President</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Michael K. Klugman, President&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Frank P. Sulzberger, MD&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Directors (Trustees)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>William D. Lindelof, VP&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;)</font></div>

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