<SEC-DOCUMENT>0000950123-11-042906.txt : 20110502
<SEC-HEADER>0000950123-11-042906.hdr.sgml : 20110502
<ACCEPTANCE-DATETIME>20110502160639
ACCESSION NUMBER:		0000950123-11-042906
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20110502
DATE AS OF CHANGE:		20110502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terreno Realty Corp
		CENTRAL INDEX KEY:			0001476150
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173850
		FILM NUMBER:		11800704

	BUSINESS ADDRESS:	
		STREET 1:		16 MAIDEN LANE
		STREET 2:		FIFTH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		(415) 655-4580

	MAIL ADDRESS:	
		STREET 1:		16 MAIDEN LANE
		STREET 2:		FIFTH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>f59050sv3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 3pt"><B>As filed with the Securities and Exchange Commission on May&nbsp;2, 2011.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Registration Statement No.&nbsp;333-</B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-3</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 0pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TERRENO REALTY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>27-1262675</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108<BR>
(415)&nbsp;655-4580</B><BR>
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#146;s Principal Executive Offices)</DIV>

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>W. Blake Baird<BR>
Chairman and Chief Executive Officer<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108<BR>
(415)&nbsp;655-4580</B><BR>
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)</DIV>

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>With copies to</I>:</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Gilbert G. Menna<BR>
Suzanne D. Lecaroz<BR>
Goodwin Procter LLP<BR>
Exchange Place<BR>
Boston, Massachusetts 02109<BR>
(617)&nbsp;570-1000</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Approximate date of commencement of proposed sale to the public: </I>From time to time
after this registration statement becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, please check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the
following
<font style="white-space: nowrap">box.&nbsp;<FONT style="font-family: Wingdings">&#254;</FONT></font>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 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. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 462(e) under the Securities Act, check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 413(b) under the Securities Act, check the following
box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule&nbsp;12b-2 of the Exchange Act.
</DIV>

<TABLE width="100%" style="FONT-size: 10pt; margin-top: 6pt">
<TR valign="top">
<TD>Large accelerated filer&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT></TD>
<TD align="center">Accelerated filer&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;</TD>
<TD align="center">Non-accelerated filer&nbsp;<FONT style="font-family: Wingdings">&#254;</FONT><BR>(Do not check if a smaller reporting company)</TD>
<TD align="right">Smaller reporting company&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT></TD></TR></TABLE>

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="13" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="center"><B>Title of Securities Being Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price(1)(2)(3)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee (4)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common stock, $0.01 par value per share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Preferred stock, $0.01 par value per share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Debt Securities(3)</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">250,000,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">29,025</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="13" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As permitted by General Instruction II.D of Form S-3 under the Securities Act of 1933,
as amended, or the Securities Act, the fee table does not specify by each class of
securities to be registered information as to the amount to be registered, proposed
maximum offering price per share, and proposed maximum aggregate offering price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There is being registered hereunder an indeterminate principal amount of debt securities
and an indeterminate number of shares of common stock and shares of preferred stock.
Pursuant to Rule 457(i) of the Securities Act, this includes such indeterminate number
of shares of common stock as may be issued upon conversion of or exchange for any shares
of preferred stock that provide for conversion or exchange into other such securities.
Separate consideration may or may not be received for the shares of common stock or
shares of preferred stock issuable upon conversion of or exchange for shares of
preferred stock. Pursuant to Rule 416(a) under the Securities Act, there is also being
registered such indeterminate number of our shares of common stock as may be issued from
time to time with respect to shares being registered hereunder as a result of share
splits, share dividends or similar transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any debt securities are issued at an original issue discount, then the offering price
shall be in such greater principal amount as may be sold for an aggregate initial
offering price of up to the proposed maximum aggregate offering price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated pursuant to Rule 457(o) of the rules and regulations under the Securities Act.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement
shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may
determine.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

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

<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities, and it is not soliciting an offer to
buy these securities in any jurisdiction where the offer or sale is not
permitted.


<DIV align="center" style="font-size: 10pt; margin-top: 18pt; color: #FF0000"><B>SUBJECT TO COMPLETION, DATED MAY 2, 2011</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>PRELIMINARY PROSPECTUS</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="f59050f5905001.gif" alt="(TERRENO LOGO)">
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>TERRENO REALTY CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>$250,000,000</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Common Stock<BR>
Preferred Stock<BR>
Debt Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%">We may offer, issue and sell from time to time, together or separately, the securities
described in this prospectus, at an aggregate public offering price that will not exceed
$250,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%">This prospectus describes some of the general terms that apply to the securities. We will
provide the specific terms of any securities we may offer in supplements to this prospectus. You
should read this prospectus and any applicable prospectus supplement carefully before you invest.
We may also authorize one or more free writing prospectuses to be provided to you in connection
with the offering. The prospectus supplement and any free writing prospectus also may add, update
or change information contained or incorporated in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%">We may offer and sell these securities to or through one or more underwriters, dealers or
agents, or directly to purchasers on a continuous or delayed basis. The prospectus supplement for
each offering of securities will describe the plan of distribution for that offering. For general
information about the distribution of securities offered, see &#147;Plan of Distribution&#148; in this
prospectus. The prospectus supplement also will set forth the price to the public of the securities
and the net proceeds that we expect to received from the sale of such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%">Our common stock is listed on the New York Stock Exchange, or the NYSE, under the symbol
&#147;TRNO.&#148; On April&nbsp;29, 2011, the closing price of our common stock on the NYSE was $16.96.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%"><B>Investing in our securities involves risks. You should carefully read and consider &#147;Risk
Factors&#148; included in our most recent Annual Report on Form 10-K and on page 4 of this
prospectus and in the applicable prospectus supplement before investing in our securities.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%">We impose certain restrictions on the ownership and transfer of our capital stock. You should
read the information under the section entitled &#147;Description of Capital Stock&#151; Restrictions on
Transfer&#148; in this prospectus for a description of these restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%"><B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this prospectus is
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011.
</DIV>


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

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

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



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="F59050tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050101">ABOUT THIS PROSPECTUS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050102">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050103">WHERE YOU CAN FIND MORE INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050104">FORWARD-LOOKING STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050105">OUR COMPANY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050106">RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050107">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050108">RATIO OF EARNINGS TO FIXED CHARGES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050109">DESCRIPTION OF THE SECURITIES WE MAY OFFER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050110">DESCRIPTION OF CAPITAL STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050111">DESCRIPTION OF DEBT SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050112">GLOBAL SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050113">CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050114">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050115">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050116">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#F59050117">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f59050exv4w3.htm">EX-4.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f59050exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f59050exv8w1.htm">EX-8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f59050exv12w1.htm">EX-12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f59050exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>
</DIV>

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

<DIV align="center">
<DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 2%"><B>You should rely only on the information contained in or incorporated by reference into this
prospectus, any applicable prospectus supplement or any applicable free writing prospectus. We have
not authorized any other person to provide you with different or additional information. If anyone
provides you with different or additional information, you should not rely on it. This prospectus
and any applicable prospectus supplement do not constitute an offer to sell, or a solicitation of
an offer to purchase, any securities in any jurisdiction to or from any person to whom or from whom
it is unlawful to make such offer or solicitation in such jurisdiction. You should assume that the
information appearing in this prospectus, any applicable prospectus supplement, any applicable free
writing prospectus and the documents incorporated by reference herein or therein is accurate only
as of their respective dates or on the date or dates which are specified in these documents. Our
business, financial condition, results of operations and prospects may have changed since those
dates.</B>
</DIV>



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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="F59050101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ABOUT THIS PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a &#147;shelf&#148; registration statement on Form S-3 that we have filed
with the Securities and Exchange Commission, or the SEC. By using a shelf registration statement,
we may sell, at any time and from time to time, in one or more offerings, any combination of the
securities described in this prospectus for up to a total dollar amount of $250,000,000. The
exhibits to our registration statement and documents incorporated by reference contain the full
text of certain contracts and other important documents that we have summarized in this prospectus
or that we may summarize in a prospectus supplement. Since these summaries may not contain all the
information that you may find important in deciding whether to purchase the securities we offer,
you should review the full text of these documents. The registration statement and the exhibits and
other documents can be obtained from the SEC as indicated under the sections entitled &#147;Where You
Can Find More Information&#148; and &#147;Incorporation of Certain Documents By Reference.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus only provides you with a general description of the securities we may offer,
which is not meant to be a complete description of each security. Each time we sell securities, we
will provide a prospectus supplement that contains specific information about the terms of those
securities. The prospectus supplement may also add, update or change information contained in this
prospectus. If there is any inconsistency between the information in this prospectus and any
prospectus supplement, you should rely on the information in the prospectus supplement. You should
read carefully both this prospectus and any prospectus supplement together with the additional
information described under the sections entitled &#147;Where You Can Find More Information&#148; and
&#147;Incorporation of Certain Documents By Reference.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated or the context requires otherwise, in this prospectus and any
prospectus supplement hereto, references to &#147;our company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; mean Terreno Realty
Corporation and its consolidated subsidiaries.
</DIV>
<DIV align="left">
<A name="F59050102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC rules allow us to incorporate by reference information into this prospectus. This means
that we can disclose important information to you by referring you to another document. Any
information referred to in this way is considered part of this prospectus from the date we file
that document. Any reports filed by us with the SEC after the date of this prospectus and before
the date that the offering of securities by means of this prospectus is terminated will
automatically update and, where applicable, supersede any information contained in this prospectus
or incorporated by reference into this prospectus. We incorporate by reference into this prospectus
the following documents or information filed with the SEC (other than, in each case, documents or
information deemed to have been furnished and not filed in accordance with SEC rules):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
2010 filed with the SEC on February&nbsp;24, 2011;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information specifically incorporated by reference into our Annual
Report on Form 10-K for the year ended December&nbsp;31, 2010 from our
Definitive Proxy Statement on Schedule&nbsp;14A filed with the SEC on March
11, 2011;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of our Current Reports on Form 8-K/A filed on December
6, 2010 and our Current Reports on Form 8-K filed on January&nbsp;5, 2011, March 31, 2011
and May&nbsp;2, 2011; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our shares of common stock included in our
registration statement on Form 8-A filed on January&nbsp;14, 2010, and all
reports filed for the purpose of updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents that we file (but not those that we furnish) pursuant to Sections&nbsp;13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, after the date
of the initial registration statement of which this prospectus is a part and prior to the
effectiveness of the registration statement shall be deemed to be incorporated by reference into
this prospectus and will automatically update and supersede the information in this prospectus, and
any previously filed documents. All documents that we file (but not those that we furnish) pursuant
to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus
and prior to the termination of the offering of any of the securities covered under this prospectus
shall be deemed to be incorporated by reference into this prospectus and will
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">automatically update and supersede the information in this prospectus, the applicable
prospectus supplement and any previously filed documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide without charge to each person, including any beneficial owner, to whom this
prospectus is delivered, upon his or her written or oral request, a copy of any or all documents
referred to above that have been or may be incorporated by reference into this prospectus,
excluding exhibits to those documents unless they are specifically incorporated by reference into
those documents. Requests for those documents should be directed to us as follows: Terreno Realty
Corporation, 16 Maiden Lane, Fifth Floor, San Francisco, California, Attn: Chief Financial Officer,
Telephone: (415)&nbsp;655-4580.
</DIV>
<DIV align="left">
<A name="F59050103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Exchange Act, and, in accordance with
those requirements, file annual, quarterly and current reports, proxy statements and other
information with the SEC. Such reports, proxy statements and other information, as well as this
registration statement and the exhibits and schedules thereto, can be inspected at the public
reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Copies of
such materials may be obtained at prescribed rates. Information about the operation of the public
reference facilities may be obtained by calling the SEC at 1-800-SEC-0330. The SEC also maintains a
website that contains reports, proxy statements and other information regarding registrants,
including us, that file such information electronically with the SEC. The address of the SEC&#146;s
website is http://www.sec.gov. Copies of these documents may be available on our website at
www.terreno.com. Our internet website and the information contained therein or connected thereto
are not incorporated into this prospectus or any amendment or supplement thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a registration statement on Form S-3 under the Securities Act with
respect to the securities offered by this prospectus. This prospectus, which forms a part of the
registration statement, does not contain all of the information set forth in the registration
statement and its exhibits and schedules, certain parts of which are omitted in accordance with the
SEC&#146;s rules and regulations. For further information about us and the securities, we refer you to
the registration statement and to such exhibits and schedules. You may review a copy of the
registration statement at the SEC&#146;s public reference room in Washington, D.C. as well as through
the SEC&#146;s website. Please be aware that statements in this prospectus referring to a contract or
other document are summaries and you should refer to the exhibits that are part of the registration
statement for a copy of the contract or document.
</DIV>
<DIV align="left">
<A name="F59050104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933, as amended, or
the Securities Act, and Section&nbsp;21E of the Exchange Act. We caution investors that forward-looking
statements are based on management&#146;s beliefs and on assumptions made by, and information currently
available to, management. When used, the words &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;,
&#147;intend&#148;, &#147;may&#148;, &#147;might&#148;, &#147;plan&#148;, &#147;project&#148;, &#147;result&#148;, &#147;seek&#148;, &#147;should&#148;, &#147;will&#148;, and similar
expressions which do not relate solely to historical matters are intended to identify
forward-looking statements. These statements are subject to risks, uncertainties, and assumptions
and are not guarantees of future performance, which may be affected by known and unknown risks,
trends, uncertainties, and factors that are beyond our control. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, estimated, or projected. We expressly disclaim any
responsibility to update our forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law. Accordingly, investors should use caution
in relying on past forward-looking statements, which are based on results and trends at the time
they are made, to anticipate future results or trends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the risks and uncertainties that may cause our actual results, performance, or
achievements to differ materially from those expressed or implied by forward-looking statements
include, among others, the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the factors included in our Annual Report on Form 10-K filed on February&nbsp;24, 2011,
including those set forth under the headings &#147;Risk Factors&#148;, and &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our limited operating history;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to identify and acquire industrial properties on terms favorable to us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general volatility of the capital markets and the market price of our common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse economic or real estate conditions or developments in the industrial real
estate sector and/or in the markets in which we acquire properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our dependence on key personnel and our reliance on third parties to property manage
our industrial properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our dependence upon tenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our inability to comply with the laws, rules and regulations applicable to
companies, and in particular, public companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our inability to manage our growth effectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tenant bankruptcies and defaults on or non-renewal of leases by tenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decreased rental rates or increased vacancy rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increased interest rates and operating costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declining real estate valuations and impairment charges;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our expected leverage, our failure to obtain necessary outside financing, and future
debt service obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>estimates related to our ability to make distributions to our stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our failure to successfully hedge against interest rate increases;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our failure to successfully operate acquired properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our failure to qualify or maintain our status as a real estate investment trust, or
REIT, and possible adverse changes to tax laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uninsured or underinsured losses relating to our properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental uncertainties and risks related to natural disasters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial market fluctuations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in real estate and zoning laws and increases in real property tax rates.</TD>
</TR>





</TABLE>
</DIV>
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</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="F59050105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corporation is an internally managed Maryland corporation focused on acquiring,
owning and operating industrial real estate located in six major coastal U.S. markets: Los Angeles
Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area; and
Washington, D.C./Baltimore. We were formed as a Maryland corporation in November&nbsp;2009 and intend
to elect to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable
year ended December&nbsp;31, 2010. We invest in several types of industrial real estate, including
warehouse/distribution, flex (including light industrial and R&#038;D) and trans-shipment. We target
functional buildings in infill locations that may be shared by multiple tenants and that cater to
customer demand within the various submarkets in which we operate. Infill locations are geographic
locations surrounded by high concentrations of already developed land and existing buildings. As of
December&nbsp;31, 2010, we owned a total of 33 buildings in five of the above markets aggregating
approximately 2.4&nbsp;million square feet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 16 Maiden Lane, Fifth Floor, San Francisco,
California 94108. Our telephone number is (415)&nbsp;655-4580. We maintain a website at
<U>www.terreno.com</u>. Information on our website is not, and should not be interpreted to be, part of
this prospectus.
</DIV>
<DIV align="left">
<A name="F59050106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in our securities involves risks. Before purchasing the securities offered by this
prospectus you should carefully consider the risk factors incorporated by reference in this
prospectus from our Annual Report on Form 10-K for the year ended December&nbsp;31, 2010 filed with the
SEC on February&nbsp;24, 2011, as well as the risks, uncertainties and additional information (i)&nbsp;set
forth in our SEC reports on Forms 10-K, 10-Q and 8-K and in the other documents incorporated by
reference in this prospectus that we file with the SEC after the date of this prospectus and which
are deemed incorporated by reference in this prospectus, and (ii)&nbsp;the information contained in any
applicable prospectus supplement. For a description of these reports and documents, and information
about where you can find them, see &#147;Where You Can Find More Information&#148; and &#147;Incorporation of
Certain Documents By Reference.&#148; The risks and uncertainties we discuss in this prospectus and in
the documents incorporated by reference in this prospectus are those that we currently believe may
materially affect our company. Additional risks not presently known or that are currently deemed
immaterial could also materially and adversely affect our financial condition, results of
operations, business and prospects.
</DIV>
<DIV align="left">
<A name="F59050107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a prospectus supplement, we intend to use the net proceeds from
the offering of securities under this prospectus for general corporate purposes, including funding
our investment activity, the repayment of outstanding indebtedness, working capital and other
general purposes. Further details relating to the use of the net proceeds from the offering of
securities under this prospectus will be set forth in the applicable prospectus supplement. Pending
such uses, we anticipate that we will invest the net proceeds in interest-bearing securities
consistent with maintaining our qualification as a REIT.
</DIV>
<DIV align="left">
<A name="F59050108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth our ratio of earnings to fixed charges for the periods shown:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>For the Period</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 16, 2010</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(commencement of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations) through</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The ratio of earnings to fixed charges was less than one-to-one for
the period from February&nbsp;16, 2010 (commencement of operations) through
December&nbsp;31, 2010. The total fixed charges amount for that period was
$554,000 and the total earnings amount was $(4,836,000). The amount of
the deficiency, or the amount of fixed charges in excess of earnings,
was approximately $5,390,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have computed the ratio of earnings to fixed charges by dividing earnings by fixed charges.
For the purposes of computing these ratios, &#147;earnings&#148; have been calculated by adding fixed charges
to income (loss)&nbsp;before income taxes and &#147;fixed charges&#148; as the sum of
interest expense and an imputed
interest factor included in rental expense. As of April&nbsp;29, 2011, we did not have any shares of preferred
stock outstanding.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="F59050109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE SECURITIES WE MAY OFFER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains summary descriptions of our shares of common stock, shares of
preferred stock and debt securities that we may offer from time to time. As further described in
this prospectus, these summary descriptions are not meant to be complete descriptions of each
security. The particular terms of any security will be described in the accompanying prospectus
supplement and other offering material. The accompanying prospectus supplement may add, update or
change the terms and conditions of the securities as described in this prospectus
</DIV>
<DIV align="left">
<A name="F59050110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF CAPITAL STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of our capital stock does not purport to be complete and is subject to
and qualified in its entirety by reference to Maryland law and to our charter and bylaws, copies of
which are filed as exhibits to the registration statement of which this prospectus forms a part.
See &#147;Where You Can Find More Information&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter provides that we may issue up to 400,000,000 shares of common stock and
100,000,000 shares of preferred stock, both having par value $0.01 per share. As of April&nbsp;29, 2011,
9,290,960 shares of common stock were issued and outstanding and no shares of preferred stock were
issued and outstanding. Our board of directors, without any action on the part of our stockholders,
may establish the terms of any stock to be issued and, with the approval of a majority of the
entire board, may amend our charter from time to time to increase or decrease the aggregate number
of authorized shares of stock or the number of shares of stock of any class or series. Under
Maryland law, our stockholders generally are not personally liable for our debts and obligations
solely as a result of their status as stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of our common stock have equal rights as to earnings, assets, dividends and voting.
Subject to our charter restrictions on the transfer and ownership of our stock and the preferential
rights of holders of any other class or series of our stock, distributions may be paid to the
holders of our common stock if, as and when authorized by our board of directors and declared by us
out of funds legally available therefor. Shares of our common stock generally have no preemptive,
appraisal, preferential exchange, conversion, sinking fund or redemption rights and are freely
transferable, except where their transfer is restricted by federal and state securities laws, by
contract or by the restrictions in our charter. In the event of our liquidation, dissolution or
winding up, each share of our common stock would be entitled to share ratably in all of our assets
that are legally available for distribution after payment of or adequate provision for all of our
known debts and other liabilities and subject to any preferential rights of holders of our
preferred stock, if any preferred stock is outstanding at such time, and our charter restrictions
on the transfer and ownership of our stock. Subject to our charter restrictions on the transfer and
ownership of our stock and except as may otherwise be specified in the terms of any class or series
of common stock, each share of our common stock entitles the holder to one vote on all matters
submitted to a vote of stockholders, including the election of directors. Except as may be provided
with respect to any other class or series of stock, the holders of our common stock will possess
exclusive voting power. In an uncontested election, a director is elected if he or she receives
more &#147;for&#148; votes than &#147;against&#148; or &#147;withheld&#148; votes, and there is no cumulative voting in the
election of directors, which means that holders of a majority of the outstanding shares of common
stock can elect all of our directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors may authorize the issuance of shares of our preferred stock in one
or more series and may determine, with respect to any such series, the rights, preferences,
privileges and restrictions of the shares of preferred stock of that series, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distribution rights;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conversion rights;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voting rights;</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redemption rights and terms of redemptions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>liquidation preferences.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preferred stock we may offer from time to time under this prospectus, when issued,
will be duly authorized, fully paid and nonassessable, and holders of shares of our preferred stock
will not have any preemptive rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance of shares of our preferred stock could have the effect of delaying,
deferring or preventing a change in control or other transaction that might involve a premium price
for shares of our common stock or otherwise be in the best interests of our shareholders. In
addition, any shares of our preferred stock that we issue could rank senior to our shares of common
stock with respect to the payment of distributions, in which case we could not pay any
distributions on our common shares until full distributions have been paid with respect to such
shares of our preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights, preferences, privileges and restrictions of each series of shares of our
preferred stock will be fixed by articles supplementary relating to the series. We will describe
the specific terms of the particular series of shares of our preferred stock in the prospectus
supplement relating to that series, which terms will include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the designation and par value of the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the voting rights, if any, of the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares of our preferred stock offered, the liquidation preference per share of our preferred
stock and the offering price of the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the distribution rate(s), period(s) and payment date(s) or method(s) of calculation applicable to the
shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether distributions will be cumulative or non-cumulative and, if cumulative, the date(s) from which
distributions on the shares of our preferred stock will cumulate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the procedures for any auction and remarketing for the shares of our preferred stock, if applicable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provision for a sinking fund, if any, for the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provision for, and any restriction on, redemption, if applicable, of the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provision for, and any restriction on, repurchase, if applicable, of the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms and provisions, if any, upon which the shares of our preferred stock will be convertible into
common shares, including the conversion price (or manner or calculation) and conversion period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms under which the rights of the shares of our preferred stock may be modified, if applicable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the relative ranking and preferences of the shares of our preferred stock as to distribution rights and
rights upon the liquidation, dissolution or winding up of our affairs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limitation on issuance of any other series of shares of our preferred stock, including any series of
shares of our preferred stock ranking senior to or on parity with the series of shares of our preferred
stock as to distribution rights and rights upon the liquidation, dissolution or winding up of our affairs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any listing of the shares of our preferred stock on any securities exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if appropriate, a discussion of any additional material U.S. federal income tax considerations
applicable to the shares of our preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information with respect to book-entry procedures, if applicable;</TD>
</TR>



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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in addition to those restrictions described below, any other restrictions on the ownership and
transfer of the shares of our preferred stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any additional rights, preferences, privileges or restrictions of the shares of our preferred stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Power to Reclassify Shares of Our Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter authorizes our board of directors to classify and reclassify any unissued shares
of stock into other classes or series of stock, including preferred stock. Prior to the issuance of
shares of each class or series, the board of directors is required by Maryland law and by our
charter to set, subject to our charter restrictions on the transfer and ownership of our stock and
the terms of any outstanding class or series of our stock, the preferences, conversion or other
rights, voting powers, restrictions, limitations as to dividends or other distributions,
qualifications and terms or conditions of redemption for each class or series. Thus, the board of
directors could authorize the issuance of shares of common stock or preferred stock with terms and
conditions which could have the effect of delaying, deferring or preventing a transaction or a
change in control that might involve a premium price for holders of our common stock or that
stockholders may believe is in their best interests. No shares of our preferred stock were
outstanding as of April&nbsp;29, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Power to Increase Authorized Stock and Issue Additional Shares of Our Common Stock and Preferred
Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the power of our board of directors to increase the number of authorized
shares of stock, issue additional authorized but unissued shares of our common stock or preferred
stock and to classify or reclassify unissued shares of our common stock or preferred stock and
thereafter to cause us to issue such classified or reclassified shares of stock will provide us
with increased flexibility in structuring possible future financings and acquisitions and in
meeting other needs which might arise. Shares of additional classes or series of stock, as well as
of common stock, will be available for issuance without further action by our stockholders, unless
stockholder consent is required by the rules of any stock exchange or automated quotation system on
which our securities may be listed or traded. Although our board of directors does not intend to do
so, it could authorize us to issue a class or series that could, depending upon the terms of the
particular class or series, delay, defer or prevent a transaction or a change of control of our
company that might involve a premium price for our stockholders or otherwise be in their best
interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order for us to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), our stock must be beneficially owned by 100 or more persons during at least 335&nbsp;days of a
taxable year of 12&nbsp;months or during a proportionate part of a shorter taxable year (other than the
first year for which an election to be a REIT has been made). Also, not more than 50% of the value
of the outstanding shares of stock may be owned, directly or indirectly, by five or fewer
&#147;individuals&#148; (as defined in the Code to include certain entities) during the last half of a
taxable year (other than the first year for which an election to be a REIT has been made).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter contains restrictions on the ownership and transfer of our stock. The relevant
sections of our charter provide that, commencing with the last day of the first half of the second
taxable year for which we have elected to be classified as REIT, no individual (as defined under
the Code to include certain entities) may actually or constructively own more than 9.8% in value of
the aggregate of our outstanding shares of stock or more than 9.8% in value or number of shares,
whichever is more restrictive, of the outstanding shares of our common stock. Subject to the
exceptions described below, our charter further prohibits any person or entity from beneficially or
constructively owning shares in excess of these limits. We refer to these restrictions as the
&#147;ownership limits&#148; and we sometimes refer to the restrictions on ownership by a person or entity
separately as the &#147;related party tenant limit.&#148; We refer to a person or entity that would, but for
the restrictions in our charter, have beneficially or constructively owned shares of our stock in
violation of the ownership limit or the other restrictions on ownership and transfer of our stock
described below and, if appropriate in the context, any person or entity that would have been the
record owner of such shares as a &#147;prohibited owner.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The beneficial and constructive ownership rules under the Code are complex and may cause stock
owned actually or constructively by a group of related individuals and/or entities to be owned
constructively by one individual or entity. As a result, the acquisition of less than 9.8% in value
of our outstanding stock or less than 9.8% in value or number of our common shares (or the
acquisition of an interest in an entity that owns, actually or constructively, our stock) by an
individual or entity could, nevertheless, cause that individual or entity, or another individual or
entity, to own constructively in excess of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.8% in value of our outstanding stock or 9.8% in value or number of our outstanding common
shares and thereby violate the applicable ownership limit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter provides that, subject to our directors&#146; duties under applicable law, upon
request, our board of directors will, prospectively or retroactively, waive the related party
tenant limit with respect to a particular stockholder, and establish a different ownership
limitation for the stockholder, unless such stockholder&#146;s increased ownership of our stock would
result in us failing to qualify as a REIT or our board of directors determines in its sole judgment
that such stockholder&#146;s increased ownership could result in any of our rental income to fail to
qualify as such for REIT testing purposes as a result of the &#147;related party tenant&#148; rules that
apply to REITs. As a condition of such waiver, our board of directors may require certain
representations and undertakings from the stockholder and/or an opinion of counsel or IRS ruling
satisfactory to our board of directors with respect to preserving our REIT status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors may from time to time increase the ownership limits for one or more
persons or entities and decrease the ownership limits for all other persons and entities unless,
after giving effect to such modification of the ownership limits, five or fewer individuals could
beneficially own more than 49.9% in value of our outstanding stock or we would otherwise fail to
qualify as a REIT. Any such decrease in the ownership limits will not apply to any person or entity
whose ownership of our stock exceeds the decreased ownership limits until the person&#146;s or entity&#146;s
ownership of our stock equals or falls below the decreased ownership limits, but any further
acquisition of our stock by such a person or entity will violate the decreased ownership limits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter provisions further prohibit:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person from transferring shares of our stock if such transfer
would result in shares of our stock being beneficially owned by fewer
than 100 persons (determined without reference to any rules of
attribution); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person from owning shares of our stock if such ownership would
result in our failing to qualify as a REIT for federal income tax
purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person who acquires or attempts or intends to acquire beneficial or constructive ownership
of shares of our stock that will or may violate the ownership limits or any of the other foregoing
limitations on transferability and ownership will be required to give notice immediately to us and
provide us with such other information as we may request in order to determine the effect of such
transfer on our status as a REIT. The foregoing provisions on transferability and ownership will
not apply if our board of directors determines that it is no longer in our best interests to
attempt to qualify, or to continue to qualify, as a REIT or that compliance with any or all of the
restrictions on ownership and transfer of our stock is no longer required in order for us to
qualify as a REIT, but only to the extent thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to our charter, if any purported transfer of our stock or any other event would
otherwise result in any person violating the ownership limit or such other limit as established by
our board of directors or would result in our failing to qualify as a REIT, then that number of
shares in excess of the ownership limit or causing us to fail to qualify as a REIT (rounded up to
the nearest whole share) will be automatically transferred to, and held by, a trust for the
exclusive benefit of one or more charitable organizations selected by us. The automatic transfer
will be effective as of the close of business on the business day prior to the date of the
violative transfer or other event that results in a transfer to the trust. Any dividend or other
distribution paid to the prohibited owner, prior to our discovery that the shares had been
automatically transferred to a trust as described above must be repaid to the trustee upon demand
for distribution to the beneficiary of the trust. If the transfer to the trust as described above
is not automatically effective, for any reason, to prevent violation of the applicable ownership
limit or our failing to qualify as a REIT, then our charter provides that the transfer of the
shares resulting in such violation will be void. If any transfer would result in shares of our
stock being beneficially owned by fewer than 100 persons, then any such purported transfer will be
void and of no force or effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of our stock transferred to the trustee are deemed to be offered for sale to us or our
designee at a price per share equal to the lesser of (i)&nbsp;the price per share in the transaction
that resulted in such transfer to the trust (or, in the case of a devise or gift, the market price
at the time of such devise or gift) and (ii)&nbsp;the market price on the date we accept, or our
designee accepts, such offer. We may reduce the amount so payable to the trustee by the amount of
any dividends or other distributions paid to the prohibited owner and owed by the prohibited owner
to the trustee as described above and pay such amount to the trustee for distribution to the
beneficiary of the trust. We have the right to accept such offer until the trustee has sold the
shares of our stock held in the trust as discussed below. Upon a sale to us, the interest of the
charitable beneficiary in the shares sold terminates and the trustee must distribute the net
proceeds of the sale to the prohibited owner and any dividends or other distributions held by the
trustee with respect to such stock to the charitable beneficiary.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we do not buy the shares, the trustee must, within 20&nbsp;days of receiving notice from us of
the transfer of shares to the trust, sell the shares to a person or entity designated by the
trustee who could own the shares without violating the ownership limits or other restrictions on
ownership and transfer of our stock. After that, the trustee must distribute to the prohibited
owner an amount equal to the lesser of (i)&nbsp;the price paid by the prohibited owner for the shares
or, if the prohibited owner did not give value for the shares in connection with the event causing
the shares to be held in trust (e.g., in the cause of a gift, devise or other such transaction),
the market price of the shares on the day of the event causing the shares to be held in the trust,
and (ii)&nbsp;the sales proceeds (net of commissions and other expenses of sale) received by the trustee
for the shares. The trustee may reduce the amount payable to the prohibited owner by the amount of
any dividends or other distributions paid to the prohibited owner and owed by the prohibited owner
to the trustee as described above. Any net sales proceeds in excess of the amount payable to the
prohibited owner will be immediately paid to the charitable beneficiary, together with any
dividends or other distributions thereon. In addition, if prior to discovery by us that shares of
our stock have been transferred to a trust, such shares of stock are sold by a prohibited owner,
then such shares shall be deemed to have been sold on behalf of the trust and to the extent that
the prohibited owner received an amount for or in respect of such shares that exceeds the amount
that such prohibited owner was entitled to receive, such excess amount shall be paid to the trustee
upon demand. The prohibited owner has no rights in the shares held by the trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee shall be designated by us and shall be unaffiliated with us and with any
prohibited owner. Prior to the sale of any shares by the trust, the trustee will receive, in trust
for the beneficiary, all dividends and other distributions paid by us with respect to the shares,
and may also exercise all voting rights with respect to the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Maryland law, effective as of the date that the shares have been transferred to the
trust, the trustee shall have the authority, at the trustee&#146;s sole discretion:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to rescind as void any vote cast by a prohibited owner prior to our
discovery that the shares have been transferred to the trust; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to recast the vote in accordance with the desires of the trustee
acting for the benefit of the beneficiary of the trust.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, if we have already taken irreversible corporate action, then the trustee may not
rescind and recast the vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if our board of directors determines in good faith that a proposed transfer or
other event has occurred that would result in a violation of the restrictions on ownership and
transfer of our stock set forth in our charter, our board of directors will take such action as it
deems advisable to refuse to give effect to or to prevent such transfer or other event, including,
but not limited to, causing the company to redeem shares of common stock or preferred stock,
refusing to give effect to the transfer on our books or instituting proceedings to enjoin the
transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every owner of 5% or more (or such lower percentage as required by the Code or the regulations
promulgated thereunder) of the outstanding shares of our stock, upon request following the end of
each of our taxable years, must give us written notice stating the person&#146;s name and address, the
number of shares of each class and series of our stock that the person beneficially owns and a
description of the manner in which the shares are held. Each such owner must also provide us with
any additional information that we request in order to determine the effect, if any, of such
beneficial ownership on our qualification as a REIT and to ensure compliance with the ownership
limits. In addition, any person or entity that is a beneficial owner or constructive owner of
shares of our stock and any person or entity (including the stockholder of record) who is holding
shares of our stock for a beneficial owner or constructive owner shall, on request, disclose to us
in writing such information as we may request in order to determine our status as a REIT and to
comply with requirements of any taxing authority or governmental authority or to determine such
compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates representing shares of our common stock bear a legend referring to the
restrictions described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Exchange Listing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares of common stock are listed on the NYSE under the symbol &#147;TRNO&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transfer Agent and Registrar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our transfer agent and registrar for our shares of common stock is Computershare Trust
Company, N.A.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="F59050111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF DEBT SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt securities offered by this prospectus will be our direct unsecured general
obligations. This prospectus describes certain general terms of the debt securities (the &#147;Debt
Securities&#148;) offered through this prospectus. When we offer to sell a particular series of Debt
Securities, we will describe the specific terms of that series in a prospectus supplement or any
free writing prospectus and the terms, if any, on which a series of Debt Securities may be
convertible into or exchangeable for other securities. To the extent the information contained in
the prospectus supplement or any free writing prospectus differs from this summary description, you
should rely on the information in the prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities will be issued under an open-ended Indenture (for Debt Securities) between
us and a trustee to be elected by us at or about the time we offer our Debt Securities. The
open-ended Indenture (for Debt Securities) is incorporated by reference into the registration
statement of which this prospectus is a part and is filed as an exhibit to the registration
statement. In this prospectus we refer to the Indenture (for Debt Securities) as the &#147;Debt
Securities Indenture.&#148; We refer to the trustee under any Debt Securities Indenture as the &#147;Debt
Securities Trustee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus supplement or any free writing prospectus applicable to a particular series of
Debt Securities may state that a particular series of Debt Securities will be our subordinated
obligations. The form of Debt Securities Indenture referred to above includes optional provisions
(designated by brackets (&#147;&#091; &#093;&#148;)) that we would expect to appear in a separate Debt Securities
Indenture for subordinated debt securities in the event we issue subordinated debt securities. In
the following discussion, we refer to any of our subordinated obligations as the &#147;Subordinated Debt
Securities.&#148; Unless the applicable prospectus supplement or any free writing prospectus provides
otherwise, we will use a separate Debt Securities Indenture for any Subordinated Debt Securities
that we may issue. Our Debt Securities Indenture will be qualified under the Trust Indenture Act of
1939, as amended, and you should refer to the Trust Indenture Act for the provisions that apply to
the Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have summarized selected provisions of the Debt Securities Indenture below. Each Debt
Securities Indenture will be independent of any other Debt Securities Indenture unless otherwise
stated in a prospectus supplement or any free writing prospectus. The summary that follows is not
complete and the summary is qualified in its entirety by reference to the provisions of the
applicable Debt Securities Indenture. You should consult the applicable Debt Securities, Debt
Securities Indenture, any supplemental indentures, officers&#146; certificates and other related
documents for more complete information on the Debt Securities. These documents appear as exhibits
to, or are incorporated by reference into, the registration statement of which this prospectus is a
part, or will appear as exhibits to other documents that we will file with the SEC, which will be
incorporated by reference into this prospectus. In the summary below, we have included references
to applicable section numbers of the Debt Securities Indenture so that you can easily locate these
provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ranking</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Debt Securities that are not designated Subordinated Debt Securities will be effectively
subordinated to all secured indebtedness that we have outstanding from time to time to the extent
of the value of the collateral securing such secured indebtedness. Our Debt Securities that are
designated Subordinated Debt Securities will be subordinate to all outstanding secured indebtedness
as well as Debt Securities that are not designated Subordinated Debt Securities. As of December&nbsp;31,
2010, we had $17.7&nbsp;million in mortgage debt and no secured, senior unsecured or subordinated
indebtedness outstanding. The Debt Securities Indenture does not limit the amount of secured
indebtedness that we may issue or incur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct substantially all of our operations, and make substantially all of our investments,
through our wholly owned subsidiary, Terreno Realty LLC, and its subsidiaries. Our ability to meet
our financial obligations with respect to any future Debt Securities, and cash needs generally, is
dependent on our operating cash flow, our ability to access various sources of short- and long-term
liquidity, including our bank facilities, the capital markets and distributions from our
subsidiaries. Holders of our Debt Securities will effectively have a junior position to claims of
creditors of our subsidiaries, including trade creditors, debt holders, secured creditors, taxing
authorities and guarantee holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Provisions of a Particular Series</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities may from time to time be issued in one or more series. You should consult
the prospectus
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">supplement or free writing prospectus relating to any particular series of Debt
Securities for the following information:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the title of the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limit on aggregate principal amount of the Debt Securities or the series of which they
are a part;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date(s), or method for determining the date(s), on which the principal of the Debt
Securities will be payable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate, including the method of determination if applicable, at which the Debt Securities
will bear interest, if any, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date from which any interest will accrue;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dates on which we will pay interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to defer interest payments and any related restrictions
during any interest deferral period; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the record date for any interest payable on any interest payment date;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place where:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal of, premium, if any, and interest on the Debt Securities will be payable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you may register transfer of the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you may exchange the Debt Securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you may serve notices and demands upon us regarding the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the security registrar for the Debt Securities and whether the
principal of the Debt Securities is payable without presentment or
surrender of them;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms and conditions upon which we may elect to redeem any Debt
Securities, including any replacement capital or similar covenants
limiting our ability to redeem any Subordinated Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the denominations in which we may issue Debt Securities, if other than
$1,000 and integral multiples of $1,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms and conditions upon which the Debt Securities must be
redeemed or purchased due to our obligations pursuant to any sinking
fund or other mandatory redemption or tender provisions, or at the
holder&#146;s option, including any applicable exceptions to notice
requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency, if other than United States currency, in which payments
on the Debt Securities will be payable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms according to which elections can be made by us or the holder
regarding payments on the Debt Securities in currency other than the
currency in which the Debt Securities are stated to be payable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if payments are to be made on the Debt Securities in securities or
other property, the type and amount of the securities and other
property or the method by which the amount shall be determined;</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the manner in which we will determine any amounts payable on the Debt
Securities that are to be determined with reference to an index or
other fact or event ascertainable outside the applicable Debt
Securities Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if other than the entire principal amount, the portion of the
principal amount of the Debt Securities payable upon declaration of
acceleration of their maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any addition to the events of default applicable to any Debt
Securities and any additions to our covenants for the benefit of the
holders of the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms applicable to any rights to convert Debt Securities into or
exchange them for other of our securities or those of any other
entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether we are issuing Debt Securities as global securities, and if so,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limitations on transfer or exchange rights or the right to obtain the registration of transfer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limitations on the right to obtain definitive certificates for the Debt Securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other matters incidental to the Debt Securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether we are issuing the Debt Securities as bearer securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limitations on transfer or exchange of Debt Securities or the right to obtain
registration of their transfer, and the terms and amount of any service charge
required for registration of transfer or exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exceptions to the provisions governing payments due on legal holidays, or any
variations in the definition of business day with respect to the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any collateral security, assurance, guarantee or other credit enhancement
applicable to the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other terms of the Debt Securities not in conflict with the provisions of the
applicable Debt Securities Indenture; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the material U.S. federal income tax consequences applicable to the Debt Securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;3.01 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities may be sold at a substantial discount below their principal amount. You should
consult the applicable prospectus supplement or free writing prospectus for a description of
certain material U.S. federal income tax considerations that may apply to Debt Securities sold at
an original issue discount or denominated in a currency other than dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, the
covenants contained in the applicable Debt Securities Indenture will not afford holders of Debt
Securities protection in the event we have a change in control or are involved in a
highly-leveraged transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Subordination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable prospectus supplement or free writing prospectus may provide that a series of
Debt Securities will be Subordinated Debt Securities, subordinate and junior in right of payment to
all of our Senior Indebtedness, as defined below. If so, we will issue these securities under a
separate Debt Securities Indenture for Subordinated Debt Securities (a &#147;Subordinated Debt
Securities Indenture&#148;). For more information, see Article&nbsp;XV of the form of Debt Securities
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, no
payment of principal of,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including redemption and sinking fund payments, or any premium or interest
on, the Subordinated Debt Securities may be made if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there occur certain acts of bankruptcy, insolvency, liquidation, dissolution or other winding up of our company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Senior Indebtedness is not paid when due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any applicable grace period with respect to other defaults with respect to any Senior Indebtedness has ended, the default has not been cured or waived and the maturity of such Senior Indebtedness has been accelerated because of the default; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the maturity of the Subordinated Debt Securities of any series has been accelerated because of a default and Senior Indebtedness is then outstanding.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of our assets to creditors upon any dissolution, winding-up, liquidation
or reorganization, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or
other proceedings, all principal of, and any premium and interest due or to become due on, all
outstanding Senior Indebtedness must be paid in full before the holders of the Subordinated Debt
Securities are entitled to payment. For more information, see Section&nbsp;15.02 of the applicable Debt
Securities Indenture. The rights of the holders of the Subordinated Debt Securities will be
subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions
applicable to Senior Indebtedness until all amounts owing on the Subordinated Debt Securities are
paid in full. For more information, see Section&nbsp;15.04 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, the
term &#147;Senior Indebtedness&#148; means all obligations (other than non-recourse obligations and the
indebtedness issued under the Subordinated Debt Securities Indenture) of, or guaranteed or assumed
by, us:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for borrowed money (including both senior and subordinated indebtedness for
borrowed money, but excluding the Subordinated Debt Securities);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the payment of money relating to any lease that is capitalized on our
consolidated balance sheet in accordance with generally accepted accounting
principles; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indebtedness evidenced by bonds, debentures, notes or other similar instruments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of any such indebtedness or obligations, Senior Indebtedness includes amendments,
renewals, extensions, modifications and refundings, whether existing as of the date of the
Subordinated Debt Securities Indenture or subsequently incurred by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, an
applicable Subordinated Debt Securities Indenture will not limit the aggregate amount of Senior
Indebtedness that we may issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Form, Exchange and Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, we
will issue Debt Securities only in fully registered form without coupons and in denominations of
$1,000 and integral multiples of that amount. For more information, see Sections&nbsp;2.01 and 3.02 of
the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders may present Debt Securities for exchange or for registration of transfer, duly
endorsed or accompanied by a duly executed instrument of transfer, at the office of the security
registrar or at the office of any transfer agent we may designate. Exchanges and transfers are
subject to the terms of the applicable Debt Securities Indenture and applicable limitations for
global securities. We may designate ourselves the security registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No charge will be made for any registration of transfer or exchange of Debt Securities, but we
may require payment of a sum sufficient to cover any tax or other governmental charge that the
holder must pay in connection with the transaction. Any transfer or exchange will become effective
upon the security registrar or transfer agent, as the case may be, being
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">satisfied with the
documents of title and identity of the person making the request. For more information, see Section
3.05 of the applicable Debt Securities Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable prospectus supplement or free writing prospectus will state the name of any
transfer agent, in addition to the security registrar initially designated by us, for any Debt
Securities. We may at any time designate additional transfer agents or withdraw the designation of
any transfer agent or make a change in the office through which any transfer agent acts. We must,
however, maintain a transfer agent in each place of payment for the Debt Securities of each series.
For more information, see Section&nbsp;6.02 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not be required to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, register the transfer of, or exchange any Debt Securities or
any tranche of any Debt Securities during a period beginning at the
opening of business 15&nbsp;days before the day of mailing of a notice of
redemption of any Debt Securities called for redemption and ending at
the close of business on the day of mailing; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>register the transfer of, or exchange any Debt Securities selected for
redemption except the unredeemed portion of any Debt Securities being
partially redeemed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;3.05 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Payment and Paying Agents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, we
will pay interest on a Debt Security on any interest payment date to the person in whose name the
Debt Security is registered at the close of business on the regular record date for the interest
payment. For more information, see Section&nbsp;3.07 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus provides otherwise, we
will pay principal and any premium and interest on Debt Securities at the office of the paying
agent whom we will designate for this purpose. Unless the applicable prospectus supplement or free
writing prospectus states otherwise, the corporate trust office of the Debt Securities Trustee in
New York City will be designated as our sole paying agent for payments with respect to Debt
Securities of each series. Any other paying agents initially designated by us for the Debt
Securities of a particular series will be named in the applicable prospectus supplement or free
writing prospectus. We may at any time add or delete paying agents or change the office through
which any paying agent acts. We must, however, maintain a paying agent in each place of payment for
the Debt Securities of a particular series. For more information, see Section&nbsp;6.02 of the
applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All money we pay to a paying agent for the payment of the principal and any premium or
interest on any Debt Security that remains unclaimed at the end of two years after payment is due
will be repaid to us. After that date, the holder of that Debt Security shall be deemed an
unsecured general creditor and may look only to us for these payments. For more information, see
Section&nbsp;6.03 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Covenants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will set forth in the applicable prospectus supplement or free writing prospectus any
restrictive covenants applicable to any issue of Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Redemption</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should consult the applicable prospectus supplement or free writing prospectus for any
terms regarding optional or mandatory redemption of Debt Securities. Except for any provisions in
the applicable prospectus supplement or free writing prospectus regarding Debt Securities
redeemable at the holder&#146;s option, Debt Securities may be redeemed only upon notice by mail not
less than 30 nor more than 60&nbsp;days prior to the redemption date. Further, if less than all of the
Debt Securities of a series, or any tranche of a series, are to be redeemed, the Debt Securities to
be redeemed will be selected by the method provided for the particular series. In the absence of a
selection provision, the Debt Securities Trustee will select a fair and appropriate method of
selection. For more information, see Sections&nbsp;4.03 and 4.04 of the applicable Debt Securities
Indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A notice of redemption we provide may state:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that redemption is conditioned upon receipt by the paying agent on or
before the redemption date of money sufficient to pay the principal of
and any premium and interest on the Debt Securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that if the money has not been received, the notice will be
ineffective and we will not be required to redeem the Debt Securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;4.04 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidation, Merger and Sale of Assets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus provides otherwise, we
may not consolidate with or merge into any other person, nor may we transfer or lease substantially
all of our assets and property to any person, unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporation formed by the consolidation or into which we are
merged, or the person that acquires by conveyance or transfer, or that
leases, substantially all of our property and assets:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is organized and validly existing under the laws of
any domestic jurisdiction; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expressly assumes by supplemental indenture(s) our
obligations on the Debt Securities and under the
applicable Debt Securities Indenture(s);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately after giving effect to the transaction, no event of
default, and no event that would become an event of default, has
occurred and is continuing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have delivered to the Debt Securities Trustee an officer&#146;s
certificate and opinion of counsel as provided in the applicable Debt
Securities Indenture(s).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information, see Section&nbsp;11.01 of the applicable Debt Securities Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Events of Default</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise,
&#147;event of default&#148; under the applicable Debt Securities Indenture with respect to Debt Securities
of any series means any of the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to pay any interest due on any Debt Security of that series
within 30&nbsp;days after it becomes due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to pay principal or premium, if any, when due on any Debt
Security of that series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to make any required sinking fund payment on any Debt
Securities of that series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>breach of or failure to perform any other covenant or warranty in the
applicable Debt Securities Indenture with respect to Debt Securities
of that series for 60&nbsp;days (subject to extension under certain
circumstances for another 120&nbsp;days) after we receive notice from the
Debt Securities Trustee, or we and the Debt Securities Trustee receive
notice from the holders of at least 33% in principal amount of the
Debt Securities of that series outstanding under the applicable Debt
Securities Indenture according to the</TD>
</TR>



</TABLE>
</DIV>
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</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions of the applicable Debt Securities Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain events of bankruptcy, insolvency or reorganization; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other event of default set forth in the applicable prospectus
supplement or free writing prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;8.01 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An event of default with respect to a particular series of Debt Securities does not
necessarily constitute an event of default with respect to the Debt Securities of any other series
issued under the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an event of default with respect to a particular series of Debt Securities occurs and is
continuing, either the Debt Securities Trustee or the holders of at least 33% in principal amount
of the outstanding Debt Securities of that series (or such other percentage set forth in the
applicable prospectus supplement or free writing prospectus) may declare the principal amount of
all of the Debt Securities of that series to be due and payable immediately. If the Debt Securities
of that series are discount securities or similar Debt Securities, only the portion of the
principal amount as specified in the applicable prospectus supplement or free writing prospectus
may be immediately due and payable. If an event of default occurs and is continuing with respect to
all series of Debt Securities issued under a Debt Securities Indenture, the Debt Securities Trustee
or the holders of at least 33% in principal amount of the outstanding Debt Securities of all series
issued under that Debt Securities Indenture (or such other percentage set forth in the applicable
prospectus supplement or free writing prospectus), considered together, may declare an acceleration
of the principal amount of all series of Debt Securities issued under that Debt Securities
Indenture. Unless the applicable prospectus supplement or free writing prospectus states otherwise,
there is no automatic acceleration, even in the event of our bankruptcy or insolvency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable prospectus supplement or free writing prospectus may provide, with respect to a
series of Debt Securities to which a credit enhancement is applicable, that the provider of the
credit enhancement may, if a default has occurred and is continuing with respect to the series,
have all or any part of the rights with respect to remedies that would otherwise have been
exercisable by the holder of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus states otherwise, at
any time after a declaration of acceleration with respect to the Debt Securities of a particular
series, and before a judgment or decree for payment of the money due has been obtained, the event
of default giving rise to the declaration of acceleration will, without further action, be deemed
to have been waived, and the declaration and its consequences will be deemed to have been rescinded
and annulled, if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have paid or deposited with the Debt Securities Trustee a sum sufficient to pay:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all overdue interest on all Debt Securities of the particular series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal of and any premium on any Debt Securities of that series
that have become due otherwise than by the declaration of acceleration
and any interest at the rate prescribed in the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest upon overdue interest at the rate prescribed in the Debt
Securities, to the extent payment is lawful; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all amounts due to the Debt Securities Trustee under the applicable
Debt Securities Indenture; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other event of default with respect to the Debt Securities of the
particular series, other than the failure to pay the principal of the
Debt Securities of that series that has become due solely by the
declaration of acceleration, has been cured or waived as provided in
the applicable Debt Securities Indenture.</TD>
</TR>





</TABLE>
</DIV>
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</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;8.02 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Debt Securities Indenture includes provisions as to the duties of the Debt
Securities Trustee in case an event of default occurs and is continuing. Consistent with these
provisions, the Debt Securities Trustee will be under no obligation to exercise any of its rights
or powers at the request or direction of any of the holders unless those holders have offered to
the Debt Securities Trustee reasonable indemnity against the costs, expenses and liabilities that
may be incurred by it in compliance with such request or direction. For more information, see
Section&nbsp;9.03 of the applicable Debt Securities Indenture. Subject to these provisions for
indemnification, the holders of a majority in principal amount of the outstanding Debt Securities
of any series may direct the time, method and place of conducting any proceeding for any remedy
available to the Debt Securities Trustee, or exercising any trust or power conferred on the Debt
Securities Trustee, with respect to the Debt Securities of that series. For more information, see
Section&nbsp;8.12 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder of Debt Securities may institute any proceeding regarding the applicable Debt
Securities Indenture, or for the appointment of a receiver or a trustee, or for any other remedy
under the applicable Debt Securities Indenture unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder has previously given to the Debt Securities Trustee written
notice of a continuing event of default of that particular series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holders of a majority in principal amount of such Debt Securities
of that series have made a written request to the Debt Securities
Trustee, and have offered reasonable indemnity to the Debt Securities
Trustee, to institute the proceeding as trustee; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Debt Securities Trustee has failed to institute the proceeding,
and has not received from the holders of a majority in principal
amount of the outstanding Debt Securities of that series a direction
inconsistent with the request, within 60&nbsp;days after notice, request
and offer of reasonable indemnity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;8.07 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preceding limitations do not apply, however, to a suit instituted by a holder of a Debt
Security for the enforcement of payment of the principal of or any premium or interest on the Debt
Securities on or after the applicable due date stated in the Debt Securities. For more information,
see Section&nbsp;8.08 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must furnish annually to the Debt Securities Trustee a statement by an appropriate officer
as to that officer&#146;s knowledge of our compliance with all conditions and covenants under each of
the Debt Securities Indentures for Debt Securities. Our compliance is to be determined without
regard to any grace period or notice requirement under the respective Debt Securities Indentures.
For more information, see Section&nbsp;6.06 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Modification and Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the Debt Securities Trustee, without the consent of the holders of the Debt Securities,
may enter into one or more supplemental indentures amending or modifying a Debt Securities
Indenture for any of the following purposes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to evidence the assumption by any permitted successor of our covenants
in the applicable Debt Securities Indenture and the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to add one or more covenants or other provisions for the benefit of
the holders of outstanding Debt Securities or to surrender any right
or power conferred upon us by the applicable Debt Securities
Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to add any additional events of default;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to change or eliminate any provision of the applicable Debt Securities
Indenture or add any new provision to it, but if this action would
adversely affect the interests of the holders of any particular series
of Debt Securities in any material respect, the action will not become
effective with respect to that series while any Debt Securities of
that series</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remain outstanding under the applicable Debt Securities
Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to provide collateral security for the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to establish the form or terms of Debt Securities according to the
provisions of the applicable Debt Securities Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to evidence the acceptance of appointment of a successor Debt
Securities Trustee under the applicable Debt Securities Indenture with
respect to one or more series of the Debt Securities and to add to or
change any of the provisions of the applicable Debt Securities
Indenture as necessary to provide for trust administration under the
applicable Debt Securities Indenture by more than one trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to provide for the procedures required to permit the use of a
non-certificated system of registration for any series of Debt
Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to change any place where:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal of and any premium and
interest on any Debt Securities are
payable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Debt Securities may be
surrendered for registration of
transfer or exchange; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notices and demands to or upon us
regarding Debt Securities and the
applicable Debt Securities
Indentures may be served; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cure any ambiguity or inconsistency, but only by means of changes
or additions that will not adversely affect the interests of the
holders of Debt Securities of any series in any material respect.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;12.01 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of at least a majority in aggregate principal amount of the outstanding Debt
Securities of any series may waive:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance by us with certain provisions of the applicable
Debt Securities Indenture (see Section&nbsp;6.07 of the applicable
Debt Securities Indenture); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any past default under the applicable Debt Securities
Indenture, except a default in the payment of principal,
premium, or interest and certain covenants and provisions of
the applicable Debt Securities Indenture that cannot be
modified or amended without consent of the holder of each
outstanding Debt Security of the series affected (see Section
8.13 of the applicable Debt Securities Indenture).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust Indenture Act of 1939 may be amended after the date of the applicable Debt
Securities Indenture to require changes to the Debt Securities Indenture. In this event, the Debt
Securities Indenture will be deemed to have been amended so as to effect the changes, and we and
the Debt Securities Trustee may, without the consent of any holders, enter into one or more
supplemental indentures to evidence or effect the amendment. For more information, see Section
12.01 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this section, the consent of the holders of a majority in aggregate
principal amount of the outstanding Debt Securities issued pursuant to a Debt Securities Indenture,
considered as one class, is required to change in any manner the applicable Debt Securities
Indenture pursuant to one or more supplemental indentures. If less than all of the series of Debt
Securities outstanding under a Debt Securities Indenture are directly affected by a proposed
supplemental indenture, however, only the consent of the holders of a majority in aggregate
principal amount of the outstanding Debt Securities of all series directly affected, considered as
one class, will be required. Furthermore, if the Debt Securities of any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">series have been issued in
more than one tranche and if the proposed supplemental indenture directly affects the rights of the holders of one or more, but not all, tranches, only the consent of the holders of a majority
in aggregate principal amount of the outstanding Debt Securities of all tranches directly affected,
considered as one class, will be required. In addition, an amendment or modification:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may not, without the consent of the holder of each outstanding Debt Security affected:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the maturity of the principal of, or any installment of
principal of or interest on, any Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the principal amount or the rate of interest, or the amount of
any installment of interest, or change the method of calculating the
rate of interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce any premium payable upon the redemption of the Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the amount of the principal of any Debt Security originally
issued at a discount from the stated principal amount that would be
due and payable upon a declaration of acceleration of maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the currency or other property in which a Debt Security or
premium or interest on a Debt Security is payable; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>impair the right to institute suit for the enforcement of any payment
on or after the stated maturity, or in the case of redemption, on or
after the redemption date, of any Debt Securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may not reduce the percentage of principal amount requirement for consent of the holders for any supplemental
indenture, or for any waiver of compliance with any provision of or any default under the applicable Debt Securities
Indenture, or reduce the requirements for quorum or voting, without the consent of the holder of each outstanding Debt
Security of each series or tranche affected; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may not modify provisions of the applicable Debt Securities Indenture relating to supplemental indentures, waivers of
certain covenants and waivers of past defaults with respect to the Debt Securities of any series, or any tranche of a
series, without the consent of the holder of each outstanding Debt Security affected.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture will be deemed not to affect the rights under the applicable Debt
Securities Indenture of the holders of any series or tranche of the Debt Securities if the
supplemental indenture:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes or eliminates any covenant or other provision of the
applicable Debt Securities Indenture expressly included solely for the
benefit of one or more other particular series of Debt Securities or
tranches thereof; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modifies the rights of the holders of Debt Securities of any other
series or tranches with respect to any covenant or other provision.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see Section&nbsp;12.02 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we solicit from holders of the Debt Securities any type of action, we may at our option by
board resolution fix in advance a record date for the determination of the holders entitled to vote
on the action. We shall have no obligation, however, to do so. If we fix a record date, the action
may be taken before or after the record date, but only the holders of record at the close of
business on the record date shall be deemed to be holders for the purposes of determining whether
holders of the requisite proportion of the outstanding Debt Securities have authorized the action.
For that purpose, the outstanding Debt Securities shall be computed as of the record date. Any
holder action shall bind every future holder of the same security and the holder of every security
issued upon the registration of transfer of or in exchange for or in lieu of the security in
respect of anything done or permitted by the Debt Securities Trustee or us in reliance on that
action, whether or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">not notation of the action is made upon the security. For more information, see
Section&nbsp;1.04 of the applicable Debt Securities Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Defeasance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement or free writing prospectus provides otherwise, any
Debt Security, or portion of the principal amount of a Debt Security, will be deemed to have been
paid for purposes of the applicable Debt Securities Indenture, and, at our election, our entire
indebtedness in respect of the Debt Security, or portion thereof, will be deemed to have been
satisfied and discharged, if we have irrevocably deposited with the Debt Securities Trustee or any
paying agent other than us, in trust money, certain eligible obligations, as defined in the
applicable Debt Securities Indenture, or a combination of the two, sufficient to pay principal of
and any premium and interest due and to become due on the Debt Security or portion thereof. For
more information, see Section&nbsp;7.01 of the applicable Debt Securities Indenture. For this purpose,
unless the applicable prospectus supplement or free writing prospectus provides otherwise, eligible
obligations include direct obligations of, or obligations unconditionally guaranteed by, the United
States, entitled to the benefit of full faith and credit of the United States, and certificates,
depositary receipts or other instruments that evidence a direct ownership interest in those
obligations or in any specific interest or principal payments due in respect of those obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Resignation, Removal of Debt Securities Trustee; Appointment of Successor</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities Trustee may resign at any time by giving written notice to us or may be
removed at any time by an action of the holders of a majority in principal amount of outstanding
Debt Securities delivered to the Debt Securities Trustee and us. No resignation or removal of the
Debt Securities Trustee and no appointment of a successor trustee will become effective until a
successor trustee accepts appointment in accordance with the requirements of the applicable Debt
Securities Indenture. So long as no event of default or event that would become an event of default
has occurred and is continuing, and except with respect to a Debt Securities Trustee appointed by
an action of the holders, if we have delivered to the Debt Securities Trustee a resolution of our
board of directors appointing a successor trustee and the successor trustee has accepted the
appointment in accordance with the terms of the applicable Debt Securities Indenture, the Debt
Securities Trustee will be deemed to have resigned and the successor trustee will be deemed to have
been appointed as trustee in accordance with the applicable Debt Securities Indenture. For more
information, see Section&nbsp;9.10 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will give notices to holders of Debt Securities by mail to their addresses as they appear
in the Debt Security Register. For more information, see Section&nbsp;1.06 of the applicable Debt
Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Title</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities Trustee and its agents, and we and our agents, may treat the person in
whose name a Debt Security is registered as the absolute owner of that Debt Security, whether or
not that Debt Security may be overdue, for the purpose of making payment and for all other
purposes. For more information, see Section&nbsp;3.08 of the applicable Debt Securities Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Governing Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities Indentures and the Debt Securities, including any Subordinated Debt
Securities Indentures and Subordinated Debt Securities, will be governed by, and construed in
accordance with, the law of the State of New York. For more information, see Section&nbsp;1.12 of the
applicable Debt Securities Indenture.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>



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

<DIV align="left">
<A name="F59050112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GLOBAL SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue some or all of our securities of any series as global securities. We will
register each global security in the name of a depositary identified in the applicable prospectus
supplement. The global securities will be deposited with a depositary or nominee or custodian for
the depositary and will bear a legend regarding restrictions on exchanges and registration of
transfer as discussed below and any other matters to be provided pursuant to the indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As long as the depositary or its nominee is the registered holder of a global security, that
person will be considered the sole owner and holder of the global security and the securities
represented by it for all purposes under the securities and the indenture. Except in limited
circumstances, owners of a beneficial interest in a global security:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not be entitled to have the global security or any securities
represented by it registered in their names;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not receive or be entitled to receive physical delivery of
certificated securities in exchange for the global security; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not be considered to be the owners or holders of the global
security or any securities represented by it for any purposes under
the securities or the indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make all payments of principal and any premium and interest on a global security to
the depositary or its nominee as the holder of the global security. The laws of some jurisdictions
require that certain purchasers of securities take physical delivery of securities in definitive
form. These laws may impair the ability to transfer beneficial interests in a global security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of beneficial interests in a global security will be limited to institutions having
accounts with the depositary or its nominee, called &#147;participants&#148; for purposes of this discussion,
and to persons that hold beneficial interests through participants. When a global security is
issued, the depositary will credit on its book-entry, registration and transfer system the
principal amounts of securities represented by the global security to the accounts of its
participants. Ownership of beneficial interests in a global security will be shown only on, and the
transfer of those ownership interests will be effected only through, records maintained by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the depositary, with respect to participants&#146; interests; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any participant, with respect to interests of persons held by the
participants on their behalf.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments by participants to owners of beneficial interests held through the participants will
be the responsibility of the participants. The depositary may from time to time adopt various
policies and procedures governing payments, transfers, exchanges and other matters relating to
beneficial interests in a global security. None of the following will have any responsibility or
liability for any aspect of the depositary&#146;s or any participant&#146;s records relating to, or for
payments made on account of, beneficial interests in a global security, or for maintaining,
supervising or reviewing any records relating to those beneficial interests:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>us or our affiliates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the trustee under any indenture; or</TD>
</TR>

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    <TD style="font-size: 6pt">&nbsp;</TD>
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    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any agent of any of the above.</TD>
</TR>


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<DIV align="left">
<A name="F59050113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following summary of certain provisions of Maryland law and of our charter and bylaws does
not purport to be complete and is subject to and qualified in its entirety by reference to Maryland
law and to our charter and bylaws, copies of which are filed as exhibits to the registration
statement of which this prospectus forms a part. See &#147;Where You Can Find More Information&#148;.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL and our charter and bylaws contain provisions that could make it more difficult for a
potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These
provisions are expected to discourage certain coercive takeover practices and inadequate takeover
bids and to encourage persons seeking to acquire control of us to negotiate first with our board of
directors. We believe that the benefits of these provisions outweigh the potential disadvantages of
discouraging any such acquisition proposals because, among other things, the negotiation of such
proposals may improve their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board of Directors; Vacancies; Removals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter provides that the number of directors will be set only by a majority of our entire
board of directors within specified limits set forth in our bylaws. Our bylaws provide that a
majority of our entire board of directors may at any time increase or decrease the number of
directors. However, the number of directors may never be less than the minimum number required by
the MGCL, which is one, nor, unless our bylaws are amended, more than 11. Because our board of
directors and our stockholders have the power to amend this provision of our bylaws, either our
board of directors or our stockholders, by a vote of a majority of the votes entitled to be cast by
holders of outstanding shares of our common stock, could modify this provision of our bylaws to
change that range. Our bylaws also provide that, in an uncontested election, a director is elected
if he or she receives more &#147;for&#148; votes than &#147;against&#148; or &#147;withheld&#148; votes to serve until our next
annual meeting of stockholders and until his or her successor is duly elected and qualifies. Under
our corporate governance guidelines, any director who fails to be elected by a majority vote is
required to tender his or her resignation to our board of directors, subject to acceptance. Our
nominating and corporate governance committee will make a recommendation to our board of directors
on whether to accept or reject the resignation, or whether other action should be taken. Our board
of directors will then act on our nominating and corporate governance committee&#146;s recommendation
and publicly disclose its decision and the rationale behind it within 90&nbsp;days from the date of the
certification of election results. If the resignation is not accepted, the director will continue
to serve until the next annual meeting and until the director&#146;s successor is duly elected and
qualifies. The director who tenders his or her resignation will not participate in our board&#146;s
decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter provides that, subject to the rights, if any, of holders of any class or series of
preferred stock to elect or remove one or more directors, a director may be removed only for cause,
as defined in our charter, and then only by the affirmative vote of at least a majority of the
votes entitled to be cast generally in the election of directors. This provision precludes
stockholders from removing incumbent directors without cause and filling the vacancies created by
such removal with their own nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws empower our stockholders to fill vacancies on our board of directors that are
caused by the removal of a director. Our board of directors may also fill vacancies that are caused
by an increase in the number of directors, the death, resignation or removal of a director. Any
director appointed by our board of directors to fill a vacancy on the board will hold office until
the next annual meeting of our stockholders and until his or her successor is duly elected and
qualifies. However, our corporate governance guidelines will require an individual elected by our
board of directors to fill a vacancy created by the removal of a director by our stockholders to
tender his or her resignation if a special meeting to approve such election is requested by our
stockholders and held in accordance with the provisions of our bylaws prior to the next annual
meeting of stockholders and the director&#146;s election is not approved by our stockholders at the
special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Action by Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the MGCL, stockholder action can be taken only at an annual or special meeting of
stockholders or by unanimous written consent in lieu of a meeting unless the charter provides for a
lesser percentage (which our charter currently does not). These provisions, combined with the
requirements of our bylaws regarding advance notice of nominations and other business to be
considered at a meeting of stockholders and the calling of a stockholder-requested special meeting
of stockholders discussed below, may have the effect of delaying consideration of a stockholder
proposal.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that, with respect to an annual meeting of stockholders, nominations of
individuals for election to the board of directors and the proposal of business to be considered by
stockholders may be made only (i)&nbsp;pursuant to our notice of the meeting, (ii)&nbsp;by or at the
direction of the board of directors or (iii)&nbsp;by a stockholder who was a stockholder of record both
at the time of giving of notice by such stockholder as provided for in our bylaws and at the time
of the annual meeting and who is entitled to vote at the meeting in the election of each individual
so nominated or on any such other business and who has complied with the advance notice procedures
and provided the information required by our bylaws. With respect to special meetings of
stockholders, only the business specified in the notice of the meeting may be brought before the
meeting. Nominations of individuals for election to the board of directors at a special meeting may
be made only (i)&nbsp;by or at the direction of the board of directors (ii)&nbsp;by the stockholder that has
requested that the special meeting be called for the purpose of electing directors and has complied
with the procedures and provided the information required by our bylaws in connection with such
request or (iii)&nbsp;provided that the special meeting has been called for the purpose of electing
directors, by a stockholder who was a stockholder of record both at the time of giving of notice by
such stockholder as provided for in our bylaws and at the time of the special meeting, and who is
entitled to vote at the meeting in the election of each individual so nominated and who has
complied with the advance notice provisions and provided the information required by our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of requiring stockholders to give us advance notice of nominations and other
business is to afford our board of directors a meaningful opportunity to consider the
qualifications of the proposed nominees and the advisability of any other proposed business and, to
the extent deemed necessary or desirable by our board of directors, to inform stockholders and make
recommendations about such qualifications or business, as well as to provide a more orderly
procedure for conducting meetings of stockholders. Although our bylaws do not give our board of
directors any power to disapprove stockholder nominations for the election of directors or
proposals recommending certain action, they may have the effect of precluding a contest for the
election of directors or the consideration of stockholder proposals if proper procedures are not
followed and of discouraging or deterring a third party from conducting a solicitation of proxies
to elect its own slate of directors or to approve its own proposal without regard to whether
consideration of such nominees or proposals might be harmful or beneficial to us and our
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Calling of Special Meetings of Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that special meetings of stockholders may be called by our board of
directors and certain of our officers. Additionally, our bylaws provide that, subject to the
satisfaction of certain procedural and informational requirements by the stockholders requesting
the meeting, a special meeting of stockholders to act on any matter that may properly be considered
at a meeting of stockholders shall be called by the secretary of the corporation upon the written
request of stockholders entitled to cast a majority of all the votes entitled to be cast on such
matter at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter,
merge, consolidate, sell all or substantially all of its assets or engage in a share exchange,
unless recommended by our board of directors and approved by the affirmative vote of stockholders
entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a
Maryland corporation may provide in its charter for approval of these matters by a lesser
percentage, but not less than a majority of all of the votes entitled to be cast on the matter. As
permitted by Maryland law, any of these actions may be approved by the affirmative vote of the
stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws may be amended by our board of directors or by a vote of a majority of the votes
entitled to be cast by holders of outstanding shares of our common stock, except for the provisions
of our bylaws regarding advance notice of nominations and other business to be considered at a
meeting of stockholders or the calling of a stockholder-requested special meeting of stockholders,
which may be amended only by our board of directors, and except the following bylaw provisions,
each of which may be amended only with the affirmative vote of a majority of the votes cast on such
an amendment by holders of outstanding shares of common stock:
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions opting out of the control share acquisition statute; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions prohibiting our board or directors without the approval of
a majority of the</TD>
</TR>


</TABLE>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>votes entitled to be the cast by holders of
outstanding shares of our common stock, from revoking altering or
amending any resolution, or adopting any resolution inconsistent with
any previously-adopted resolution of our board of directors, that
exempts any business combination between us and any other person or
entity from the business combination provisions of the MGCL.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, any amendment to the provisions governing amendments of our bylaws requires the
approval of a majority of the votes entitled to be cast by holders of outstanding shares of our
common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Stockholder Rights Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no stockholder rights plan. In the future, we do not intend to adopt a stockholder
rights plan unless our stockholders approve in advance the adoption of a plan or, if adopted by our
board of directors, we submit the stockholder rights plan to our stockholders for a ratification
vote within 12&nbsp;months of adoption or the plan will terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Appraisal Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the MGCL, our charter provides that stockholders will not be entitled to
exercise appraisal rights unless a majority of our entire board of directors determines that
appraisal rights will apply, with respect to all or any classes and series of stock, to one or more
transactions occurring after the date of such determination in connection with which holders of
such shares would otherwise be entitled to exercise appraisal rights. This is in addition to
Maryland law provisions that generally eliminate appraisal rights for exchange-listed securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Combinations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the MGCL, certain &#147;business combinations&#148; (including a merger, consolidation, share
exchange or, in certain circumstances, an asset transfer or issuance or reclassification of equity
securities) between a Maryland corporation and an interested stockholder (defined as any person who
beneficially owns 10% or more of the voting power of the corporation&#146;s shares or an affiliate of
the corporation who, at any time within the two-year period prior to the date in question, was the
beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the
corporation), or an affiliate of an interested stockholder are prohibited for five years after the
most recent date on which the interested stockholder becomes an interested stockholder. A person is
not an interested stockholder under the statute if the board of directors approved in advance the
transaction by which the person otherwise would have become an interested stockholder. Our board of
directors may provide that its approval is subject to compliance with any terms and conditions
determined by it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such business combination entered into after the five-year prohibition must be recommended
by the board of directors of such corporation and approved by the affirmative vote of at least (a)
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the
corporation and (b)&nbsp;two-thirds of the votes entitled to be cast by holders of voting stock of the
corporation other than shares held by the interested stockholder with whom (or with whose
affiliate) the business combination is to be effected, unless, among other conditions, the
corporation&#146;s common stockholders receive a minimum price (as defined in the MGCL) for their shares
and the consideration is received in cash or in the same form as previously paid by the interested
stockholder for its shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These provisions of the MGCL do not apply, however, to business combinations that are approved
or exempted by a board of directors prior to the time that the interested stockholder becomes an
interested stockholder. Our board of directors has adopted a resolution exempting any business
combination between us and any other person or entity from the business combination provisions of
the MGCL. Our bylaws provide that this resolution or any other resolution of our board of directors
exempting any business combination from the business combination provisions of the MGCL may only be
revoked, altered or amended, and our board of directors may only adopt any resolution inconsistent
with any such resolution, with the affirmative vote of a majority of the votes cast on the matter
by holders of outstanding shares of common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Control Share Acquisitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL provides that &#147;control shares&#148; of a Maryland corporation acquired in a &#147;control share
acquisition&#148; have no voting rights except to the extent approved at a special meeting by the
affirmative vote of two-thirds of the votes entitled to be cast on the matter, excluding shares of
stock of a corporation in respect of which any of the following persons is entitled to exercise or
direct the exercise of the voting power of shares of stock of the corporation in the election of
directors: (i)&nbsp;a person who makes or proposes to make a control share acquisition, (ii)&nbsp;an officer
of the corporation or (iii)&nbsp;an employee of</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the corporation who is also a director of the
corporation. &#147;Control shares&#148; are voting shares of stock which, if aggregated
with all other such shares of stock previously acquired by the acquiror or in respect of which
the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of
a revocable proxy), would entitle the acquiror to exercise voting power in electing directors
within one of the following ranges of voting power: (i)&nbsp;one-tenth or more but less than one-third,
(ii)&nbsp;one-third or more but less than a majority, or (iii)&nbsp;a majority or more of all voting power.
Control shares do not include shares the acquiring person is then entitled to vote as a result of
having previously obtained stockholder approval. A &#147;control share acquisition&#148; means the
acquisition of control shares, subject to certain exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person who has made or proposes to make a control share acquisition, upon satisfaction of
certain conditions (including an undertaking to pay expenses), may compel our board of directors to
call a special meeting of stockholders to be held within 50&nbsp;days of demand to consider the voting
rights of the shares. If no request for a meeting is made, the corporation may itself present the
question at any stockholders meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If voting rights are not approved at the meeting or if the acquiring person does not deliver
an acquiring person statement as required by the statute, then, subject to certain conditions and
limitations, the corporation may redeem any or all of the control shares (except those for which
voting rights have previously been approved) for fair value determined, without regard to the
absence of voting rights for the control shares, as of the date of the last control share
acquisition by the acquiror or of any meeting of stockholders at which the voting rights of such
shares are considered and not approved. If voting rights for control shares are approved at a
stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to
vote, all other stockholders may exercise appraisal rights. The fair value of the shares as
determined for purposes of such appraisal rights may not be less than the highest price per share
paid by the acquiror in the control share acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The control share acquisition statute does not apply (a)&nbsp;to shares acquired in a merger,
consolidation or share exchange if the corporation is a party to the transaction or (b)&nbsp;to
acquisitions approved or exempted by the charter or bylaws of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws exempt any and all acquisitions of shares of our stock from the control share
acquisition statute, and this provision of our bylaws may not be amended without the affirmative
vote of a majority of the votes cast on the matter by holders of outstanding shares of our common
stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Elective Provisions of Maryland Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title 3, Subtitle 8 of the MGCL permits a Maryland corporation with a class of equity
securities registered under the Exchange Act and at least three independent directors to elect to
be subject, by provision in its charter or bylaws or a resolution of its board of directors and
notwithstanding any contrary provision in the charter or bylaws, to any of (1)&nbsp;a classified board,
(2)&nbsp;a two-thirds vote requirement for removing a director, (3)&nbsp;a requirement that the number of
directors be fixed only by vote of the directors, (4)&nbsp;a requirement that a vacancy on the board be
filled only by the remaining directors and for the remainder of the full term of the class of
directors in which the vacancy occurred, or (5)&nbsp;a majority requirement for the calling of a special
meeting of stockholders. We have not elected to be governed by these specific provisions. However,
at the completion of this offering we expect to have four independent directors and a class of
equity securities registered under the Exchange Act, so our board of directors could elect to
provide for any of the foregoing provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification and Limitation of Directors&#146; and Officers&#146; Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL permits a Maryland corporation to include in its charter a provision limiting the
liability of its directors and officers to the corporation and its stockholders for money damages
except for liability resulting from actual receipt of an improper benefit or profit in money,
property or services or active and deliberate dishonesty that is established by a final judgment
and is material to the cause of action. Our charter contains a provision that eliminates such
liability to the maximum extent permitted by Maryland law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter authorizes us, to the maximum extent that Maryland law in effect from time to time
permits, to indemnify any present or former director or officer or any individual who, while a
director or officer of our company and at our request, serves or has served another corporation,
real estate investment trust, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise as a director, officer, partner, member, manager or
trustee, from and against any claim or liability to which that individual may become subject or
which that individual may incur by reason of his or her service in any such capacity and to pay or
reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our
bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to
indemnify and, without requiring a preliminary determination of the ultimate entitlement to
indemnification, pay or reimburse
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reasonable expenses in advance of final disposition of a proceeding to:
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any present or former director or officer who is made or threatened to
be made a party to the proceeding by reason of his or her service in
that capacity; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual who, while a director or officer of our company and at
our request, serves or has served another corporation, real estate
investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or any other enterprise as a
director, officer, partner, member, manager or trustee of such
corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or
other enterprise and who is made or threatened to be made a party to
the proceeding by reason of his or her service in that capacity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter and bylaws also permit us to indemnify and advance expenses to any person who
served a predecessor of ours in any of the capacities described above and to any employee or agent
of our company or a predecessor of our company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL requires a corporation (unless its charter provides otherwise, which our charter does
not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the
defense of any proceeding to which he or she is made or threatened to be made a party by reason of
his or her service in that capacity. The MGCL permits a corporation to indemnify its present and
former directors and officers, among others, against judgments, penalties, fines, settlements and
reasonable expenses actually incurred by them in connection with any proceeding to which they may
be made or are threatened to be made a party by reason of their service in those or other
capacities unless it is established that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the act or omission of the director or officer was material to the
matter giving rise to the proceeding; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was committed in bad faith; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was the result of active and deliberate dishonesty;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the director or officer actually received an improper personal benefit
in money, property or services; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of any criminal proceeding, the director or officer had
reasonable cause to believe that the act or omission was unlawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a
suit by or in the right of the corporation or for a judgment of liability on the basis that
personal benefit was improperly received. A court may order indemnification if it determines that
the director or officer is fairly and reasonably entitled to indemnification, even though the
director or officer did not meet the prescribed standard of conduct, was adjudged liable to the
corporation or was adjudged liable on the basis that personal benefit was improperly received.
However, indemnification for an adverse judgment in a suit by or in the right of the corporation,
or for a judgment of liability on the basis that personal benefit was improperly received, is
limited to expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the MGCL permits a corporation to advance reasonable expenses to a director or
officer upon the corporation&#146;s receipt of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a written affirmation by the director or officer of his good faith
belief that he has met the standard of conduct necessary for
indemnification by the corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a written undertaking by the director or officer or on the director&#146;s
or officer&#146;s behalf to repay the amount paid or reimbursed by the
corporation if it is ultimately determined that the director or
officer did not meet the standard of conduct.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as the foregoing provisions permit indemnification of directors, officers or persons
controlling us for liability arising under the Securities Act, we have been informed that in the
opinion of the SEC, this indemnification is against public
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">policy as expressed in the Securities Act and is therefore unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into an indemnification agreement with each of our executive officers and
directors whereby we indemnify such executive officers and directors to the fullest extent
permitted by Maryland law against all expenses and liabilities, subject to limited exceptions.
These indemnification agreements also provide that upon an application for indemnity by an
executive officer or director to a court of appropriate jurisdiction, such court may order us to
indemnify such executive officer or director.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="F59050114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of material United States federal income tax considerations
associated with an investment in our capital stock that may be relevant to you as a stockholder,
Goodwin Procter LLP has acted as our counsel, has reviewed this summary, and is of the opinion that
the discussion contained herein is accurate in all material respects. The statements made in this
section of the prospectus are based upon current provisions of the Code and Treasury Regulations
promulgated thereunder, published administrative positions of the Internal Revenue Service, or the
IRS, and judicial decisions, all of which are subject to change, either prospectively or
retroactively. We cannot assure you that any changes will not modify the conclusions expressed in
counsel&#146;s opinions described herein. This summary does not address all possible tax considerations
that may be material to an investor and does not constitute legal or tax advice. Moreover, this
summary does not deal with all tax aspects that might be relevant to you, as a prospective holder
of capital stock in light of your personal circumstances, nor does it deal with particular types of
stockholders that are subject to special treatment under the federal income tax laws, such as
insurance companies, holders whose shares are acquired through the exercise of stock options or
otherwise as compensation, tax-exempt organizations except as provided below, financial
institutions or broker-dealers, regulated investment companies, traders in securities that elect to
use a mark-to-market method of accounting for their security holdings, persons liable for the
alternative minimum tax, persons that hold securities as part of a straddle or a hedging or
conversion transaction, a U.S. stockholder (as defined below) whose functional currency is not the
U.S. dollar, foreign corporations or persons who are not citizens or residents of the United States
except as provided below, or others who are subject to special treatment under the Code. The Code
provisions governing the federal income tax treatment of REITs and their stockholders are highly
technical and complex, and this summary is qualified in its entirety by the express language of
applicable Code provisions, Treasury Regulations promulgated thereunder and administrative and
judicial interpretations thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>This discussion is not intended to be, and should not be construed as, tax advice. We urge you, as
a prospective stockholder, to consult your tax advisor regarding the specific tax consequences to
you of a purchase of shares, ownership and sale of the shares and of our election to be taxed as a
REIT, including the federal, state, local, foreign and other tax consequences of such purchase,
ownership, sale and election and of potential changes in applicable tax laws.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REIT Qualification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to elect to be taxed as a REIT under the Code commencing with our taxable year ended
December&nbsp;31, 2010. A REIT generally is not subject to United States federal income tax on the
income that it distributes to stockholders if it meets the applicable REIT distribution
requirements and other requirements for qualification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we have been organized and operated in conformity with the requirements for
qualification and taxation as a REIT under the Code beginning with our taxable year ended December
31, 2010, and that our intended manner of operation will enable us to continue to meet the
requirements for qualification and taxation as a REIT for federal income tax purposes. In the
opinion of Goodwin Procter LLP, commencing with our taxable year ended December&nbsp;31, 2010,
we have been organized and operated in conformity with the requirements for qualification and
taxation as a REIT, and our current and proposed methods of operation will enable us to meet the
requirements for qualification and taxation as a REIT under the Code for subsequent taxable years.
It must be emphasized that this opinion is based on various assumptions and representations as to
factual matters, including representations made by us in a factual certificate provided by one of
our officers. Goodwin Procter LLP will have no obligation to update its opinion subsequent
to its date. Moreover, our qualification and taxation as a REIT depend upon our ability to meet the
various qualification tests imposed under the Code discussed below, including through actual annual
(or in some cases quarterly) operating results, requirements relating to income, asset ownership,
distribution levels and diversity of share ownership and the various other REIT qualification
requirements imposed under the Code, the results of which will not be monitored by Goodwin Procter
LLP. Accordingly, no assurance can be given that our actual results of operation for any particular
taxable year will satisfy those requirements. Given the complex nature of the REIT qualification
requirements, the ongoing importance of factual determinations and the possibility of future
changes in our circumstances, we cannot provide any assurance that our actual operating results
will satisfy the requirements for taxation as a REIT under the Code for any particular taxable
year.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation as a REIT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we qualify for taxation as a REIT, we generally will not be subject to federal corporate
income tax on our net income that is distributed currently to our stockholders. This treatment substantially
eliminates &#147;double taxation&#148; (that is, taxation at both the corporate and stockholder levels) that
generally results from an investment in a corporation. However, we will be subject to federal
income tax as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be taxed at regular corporate rates on any undistributed &#147;REIT taxable income&#148;.
REIT taxable income is the taxable income of the REIT, subject to specified adjustments,
including a deduction for dividends paid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under some circumstances, we may be subject to the &#147;alternative minimum tax&#148; on our items
of tax preference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we have net income from the sale or other disposition of &#147;foreclosure property&#148; that
is held primarily for sale to customers in the ordinary course of business, or other
nonqualifying income from foreclosure property, we will be subject to tax at the highest
corporate rate on this income.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our net income from &#147;prohibited transactions&#148; will be subject to a 100% tax. In general,
prohibited transactions are sales or other dispositions of property held primarily for sale
to customers in the ordinary course of business, other than foreclosure property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail to satisfy either the 75% gross income test or the 95% gross income test
discussed below, but nonetheless maintain our qualification as a REIT because other
requirements are met, we will be subject to a tax equal to the greater of (1)&nbsp;the amount by
which 75% of our gross income exceeds the amount of our income qualifying under the 75% test
for the taxable year or (2)&nbsp;the amount by which 95% of our gross income exceeds the amount
of our income qualifying for the 95% income test for the taxable year, multiplied by a
fraction intended to reflect our profitability.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail to satisfy any of the asset tests (other than a failure by a de minimis amount
of the 5% or 10% asset tests) and we qualify for and satisfy certain cure provisions, then
we will have to pay an excise tax equal to the greater of (1) $50,000 and (2)&nbsp;an amount
determined by multiplying (x)&nbsp;the net income generated during a specified period by the
assets that caused the failure by (y)&nbsp;the highest federal income tax rate applicable to
corporations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail to satisfy any REIT requirements other than the income test or asset test
requirements and we qualify for a reasonable cause exception, then we may retain our REIT
qualification, but we will have to pay a penalty equal to $50,000 for each such failure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be subject to a 4% excise tax on the excess of the required distribution over the
sum of amounts actually distributed and amounts retained for which federal income tax was
paid, if we fail to distribute during each calendar year at least the sum of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>85% of our REIT ordinary income for the year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>95% of our REIT capital gain net income for the year; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any undistributed taxable income from prior taxable years.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be subject to a 100% penalty tax on some payments we receive (or on certain
expenses deducted by a taxable REIT subsidiary) if arrangements among us, our tenants and
our taxable REIT subsidiaries are not comparable to similar arrangements among unrelated
parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we should acquire any asset from a &#147;C&#148; corporation in a carry-over basis transaction
and we subsequently recognize gain on the disposition of such asset during the ten-year
recognition period beginning on the date on which we acquired the asset, then, to the extent
of any built-in gain, such gain will be subject to tax at the highest regular corporate
rate. Built-in gain means the excess of (a)&nbsp;the fair market value of the asset as of the
beginning of the applicable recognition period over (b)&nbsp;the adjusted basis in such asset as
of the beginning of such recognition period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Income earned by our taxable REIT subsidiaries, if any, will be subject to tax at regular
corporate rates.</TD>
</TR>


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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We may be required to pay penalties to the IRS in certain circumstances, including if we
fail to meet recordkeeping requirements intended to monitor our compliance with rules
relating to the composition of our stockholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Requirements for Qualification as a REIT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to elect to be taxed as a REIT under the Code commencing with our taxable year ended
December&nbsp;31, 2010 and do not intend to revoke such election for any subsequent taxable years. In
order to qualify as a REIT, we must meet the requirements discussed below, relating to our
organization, sources of income, nature of assets and distributions of income to stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code defines a REIT as a corporation, trust or association:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that is managed by one or more trustees or directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the beneficial ownership of which is evidenced by transferable shares, or by
transferable certificates of beneficial interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that would be taxable as a domestic corporation, but for Sections&nbsp;856 through
859 of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that is neither a financial institution nor an insurance company subject to
applicable provisions of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the beneficial ownership of which is held by 100 or more persons;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during the last half of each taxable year, not more than 50% in value of the
outstanding shares of which is owned directly or indirectly by five or fewer
individuals, as defined in the Code to include specified entities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that makes an election to be taxable as a REIT, or has made this election for
a previous taxable year which has not been revoked or terminated, and satisfies all
relevant filing and other administrative requirements established by the IRS that must
be met to elect and maintain REIT status;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that uses a calendar year for federal income tax purposes and complies with
the recordkeeping requirements of the Code and regulations promulgated thereunder; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that meets other applicable tests, described below, regarding the nature of
its income and assets and the amount of its distributions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conditions (1), (2), (3)&nbsp;and (4)&nbsp;above must be met during the entire taxable year and condition (5)
above must be met during at least 335&nbsp;days of a taxable year of 12&nbsp;months, or during a
proportionate part of a taxable year of less than 12&nbsp;months. For purposes of determining stock
ownership under condition (6)&nbsp;above, a supplemental unemployment compensation benefits plan, a
private foundation and a portion of a trust permanently set aside or used exclusively for
charitable purposes generally are each considered an individual. A trust that is a qualified trust
under Code Section 401(a) generally is not considered an individual, and beneficiaries of a
qualified trust are treated as holding shares of a REIT in proportion to their actuarial interests
in the trust for purposes of condition (6)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we have satisfied and will continue to satisfy the above ownership
requirements. In addition, our charter restricts ownership and transfers of our stock that would
violate these requirements, although these restrictions may not be effective in all circumstances
to prevent a violation. To monitor its compliance with condition (6)&nbsp;above, a REIT is required to
send annual letters to its stockholders requesting information regarding the actual ownership of
its shares. If we comply with the annual letters requirement and we do not know or, exercising
reasonable diligence, would not have known of our failure to meet condition (6)&nbsp;above, then we will
be treated as having met condition (6)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To qualify as a REIT, we cannot have at the end of any taxable year any undistributed earnings
and profits that are attributable to a non-REIT taxable year. We believe that we have not had any
non-REIT earnings and profits at the end of any taxable year and we intend to distribute any
non-REIT earnings and profits that we accumulate before the end of any taxable year in which we
accumulate such earnings and profits.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Qualified REIT Subsidiaries and Disregarded Entities. </I>We hold our assets through a limited
liability company, which is a disregarded entity because we own 100% of the interests in it,
directly or through other disregarded entities. If we own a corporate subsidiary that is a
&#147;qualified REIT subsidiary&#148;, or if we own 100% of the membership interests in a limited liability
company or other unincorporated entity that does not elect to be treated as a corporation for
federal income tax purposes, the separate existence of that subsidiary, limited liability company
or other unincorporated entity generally will be
disregarded for federal income tax purposes. Generally, a qualified REIT subsidiary is a
corporation, other than a taxable REIT subsidiary (discussed below), all of the stock of which is
owned by the REIT. A limited liability company or other unincorporated entity 100% owned by a
single member that does not elect to be treated as a corporation for federal income tax purposes
generally is disregarded as an entity separate from its owner for federal income tax purposes. All
assets, liabilities and items of income, deduction and credit of the qualified REIT subsidiary or
disregarded entity will be treated as assets, liabilities and items of income, deduction and credit
of its owner. Thus, in applying the requirements in this section, our qualified REIT subsidiaries
and disregarded entities will be ignored and all assets, liabilities and items of income, deduction
and credit of these subsidiaries will be treated as ours. Neither a qualified REIT subsidiary nor a
disregarded entity will be subject to federal corporate income taxation, although such entities may
be subject to state and local taxation in some states.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Ownership of Partnership Interests by a REIT</I>. A REIT that is a partner in a partnership (or a
member in a limited liability company or other entity that is treated as a partnership for federal
income tax purposes) will be deemed to own its proportionate share of the assets of the partnership
and will be deemed to earn its proportionate share of the partnership&#146;s income. The assets and
gross income of the partnership retain the same character in the hands of the REIT for purposes of
the gross income and asset tests applicable to REITs as described below. Thus, our proportionate
share of the assets and items of income of any entity taxable as a partnership for federal income
tax purposes in which we hold an interest will be treated as our assets and liabilities and our
items of income for purposes of applying the requirements described in this prospectus. The assets,
liabilities and items of income of any partnership in which we own an interest include such
entity&#146;s share of the assets and liabilities and items of income with respect to any partnership in
which it holds an interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Taxable REIT Subsidiaries. </I>In the future we may own subsidiaries that have elected to be treated
as &#147;taxable REIT subsidiaries&#148; for federal income tax purposes, although we do not currently own
any taxable REIT
subsidiaries. A taxable REIT subsidiary of a REIT is a corporation in
which the REIT directly or indirectly owns stock and that elects, together with the REIT, to be
treated as a taxable REIT subsidiary under Section 856(l) of the Code. The election can be revoked
at any time as long as the REIT and the taxable REIT subsidiary revoke such election jointly. In
addition, if a taxable REIT subsidiary owns, directly or indirectly, securities representing more
than 35% of the vote or value of a subsidiary corporation (other than a REIT), that subsidiary will
also be treated as a taxable REIT subsidiary. A taxable REIT subsidiary is a corporation subject to
federal income tax, and state and local income tax where applicable, as a regular &#147;C&#148; corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, a taxable REIT subsidiary can perform some impermissible tenant services without causing
us to receive impermissible tenant services income under the REIT income tests. Other than certain
activities related to operating or managing a lodging or health care facility, a taxable REIT
subsidiary also can recognize income that would be subject to the 100% prohibited transaction tax,
or income that would be nonqualifying income under the gross income tests, if earned by a REIT.
However, several provisions regarding the arrangements between a REIT and its taxable REIT
subsidiaries ensure that a taxable REIT subsidiary will be subject to an appropriate level of
federal income taxation. For example, a taxable REIT subsidiary is limited in its ability to deduct
interest payments made to us in excess of a certain amount. In addition, we will be obligated to
pay a 100% penalty tax on some payments that we receive or on certain expenses deducted by the
taxable REIT subsidiary if the economic arrangements among us, our tenants and the taxable REIT
subsidiary are not comparable to similar arrangements among unrelated parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Income Tests Applicable to REITs. </I>To qualify as a REIT, we must satisfy two gross income tests.
First, at least 75% of our gross income, excluding gross income from prohibited transactions and
certain other income and gains described below, for each taxable year must be derived directly or
indirectly from investments relating to real property or mortgages on real property, including
&#147;rents from real property&#148; (which includes certain of our expenses that are paid or reimbursed by
tenants), gains on the disposition of real estate assets, dividends paid by another REIT and
interest on obligations secured by mortgages on real property or on interests in real property, or
from temporary investments of new capital in stock or debt securities during the one-year period
following our receipt of new capital that we raise through equity offerings or issuance of debt
obligations with at least a five-year term. Second, at least 95% of our gross income, excluding
gross income from
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prohibited transactions and certain other income and gains described below, for
each taxable year must be derived from any combination of income qualifying under the 75% test and
dividends, interest, and gain from the sale or disposition of stock or securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rents received by us will qualify as rents from real property in satisfying the gross income
requirements for a REIT described
above only if several conditions are met. First, the amount of rent must not be based in whole or
in part on the income or profits of any person. However, an amount received or accrued generally
will not be excluded from the term &#147;rents from real property&#148; solely by reason of being based on a
fixed percentage or percentages of receipts or sales. Second, rents received from a &#147;related party
tenant&#148; will not qualify as rents from real property in satisfying the gross income tests unless
the tenant is a taxable REIT subsidiary and at least 90% of the property is leased to unrelated
tenants and the rent paid by the taxable REIT subsidiary is substantially comparable to the rent
paid by the unrelated tenants for comparable space. A tenant is a related party tenant if the REIT,
or an actual or constructive owner of 10% or more of the REIT, actually or constructively owns 10%
or more of the tenant. Third, if rent attributable to personal property, leased in connection with
a lease of real property, is greater than 15% of the total rent received under the lease, then the
portion of rent attributable to the personal property will not qualify as rents from real property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, for rents to qualify as rents from real property for the purpose of satisfying the gross
income tests, we may provide directly only a de minimis amount of services, unless those services
are &#147;customarily furnished or rendered&#148; in connection with the rental of real property and not
otherwise considered &#147;rendered to the occupant&#148;. Accordingly, we may not provide &#147;impermissible
services&#148; to tenants (except through an independent contractor from whom we derive no revenue and
that meets other requirements or through a taxable REIT subsidiary) without giving rise to
&#147;impermissible tenant service income&#148;. Impermissible tenant service income is deemed to be at least
150% of our direct cost of providing the service. If the impermissible tenant service income
exceeds 1% of our total income from a property, then all of the income from that property will fail
to qualify as rents from real property. If the total amount of impermissible tenant service income
from a property does not exceed 1% of our total income from the property, the services will not
&#147;taint&#148; the other income from the property (that is, it will not cause the rent paid by tenants of
that property to fail to qualify as rents from real property), but the impermissible tenant service
income will not qualify as rents from real property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any gain we realize on the sale of any property held as inventory or other property held primarily
for sale to customers in the ordinary course of business will be treated as income from a
prohibited transaction that is subject to a 100% penalty tax, unless such property has been held by
us for at least two years and certain other requirements are satisfied or the gain is realized in a
taxable REIT subsidiary. Under existing law, whether property is held as inventory or primarily for
sale to customers in the ordinary course of a trade or business is a question of fact that depends
on all the facts and circumstances of a particular transaction. We generally intend to hold our
properties for investment with a view to long-term appreciation, to engage in the business of
acquiring, developing, owning and operating properties, and to make occasional sales of properties,
consistent with our investment objectives. We cannot provide any assurance, however, that the IRS
might not contend that one or more of these sales are subject to the 100% penalty tax.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the gross income tests, temporary investment income generally constitutes
qualifying income if such income is earned as a result of investing new capital raised through the
issuance of our common stock or certain long-term debt obligations in stock and debt obligations,
but only during the one-year period beginning on the date we receive the new capital. If we are
unable to invest sufficient amount of the net proceeds of any offering of our stock or debt
securities in real estate assets, as detailed below, within such one-year period, we could fail the
75% gross income test.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may
nevertheless qualify as a REIT for that year if we are entitled to relief under the Code. These
relief provisions generally will be available if our failure to meet the tests is due to reasonable
cause and not due to willful neglect and, following our identification of such failure for any
taxable year, we file a schedule describing each item of our gross income described in the gross
income tests in accordance with the applicable Treasury Regulations. It is not possible, however,
to state whether in all circumstances we would be entitled to the benefit of these relief
provisions. For example, if we fail to satisfy the gross income tests because nonqualifying income
that we intentionally incur exceeds the limits on nonqualifying income, the IRS could conclude that
the failure to satisfy the tests was not due to reasonable cause. If these relief provisions are
inapplicable to a particular set of circumstances involving us, we will fail to qualify as a REIT.
As discussed under &#147;&#151; Taxation as a REIT&#148;, even if these relief provisions apply, a tax would be
imposed based on the amount of nonqualifying income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Asset Tests Applicable to REITs</I>. At the close of each quarter of our taxable year, we must satisfy
four tests relating to the nature of our assets:
</DIV>


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




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least 75% of the value of our total assets must be represented by real estate
assets, cash, cash items and government securities. Real estate assets include, for this
purpose, stock or debt instruments held for less than one year purchased with the
proceeds of an offering of our shares or publicly offered long-term debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not more than 25% of our total assets may be represented by securities other than
those in the 75% asset class;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except for investments in qualified REIT subsidiaries, taxable REIT subsidiaries,
equity interests in REITs or other securities that qualify as &#147;real estate assets&#148; for
purposes of the test described in clause (1), the value of any one issuer&#146;s securities
owned by us may not exceed 5% of the value of our total assets; we may not own more than
10% of the total voting power of any one issuer&#146;s outstanding securities; and we may not
own more than 10% of the total value of the outstanding securities of any one issuer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not more than 25% of our total assets may be represented by securities of one or
more taxable REIT subsidiaries.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for purposes of the asset tests may include debt securities<I>. </I>However, the 10% value test
does not apply to certain &#147;straight debt&#148; and other excluded securities, as described in the Code
including, but not limited to, any loan to an individual or estate, any obligation to pay rents
from real property and any security issued by a REIT. In addition, (a)&nbsp;a REIT&#146;s interest as a
partner in a partnership is not considered a security for purposes of applying the 10% value test
to securities issued by the partnership; (b)&nbsp;any debt instrument issued by a partnership (other
than straight debt or another excluded security) will not be considered a security issued by the
partnership if at least 75% of the partnership&#146;s gross income is derived from sources that would
qualify for the 75% gross income test; and (c)&nbsp;any debt instrument issued by a partnership (other
than straight debt or another excluded security) will not be considered a security issued by the
partnership to the extent of the REIT&#146;s interest as a partner in the partnership. In general,
straight debt is defined as a written, unconditional promise to pay on demand or at a specific date
a fixed principal amount, and the interest rate and payment dates on the debt must not be
contingent on profits or the discretion of the debtor. In addition, straight debt may not contain a
convertibility feature.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As provided above, stock or debt securities attributable to the temporary investment of new capital
that we raise through the issuance of our stock or debt securities constitute good assets for
purposes of the 75% asset test, but only during the one-year period beginning on the date we
receive the new capital. We intend to invest the net proceeds of this offering in interest-bearing
short-term U.S. government and government agency securities. If we are unable to invest sufficient
amount of the net proceeds of any offering of our stock or debt securities in real estate assets,
we could be limited to investing all or a portion of any remaining funds in cash or cash
equivalents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After initially meeting the asset tests at the close of any quarter, we will not lose our status as
a REIT if we fail to satisfy any of the asset tests (other than the 10% voting limitation) at the
end of a later quarter solely by reason of changes in the relative values of our assets. If the
failure to satisfy any such asset tests results from an acquisition of securities or other property
during a quarter, the failure can be cured by disposition of sufficient non-qualifying assets
within 30&nbsp;days after the close of that quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moreover, if we fail to satisfy any of the asset tests at the end of a calendar quarter during a
taxable year and such failure is not cured within 30&nbsp;days as described above, we will not lose our
REIT status if one of the following additional exceptions applies: (A)&nbsp;the failure is due to a
violation of the 5% or 10% asset tests and is &#147;de minimis&#148; (for this purpose, a &#147;de minimis&#148;
failure is one that arises from our ownership of assets the total value of which does not exceed
the lesser of 1% of the total value of our assets at the end of the quarter in which the failure
occurred and $10&nbsp;million) and we either dispose of the assets that caused the failure or otherwise
satisfy the asset tests within six months after the last day of the quarter in which our
identification of the failure occurred; or (B)&nbsp;the failure is due to a violation of any of the
asset tests (other than a &#147;de minimis&#148; violations of the 5% or 10% asset tests) and all of the
following requirements are satisfied: (i)&nbsp;the failure is due to reasonable cause and not willful
neglect, (ii)&nbsp;we file a schedule in accordance with Treasury Regulations providing a description of
each asset that caused the failure, (iii)&nbsp;we either dispose of the assets that caused the failure
or otherwise satisfy the asset tests within six months after the last day of the quarter in which
our identification of the failure occurred, and (iv)&nbsp;we pay an excise tax equal to the greater of
(x) $50,000 and (y)&nbsp;an amount determined by multiplying the net income generated during a specified
period by the assets that caused the failure by the highest federal income tax applicable to
corporations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Foreclosure Property</I>. Foreclosure property is real property (including interests in real property)
and any personal property incident to such real property (1)&nbsp;that is acquired by a REIT as a result
of the REIT having bid on the property at foreclosure, or having otherwise reduced the property to
ownership or possession by agreement or process of law, after there was a default (or default was
imminent) on a lease of the property or a mortgage loan held by the REIT and secured by the
property, (2)&nbsp;for</DIV>
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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which the related loan or lease was made, entered into or acquired by the REIT at
a time when default was not imminent or anticipated and (3)&nbsp;for which such REIT makes an election
to treat the property as foreclosure property. REITs generally are subject to tax at the maximum
corporate rate (currently 35%) on any net income from foreclosure property, including any gain from
the disposition of the foreclosure property, other than income that would otherwise be qualifying
income for purposes of the 75% gross income test. Any gain from the sale of property for which a
foreclosure property election has been made will not be subject to the 100% tax on gains from
prohibited transactions described above, even if the property is held
primarily for sale to customers in the ordinary course of a trade or business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Hedging Transactions</I>. We may enter into hedging transactions with respect to one or more of our
assets or liabilities. Hedging transactions could take a variety of forms, including interest rate
swaps or cap agreements, options, futures contracts, forward rate agreements or similar financial
instruments. Except to the extent as may be provided by future Treasury Regulations, any income
from a hedging transaction which is clearly identified as such before the close of the day on which
it was acquired, originated or entered into, including gain from the disposition or termination of
such a transaction, will not constitute gross income for purposes of the 95% and 75% income tests
if such hedging transaction is entered into (i)&nbsp;in the normal course of our business primarily to
manage risk of interest rate or price changes or currency fluctuations with respect to indebtedness
incurred or to be incurred by us to acquire or carry real estate assets or (ii)&nbsp;primarily to manage
the risk of currency fluctuations with respect to any item of income or gain that would be
qualifying income under the 75% or 95% income tests (or any property which generates such income or
gain). To the extent we enter into other types of hedging transactions, the income from those
transactions is likely to be treated as nonqualifying income for purposes of both of the 75% and
95% gross income tests. We intend to structure any hedging transactions in a manner that does not
jeopardize our ability to qualify as a REIT.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Annual Distribution Requirements Applicable to REITs. </I>To qualify as a REIT, we are required to
distribute dividends, other than capital gain dividends, to our stockholders each year in an amount
at least equal to (1)&nbsp;the sum of (a)&nbsp;90% of our REIT taxable income, computed without regard to the
dividends paid deduction and our net capital gain, and (b)&nbsp;90% of the net income, after tax, from
foreclosure property, minus (2)&nbsp;the sum of certain specified items of noncash income. In addition,
if we recognize any built-in gain, we will be required, under Treasury Regulations, to distribute
at least 90% of the built-in gain, after tax, recognized on the disposition of the applicable
asset. See &#147;&#151; Taxation as a REIT&#148; for a discussion of the possible recognition of built-in gain.
These distributions must be paid either in the taxable year to which they relate, or in the
following taxable year if declared before we timely file our tax return for the prior year and if
paid with or before the first regular dividend payment date after the declaration is made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that we have made and we intend to continue to make timely distributions sufficient to
satisfy the annual distribution requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is possible that we, from time to time, may choose to retain cash to fund capital projects or
future operations or may not have sufficient cash or other liquid assets to meet this distribution
requirement or to distribute such greater amount as may be necessary to avoid income and excise
taxation, in part due to timing differences between (a)&nbsp;the actual receipt of income and the actual
payment of deductible expenses and (b)&nbsp;the inclusion of such income and the deduction of such
expenses in arriving at our taxable income, or as a result of nondeductible expenses such as
principal amortization or capital expenditures in excess of noncash deductions. In such event, we
may find it necessary to arrange for borrowings or pay taxable stock dividends in order to meet the
distribution requirement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under some circumstances, we may be able to rectify a failure to meet the distribution requirement
for a year by paying dividends to stockholders in a later year, which may be included in our
deduction for dividends paid for the earlier year. We will refer to such dividends as &#147;deficiency
dividends&#148;. Thus, we may be able to avoid being taxed on amounts distributed as deficiency
dividends. We will, however, be required to pay interest based upon the amount of any deduction
taken for deficiency dividends.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent that we do not distribute (and are not deemed to have distributed, as described
below) all of our net capital gain or distribute at least 90%, but less than 100%, of our REIT
taxable income, as adjusted, we will be subject to tax on these retained amounts at regular
corporate tax rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, we will be subject to a 4% excise tax on the excess of the required distribution over
the sum of amounts actually distributed and amounts retained for which federal income tax was paid,
if we fail to distribute during each calendar year at least the sum of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>85% of our REIT ordinary income for the year;</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>95% of our REIT capital gain net income for the year; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any undistributed taxable income from prior taxable years.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A REIT may elect to retain rather than distribute all or a portion of its net capital gains and pay
the tax on the gains. In that
case, a REIT may elect to have its stockholders include their proportionate share of the
undistributed net capital gains in income as long-term capital gains and receive a credit for their
share of the tax paid by the REIT. For purposes of the 4% excise tax described above, any such
retained amounts would be treated as having been distributed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Record-Keeping Requirements</I>. We are required to comply with applicable record-keeping requirements.
Failure to comply could result in monetary fines.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Failure to Qualify as a REIT</I>. If we fail to satisfy any REIT requirements (other than the income
test or asset test requirements, with respect to which specific cure provisions apply), we
generally will be eligible for relief from REIT disqualification if the failure is due to
reasonable cause and not willful neglect and we pay a penalty of $50,000 with respect to such
failure. It is not possible to state whether in all circumstances we would be entitled to such
statutory relief. If we fail to qualify for taxation as a REIT in any taxable year and a relief
provision does not apply, we will be subject to tax on our taxable income at regular corporate
rates, including any applicable alternative minimum tax. Distributions to stockholders in any year
in which we fail to qualify as a REIT will not be deductible by us nor will they be required to be
made. In such event, to the extent of current or accumulated earnings and profits, all
distributions to stockholders will be taxable as dividend income. Subject to limitations of the
Code, corporate stockholders may be eligible for the dividends received deduction and non-corporate
stockholders may be eligible to treat the dividends received from us as qualified dividend income
taxable as net capital gains under the provisions of Section&nbsp;1(h)(11) of the Code, for taxable
years beginning before January&nbsp;1, 2013. Unless we are entitled to relief under specific statutory
provisions, we also will be disqualified from electing to be taxed as a REIT for the four taxable
years following the year during which qualification was lost.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of U.S. Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When we refer to a U.S. stockholder, we mean a beneficial owner of a share of our capital stock
that is, for United States federal income tax purposes:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or resident, as defined in Code Section&nbsp;7701(b), of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation, or other entity treated as a corporation for federal income tax
purposes, created or organized under the laws of the United States, any state or the
District of Columbia;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate the income of which is subject to federal income taxation regardless of its
source; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust that is subject to the primary supervision of a United States court and the
control of one or more United States persons or that has a valid election in effect under
the applicable Treasury Regulations to be treated as a United States person under the Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, in the case of a partnership (or other entity treated as such for federal income tax
purposes) that holds our capital stock, any partner that would be a U.S. stockholder if it held the
capital stock directly is also a U.S. stockholder. A &#147;non-U.S. stockholder&#148; is a holder, including
any partner in a partnership that holds our capital stock, that is not a U.S. stockholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Distributions by Us. </I>So long as we qualify as a REIT, distributions to U.S. stockholders out of our
current or accumulated earnings and profits that are not designated as capital gain dividends will
be taxable as dividend income and will not be eligible for the dividends received deduction
generally available for corporations and generally will not be eligible for treatment as qualified
dividend income by non-corporate stockholders except with respect to the portion of any
distribution (a)&nbsp;that represents income from dividends we receive from a TRS or a corporation in
which we own shares (but only if such dividends would be eligible for the lower rate on dividends
if paid by the corporation to its individual stockholders), or (b)&nbsp;that is equal to the sum of our
real estate investment trust taxable income (taking into account the dividends paid deduction
available to us) for our previous taxable year and certain net built-in gain with respect to
property acquired from a C corporation in certain transactions in which we must adopt the basis of
the asset in the hands of the C corporation for such previous taxable year and less any taxes
imposed on us for such previous taxable year. Distributions in excess of our current and
accumulated earnings and profits will not be taxable to a U.S. stockholder to the extent that the
distributions do not
</DIV>
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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exceed the adjusted tax basis of the stockholder&#146;s shares. Rather, such
distributions will reduce the adjusted basis of such shares, but not below zero. Distributions in
excess of current and accumulated earnings and profits that exceed the U.S. stockholder&#146;s adjusted
basis in its shares will be treated as gain from the sale or exchange of such shares taxable as
capital gains in the amount of such excess if the shares are held as a capital asset. If we declare
a dividend in October, November or December of any year with a record date in one of these months
and pay the dividend on or before January&nbsp;31 of the following year, we will be treated as having
paid the dividend, and the stockholder will be treated as having received the
dividend, on December&nbsp;31 of the year in which the dividend was declared. This discussion applies
equally to distributions payable in cash and taxable stock distributions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We may elect to designate distributions of our net capital gain as &#147;capital gain dividends&#148;.
Capital gain dividends are taxed to stockholders as gain from the sale or exchange of a capital
asset held for more than one year, to the extent that they do not exceed our actual net capital
gain for the taxable year, without regard to how long the U.S. stockholder has held its shares. If
we designate any portion of a dividend as a capital gain dividend, a U.S. stockholder will receive
an IRS Form 1099-DIV indicating the amount that will be taxable to the stockholder as capital gain.
Corporate stockholders, however, may be required to treat up to 20% of capital gain dividends as
ordinary income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Instead of paying capital gain dividends, we may choose to retain all or part of our net capital
gain and designate such amount as &#147;undistributed capital gain&#148;. We will be subject to tax at
regular corporate rates on any undistributed capital gains. A U.S. stockholder:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will include in its income as long-term capital gains its proportionate share of
such undistributed capital gains; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will be deemed to have paid its proportionate share of the tax paid by us on such
undistributed capital gains and receive a credit or a refund to the extent that the tax
paid by us exceeds the U.S. stockholder&#146;s tax liability on the undistributed capital
gains.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A U.S. stockholder will increase the basis in its capital stock by the difference between the
amount of capital gain included in its income with respect to such stock and the amount of tax it
is deemed to have paid. Our earnings and profits will be adjusted appropriately.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will classify portions of any designated capital gain dividend or undistributed capital gains as
either:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 15% rate gain distribution, which would be taxable to non-corporate U.S.
stockholders at a maximum rate of 15% (for taxable years beginning before January&nbsp;1,
2013); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an &#147;unrecaptured Section&nbsp;1250 gain&#148; distribution, which would be taxable to non-
corporate U.S. stockholders at a maximum rate of 25%.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We must determine the maximum amounts that we may designate as 15% and 25% rate capital gain
dividends by performing the computation required by the Code as if the REIT were an individual
whose ordinary income were subject to a marginal tax rate in excess of 25%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributions made by us and gain arising from the sale or exchange by a U.S. stockholder of shares
of our capital stock will not be treated as passive activity income, and as a result, U.S.
stockholders generally will not be able to apply any &#147;passive losses&#148; against this income or gain.
In addition, taxable distributions from our company generally will be treated as investment income
for purposes of the investment interest limitations. A U.S. stockholder may elect to treat capital
gain dividends and capital gains from the disposition of shares of our capital stock as investment
income for purposes of the investment interest limitation, in which case the applicable capital
gains will be taxed at ordinary income rates. We will notify stockholders regarding the portions of
distributions for each year that constitute ordinary income, return of capital and capital gain.
U.S. stockholders may not include in their own income tax returns any net operating losses or
capital losses of our company. Our operating or capital losses would be carried over for potential
offset against our future income, subject to applicable limitations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We may make distributions to U.S. stockholders that are paid in common stock or preferred stock and
are intended to be treated as dividends for U.S. federal income tax purposes. In that event, our
U.S. stockholders would generally have taxable income with respect to such distributions of our
common stock or preferred stock and may have tax liability on account of such distributions in
excess of cash (if any) that is received.
</DIV>


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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Sales of Shares. </I>Upon any taxable sale or other disposition of shares, a U.S. stockholder will
recognize gain or loss for federal income tax purposes in an amount equal to the difference
between:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of cash and the fair market value of any property received on the sale
or other disposition; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder&#146;s adjusted basis in the shares for tax purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This gain or loss will be a capital gain or loss if the shares have been held by the U.S.
stockholder as a capital asset. The applicable tax rate will depend on the stockholder&#146;s holding
period in the shares (generally, if an asset has been held for more than one year it will produce
long-term capital gain) and the stockholder&#146;s tax bracket. The IRS has the authority to prescribe,
but has not yet prescribed, regulations that would apply a capital gain tax rate of 25% (which is
generally higher than the long-term capital gain tax rates for non-corporate stockholders) to a
portion of capital gain realized by a non-corporate stockholder on the sale of REIT shares that
would correspond to the REIT&#146;s &#147;unrecaptured Section&nbsp;1250 gain&#148;. Stockholders are urged to consult
with their own tax advisors with respect to their capital gain tax liability. A corporate U.S.
stockholder will be subject to tax at a maximum rate of 35% on capital gain from the sale of our
capital stock. In general, any loss recognized by a U.S. stockholder upon the sale or other
disposition of shares that have been held for six months or less, after applying the holding period
rules, will be treated as a long-term capital loss, to the extent of distributions received by the
U.S. stockholder from us that were required to be treated as long-term capital gains. All or a
portion of any loss realized upon a taxable disposition of shares may be disallowed if other shares
are purchased within 30&nbsp;days before or after the date of disposition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Medicare Tax</I>. For taxable years beginning after December&nbsp;31, 2012, a U.S. person that is an
individual or estate, or a trust that does not fall into a special class of trusts that is exempt
from such tax, is subject to a 3.8% tax on the lesser of (1)&nbsp;the U.S. person&#146;s &#147;net investment
income&#148; for the relevant taxable year and (2)&nbsp;the excess of the U.S. person&#146;s modified gross income
for the taxable year over a certain threshold (which in the case of individuals will be between
$125,000 and $250,000, depending on the individual&#146;s circumstances). Net investment income
generally would include dividends on our stock and gain from the sale of our stock. If you are a
U.S. person that is an individual, estate or trust, you are urged to consult your tax advisors
regarding the applicability of this tax to your income and gains in respect of your investment in
our common or preferred stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Tax-Exempt Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as provided below, if a tax-exempt stockholder has not held its capital stock as &#147;debt
financed property&#148; within the meaning of the Code, dividend income from our company will not be
unrelated business taxable income, referred to as UBTI. Similarly, gain from the sale of shares
will not constitute UBTI unless the tax-exempt stockholder has held its shares as debt financed
property within the meaning of the Code or is a dealer with respect to our shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For tax-exempt stockholders that are social clubs, voluntary employee benefit associations,
supplemental unemployment benefit trusts or qualified group legal services plans exempt from
federal income taxation under Section&nbsp;501(c)(7), (c)(9), (c)(17) or (c)(20) of the Code,
respectively, income from an investment in our shares will constitute UBTI; however, an
organization exempt under Section&nbsp;501(c)(9), (c)(17) or (c)(20) of the Code may reduce UBTI if it
properly sets aside or reserves such amounts for certain purposes specified in the Code. These
tax-exempt stockholders should consult their own tax advisors concerning these &#147;set aside&#148; and
reserve requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, a portion of the dividends paid by a &#147;pension-held REIT&#148; are treated as UBTI if
received by any trust which is described in Section 401(a) of the Code, is tax-exempt under Section
501(a) of the Code and holds more than 10%, by value, of the interests in the pension-held REIT.
Tax-exempt pension funds that are described in Section 401(a) of the Code are referred to below as
&#147;pension trusts&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A REIT is a pension-held REIT if the following conditions apply:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it qualified as a REIT only by reason of Section&nbsp;856(h)(3) of the Code,
which provides that stock owned by a pension trust will be treated, for purposes of
determining if the REIT is closely held, as owned by the beneficiaries of the trust
rather than by the trust itself; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either (a)&nbsp;at least one pension trust holds more than 25% of the value
of the REIT&#146;s stock, or (b)&nbsp;a group of pension trusts each individually holding
more than 10% of the value of the REIT&#146;s stock, collectively owns more than 50% of
the value of the REIT&#146;s stock.</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The percentage of any pension-held REIT dividend treated as UBTI is equal to the ratio of the UBTI
earned by the REIT, treating the REIT as if it were a pension trust and therefore subject to tax on
UBTI, to the total gross income of the REIT. An exception applies where such percentage is less
than 5% for any taxable year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rules described above under the heading &#147;&#151; Taxation of U.S. Stockholders &#151; Distributions by
Us&#148; concerning the
inclusion of our designated undistributed capital gain in the income of our stockholders will apply
to tax-exempt stockholders. Thus, tax-exempt stockholders will be allowed a credit or refund of the
tax deemed paid by them in respect of the includible gain.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. Taxation of Non-U.S. Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Distributions by Us</I>. Distributions by us to a non-U.S. stockholder that are neither attributable to
gain from sales or exchanges by us of &#147;U.S. real property interests&#148; nor designated by us as
capital gains dividends will be treated as dividends of ordinary income to the extent that they are
made out of our current or accumulated earnings and profits. These distributions ordinarily will be
subject to withholding of federal income tax on a gross basis at a rate of 30%, or a lower rate as
permitted under an applicable income tax treaty, unless the dividends are treated as effectively
connected with the conduct by the non-U.S. stockholder of a U.S. trade or business or are
attributable to a permanent establishment that the non-U.S. stockholder maintains in the United
States if that is required by an applicable income tax treaty as a condition for subjecting the
non-U.S. stockholder to U.S. taxation on a net income basis. Under some treaties, however, lower
withholding rates generally applicable to dividends do not apply to dividends from REITs. Dividends
that are effectively connected with a U.S. trade or business or are attributable to a permanent
establishment that the non-U.S. stockholder maintains in the United States if that is required by
an applicable income tax treaty, will be subject to tax on a net basis, that is, after allowance
for deductions, at graduated rates, in the same manner as such dividends are taxable to U.S.
stockholders, and are generally not subject to withholding. Applicable certification and disclosure
requirements must be satisfied to obtain a reduced rate of withholding under an applicable income
tax treaty or to be exempt from withholding under the effectively connected income exemption. Any
dividends received by a corporate non-U.S. stockholder that is engaged in a U.S. trade or business
also may be subject to an additional branch profits tax at a 30% rate, or lower applicable treaty
rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributions in excess of our current and accumulated earnings and profits that exceed the
non-U.S. stockholder&#146;s basis in its capital stock will be taxable to a non-U.S. stockholder as gain
from the sale of our stock, which is discussed below. Distributions in excess of our current or
accumulated earnings and profits that do not exceed the adjusted basis of the non-U.S. stockholder
in its capital stock will reduce the non-U.S. stockholder&#146;s adjusted basis in its capital stock,
but not below zero, and will not be subject to federal income tax, but will be subject to U.S.
withholding tax as described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to withhold U.S. income tax at the rate of 30% on any dividend distributions (including
distributions that later may be determined to have been in excess of current and accumulated
earnings and profits) made to a non-U.S. stockholder unless:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a lower treaty rate applies and the non-U.S. stockholder files with us an IRS Form
W-8BEN evidencing eligibility for that reduced treaty rate; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the non-U.S. stockholder files with us an IRS Form W-8ECI claiming that the
distribution is income effectively connected with such non-U.S. stockholder&#146;s trade or
business within the U.S.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We may be required to withhold at least 10% of any distribution in excess of our current and
accumulated earnings and profits, even if a lower treaty rate applies and the non-U.S. stockholder
is not liable for tax on the receipt of that distribution. However, a non-U.S. stockholder may seek
a refund of these amounts from the IRS if the non-U.S. stockholder&#146;s U.S. tax liability with
respect to the distribution is less than the amount withheld.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributions to a non-U.S. stockholder that are designated by us at the time of the distribution
as capital gain dividends, other than those arising from the disposition of a U.S. real property
interest, generally should not be subject to federal income taxation unless:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the investment in our capital stock is effectively connected with the non-U.S.
stock- holder&#146;s U.S. trade or business or is attributable to a permanent establishment
that the non-U.S. stockholder maintains in the United States if that is required by an
applicable income tax treaty, in which case the non-U.S. stockholder will be subject to
the same treatment as U.S. stockholders with respect to any gain, except that a
stockholder that is a foreign</TD>
</TR>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>corporation also may be subject to the 30% branch profits tax; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the non-U.S. stockholder is a nonresident alien individual who is present in the
U.S. for 183&nbsp;days or more during the taxable year and has a &#147;tax home&#148; in the U.S., in
which case the nonresident alien individual will be subject to a 30% tax on the
individual&#146;s capital gains.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Foreign Investment in Real Property Tax Act, which is referred to as &#147;FIRPTA&#148;, subject to
the exception discussed below for 5% or smaller holders of regularly traded classes of stock,
distributions to a non-U.S. stockholder that are attributable to gain from sales or exchanges by us
of U.S. real property interests, whether or not designated as a capital gain dividend, will cause
the non-U.S. stockholder to be treated as recognizing gain that is income effectively connected
with a U.S. trade or business. Non-U.S. stockholders will be taxed on this gain at the same rates
applicable to U.S. stockholders, subject to a special alternative minimum tax in the case of
nonresident alien individuals. Also, this gain may be subject to the 30% branch profits tax in the
hands of a non-U.S. stockholder that is a corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will be required to withhold and remit to the IRS 35% of any distributions to non-U.S.
stockholders that are designated as capital gain dividends, including any distributions that could
have been designated as capital gain dividends. Distributions can be designated as capital gains to
the extent of our net capital gain for the taxable year of the distribution. The amount withheld is
creditable against the non-U.S. stockholder&#146;s federal income tax liability. A non-U.S. stockholder
who receives distributions attributable to gain from a sale or exchange by us of U.S. real property
interests will be required to file a federal income tax return for the taxable year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any distribution by a REIT to a non-U.S. stockholder with respect to a class of stock that is
regularly traded on an established securities market in the United States will not be subject to
FIRPTA (or the 35% FIRPTA withholding tax) if such non-U.S. stockholder did not own more than 5% of
such class at any time during the one year period ending on the date of the distribution. However,
such a distribution will be subject to the general withholding rules discussed above which
generally impose a withholding tax equal to 30% of the gross amount of each dividend distribution
(unless reduced by treaty). Our common stock is regularly traded on an established securities
market in the United States. Any preferred stock we issue may or may not be regularly traded on an
established securities market in the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the law is not clear on the matter, it appears that amounts designated by us as
undistributed capital gains generally should be treated with respect to non-U.S. stockholders in
the same manner as actual distributions by us of capital gain dividends. Under that approach,
non-U.S. stockholders would be able to offset as a credit against their federal income tax
liability resulting therefrom an amount equal to their proportionate share of the tax paid by us on
the undistributed capital gains, and to receive from the IRS a refund to the extent their
proportionate share of this tax paid by us exceeds their actual federal income tax liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As described above, we may make distributions that are paid in common stock or preferred stock and
are intended to be treated as dividends for U.S. Federal income tax purposes. Such distributions,
accordingly, would be treated in a manner consistent with the discussion under this heading &#147;U.S.
Taxation of Non-U.S. Stockholders &#151; Distributions by Us.&#148; If we are required to withhold an amount
in excess of any cash distributed along with the common or preferred shares, we may retain and sell
some of the common or preferred shares that would otherwise be distributed in order to satisfy our
withholding obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Sale of Stock</I>. Gain recognized by a non-U.S. stockholder upon the sale or exchange of our capital
stock generally would not be subject to U.S. taxation unless:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the investment in our capital stock is effectively connected with the non-U.S.
stock- holder&#146;s U.S. trade or business, in which case the non-U.S. stockholder will be
subject to the same treatment as U.S. stockholders with respect to any gain;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the non-U.S. stockholder is a nonresident alien individual who is present in the
U.S. for 183&nbsp;days or more during the taxable year and has a tax home in the U.S., in
which case the nonresident alien individual will be subject to a 30% tax on the
individual&#146;s net capital gains for the taxable year; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our capital stock constitutes a U.S. real property interest within the meaning of
FIRPTA, as described below.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our capital stock will not constitute a U.S. real property interest if we are a domestically
controlled qualified investment entity. We will be a domestically controlled qualified investment
entity if, at all times during a specified testing period, we
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">are a REIT and less than 50% in value
of our stock is held directly or indirectly by non-U.S. stockholders. We cannot guarantee that we
will be a domestically controlled qualified investment entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Even if we are a domestically controlled qualified investment entity, upon disposition of our
stock, a non-U.S. stockholder may be treated as having gain from the sale or exchange of a U.S.
real property interest if the non-U.S. stockholder (1)&nbsp;disposes of an interest in our stock during
the 30-day period preceding the ex-dividend date of a distribution, any portion of
which, but for the disposition, would have been treated as gain from sale or exchange of a U.S.
real property interest and (2)&nbsp;directly or indirectly acquires, enters into a contract or option to
acquire, or is deemed to acquire, other shares of our stock within 30&nbsp;days before or after such
ex-dividend date. This rule does not apply if the exception for distributions to 5% or smaller
holders of regularly traded classes of stock is satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Even if we do not qualify as a domestically controlled qualified investment entity at the time a
non-U.S. stockholder sells its capital stock, our stock sold by such stockholder would not be
considered a U.S. real property interest if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the class or series of stock sold is considered regularly traded under applicable
Treasury Regulations on an established securities market; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the selling non-U.S. stockholder owned, actually or constructively, 5% or less in
value of the outstanding class or series of stock being sold throughout the shorter of
the five-year period ending on the date of the sale or exchange or the taxpayer&#146;s holding
period with respect to such stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our common stock is regularly traded on an established securities market in the United States. Any
preferred stock we issue may or may not be regularly traded on an established securities market in
the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If gain on the sale or exchange of our common stock were subject to taxation under FIRPTA, a
non-U.S. stockholder would be subject to regular U.S. income tax with respect to any gain in the
same manner as a taxable U.S. stockholder, subject to any applicable alternative minimum tax and
special alternative minimum tax in the case of nonresident alien individuals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Reporting and Backup Withholding Tax Applicable to Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>U.S. Stockholders. </I>In general, information reporting requirements will apply to distributions on
our capital stock and payments of the proceeds of the sale of our capital stock to some
stockholders, unless an exception applies. Further, the payee will be subject to backup withholding
on any payments if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the payee fails to furnish a taxpayer identification number, or TIN, to the payor
or to establish an exemption from backup withholding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the IRS notifies the payor that the TIN furnished by the payee is incorrect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has been a notified payee under-reporting with respect to interest,
dividends, or original issue discount described in Section 3406(c) of the Code; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the payee fails to certify under the penalty of perjury that the payee is not
subject to backup withholding under the Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some stockholders, including corporations and tax exempt organizations, will be exempt from backup
withholding. Any amounts withheld under the backup withholding rules from a payment to a
stockholder will be allowed as a credit against the stockholder&#146;s federal income tax and may
entitle the stockholder to a refund, provided that the required information is furnished to the
IRS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Non-U.S. Stockholders</I>. Generally, information reporting will apply to payments of distributions on
our capital stock, and backup withholding may apply, unless the payee certifies that it is not a
U.S. person or otherwise establishes an exemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The payment of the proceeds from the disposition of our capital stock to or through the U.S. office
of a U.S. or foreign broker will be subject to information reporting and, possibly, backup
withholding unless the non-U.S. stockholder certifies as to its non-U.S. status or otherwise
establishes an exemption, provided that the broker does not have actual knowledge that the
stockholder is a U.S. person or that the conditions of any other exemption are not, in fact,
satisfied. The proceeds of the disposition by a non-U.S. stockholder of our capital stock to or
through a foreign office of a broker generally will not be
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subject to information reporting or
backup withholding. However, if the broker is a U.S. person, a controlled foreign corporation for
U.S. tax purposes or a foreign person 50% or more of whose gross income from all sources for
specified periods is from activities that are effectively connected with a U.S. trade or business,
information reporting generally will apply unless the broker has documentary evidence as to the
non-U.S. stockholder&#146;s foreign status and has no actual knowledge to the contrary. Any amount
withheld under the backup withholding rules from a payment to a stockholder will be allowed as a
credit against such stockholder&#146;s U.S. federal income tax liability (which might entitle such
stockholder to a refund), provided that the required information is furnished to the IRS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applicable Treasury Regulations provide presumptions regarding the status of stockholders when
payments to the stockholders cannot be reliably associated with appropriate documentation provided
to the payer. Because the application of the these Treasury Regulations varies depending on the
stockholder&#146;s particular circumstances, you are urged to consult your tax advisor regarding the
information reporting requirements applicable to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Legislative or Other Actions Affecting REITs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rules dealing with federal income taxation are constantly under review by persons involved in
the legislative process and by the IRS and the U.S. Treasury Department. No assurance can be given
as to whether, when, or in what form, the federal income tax laws applicable to us and our
stockholders may be enacted. Changes to the federal tax laws and interpretations of federal tax
laws could adversely affect an investment in our capital stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional U.S. Federal Income Tax Withholding Rules</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional U.S. federal income tax withholding rules apply to certain payments made after December
31, 2012 to foreign financial institutions and certain other non-U.S. entities. A withholding tax
of 30% would apply to dividends and the gross proceeds of a disposition of our capital stock paid
to certain foreign entities unless various information reporting requirements are satisfied. For
these purposes, a foreign financial institution generally is defined as any non-U.S. entity that
(i)&nbsp;accepts deposits in the ordinary course of a banking or similar business, (ii)&nbsp;as a substantial
portion of its business, holds financial assets for the account of others, or (iii)&nbsp;is engaged or
holds itself out as being engaged primarily in the business of investing, reinvesting, or trading
in securities, partnership interests, commodities, or any interest in such assets. Prospective
investors are encouraged to consult their tax advisors regarding the implications of these rules
with respect to their investment in our capital stock as well as the status of any related federal
regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Holders of Our Debt Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tax consequences of owning any debt securities that we may issue, including any fixed interest
securities, zero coupon debt securities, original issue discount debt securities, floating rate
debt securities, convertible or exchangeable debt securities, or indexed debt securities that we
offer will be discussed in the applicable prospectus supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Tax Consequences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our company and its stockholders may be subject to state and local taxation in various state or
local jurisdictions, including those in which it or they transact business or reside. The state and
local tax treatment of our company and its stockholders may not conform to the federal income tax
consequences discussed above. Consequently, prospective investors should consult their own tax
advisors regarding the effect of state and local tax laws on an investment in our securities. To
the extent that we and any of our subsidiaries are required to pay federal, state or local taxes,
we will have less cash available for distribution to stockholders.
</DIV>

<DIV align="left">
<A name="F59050115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the securities offered by this prospectus from time to time in one or more
transactions, including without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through underwriters or dealers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directly to investors;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in &#147;at the market&#148; offerings, within the meaning of Rule&nbsp;415(a)(4) of
the Securities Act to or through a market maker or into an existing
trading market on an exchange or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to investors through agents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in block trades;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through a combination of any of these methods; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through any other method permitted by applicable law and described in
a prospectus supplement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we may issue the securities as a dividend or distribution to our existing
stockholders or other securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus supplement with respect to any offering of securities will include the
following information:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms of the offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names of any underwriters or agents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name or names of any managing underwriter or underwriters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price or initial public offering price of the securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the net proceeds from the sale of the securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any delayed delivery arrangements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any underwriting discounts, commissions and other items constituting
underwriters&#146; compensation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any discounts or concessions allowed or reallowed or paid to dealers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any commissions paid to agents; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any securities exchange on which the securities may be listed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sale through Underwriters or Dealers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If underwriters are used in the sale, the underwriters may resell the securities from time to
time in one or more transactions, including negotiated transactions, at a fixed public offering
price or at varying prices determined at the time of sale. Underwriters may offer securities to the
public either through underwriting syndicates represented by one or more managing underwriters or
directly by one or more firms acting as underwriters. Unless we inform you otherwise in the
applicable prospectus supplement, the obligations of the underwriters to purchase the securities
will be subject to certain conditions, and the underwriters will be obligated to purchase all of
the offered securities if they purchase any of them. The underwriters may change from time to time
any initial public offering price and any discounts or concessions allowed or reallowed or paid to
dealers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will describe the name or names of any underwriters, dealers or agents and the purchase
price of the securities in a prospectus supplement relating to the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the sale of the securities, underwriters may receive compensation from us
or from purchasers of the securities, for whom they may act as agents, in the form of discounts,
concessions or commissions. Underwriters may sell the securities to or through dealers, and these
dealers may receive compensation in the form of discounts, concessions or
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents, which is not
expected to exceed that customary in the types of transactions involved. Underwriters, dealers and
agents that participate in the distribution of the securities may be deemed to be underwriters, and
any discounts or commissions they receive from us, and any profit on the resale of the securities
they realize may be deemed to be underwriting discounts and commissions, under the Securities Act.
The prospectus supplement will identify any underwriter or agent and will describe any compensation
they receive from us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters could make sales in privately negotiated transactions and/or any other method
permitted by law, including sales deemed to be an &#147;at-the-market&#148; offering, sales made directly on
the NYSE, the existing trading market for our shares of common stock, or sales made to or through a
market maker other than on an exchange. The name of any such underwriter or agent involved in the
offer and sale of our shares of common stock, the amounts underwritten, and the nature of its
obligations to take our shares of common stock will be described in the applicable prospectus
supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the prospectus supplement, each series of the securities will be
a new issue with no established trading market, other than our shares of common stock, which are
currently listed on the NYSE. We currently intend to list any shares of common stock sold pursuant
to this prospectus on the NYSE. We may elect to list any series of shares of preferred stock on an
exchange, but are not obligated to do so. It is possible that one or more underwriters may make a
market in a series of the securities, but underwriters will not be obligated to do so and may
discontinue any market making at any time without notice. Therefore, we can give no assurance about
the liquidity of the trading market for any of the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under agreements we may enter into, we may indemnify underwriters, dealers, and agents who
participate in the distribution of the securities against certain liabilities, including
liabilities under the Securities Act, or contribute with respect to payments that the underwriters,
dealers or agents may be required to make.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In compliance with the guidelines of the Financial Industry Regulatory Authority, Inc.
(&#147;FINRA&#148;), the maximum aggregate discounts, commissions, agency fees or other items constituting
underwriting compensation to be received by any FINRA member or independent broker-dealer will not
exceed 8% of the aggregate offering price of the securities offered pursuant to this prospectus and
any applicable prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To facilitate the offering of securities, certain persons participating in the offering may
engage in transactions that stabilize, maintain, or otherwise affect the price of the securities.
This may include over-allotments or short sales of the securities, which involve the sale by
persons participating in the offering of more securities than we sold to them. In these
circumstances, these persons would cover such over-allotments or short positions by making
purchases in the open market or by exercising their over-allotment option, if any. In addition,
these persons may stabilize or maintain the price of the securities by bidding for or purchasing
securities in the open market or by imposing penalty bids, whereby selling concessions allowed to
dealers participating in the offering may be reclaimed if securities sold by them are repurchased
in connection with stabilization transactions. The effect of these transactions may be to stabilize
or maintain the market price of
the securities at a level above that which might otherwise prevail in the open market. These
transactions may be discontinued at any time. From time to time, we may engage in transactions
with these underwriters, dealers, and agents in the ordinary course of business.



If indicated in the prospectus supplement, we may authorize underwriters or other persons
acting as our agents to solicit offers by institutions to purchase securities from us pursuant to
contracts providing for payment and delivery on a future date. Institutions with which we may make
these delayed delivery contracts include commercial and savings banks, insurance companies, pension
funds, investment companies, educational and charitable institutions and others. The obligations of
any purchaser under any such delayed delivery contract will be subject to the condition that the
purchase of the securities shall not at the time of delivery be prohibited under the laws of the
jurisdiction to which the purchaser is subject. The underwriters and other agents will not have any
responsibility with regard to the validity or performance of these delayed delivery contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Direct Sales and Sales through Agents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the securities directly. In this case, no underwriters or agents would be
involved. We may also sell the securities through agents designated by us from time to time. In the
applicable prospectus supplement, we will name any agent involved in the offer or sale of the
offered securities, and we will describe any commissions payable to the agent. Unless we inform you
otherwise in the applicable prospectus supplement, any agent will agree to use its reasonable best
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">efforts to solicit purchases for the period of its appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the securities directly to institutional investors or others who may be deemed to
be underwriters within the meaning of the Securities Act with respect to any sale of those
securities. We will describe the terms of any sales of these securities in the applicable
prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Remarketing Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities may also be offered and sold, if so indicated in the applicable prospectus
supplement, in connection with a remarketing upon their purchase, in accordance with a redemption
or repayment pursuant to their terms, or otherwise, by one or more remarketing firms, acting as
principals for their own accounts or as agents for us. Any remarketing firm will be identified and
the terms of its agreements, if any, with us and its compensation will be described in the
applicable prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delayed Delivery Contracts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we so indicate in the applicable prospectus supplement, we may authorize agents,
underwriters or dealers to solicit offers from certain types of institutions to purchase securities
from us at the public offering price under delayed delivery contracts. These contracts would
provide for payment and delivery on a specified date in the future. The contracts would be subject
only to those conditions described in the applicable prospectus supplement. The applicable
prospectus supplement will describe the commission payable for solicitation of those contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may have agreements with the underwriters, dealers, agents and remarketing firms to
indemnify them against certain civil liabilities, including liabilities under the Securities Act,
or to contribute with respect to payments that the underwriters, dealers, agents or remarketing
firms may be required to make. Underwriters, dealers, agents and remarketing firms may be customers
of, engage in transactions with or perform services for us in the ordinary course of their
businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In compliance with Financial Industry Regulatory Authority, or FINRA, guidelines, the maximum
commission or discount to be received by any FINRA member or independent broker dealer may not
exceed 8% of the aggregate amount of the securities offered pursuant to this prospectus or any
applicable prospectus supplement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="F59050116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities offered by means of this prospectus and certain U.S. federal
income tax matters have been passed upon for us by Goodwin Procter LLP.
</DIV>
<DIV align="left">
<A name="F59050117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements, and the related financial statement schedules, as of
December&nbsp;31, 2009 and December&nbsp;31, 2010, and for the period from February&nbsp;16, 2010 (commencement of
operations) to December&nbsp;31, 2010 incorporated in this prospectus by reference from our Annual
Report on Form 10-K, and the effectiveness of our internal control over financial reporting, have
been audited by Deloitte &#038; Touche LLP, an independent registered public accounting firm, as stated
in their reports, which are incorporated herein by reference. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements of revenues and certain expenses of 130 Interstate for the year ended December&nbsp;31,
2009, the statements of revenues and certain expenses of Middlebrook for the year ended December
31, 2009, the statements of revenues and certain expenses of Belleville for the year ended December
31, 2009, the statements of revenues and certain expenses of Warm Springs I and II for the year
ended December&nbsp;31, 2009, the statements of revenues and certain expenses of Fortune/Qume for the
year ended December&nbsp;31, 2009, the statements of revenues and certain expenses of 238/242 Lawrence
for the year ended December&nbsp;31, 2009 and the statements of revenues and certain expenses of Maltese
for the year ended December&nbsp;31, 2009 (collectively, the &#147;Historical Summaries&#148;), incorporated by
reference in this prospectus, have been audited by Deloitte &#038; Touche LLP, an independent registered
public accounting firm, as stated in their reports, which are incorporated herein by reference.
Such Historical Summaries have been so incorporated in reliance upon the reports of such firm given
on the authority of such firm as experts in accounting and auditing.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>




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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="f59050f5905001.gif" alt="(TERRENO LOGO)">
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>$250,000,000</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Common Stock<BR>
Preferred Stock<BR>
Debt Securities</B>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>PROSPECTUS</B>
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;14. </B><B><I>Other Expenses of Issuance and Distribution.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the costs and expenses of the sale and distribution of the
securities being registered, all of which are being borne by the Registrant.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEC registration fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FINRA filing fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>164,525</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts in the table above, except the SEC registration fee and FINRA filing fee, are
estimated. These amounts do not include expenses of preparing and printing any accompanying
prospectus supplements, listing fees, trustee fees and expenses, transfer agent fees and other
expenses related to offerings of particular securities from time to time. Estimated fees and
expenses associated with future offerings will be provided in the applicable prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. </B><B><I>Indemnification and Limitation of Directors&#146; and Officers&#146; Liability</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter contains a provision permitted under the Maryland General Corporation Law that
eliminates each director&#146;s and officer&#146;s personal liability to us or our stockholders for monetary
damages except for liability resulting from (a)&nbsp;actual receipt of an improper benefit or profit in
money, property or services or (b)&nbsp;active and deliberate dishonesty that is established by a final
judgment and is material to the cause of action. In addition, to the maximum extent permitted under
the Maryland General Corporation Law, our charter authorizes us to obligate our company and our
bylaws require us to indemnify any present or former director or officer or any individual who,
while a director or officer and at our request, serves or has served another corporation, real
estate investment trust, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise as a director, officer, partner, member, manager or trustee, from
and against any claim or liability to which that individual may become subject or which that
individual may incur by reason of his or her service in any of the foregoing capacities, and to pay
or reimburse his or her reasonable expenses in advance of final disposition of a proceeding,
without requiring a preliminary determination of the ultimate entitlement to indemnification. Our
charter and bylaws also permit us to indemnify and advance expenses to any individual who served
any predecessor of us in any of the capacities described above and any employee or agent of us or
any predecessor of us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland law requires a Maryland corporation (unless its charter provides otherwise,
which our charter does not) to indemnify a director or officer who has been successful in the
defense of any proceeding to which he or she is made or threatened to be made a party by reason of
his or her service in that capacity. Maryland law permits a Maryland corporation to indemnify its
present and former directors and officers, among others, against judgments, penalties, fines,
settlements and reasonable expenses actually incurred by them in connection with any proceeding to
which they may be made or threatened to be made a party by reason of their service in those or
other capacities unless it is established that (a)&nbsp;the act or omission of the director or officer
was material to the matter giving rise to the proceeding and (i)&nbsp;was committed in bad faith or (ii)
was the result of active and deliberate dishonesty, (b)&nbsp;the director or officer actually received
an improper personal benefit in money, property or services or (c)&nbsp;in the case of any criminal
proceeding, the director or officer had reasonable cause to believe that the act or omission was
unlawful. A Maryland corporation may not indemnify a director or officer who has been adjudged
liable in a suit by or in the right of the corporation or in which the director or officer was
adjudged liable to the corporation or on the basis that a personal benefit was improperly received.
A court may order indemnification if it determines that the director is fairly and reasonably
entitled to indemnification, even though the director did not meet the prescribed standard of
conduct, was adjudged liable to the corporation or was adjudged liable on the basis that personal
benefit was improperly received; however, indemnification for an adverse judgment in a suit by or
in the right of the corporation, or for a judgment of liability on the basis that personal benefit
was improperly received, is limited to expenses.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Maryland law permits a corporation to advance reasonable expenses to a
director or officer upon the corporation&#146;s receipt of (a)&nbsp;a written affirmation by the director or
officer of his or her good faith belief that he or she has met the standard of conduct necessary
for indemnification by the corporation and (b)&nbsp;a written undertaking by him or her or on his or her
behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined
that the standard of conduct was not met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into indemnification agreements with each of our executive officers and
directors whereby we indemnify such executive officers and directors to the fullest extent
permitted by Maryland law against all expenses and liabilities, subject to limited exceptions.
These indemnification agreements also provide that upon an application for indemnity by an
executive officer or director to a court of appropriate jurisdiction, such court may order us to
indemnify such executive officer or director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16. </B><B><I>Exhibits.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The list of exhibits following the signature page of this Registration Statement on Form S-3
is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;17. </B><B><I>Undertakings.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The undersigned registrant hereby undertakes:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Provided, however, </I>That paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not
apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 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 424(b) that is part of the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is relying on Rule&nbsp;430B:
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule&nbsp;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
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or
(b)(7) as part of a registration statement in reliance on Rule&nbsp;430B relating to an
offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;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&nbsp;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 be the initial <I>bona fide </I>offering thereof.
<I>Provided, however</I>, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that
is part of the registration statement will, as to a purchaser with a time of contract
of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;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:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to
the offering required to be filed pursuant to Rule&nbsp;424;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to Section 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 <I>bona fide </I>offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing
provisions, 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 Act 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 trustee, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such trustee, 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 Act and will be governed by the
final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The undersigned registrant hereby undertakes to file an application for the purpose of
determining the eligibility of the trustee to act under subsection (a)&nbsp;of Section&nbsp;310 of the Trust
Indenture Act in accordance with the rules and regulations prescribed by the Commission under
Section&nbsp;305(b)(2) of the Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 San Francisco, state of California, on May 2,  2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TERRENO REALTY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ W. Blake Baird
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">W. Blake Baird&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chairman of the Board and<BR>
Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints W. Blake Baird and Michael A. Coke and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any and all amendments to this
registration statement, and any additional related registration statement filed pursuant to Rule
462(b) under the Securities Act of 1933, as amended (including post-effective amendments to the
registration statement and any such related registration statements), and to file the same, with
all exhibits thereto, and any other documents in connection therewith, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be
done by virtue hereof
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities indicated on May&nbsp;2, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ W. Blake Baird&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
W.
Blake Baird
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Chief Executive Officer and Director<br> (principal executive officer)
<br>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael A. Coke&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael
A. Coke
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Financial Officer and Director<br>
(principal financial and accounting officer)
<br>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ LeRoy E. Carlson&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
LeRoy E. Carlson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
<br>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter J. Merlone&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter J. Merlone
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
<br>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Douglas M. Pasquale&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Douglas M. Pasquale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
<br>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dennis Polk&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Dennis Polk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
<br>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#F59050tocpage">Table of Contents</A></H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of, or incorporated by reference into, this
Registration Statement on Form S-3:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Underwriting Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment and Restatement of Registrant (previously filed as Exhibit
3.1 to Amendment No.&nbsp;2 to the Company&#146;s Registration Statement on Form&nbsp;S-11 on
January&nbsp;6, 2010 and incorporated herein by reference)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of Registrant (previously filed as Exhibit&nbsp;3.2 to
Amendment No.&nbsp;2 to the Company&#146;s Registration Statement on Form&nbsp;S-11 on January&nbsp;6,
2010 and incorporated herein by reference)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Common Stock Certificate of Registrant (previously filed as Exhibit&nbsp;4.1 to
Amendment No.&nbsp;3 to the Company&#146;s Registration Statement on Form&nbsp;S-11 on January&nbsp;15,
2010 and incorporated herein by reference)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles Supplementary with respect to any shares of preferred stock issued
pursuant to this Registration Statement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture (for &#091;Subordinated&#093; Debt Securities) (open-ended)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Goodwin Procter LLP as to the legality of the securities being registered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Goodwin Procter LLP as to certain tax matters</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of computation of ratios of earnings to fixed charges</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Goodwin Procter LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Goodwin Procter LLP (included in Exhibit&nbsp;8.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1***
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as
amended, of the Trustee under the Indenture (for Debt Securities)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.2***
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as
amended, of the Trustee under the Indenture (for Subordinated Debt Securities)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment or as an exhibit to a report filed under the Securities Exchange Act of 1934, and
incorporated herein by reference.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed, if necessary, separately under the electronic form type 305B2.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->II-6<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>f59050exv4w3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.3
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TERRENO REALTY CORPORATION
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TO<BR>
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;,<BR>
Trustee
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Indenture</B><BR>
(For &#091;Subordinated&#093;* Debt Securities)</div>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 20&#95;&#95;
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language will be inserted in the Indenture under which subordinated Debt
Securities will be issued.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS&#134;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>RECITAL OF THE COMPANY</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance Certificates and Opinions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Documents Delivered to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acts of Holders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices, Etc. to Trustee and Company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice to Holders of Debt Securities; Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict with Trust Indenture Act</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.08.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings and Table of Contents</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.09.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Separability Clause</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Benefits of Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Holidays</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE II DEBT SECURITY FORMS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of Authentication</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Debt Securities Issuable in the Form of a Global Security</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE III THE DEBT SECURITIES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited; Issuable in Series</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denominations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution, Authentication, Delivery and Dating</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Registration of Transfer and Exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Destroyed, Lost and Stolen Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Interest and Additional Interest; Interest Rights Preserved</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.08.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Deemed Owners</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.09.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation by Debt Security Registrar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment to be in Proper Currency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Extension of Interest Payment&#093;*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE IV REDEMPTION OF DEBT SECURITIES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Election to Redeem; Notice to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Selection of Debt Securities to be Redeemed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Debt Securities Payable on Redemption Date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Debt Securities Redeemed in Part</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE V SINKING FUNDS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction of Sinking Fund Payments with Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redemption of Debt Securities for Sinking Fund</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE VI COVENANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal, Premium and Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language will be inserted in the Indenture under which subordinated Debt Securities
will be issued.</TD>
</TR>

</TABLE>


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

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

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





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maintenance of Office or Agency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Money for Debt Securities Payments to be Held in Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Existence</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maintenance of Properties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Officer's Certificate as to Compliance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Certain Covenants</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE VII SATISFACTION AND DISCHARGE</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Trust Money</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE VIII EVENTS OF DEFAULT; REMEDIES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceleration of Maturity; Rescission and Annulment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee May File Proofs of Claim</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee May Enforce Claims without Possession of Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Money Collected</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Suits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.08.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unconditional Right of Holders to Receive Principal, Premium and Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.09.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restoration of Rights and Remedies</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Remedies Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delay or Omission Not Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Control by Holders of Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Past Defaults</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking for Costs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.15.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Stay or Extension Laws</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE IX THE TRUSTEE</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Duties and Responsibilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Responsible for Recitals or Issuance of Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May Hold Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Money Held in Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Reimbursement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.08.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disqualification; Conflicting Interests</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.09.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Trustee Required; Eligibility</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of Successor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or Succession to Business</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against Company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Trustees and Separate Trustees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.15.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE X HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lists of Holders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by Trustee and Company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE XI CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company May Consolidate, Etc., Only on Certain Terms</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation Substituted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language will be inserted in the Indenture under which subordinated Debt Securities
will be issued.</TD>
</TR>






</TABLE>



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

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

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



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE XII SUPPLEMENTAL INDENTURES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of Holders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures With Consent of Holders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conformity With Trust Indenture Act</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reference in Debt Securities to Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Modification without Supplemental Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE XIII MEETINGS OF HOLDERS; ACTION WITHOUT MEETING</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>49</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purposes for which Meetings may be Called</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Call, Notice and Place of Meetings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Entitled to Vote at Meetings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quorum; Action</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attendance at Meetings; Determination of Voting Rights; Conduct and
Adjournment of Meetings </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counting Votes and Recording Action of Meetings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;13.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Action Without Meeting</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE XIV IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;14.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Liability Solely Corporate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE XV &#091;SUBORDINATION OF SECURITIES&#093;*</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.01.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Subordinate to Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.02.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Over of Proceeds of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.03.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disputes with Holders of Certain Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.04.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subrogation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.05.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unconditional Obligation of the Company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.06.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Priority of Senior Indebtedness Upon Maturity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.07.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee as Holder of Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.08.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice to Trustee to Effectuate Subordination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.09.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Modification, Extension, Etc. of Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Has No Fiduciary Duty to Holders of Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paying Agents other than the Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Holders of Senior Indebtedness Not Impaired</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This Article Not To Prevent Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;15.14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Subordination Provisions; Termination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language will be inserted in the Indenture under which subordinated Debt Securities
will be issued.</TD>
</TR>







</TABLE>









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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERRENO REALTY CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939<BR>
AND INDENTURE, DATED AS OF &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 20&#95;&#95;&#95;&#95;&#95;</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trust Indenture Act Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indenture Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;310 (a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.09</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.09</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.14</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.08, 9.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;311 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">9.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;312 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;313 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;314 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">10.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">6.06</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">1.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">1.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Not Applicable</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trust Indenture Act Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indenture Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">1.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;315 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">9.01, 9.03</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">9.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">9.01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">9.01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">8.14</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;316 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">8.12, 8.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(1)(A)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">8.02, 8.12</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(1)(B)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">813</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">8.08</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap></TD>
    <TD align="left">1.04(g)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;317 (a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">8.03</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">8.04</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">6.03</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167;318 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">1.07</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>INDENTURE (FOR &#091;SUBORDINATED&#093;* DEBT SECURITIES</B>), dated as of
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
20 <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, between
TERRENO REALTY CORPORATION, a corporation duly organized and existing under the laws of the State
of Maryland (herein called the &#147;<B>Company</B>&#148;), having its principal office at 16 Maiden Lane, Fifth
Floor, San Francisco, California, and &#091;TRUSTEE&#093;, a
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
having its principal corporate trust office at
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
as Trustee (herein called the &#147;<B>Trustee</B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITAL OF THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of certain of its
&#091;subordinated&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">*</SUP> debentures, notes or
other evidences of indebtedness (herein called the &#147;<B>Debt Securities</B>&#148;), in an unlimited aggregate
principal amount, to be issued in one or more series as contemplated herein; and all acts necessary
to make this Indenture a valid agreement of the Company have been performed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires, capitalized terms used herein shall have the meanings assigned to them
in <U>Article&nbsp;I</U> of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the
purchase of the Debt Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of
all Holders of the Debt Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.01. <U>Definitions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the terms defined in this Article have the
meanings assigned to them in this Article and include the plural as well as the singular;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all terms used herein without definition
that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as
otherwise herein expressly provided, the term &#147;generally accepted accounting principles&#148; with
respect to any computation required or permitted hereunder shall mean such accounting principles as
are generally accepted in the United States at the date of such computation or, at the election of
the Company from time to time, at the date of the execution and delivery of this Indenture;
<I>provided</I>, <I>however</I>, that in determining generally accepted accounting principles applicable to the
Company, the Company shall, to the extent required, conform to any order, rule or regulation of any
administrative agency, regulatory authority or other governmental body having jurisdiction over the
Company; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the words &#147;herein,&#148;
&#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain terms, used principally in
<U>Article&nbsp;IX</U>, are defined in that Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Act</B>&#148; when used with respect to any
Holder of a Debt Security, has the meaning specified in <U>Section&nbsp;1.04</U>.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Interest</B>&#148; means the interest, if any, that shall accrue on any interest on the
Debt Securities of any series, the payment of which has not been made on the applicable Interest
Payment Date and which shall accrue at the rate per annum specified or determined as specified in
such Debt Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Authenticating Agent</B>&#148; means any Person (other than the Company or an Affiliate of the
Company) authorized by the Trustee pursuant to <U>Section&nbsp;9.15</U> to act on behalf of the Trustee
to authenticate one or more series of Debt Securities or Tranche thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Authorized Officer</B>&#148; means the Chief Executive Officer, the President, the Chief Financial
Officer, any Vice President, the Treasurer or any other duly authorized officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board of Directors</B>&#148; means either the board of directors of the Company or any committee
thereof duly authorized to act or any director or directors and/or officer or officers of the
Company to whom that board or committee shall have duly delegated its authority in respect of
matters relating to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board Resolution</B>&#148; means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>,&#148; when used with respect to a Place of Payment or any other particular location
specified in the Debt Securities or this Indenture, means any day, other than a Saturday or Sunday,
which is not a day on which banking institutions or trust companies in such Place of Payment or
other location are generally authorized or required by law, regulation or executive order to remain
closed, except as may be otherwise specified as contemplated by <U>Section&nbsp;3.01</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commission</B>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the date of execution and delivery of this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body, if any, performing such duties at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Company</B>&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this Indenture
until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Company&#148; shall mean such successor Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Company Request</B>&#148; or &#147;<B>Company Order</B>&#148; means a written request or order signed in the name of
the Company by an Authorized Officer and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Corporate Trust Office</B>&#148; means the office of the Trustee at which at any particular time this
Indenture shall be principally administered, which office at the date of execution and delivery of
this Indenture is located at
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Corporation</B>&#148; means a real estate investment trust, corporation, association, company, limited
liability company, joint stock company or business trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt Securities</B>&#148; has the meaning stated in the first recital of this Indenture and more
particularly means any securities authenticated and delivered under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt Security Register</B>&#148; and &#147;<B>Debt Security Registrar</B>&#148; have the respective meanings specified
in <U>Section&nbsp;3.05</U>.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Defaulted Interest</B>&#148; has the meaning specified in <U>Section&nbsp;3.07</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Depositary</B>&#148; shall mean, with respect to Debt Securities of any series, for which the Company
shall determine that such Debt Securities will be issued as a Global Security, The Depository Trust
Company, New York, New York, another clearing agency or any successor registered as a clearing
agency under the Exchange Act or other applicable statute or regulation, which, in each case, shall
be designated by the Company pursuant to <U>Section&nbsp;2.03(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Discount Debt Security</B>&#148; means any Debt Security that provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to <U>Section&nbsp;8.02</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar</B>&#148; or &#147;<B>$</B>&#148; means a dollar or other equivalent unit in such coin or currency of the United
States as at the time shall be legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eligible Obligations</B>&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;with respect to Debt Securities denominated in Dollars, Government Obligations; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;with respect to Debt Securities denominated in a currency other than Dollars or in a
composite currency, such other obligations or instruments as shall be specified with respect to
such Debt Securities, as contemplated by <U>Section&nbsp;3.01</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Event of Default</B>&#148; has the meaning specified in <U>Section&nbsp;8.01</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Global Security</B>&#148; means, with respect to the Debt Securities, a Debt Security executed by the
Company and delivered by the Trustee to the Depositary or pursuant to the Depositary&#146;s instruction,
all in accordance with this Indenture, which shall be registered in the name of the Depositary or
its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental Authority</B>&#148; means the government of the United States or of any state or
territory thereof or of the District of Columbia or of any county, municipality or other political
subdivision of any thereof, or any department, agency, authority or other instrumentality of any of
the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Government Obligations</B>&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;direct obligations of, or obligations the timely payment of principal of and interest on
which are unconditionally guaranteed by, the United States entitled to the benefit of the full
faith and credit thereof; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;certificates, depositary receipts or other instruments that evidence a direct ownership
interest in obligations described in clause (a)&nbsp;above or in any specific interest or principal
payments due in respect thereof; <I>provided</I>, <I>however</I>, that the custodian of such obligations or
specific interest or principal payments shall be a bank or trust company (which may include the
Trustee or any Paying Agent) subject to federal or state supervision or examination with a combined
capital and surplus of at least $100,000,000; and <I>provided</I>, <I>further</I>, that except as may be
otherwise required by law, such custodian shall be obligated to pay to the holders of such
certificates, depositary receipts or other instruments the full amount received by such custodian
in respect of such obligations or specific payments and shall not be permitted to make any
deduction therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holder</B>&#148; means a Person in whose name a Debt Security is registered in the Debt Security
Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indenture</B>&#148; means this instrument as originally executed and delivered and as it may from time
to time be supplemented or amended by one or more indentures or Officer&#146;s Certificates supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include the terms of
particular series of Debt Securities established as contemplated by <U>Section&nbsp;3.01</U>.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest</B>&#148; with respect to a Discount Debt Security means interest, if any, borne by such Debt
Security at a Stated Interest Rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Payment Date</B>,&#148; when used with respect to any Debt Security, means the Stated
Maturity of an installment of interest on such Debt Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maturity</B>,&#148; when used with respect to any Debt Security, means the date on which the principal
of such Debt Security or an installment of principal becomes due and payable as provided in such
Debt Security or in this Indenture, whether at the Stated Maturity, by declaration of acceleration,
upon call for redemption or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Officer&#146;s Certificate</B>&#148; means a certificate signed by an Authorized Officer and delivered to
the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Opinion of Counsel</B>&#148; means a written opinion of counsel, who may be counsel for the Company,
or other counsel acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Outstanding</B>,&#148; when used with respect to Debt Securities, means, as of the date of
determination, all Debt Securities theretofore authenticated and delivered under this Indenture,
except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Debt Securities theretofore canceled by the Trustee or the Debt Security Registrar or
delivered to the Trustee or the Debt Security Registrar for cancellation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Debt Securities deemed to have been paid in accordance with <U>Section&nbsp;7.01</U>; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Debt Securities that have been paid pursuant to <U>Section&nbsp;3.06</U> or in exchange for or
in lieu of which other Debt Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Debt Securities in respect of which there shall have been presented
to the Trustee proof satisfactory to it and the Company that such Debt Securities are held by a
bona fide purchaser or purchasers in whose hands such Debt Securities are valid obligations of the
Company;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>however</I>, that in determining whether or not the Holders of the requisite principal amount
of the Debt Securities Outstanding under this Indenture, or the Outstanding Debt Securities of any
series or Tranche, have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or whether or not a quorum is present at a meeting of Holders of Debt Securities,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Debt Securities owned by the Company or any other obligor upon the Debt Securities or any
Affiliate of the Company or of such other obligor (unless the Company, such Affiliate or such
obligor owns all Debt Securities Outstanding under this Indenture, or all Outstanding Debt
Securities of each such series and each such Tranche, as the case may be, determined without regard
to this clause (x)) shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver or upon any such determination as to the
presence of a quorum, only Debt Securities that the Trustee knows to be so owned shall be so
disregarded; <I>provided</I>, <I>however</I>, that Debt Securities so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee&#146;s right so to act with respect to such Debt Securities and that the pledgee is not the
Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such
other obligor; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;the principal amount of a Discount Debt Security that shall be deemed to be Outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of
the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant
to <U>Section&nbsp;8.02</U>;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>further</I>, that, in the case of any Debt Security the principal of which is payable from
time to time without presentment or surrender, the principal amount of such Debt Security that
shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the
original principal amount thereof less the aggregate amount of principal thereof theretofore paid.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Paying Agent</B>&#148; means any Person, including the Company, authorized by the Company to pay the
principal of and premium, if any, or interest (including Additional Interest), if any, on any Debt
Securities on behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Periodic Offering</B>&#148; means an offering of Debt Securities of a series from time to time any or
all of the specific terms of which Debt Securities, including without limitation the rate or rates
of interest (including Additional Interest), if any, thereon, the Stated Maturity or Maturities
thereof and the redemption provisions, if any, with respect thereto, are to be determined by the
Company or its agents upon the issuance of such Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means any individual, Corporation, partnership, joint venture, trust or
unincorporated organization or any Governmental Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Place of Payment</B>,&#148; when used with respect to the Debt Securities of any series, or Tranche
thereof, means the place or places, specified as contemplated by <U>Section&nbsp;3.01</U>, at which,
subject to <U>Section&nbsp;6.02</U>, principal of and premium, if any, and interest (including
Additional Interest), if any, on the Debt Securities of such series or Tranche are payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Predecessor Debt Security</B>&#148; of any particular Debt Security means every previous Debt Security
evidencing all or a portion of the same debt as that evidenced by such particular Debt Security;
and, for the purposes of this definition, any Debt Security authenticated and delivered under
<U>Section&nbsp;3.06</U> in exchange for or in lieu of a mutilated, destroyed, lost or stolen Debt
Security shall be deemed (to the extent lawful) to evidence the same debt as the mutilated,
destroyed, lost or stolen Debt Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Date</B>,&#148; when used with respect to any Debt Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Price</B>,&#148; when used with respect to any Debt Security to be redeemed, means the
price at which it is to be redeemed pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Regular Record Date</B>&#148; for the interest payable on any Interest Payment Date on the Debt
Securities of any series means the date specified for that purpose as contemplated by <U>Section
3.01</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required Currency</B>&#148; has the meaning specified in <U>Section&nbsp;3.11</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Responsible Officer</B>,&#148; when used with respect to the Trustee, means the officer of the Trustee
at its Corporate Trust Office assigned by the Trustee to administer this Indenture, and any other
duly authorized officer of the Trustee to whom a matter arising under this Indenture may be
referred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;&#147;<B>Senior Indebtedness</B>&#148; means all (i)&nbsp;obligations (other than non-recourse obligations and the
indebtedness issued under this Indenture) of, or guaranteed or assumed by, the Company for borrowed
money, including both senior and subordinated indebtedness for borrowed money (other than the Debt
Securities), or for the payment of money relating to any lease that is capitalized on the
consolidated balance sheet of the Company and its subsidiaries in accordance with generally
accepted accounting principles as in effect from time to time, (ii)&nbsp;indebtedness evidenced by
bonds, debentures, notes or other similar instruments, (iii)&nbsp;obligations with respect to letters of
credit, bankers&#146; acceptances or similar facilities issued for the account of the Company, (iv)
obligations issued or assumed as the deferred purchase price of property or services, but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of business, (v)
obligations for claims, as defined in Section&nbsp;101(5) of the United States Bankruptcy Code of 1978,
as amended, in respect of derivative products such as interest and foreign exchange rate contracts,
commodity contracts and similar arrangements; and (vi)&nbsp;obligations of the type referred to in each
of the preceding clauses (i)&nbsp;through (v)&nbsp;of another Person, the payment of which the Company has
guaranteed or is responsible or liable for directly or indirectly, as obligor or otherwise; and in
each case, amendments, renewals, extensions, modifications and refundings of any such indebtedness
or obligations, whether existing as of the date of this Indenture or subsequently incurred by the
Company.&#093;*
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Special Record Date</B>&#148; for the payment of any Defaulted Interest on the Debt Securities of any
series means a date fixed by the Trustee pursuant to <U>Section&nbsp;3.07</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Stated Interest Rate</B>&#148; means a rate (whether fixed or variable) at which an obligation by its
terms is stated to bear interest. Any calculation or other determination to be made under this
Indenture by reference to the Stated Interest Rate on a Debt Security shall be made without regard
to the effective interest cost to the Company of such Debt Security and without regard to the
Stated Interest Rate on, or the effective cost to the Company of, any other indebtedness in respect
of which the Company&#146;s obligations are evidenced or secured in whole or in part by such Debt
Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Stated Maturity</B>,&#148; when used with respect to any obligation or any installment of principal
thereof or interest thereon, means the date on which the principal of such obligation or such
installment of principal or interest is stated to be due and payable (without regard to any
provisions for redemption, prepayment, acceleration, purchase or extension).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche</B>&#148; means a group of Debt Securities that (a)&nbsp;are of the same series and (b)&nbsp;have
identical terms except as to principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Trust Indenture Act</B>&#148; means the Trust Indenture Act of 1939, as amended, as in force and
effect as of the date of execution of this Indenture; <I>provided</I>, <I>however</I>, that in the event the
Trust Indenture Act of 1939 is succeeded by another statute or is amended after such date, &#147;Trust
Indenture Act&#148; shall mean such successor statute or the Trust Indenture Act of 1939, as so amended,
to the extent such successor statute or amendment is applicable to this Indenture or to the actions
of the Company or the Trustee under or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Trustee</B>&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this Indenture
until a successor Trustee shall have become such with respect to one or more series of Debt
Securities pursuant to the applicable provisions of this Indenture, and thereafter &#147;Trustee&#148; shall
mean or include each Person who is then a Trustee hereunder, and if at any time there is more than
one such Person, &#147;Trustee&#148; as used with respect to the Debt Securities of any series shall mean the
Trustee with respect to Debt Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>United States</B>&#148; means the United States of America, its territories, its possessions and other
areas subject to its political jurisdiction.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.02. <U>Compliance Certificates and Opinions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Indenture, upon any application or request by
the Company to the Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee an Officer&#146;s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be
furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a statement that each Person signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a statement that, in the opinion of each such Person, such Person has made such
examination or investigation as is necessary to enable such Person to express an informed opinion
as to whether or not such covenant or condition has been complied with; and
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;a statement as to whether, in the opinion of each such Person, such condition or covenant
has been complied with.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.03. <U>Form of Documents Delivered to Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which such officer&#146;s certificate or opinion are
based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the
possession of the Company, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such matters are
erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever, subsequent to the receipt by the Trustee of any Board Resolution, Officer&#146;s
Certificate, Opinion of Counsel or other document or instrument, a clerical, typographical or other
inadvertent or unintentional error or omission shall be discovered therein, a new document or
instrument may be substituted therefor in corrected form with the same force and effect as if
originally filed in the corrected form and, irrespective of the date or dates of the actual
execution and/or delivery thereof, such substitute document or instrument shall be deemed to have
been executed and/or delivered as of the date or dates required with respect to the document or
instrument for which it is substituted. Anything in this Indenture to the contrary
notwithstanding, if any such corrective document or instrument indicates that action has been taken
by or at the request of the Company which could not have been taken had the original document or
instrument not contained such error or omission, the action so taken shall not be invalidated or
otherwise rendered ineffective but shall be and remain in full force and effect (except to the
extent that such action was a result of willful misconduct or bad faith or had or could be expected
to have a material adverse effect on the Holders of any Debt Securities issued hereunder).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, any Debt Securities issued under the
authority of such defective document or instrument shall nevertheless be the valid obligations of
the Company entitled to the benefits of this Indenture equally and ratably with all other
Outstanding Debt Securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.04. <U>Acts of Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any request, demand, authorization, direction, notice, consent, election, waiver or other
action provided by this Indenture to be made, given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing or, alternatively, may be embodied in and evidenced
by the record of Holders voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders duly called and held in accordance with the provisions of
<U>Article&nbsp;XIII</U>, or a combination of such instruments and any such record. Except as herein
otherwise expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;<B>Act</B>&#148; of the
Holders signing such instrument or instruments and so voting at any such meeting. Proof of
execution of any such instrument or of a writing appointing any such agent, or of the holding by
any Person of a Debt Security, shall be sufficient for any purpose of this Indenture and (subject
to <U>Section&nbsp;9.01</U>) conclusive in
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">favor of the Trustee and the Company, if made in the manner
provided in this Section. The record of any meeting of Holders shall be proved in the manner
provided in <U>Section&nbsp;13.06</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof or may be proved in
any other manner that the Trustee and the Company deem sufficient. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall
also constitute sufficient proof of his authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The principal amount (except as otherwise contemplated in clause (y)&nbsp;of the proviso to the
definition of Outstanding) and serial numbers of Debt Securities held by any Person, and the date
of holding the same, shall be proved by the Debt Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any request, demand, authorization, direction, notice, consent, election, waiver or other
Act of a Holder shall bind every future Holder of the same Debt Security and the Holder of every
Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Debt Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Until such time as written instruments shall have been delivered to the Trustee with
respect to the requisite percentage of principal amount of Debt Securities for the action
contemplated by such instruments, any such instrument executed and delivered by or on behalf of a
Holder may be revoked with respect to any or all of such Debt Securities by written notice by such
Holder or any subsequent Holder, proven in the manner in which such instrument was proven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Debt Securities of any series, or any Tranche thereof, authenticated and delivered after
any Act of Holders may, and shall if required by the Trustee, bear a notation in form approved by
the Trustee as to any action taken by such Act of Holders. If the Company shall so determine, new
Debt Securities of any series, or any Tranche thereof, so modified as to conform, in the opinion of
the Trustee and the Company, to such action may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Debt Securities of such
series or Tranche.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If the Company shall solicit from Holders any request, demand, authorization, direction,
notice, consent, waiver or other Act, the Company may, at its option, fix in advance a record date
for the determination of Holders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other Act may be given before or after such record date, but only the Holders of record at the
close of business on the record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of the Outstanding Debt Securities have authorized or
agreed or
consented to such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Debt Securities shall be computed as of the record date.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.05. <U>Notices, Etc. to Trustee and Company</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, election, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with, the Trustee by any Holder or by the Company, or the Company by the
Trustee or by any Holder, shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and delivered personally to an officer or other responsible
employee of the addressee, or transmitted by facsimile transmission or other direct written
electronic means to such telephone number or other electronic communications address as the parties
hereto shall from time to time designate, or transmitted by certified or registered mail, charges
prepaid, to the applicable address set opposite such party&#146;s name below or to such other address as
either party hereto may from time to time designate:
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Trustee, to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">&#091;Trustee&#093;<BR>
&#091;Address&#093;<BR>
Attention:<BR>
Telephone:<BR>
Facsimile:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company, to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108<BR>
Attention:<BR>
Telephone:<BR>
Facsimile:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With copy to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Attention:<BR>
Telephone:<BR>
Facsimile:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any communication contemplated herein shall be deemed to have been made, given, furnished and
filed if personally delivered, on the date of delivery, if transmitted by facsimile transmission or
other direct written electronic means, upon date of receipt of the transmission, and if transmitted
by certified or registered mail, on the date of receipt.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.06. <U>Notice to Holders of Debt Securities; Waiver</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, where this Indenture provides for notice to
Holders of any event, such notice shall be sufficiently given, and shall be deemed given, to
Holders if in writing and mailed, first-class postage prepaid, to each Holder affected by such
event, at the address of such Holder as it appears in the Debt Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice to Holders by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice required by this Indenture may be waived in writing by the Person entitled to
receive such notice, either before or after the event otherwise to be specified therein, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.07. <U>Conflict with Trust Indenture Act</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Indenture limits, qualifies or conflicts with another provision
hereof that is required or deemed to be included in this Indenture by, or is otherwise governed by,
any of the provisions of the Trust Indenture Act, such other provision shall control; and if any
provision hereof otherwise conflicts with the Trust Indenture Act, the Trust Indenture Act shall
control.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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





<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.08. <U>Effect of Headings and Table of Contents</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and Section headings in this Indenture and the Table of Contents are for
convenience only and shall not affect the construction hereof.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.09. <U>Successors and Assigns</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.10. <U>Separability Clause</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or the Debt Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.11. <U>Benefits of Indenture</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or the Debt Securities, express or implied, shall give to any
Person, other than the parties hereto, their successors hereunder, the Holders, &#091;and so long as the
notice described in <U>Section&nbsp;15.14</U> hereof has not been given, the holders of Senior
Indebtedness,&#093;* any benefit or any legal or equitable right, remedy or claim under this Indenture.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.12. <U>Governing Law</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture and the Debt Securities shall be governed by and construed in accordance with
the laws of the State of New York, without regard to conflicts of law principles thereof, except to
the extent that the law of any other jurisdiction shall be mandatorily applicable.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.13. <U>Legal Holidays.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Debt
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Debt Securities other than a provision in Debt Securities of
any series, or any Tranche thereof, or in the indenture supplemental hereto, Board Resolution or
Officer&#146;s Certificate that establishes the terms of the Debt Securities of such series or Tranche,
which specifically states that such provision shall apply in lieu of this Section)
payment of interest or principal and premium, if any, need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at
the Stated Maturity, and, if such payment is made or duly provided for on such Business Day, no
interest shall accrue on the amount so payable for the period from and after such Interest Payment
Date, Redemption Date or Stated Maturity, as the case may be, to such Business Day.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
DEBT SECURITY FORMS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;2.01. <U>Forms Generally</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Debt Securities of each series shall be in substantially the form or forms
thereof established in the indenture supplemental hereto establishing such series or in a Board
Resolution establishing such series, or in an Officer&#146;s Certificate pursuant to such supplemental
indenture or Board Resolution, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Debt Securities, as evidenced
by their execution of the Debt Securities. If the form or forms of Debt Securities of any series
are established in a Board Resolution or in an Officer&#146;s Certificate pursuant to an indenture
supplement hereto or to a Board Resolution, such Board Resolution and Officer&#146;s
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certificate, if
any, shall be delivered to the Trustee at or prior to the delivery of the Company Order
contemplated by <U>Section&nbsp;3.03</U> for the authentication and delivery of such Debt Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by
<U>Sections&nbsp;3.01</U> or <U>12.01(g)</U>, the
Debt Securities of each series shall be issuable in registered form without coupons. The
definitive Debt Securities shall be produced in such manner as shall be determined by the officers
executing such Debt Securities, as evidenced by their execution thereof.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;2.02. <U>Form of Trustee&#146;s Certificate of Authentication</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee&#146;s certificate of authentication
shall be in substantially the form set forth
below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Debt Securities of the series
designated therein referred to in the
within-mentioned Indenture.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Trustee</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.03. <U>Debt Securities Issuable in the Form of a Global Security</U>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If the Company shall establish pursuant
to <U>Section&nbsp;3.01</U> that the Debt Securities
of a particular series are to be issued in whole or in part in the form of one or more Global
Securities, then the Company shall execute and the Trustee shall, in accordance with <U>Section
3.03</U> and the Company Order delivered to the Trustee thereunder, authenticate and deliver such
Global Security or Securities, which (i)&nbsp;shall represent, and shall be denominated in an amount
equal to the aggregate principal amount of the Outstanding Debt Securities of such series to be
represented by such Global Security or Securities, (ii)&nbsp;may provide that the aggregate amount of
Outstanding Debt Securities represented thereby may from time to time be increased or reduced to
reflect exchanges, (iii)&nbsp;shall be registered in the name of the Depositary for such Global Security
or Securities or its nominee, (iv)&nbsp;shall be delivered by the Trustee to the Depositary or pursuant
to the Depositary&#146;s instruction and (v)&nbsp;shall bear a legend in accordance with the requirements of
the Depositary. The Trustee shall enter into any agreement with the Depositary related to such
Global Securities as the Company may direct in such Company Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding any other provision of
this Section or of <U>Section&nbsp;3.05</U>, except as
contemplated by the provisions of paragraph (c)&nbsp;below, unless the terms of a Global Security
expressly permit such Global Security to be exchanged in whole or in part for individual Debt
Securities, a Global Security may be transferred, in whole but not in part and in the manner
provided in <U>Section&nbsp;3.05</U>, only to a nominee of the Depositary for such Global Security, or
to the Depositary, or to a successor Depositary for such Global Security selected or approved by
the Company, or to a nominee of such successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;(1)&nbsp;If at any time the Depositary
for a Global Security notifies the Company that it is
unwilling or unable to continue as the Depositary for such Global Security or if at any time the
Depositary for the Debt Securities for such series shall no longer be eligible or in good standing
under the Exchange Act, or other applicable statute or regulation, the Company shall appoint a
successor Depositary with respect to such Global Security. If a successor Depositary for such
Global Security is not appointed by the Company within 90&nbsp;days after the Company receives such
notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon
receipt of a Company Order for the authentication and delivery of Debt Securities of such series in
the form of definitive certificates in exchange for such Global Security, will authenticate and
deliver Debt Securities of such series in the form of definitive certificates of like tenor and
terms in an aggregate principal amount equal to the principal amount of the Global Security in
exchange for such Global Security. Such Debt Securities will be issued to and registered in the
name of such Person or Persons as are specified by the Depositary.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the extent legally permitted and subject to the rules and regulations of the
acting Depositary, the Company may at any time and in its sole discretion determine that the
Debt Securities of any series issued or issuable in the form of one or more Global
Securities shall no longer be represented by such Global Security or Securities. In any
such event the Company will execute, and the Trustee, upon receipt of a Company Request for
the authentication and delivery of Debt Securities in the form of definitive certificates in
exchange in whole or in part for such Global Security, will authenticate and deliver without
service charge to each Person specified by the Depositary Debt Securities in the form of
definitive certificates of like tenor and terms in an aggregate principal amount equal to
the principal amount of such Global Security representing such series, or the aggregate
principal amount of such Global Securities representing such series, in exchange for such
Global Security or Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If specified by the Company pursuant to <U>Section&nbsp;3.01</U> with respect to Debt
Securities issued or issuable in the form of a Global Security, the Depositary for such
Global Security may surrender such Global Security in exchange in whole or in part for Debt
Securities in the form of definitive certificates of like tenor and terms on such terms as
are acceptable to the Company and such Depositary. Thereupon the Company shall execute, and
the Trustee shall authenticate and deliver, without service charge, (A)&nbsp;to each Person
specified by such Depositary a new Debt Security or Securities of the same series of like
tenor and terms and any authorized denomination as requested by such Person in an aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security and (B)&nbsp;to such Depositary a new Global Security of like tenor and terms and
in an authorized denomination equal to the difference, if any, between the principal amount
of the surrendered Global Security and the aggregate principal amount of Debt Securities
delivered to Holders thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In any exchange provided for in any of the preceding three subparagraphs, the
Company shall execute and the Trustee shall authenticate and deliver Debt Securities in the
form of definitive certificates in authorized denominations. Upon the exchange of the
entire principal amount of a Global Security for Debt Securities in the form of definitive
certificates, such Global Security shall be canceled by the Trustee. Except as provided in
the immediately preceding subparagraph, Debt Securities issued in exchange for a Global
Security pursuant to this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, acting pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. Provided
that the Company and the Trustee have so agreed, the Trustee shall deliver such Debt
Securities to the Persons in whose names the Debt Securities are so to be registered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any endorsement of a Global Security to reflect the principal amount thereof, or
any increase or decrease in such principal amount, or changes in the rights of Holders of
Outstanding Debt Securities represented thereby shall be made in such manner and by such
Person or Persons as shall be specified in or pursuant to any applicable letter of
representations or other arrangement entered into with, or procedures of, the Depositary
with respect to such Global Security or in the Company Order delivered or to be delivered
pursuant to <U>Section&nbsp;3.03</U> with respect thereto. Subject to the provisions of
<U>Section&nbsp;3.03</U>, the Trustee shall deliver and redeliver any such Global Security in
the manner and upon instructions given by the Person or Persons specified in or pursuant to
any applicable letter of representations or other arrangement entered into with, or
procedures of, the Depositary with respect to such Global Security or in any applicable
Company Order. If a Company Order pursuant to <U>Section&nbsp;3.03</U> is so delivered, any
instructions by the Company with respect to such Global Security contained therein shall be
in writing but need not be accompanied by or contained in an Officer&#146;s Certificate and need
not be accompanied by an Opinion of Counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Depositary or, if there be one, its nominee, shall be the Holder of a Global
Security for all purposes under this Indenture; and beneficial owners with respect to such
Global Security shall hold their interests pursuant to applicable procedures of such
Depositary. The Company, the Trustee and the Debt Security Registrar shall be entitled to
deal with such Depositary for all purposes of this Indenture relating to such Global
Security (including the payment of principal, premium, if any, and interest (including
Additional Interest) and the giving of instructions or directions by or to the beneficial
owners of such Global Security as the sole Holder of such Global Security, and shall have no
obligations to the
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">beneficial owners thereof (including any direct or indirect participants
in such Depositary). None of the Company, the Trustee, any Paying Agent or the Debt
Security Registrar shall have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a Global
Security in or pursuant to any applicable letter of representations or other arrangement
entered into with, or procedures of, the Depositary with respect to such Global Security or
for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
THE DEBT SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.01. <U>Amount Unlimited; Issuable in Series</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate principal amount of Debt Securities that may be authenticated and delivered
under this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities may be issued in one or more series. Subject to the last paragraph of
this Section, prior to the authentication and delivery of Debt Securities of any series there shall
be established by specification in a supplemental indenture or in a Board Resolution, or in an
Officer&#146;s Certificate pursuant to a supplemental indenture or a Board Resolution:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the title of the Debt Securities of such series (which shall distinguish the Debt
Securities of such series from Debt Securities of all other series);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any limit upon the aggregate principal amount of the Debt Securities of such series that
may be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt
Securities of the series pursuant to <U>Section&nbsp;3.04</U>, <U>3.05</U>, <U>3.06</U>, <U>4.06</U>
or <U>12.06</U> and, except for any Debt Securities that, pursuant to <U>Section&nbsp;3.03</U>, are
deemed never to have been authenticated and delivered hereunder);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Person or Persons (without specific identification) to whom interest on Debt
Securities of such series, or any Tranche thereof, shall be payable on any Interest Payment Date,
if other than the Persons in whose names such Debt Securities (or one or more Predecessor Debt
Securities) are registered at the close of business on the Regular Record Date for such interest;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the date or dates on which the principal of the Debt Securities of such series, or any
Tranche thereof, is payable or any formulary or other method or other means by which such date or
dates shall be determined, by reference to an index or other fact or event ascertainable outside of
this Indenture or otherwise (without regard to any provisions for redemption, prepayment,
acceleration, purchase or extension);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the rate or rates at which the Debt Securities of such series, or any Tranche thereof,
shall bear interest, if any (including the rate or rates at which overdue principal shall bear
interest, if different from the rate or rates at which such Debt Securities shall bear interest
prior to Maturity, (ii)&nbsp;and, if applicable, the rate or rates at which overdue premium shall bear
interest, if any, and (iii)&nbsp;the rate or rates and the extent to which Additional Interest, if any,
shall be payable), the period or periods during which such rate or rates shall be applicable, or
any formulary or other method or other means by which such rate or rates, and any period or
periods, shall be determined, by reference to an index or other fact or event ascertainable outside
of this Indenture or otherwise; the date or dates from which such interest shall accrue; the
Interest Payment Dates on which such interest shall be payable and the Regular Record Date, if any,
for the interest payable on such Debt Securities on any Interest Payment Date&#091;; the right of the
Company, if any, to extend the interest payment periods and the duration of any such extension as
contemplated by <U>Section&nbsp;3.12</U>&#093;*; and the basis of computation of interest, if other than as
provided in <U>Section&nbsp;3.10</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the place or places at which or methods by which (1)&nbsp;the principal of and premium, if any,
and interest (including Additional Interest), if any, on Debt Securities of such series, or any
Tranche thereof, shall be payable, (2)&nbsp;registration of transfer of Debt Securities of such series,
or any Tranche thereof, may be effected, (3)
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exchanges of Debt Securities of such series, or any
Tranche thereof, may be effected and (4)&nbsp;notices and demands to or upon the Company in respect of
the Debt Securities of such series, or any Tranche thereof, and this Indenture may be served; the
Debt Security Registrar for such series; and if such is the case, that the principal of such Debt
Securities shall be payable without presentment or surrender thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the period or periods within which, or the date or dates on which, the price or prices at
which and the terms and conditions upon which the Debt Securities of such series, or any Tranche
thereof, may be redeemed, in whole or in part, at the option of the Company and any restrictions on
such redemptions, including but not limited to a restriction on a partial redemption by the Company
of the Debt Securities of any series, or any Tranche thereof, resulting in delisting of such Debt
Securities from any national exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the obligation or obligations, if any, of the Company to redeem or purchase the Debt
Securities of such series, or any Tranche thereof, pursuant to any sinking fund or other mandatory
redemption or tender provisions or at the option of a Holder thereof and the period or periods
within which or the date or dates on which, the price or prices at which and the terms and
conditions upon which such Debt Securities shall be redeemed or purchased, in whole or in part,
pursuant to such obligation, and applicable exceptions to the requirements of Section&nbsp;4.04 in the
case of mandatory redemption or redemption at the option of the Holder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the denominations in which Debt Securities of such series, or any Tranche thereof, shall
be issuable if other than denominations of $1,000 and any integral multiple thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the currency or currencies, including composite currencies, in which payment of the
principal of and premium, if any, and interest (including Additional Interest), if any, on the Debt
Securities of such series, or any Tranche thereof, shall be payable (if other than in Dollars);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;if the principal of or premium, if any, or interest (including Additional Interest), if
any, on the Debt Securities of such series, or any Tranche thereof, are to be payable, at the
election of the Company or a Holder thereof, in a coin or currency other than that in which the
Debt Securities are stated to be payable, the period or periods within which and the terms and
conditions upon which, such election may be made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;if the principal of or premium, if any, or interest (including Additional Interest), if
any, on the Debt Securities of such series, or any Tranche thereof, are to be payable, or are to be
payable at the election of the Company or a Holder thereof, in securities or other property, the
type and amount of such securities or other
property, or the formulary or other method or other means by which such amount shall be
determined, and the period or periods within which, and the terms and conditions upon which, any
such election may be made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;if the amount payable in respect of principal of or premium, if any, or interest, if any,
on the Debt Securities of such series, or any Tranche thereof, may be determined with reference to
an index or other fact or event ascertainable outside this Indenture, the manner in which such
amounts shall be determined to the extent not established pursuant to clause (e)&nbsp;of this paragraph;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;if other than the principal amount thereof, the portion of the principal amount of Debt
Securities of such series, or any Tranche thereof, that shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to <U>Section&nbsp;8.02</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;any Events of Default, in addition to those specified in <U>Section&nbsp;8.01</U>, with
respect to the Debt Securities of such series, and any covenants of the Company for the benefit of
the Holders of the Debt Securities of such series, or any Tranche thereof, in addition to those set
forth in <U>Article&nbsp;VI</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;the terms, if any, pursuant to which the Debt Securities of such series, or any Tranche
thereof, may be converted into or exchanged for shares of beneficial interest or other securities
of the Company or any other Person;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;the obligations or instruments, if any, that shall be considered to be Eligible
Obligations in respect of the Debt Securities of such series, or any Tranche thereof, denominated
in a currency other than Dollars or in a
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">composite currency, and any additional or alternative
provisions for the reinstatement of the Company&#146;s indebtedness in respect of such Debt Securities
after the satisfaction and discharge thereof as provided in <U>Section&nbsp;7.01</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;whether the Debt Securities of the series shall be issued in whole or in part in the form
of a Global Security or Securities; the terms and conditions, if any, upon which such Global
Security or Securities may be exchanged in whole or in part for certificated Debt Securities of
such series and of like tenor of any authorized denomination and the circumstances under which such
exchange may occur, if other than in the manner provided for in <U>Section&nbsp;2.03</U>; the
Depositary for such Global Security or Securities; and the form of any legend or legends to be
borne by any such Global Security in addition to or in lieu of the legend referred to in
<U>Section&nbsp;2.03</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;if the Debt Securities of such series, or any Tranche thereof, are to be issuable in
bearer form, any and all matters incidental thereto that are not specifically addressed in a
supplemental indenture as contemplated by <U>Section&nbsp;12.01(g)</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;to the extent not established pursuant to clause (r)&nbsp;of this paragraph, any limitations on
the rights of the Holders of the Debt Securities of such series, or any Tranche thereof, to
transfer or exchange such Debt Securities or to obtain the registration of transfer thereof; and if
a service charge will be made for the registration of transfer or exchange of Debt Securities of
such series, or any Tranche thereof, the amount or terms thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;any exceptions to <U>Section&nbsp;1.13</U>, or variation in the definition of Business Day,
with respect to the Debt Securities of such series, or any Tranche thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;any collateral security, assurance or guarantee for such series of Debt Securities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;any credit enhancement applicable to the Debt Securities of such series; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;any other terms of the Debt Securities of such series, or any Tranche thereof, not
inconsistent with the provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;The Debt Securities of each series, or any Tranche thereof, shall be subordinated in the
right of payment to Senior Indebtedness as provided in <U>Article&nbsp;XV</U>.&#093;*
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Debt Securities of a series subject to a Periodic Offering, the indenture
supplemental hereto or the Board Resolution that establishes such series, or the Officer&#146;s
Certificate pursuant to such supplemental indenture or Board Resolution, as the case may be, may
provide general terms or parameters for Debt Securities of such series and provide either that the
specific terms of Debt Securities of such series, or any Tranche thereof, shall be specified in a
Company Order or that such terms shall be determined by the Company or its agents in accordance
with procedures specified in a Company Order as contemplated by clause (b)&nbsp;of the third paragraph
of <U>Section&nbsp;3.03</U>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.02. <U>Denominations</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided as contemplated by <U>Section&nbsp;3.01</U> with respect to any series
of Debt Securities, or any Tranche thereof, the Debt Securities of each series shall be issuable in
denominations of $1,000 and any integral multiple thereof.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.03. <U>Execution, Authentication, Delivery and Dating</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided as contemplated by <U>Section&nbsp;3.01</U> with respect to any series
of Debt Securities, or any Tranche thereof, the Debt Securities shall be executed on behalf of the
Company by an Authorized Officer and may have the corporate seal of the Company affixed thereto or
reproduced thereon attested by any other Authorized Officer. The signature of any or all of these
officers on the Debt Securities may be manual or facsimile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities bearing the manual or facsimile signatures of individuals who were at the time
of execution Authorized Officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have ceased to hold such offices prior to the authentication and
delivery of such Debt Securities or did not hold such offices at the date of such Debt Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall authenticate and deliver Debt Securities of a series, for original issue, at
one time or from time to time in accordance with the Company Order referred to below, upon receipt
by the Trustee of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the instrument or instruments establishing the form or forms and terms of such series, as
provided in <U>Sections&nbsp;2.01</U> and <U>3.01</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a Company Order requesting the authentication and delivery of such Debt Securities and, to
the extent that the terms of such Debt Securities shall not have been established in an indenture
supplemental hereto or in a Board Resolution, or in an Officer&#146;s Certificate pursuant to a
supplemental indenture or Board Resolution, all as contemplated by <U>Sections&nbsp;2.01</U> and
<U>3.01</U>, either (i)&nbsp;establishing such terms or (ii)&nbsp;in the case of Debt Securities of a series
subject to a Periodic Offering, specifying procedures, acceptable to the Trustee, by which such
terms are to be established (which procedures may provide, to the extent acceptable to the Trustee,
for authentication and delivery pursuant to oral or electronic instructions from the Company or any
agent or agents thereof, which oral instructions are to be promptly confirmed electronically or in
writing), in either case in accordance with the instrument or instruments delivered pursuant to
clause (a)&nbsp;above;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Debt Securities of such series, executed on behalf of the Company by an Authorized
Officer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;an Opinion of Counsel to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the form or forms of such Debt Securities have been duly authorized by the Company
and have been established in conformity with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of such Debt Securities have been duly authorized by the Company and
have been established in conformity with the provisions of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assuming authentication and delivery by the Trustee and subject to any conditions
specified in such Opinion of Counsel, such Debt Securities will have been duly issued under
this Indenture and will be legal, valid and binding obligations of the Company, enforceable
in accordance with their terms, subject, as to enforcement, to laws relating to or affecting
generally the enforcement of creditors&#146; rights, including, without limitation, bankruptcy
and insolvency laws and to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law);
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>however</I>, that, with respect to Debt Securities of a series subject to a Periodic
Offering, the Trustee shall be entitled to receive such Opinion of Counsel only once at or prior to
the time of the first authentication of such Debt Securities (provided that such Opinion of Counsel
addresses the authentication and delivery of all Debt Securities of such series) and that in lieu
of the opinions described in clauses (ii)&nbsp;and (iii)&nbsp;above Counsel may opine that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;when the terms of such Debt Securities shall have been established pursuant to a Company
Order or Orders or pursuant to such procedures (acceptable to the Trustee) as may be specified from
time to time by a Company Order or Orders, all as contemplated by and in accordance with the
instrument or instruments delivered pursuant to clause (a)&nbsp;above, such terms will have been duly
authorized by the Company and will have been established in conformity with the provisions of this
Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;such Debt Securities, when authenticated and delivered by the Trustee in accordance with
this Indenture and the Company Order or Orders or specified procedures referred to in paragraph (x)
above and issued and delivered by the Company in the manner and subject to any conditions specified
in such Opinion of Counsel, will have been duly issued under this Indenture and will constitute
valid and legally binding obligations of the Company, entitled to the benefits provided by the
Indenture, and enforceable in accordance with their terms, subject, as to enforcement, to laws
relating to or affecting generally the enforcement of creditors&#146; rights, including, without
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">limitation, bankruptcy and insolvency laws and to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Debt Securities of a series subject to a Periodic Offering, the Trustee may
conclusively rely, as to the authorization by the Company of any of such Debt Securities, the form
and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the
Opinion of Counsel and other documents delivered pursuant to <U>Sections&nbsp;2.01</U> and <U>3.01</U>
and this Section, as applicable, at or prior to the time of the first authentication of Debt
Securities of such series unless and until such opinion or other documents have been superseded or
revoked or expire by their terms. In connection with the authentication and delivery of Debt
Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to assume that
the Company&#146;s instructions to authenticate and deliver such Debt Securities do not violate any
rules, regulations or orders of any Governmental Authority having jurisdiction over the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the form or terms of the Debt Securities of any series have been established by or pursuant
to a Board Resolution or an Officer&#146;s Certificate as permitted by <U>Sections&nbsp;2.01</U> or
<U>3.01</U>, the Trustee shall not be required to authenticate such Debt Securities if the
issuance of such Debt Securities pursuant to this Indenture will materially or adversely affect the
Trustee&#146;s own rights, duties or immunities under the Debt Securities and this Indenture or
otherwise in a manner that is not reasonably acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to any series
of Debt Securities, or any Tranche thereof, each Debt Security shall be dated the date of its
authentication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to any series
of Debt Securities, or any Tranche thereof, no Debt Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Debt Security
a certificate of authentication substantially in the form provided for herein executed by the
Trustee or its agent by manual signature, and such certificate upon any Debt Security shall be
conclusive evidence, and the only evidence, that such Debt Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Debt Security shall have been authenticated and delivered hereunder to the
Company, or any Person acting on its behalf,
but shall never have been issued and sold by the Company, and the Company shall deliver such
Debt Security to the Debt Security Registrar for cancellation as provided in <U>Section&nbsp;3.09</U>
together with a written statement (which need not comply with <U>Section&nbsp;1.02</U> and need not be
accompanied by an Opinion of Counsel) stating that such Debt Security has never been issued and
sold by the Company, for all purposes of this Indenture such Debt Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to the benefits hereof.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.04. <U>Temporary Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the preparation of definitive Debt Securities of any series, or any Tranche thereof,
the Company may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Debt Securities that are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive Debt
Securities in lieu of which they are issued, with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Debt Securities may determine, as
evidenced by their execution of such Debt Securities; <I>provided</I>, <I>however</I>, that temporary Debt
Securities need not recite specific redemption, sinking fund, conversion or exchange provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to the Debt
Securities of any series, or any Tranche thereof, after the preparation of definitive Debt
Securities of such series or Tranche, the temporary Debt Securities of such series or Tranche shall
be exchangeable, without charge to the Holder thereof, for definitive Debt Securities of such
series or Tranche, upon surrender of such temporary Debt Securities at the office or agency of the
Company maintained pursuant to <U>Section&nbsp;6.02</U> in a Place of Payment for such Debt Securities.
Upon such surrender of temporary Debt Securities, the Company shall, except as aforesaid, execute
and the Trustee shall authenticate and deliver in exchange therefor definitive Debt Securities of
the same series and Tranche, of authorized denominations and of like tenor and aggregate principal
amount.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until exchanged in full as hereinabove provided, temporary Debt Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive Debt Securities of the
same series and Tranche and of like tenor authenticated and delivered hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.05. <U>Registration, Registration of Transfer and Exchange</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause to be kept in each office designated pursuant to <U>Section&nbsp;6.02</U>,
with respect to the Debt Securities of each series or any Tranche thereof, a register (all
registers kept in accordance with this Section being collectively referred to as the &#147;<B>Debt Security
Register</B>&#148;) in which, subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Debt Securities of such series or Tranche and the registration of
transfer thereof. The Company shall designate one Person to maintain the Debt Security Register
for the Debt Securities of each series on a consolidated basis, and such Person is referred to
herein, with respect to such series, as the &#147;<B>Debt Security Registrar</B>.&#148; Anything herein to the
contrary notwithstanding, the Company may designate one or more of its offices as an office in
which the Debt Security Register shall be maintained, and the Company may designate itself the Debt
Security Registrar with respect to one or more of such series. The Debt Security Register shall be
open for inspection by the Trustee and the Company at all reasonable times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to the Debt
Securities of any series, or any Tranche thereof, upon surrender for registration of transfer of
any Debt Security of such series or Tranche at the office or agency of the Company maintained
pursuant to <U>Section&nbsp;6.02</U> in a Place of Payment for such series or Tranche, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Debt Securities of the same series and Tranche, of
authorized denominations and of like tenor and aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to the Debt
Securities of any series, or any Tranche thereof, any Debt Security of such series or Tranche may
be exchanged at the option of the Holder for one or more new Debt Securities of the same series and
Tranche, of authorized denominations and of like tenor and aggregate principal amount, upon
surrender of the Debt Securities to be exchanged at any such office or agency. Whenever any Debt
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Debt Securities that the Holder making the exchange is entitled to
receive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Debt Securities delivered upon any registration of transfer or exchange of Debt Securities
shall be valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Debt Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Debt Security presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company, the Trustee or the Debt Security Registrar) be duly endorsed
or shall be accompanied by a written instrument of transfer in form satisfactory to the Company,
the Trustee or the Debt Security Registrar, as the case may be, duly executed by the Holder thereof
or his attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to Debt
Securities of any series, or any Tranche thereof, no service charge shall be made for any
registration of transfer or exchange of Debt Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
any registration of transfer or exchange of Debt Securities, other than exchanges pursuant to
<U>Section&nbsp;3.04</U>, <U>4.06</U> or <U>12.06</U> not involving any transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not be required to execute or to provide for the registration of transfer of
or the exchange of (a)&nbsp;Debt Securities of any series, or any Tranche thereof, during a period of 15
days immediately preceding the day the mailing of a notice of redemption of the Debt Securities of
such series or Tranche is to be made or (b)&nbsp;any Debt Security so selected for redemption in whole
or in part, except the unredeemed portion of any Debt Security being redeemed in part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, the Trustee, any Paying Agent or the Debt Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ownership interests of a Global Security or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.06. <U>Mutilated, Destroyed, Lost and Stolen Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any mutilated Debt Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Debt Security of the same
series, and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Company and the Trustee (a)&nbsp;evidence to their satisfaction
of the ownership of and the destruction, loss or theft of any Debt Security and (b)&nbsp;such security
or indemnity as may be reasonably required by them to save each of them and any agent of either of
them harmless, then, in the absence of notice to the Company or the Trustee that such Debt Security
is held by a Person purporting to be the owner of such Debt Security, the Company shall execute and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Debt
Security, a new Debt Security of the same series and Tranche, and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in case any such mutilated, destroyed, lost or stolen Debt
Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Debt Security, pay such Debt Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Debt Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee)
connected therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every new Debt Security of any series issued pursuant to this Section in lieu of any
destroyed, lost or stolen Debt Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be at
any time enforceable by anyone other than the Holder of such new Debt Security, and any such new
Debt Security shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Debt Securities of such series duly issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.07. <U>Payment of Interest and Additional Interest; Interest Rights Preserved</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to the Debt
Securities of any series, or any Tranche thereof, interest and Additional Interest, if any, on any
Debt Security that is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Debt Security (or one or more Predecessor Debt
Securities) is registered at the close of business on the Regular Record Date for such interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Subject to <U>Section&nbsp;3.12</U>&#093;* any interest on any Debt Security of any series that is
payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein
called &#147;<B>Defaulted Interest</B>&#148;) shall forthwith cease to be payable to the Holder on the related
Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid
by the Company, at its election in each case, as provided in clause (a)&nbsp;or (b)&nbsp;below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Debt Securities of such series (or their respective Predecessor Debt Securities) are
registered at the close
of business on a date (herein called a &#147;<B>Special Record Date</B>&#148;) for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Debt Security of
such series and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest, which shall be not more than 15&nbsp;days and not less than 10&nbsp;days prior to the date of the
proposed payment and not less than 10&nbsp;days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and,
in the name and at the expense of the Company, shall promptly cause notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage
prepaid, to each Holder of Debt Securities of such series at the address of such Holder as it
appears in the Debt Security Register, not less than 10&nbsp;days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Debt
Securities of such series (or their respective Predecessor Debt Securities) are registered at the
close of business on such Special Record Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company may make payment of any Defaulted Interest on the Debt Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities exchange
on which such Debt Securities may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing provisions of this Section and <U>Section&nbsp;3.05</U>, each Debt
Security delivered under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Debt Security shall carry the rights to interest (including any Additional
Interest) accrued and unpaid, and to accrue, that were carried by such other Debt Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.08. <U>Persons Deemed Owners</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of a Debt Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Debt
Security is registered as the absolute owner of such Debt Security for the purpose of receiving
payment of principal of and premium, if any, and (subject to <U>Sections&nbsp;3.05</U> and
<U>3.07</U>) interest, if any, on such Debt Security and for all other purposes whatsoever,
whether or not such Debt Security is overdue, and neither the Company, the Trustee nor any agent of
the Company or the Trustee shall be affected by notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.09. <U>Cancellation by Debt Security Registrar</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Debt Securities surrendered for payment, redemption, registration of transfer or exchange
shall, if surrendered to any Person other than the Debt Security Registrar, be delivered to the
Debt Security Registrar and, if not theretofore canceled, shall be promptly canceled by the Debt
Security Registrar. The Company may at any time deliver to the Debt Security Registrar for
cancellation any Debt Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever or which the Company shall not have issued and sold, and
all Debt Securities so delivered shall be promptly canceled by the Debt Security Registrar. No
Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities canceled
as provided in this Section, except as expressly permitted by this Indenture. All certificates
representing canceled Debt Securities held by the Debt Security Registrar shall be disposed of in
accordance with the customary practices of the Debt Security
Registrar at the time in effect, and the Debt Security Registrar shall not be required to
destroy any such certificates. The Debt Security Registrar, if other than the Trustee, shall
promptly deliver a certificate of disposition with respect to such disposed certificates to the
Trustee and the Company unless, by a Company Order, similarly delivered, the Company shall direct
that canceled Debt Securities be returned to it. The Debt Security Registrar shall promptly
deliver evidence of any cancellation of a Debt Security in accordance with this Section to the
Trustee and the Company. If the Trustee is the entity acting as Debt Security Registrar, it shall
promptly deliver to the Company a certificate of disposition with respect to any certificates
disposed of and/or evidence of any cancellation of a Debt Security, in each case in accordance with
this Section, if so requested by a Company Order.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.10. <U>Computation of Interest</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by <U>Section&nbsp;3.01</U> for Debt Securities of
any series, or any Tranche thereof, interest on the Debt Securities of each series shall be
computed on the basis of a 360-day year consisting of twelve 30-day months and on the basis of the
actual number of days elapsed within any month in relation to the deemed 30&nbsp;days of such month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.11. <U>Payment to be in Proper Currency</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of the Debt Securities of any series, or any Tranche thereof, denominated in any
currency other than Dollars or in a composite currency (the &#147;<B>Required Currency</B>&#148;), except as
otherwise specified with respect to such Debt Securities as contemplated by <U>Section&nbsp;3.01</U>,
the obligation of the Company to make any payment of the principal thereof, or the premium or
interest thereon, shall not be discharged or satisfied by any tender by the Company, or recovery by
the Trustee, in any currency other than the Required Currency, except to the extent that such
tender or recovery shall result in the Trustee timely holding the full amount of the Required
Currency then due and payable. If any such tender or recovery is in a currency other than the
Required Currency, the Trustee may take such actions as it considers appropriate to exchange such
currency for the Required Currency. The costs and risks of any such exchange, including without
limitation the risks of delay and exchange rate fluctuation, shall be borne by the Company, the
Company shall remain fully liable for any shortfall or delinquency in the full amount of Required
Currency then due and payable, and in no circumstances shall the Trustee be liable therefor except
in the case of its negligence or willful misconduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.12. <U>&#091;Extension of Interest Payment&#093;*</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;The Company shall have the right at any time, so long as the Company is not in default in the
payment of interest on the Debt Securities of any series hereunder, to extend interest payment
periods on all Debt Securities of one or more series, or Tranches thereof, if so specified as
contemplated by <U>Section&nbsp;3.01</U> with respect to such Debt Securities and upon such terms as
may be specified as contemplated by <U>Section&nbsp;3.01</U> with respect to such Debt Securities.&#093;*
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
REDEMPTION OF DEBT SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.01. <U>Applicability of Article</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities of any series, or any Tranche thereof, that are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as
contemplated by <U>Section&nbsp;3.01</U> for Debt Securities of such series or Tranche) in accordance
with this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.02. <U>Election to Redeem; Notice to Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem any Debt Securities shall be evidenced by a Board
Resolution and/or an Officer&#146;s Certificate. The Company shall, at least 45&nbsp;days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of such
Debt Securities to be redeemed. In the case of any redemption of Debt Securities (a)&nbsp;prior to the
expiration of any restriction on such redemption provided in the terms of such Debt Securities or
elsewhere in this Indenture or (b)&nbsp;pursuant to an election of the Company that is subject to a
condition specified in the terms of such Debt Securities, the Company shall furnish the Trustee
with an Officer&#146;s Certificate evidencing compliance with such restriction or condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.03. <U>Selection of Debt Securities to be Redeemed</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Debt Securities of any series, or any Tranche thereof, are to be
redeemed, the particular Debt Securities to be redeemed shall be selected by the Trustee from the
Outstanding Debt Securities of such series or Tranche not previously called for redemption, by such
method as shall be provided for any particular series, or, in
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the absence of any such provision, by such method of random selection as the Trustee shall deem
fair and appropriate and which may, in any case, provide for the selection for redemption of
portions (equal to the minimum authorized denomination for Debt Securities of such series or
Tranche or any integral multiple thereof) of the principal amount of Debt Securities of such series
or Tranche of a denomination larger than the minimum authorized denomination for Debt Securities of
such series or Tranche; <I>provided</I>, <I>however</I>, that if, as indicated in an Officer&#146;s Certificate, the
Company shall have offered to purchase all or any principal amount of the Debt Securities then
Outstanding of any series, or any Tranche thereof, and less than all of such Debt Securities as to
which such offer was made shall have been tendered to the Company for such purchase, the Trustee,
if so directed by Company Order, shall select for redemption all or any principal amount of such
Debt Securities that have not been so tendered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Debt Securities are then held in the form of a Global Security, the Debt Securities to
be redeemed shall be selected in accordance with the customary procedures of the Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall promptly notify the Company and the Debt Security Registrar in writing of
the Debt Securities selected for redemption and, in the case of any Debt Securities selected to be
redeemed in part, the principal amount thereof to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Debt Securities shall relate, in the case of any Debt Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt
Securities that has been or is to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.04. <U>Notice of Redemption</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption shall be given in the manner provided in Section&nbsp;1.06 to the Holders of
the Debt Securities to be redeemed not less than 30 nor more than 60&nbsp;days prior to the Redemption
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices of redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Redemption Date,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Redemption Price,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;if less than all the Debt Securities of any series or Tranche are to be redeemed, the
identification of the particular Debt Securities to be redeemed and the portion of the principal
amount of any Debt Security to be redeemed in part,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;that on the Redemption Date, the Redemption Price, together with accrued interest
(including Additional Interest), if any, to the Redemption Date, will become due and payable upon
each such Debt Security to be redeemed and, if applicable and provided that the Redemption Price is
received by the Paying Agent or Agents on or prior to the Redemption Date, that interest (including
any Additional Interest) thereon will cease to accrue on and after said date,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the place or places where such Debt Securities are to be surrendered for payment of the
Redemption Price and accrued interest, if any, unless it shall have been specified as contemplated
by Section&nbsp;3.01 with respect to such Debt Securities that such surrender shall not be required,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;that the redemption is for a sinking or other fund, if such is the case, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;such other matters as the Company shall deem desirable or appropriate (including CUSIP
numbers with respect to such Debt Securities, if the Company shall so elect, in which event such
notice of redemption may contain a disclaimer as to the correctness of such numbers either as
printed on the Debt Securities or on such notice of redemption).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified with respect to any Debt Securities in accordance with <U>Section
3.01</U>, with respect to any notice of redemption of Debt Securities at the election of the
Company, unless, upon the giving of
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such notice, such Debt Securities shall be deemed to have been paid in accordance with <U>Section
7.01</U>, such notice may state that such redemption shall be conditional upon the receipt by the
Paying Agent or Agents for such Debt Securities, on or prior to the date fixed for such redemption,
of money sufficient to pay the principal of and premium, if any, and interest (including Additional
Interest), if any, on such Debt Securities and that if such money shall not have been so received
such notice shall be of no force or effect and the Company shall not be required to redeem such
Debt Securities. In the event that such notice of redemption contains such a condition and such
money is not so received, the redemption shall not be made and within a reasonable time thereafter
notice shall be given, in the manner in which the notice of redemption was given, that such money
was not so received and such redemption was not required to be made, and the Paying Agent or Agents
for the Debt Securities otherwise to have been redeemed shall promptly return to the Holders
thereof any of such Debt Securities that had been surrendered for payment upon such redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption of Debt Securities to be redeemed at the election of the Company, and any
notice of non-satisfaction of a condition for redemption as aforesaid, shall be given by the
Company or, at the Company&#146;s request, by the Debt Security Registrar in the name and at the expense
of the Company. Notice of mandatory redemption of Debt Securities shall be given by the Debt
Security Registrar in the name and at the expense of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.05. <U>Debt Securities Payable on Redemption Date</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption having been given as aforesaid, and the conditions, if any, set forth in
such notice having been satisfied, the Debt Securities or portions thereof so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless, in the case of an unconditional notice of redemption, the Company
shall default in the payment of the Redemption Price and accrued interest (including Additional
Interest), if any) such Debt Securities or portions thereof, if interest-bearing,


shall cease to bear interest. Upon surrender of any such Debt Security for redemption in
accordance with such notice, such Debt Security or portion thereof shall be paid by the Company at
the Redemption Price, together with accrued interest (including Additional Interest), if any, to
the Redemption Date; <I>provided</I>, <I>however</I>, that no such surrender shall be a condition to such payment
if so specified as contemplated by <U>Section&nbsp;3.01</U> with respect to such Debt Security; and
provided, further, that except as otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with
respect to such Debt Security, any installment of interest on any Debt Security the Stated Maturity
of which installment is on or prior to the Redemption Date shall be payable to the Holder of such
Debt Security, or one or more Predecessor Debt Securities, registered as such at the close of
business on the related Regular Record Date according to the terms of such Debt Security and
subject to the provisions of <U>Section&nbsp;3.07</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.06. <U>Debt Securities Redeemed in Part</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the surrender of any Debt Security that is to be redeemed only in part at a Place of
Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Debt Security, without service charge,
a new Debt Security or Debt Securities of the same series and Tranche, of any authorized
denomination requested by such Holder and of like tenor and in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Debt Security so surrendered.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
SINKING FUNDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;5.01. <U>Applicability of Article</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Article shall be applicable to any sinking fund for the retirement of
the Debt Securities of any series, or any Tranche thereof, except as otherwise specified as
contemplated by <U>Section&nbsp;3.01</U> for Debt Securities of such series or Tranche.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of
any series, or any Tranche thereof, is herein referred to as a &#147;mandatory sinking fund payment,&#148;
and any payment in excess of such minimum amount provided for by the terms of Debt Securities of
any series, or any Tranche thereof, is herein referred to as an &#147;optional sinking fund payment.&#148; If
provided for by the terms of Debt Securities of any series, or any Tranche thereof, the cash amount
of any sinking fund payment may be subject to reduction as provided in <U>Section&nbsp;5.02</U>. Each
sinking fund payment shall be applied to the redemption of Debt Securities of the series or Tranche
in respect of which it was made as provided for by the terms of such Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;5.02. <U>Satisfaction of Sinking Fund Payments with Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company (a)&nbsp;may deliver to the Trustee Outstanding Debt Securities (other than any
previously called for redemption) of a series or Tranche in respect of which a mandatory sinking
fund payment is to be made and (b)&nbsp;may apply as a credit Debt Securities of such series or Tranche
that have been purchased by the Company or redeemed either at the election of the Company pursuant
to the terms of such Debt Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Debt Securities, in each case in satisfaction of all or any
part of such mandatory sinking fund payment; <I>provided</I>, <I>however</I>, that no Debt Securities shall be
applied in satisfaction of a mandatory sinking fund payment if such Debt Securities shall have been
previously so applied. Debt Securities so applied shall be received and credited for such purpose
by the Trustee at the Redemption Price specified in such Debt Securities for redemption through
operation of the sinking fund and the amount of such mandatory sinking fund payment shall be
reduced accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;5.03. <U>Redemption of Debt Securities for Sinking Fund</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not less than 45&nbsp;days prior to each sinking fund payment date for the Debt Securities of any
series, or any Tranche thereof, the Company shall deliver to the Trustee an Officer&#146;s Certificate
specifying:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the amount of the next succeeding mandatory sinking fund payment for such series or
Tranche;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the amount, if any, of the optional sinking fund payment to be made together with such
mandatory sinking fund payment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the aggregate sinking fund payment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the portion, if any, of such aggregate sinking fund payment that is to be satisfied by the
payment of cash; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the portion, if any, of such aggregate sinking fund payment that is to be satisfied by
delivering and crediting Debt Securities of such series or Tranche pursuant to <U>Section&nbsp;5.02</U>
and stating the basis for such credit and that such Debt Securities have not previously been so
credited, and, if it has not already done so, the Company shall also deliver to the Trustee any
Debt Securities to be so delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall not have delivered such Officer&#146;s Certificate and, to the extent
applicable, all such Debt Securities, on or prior to the 45th day prior to such sinking fund
payment date, the sinking fund payment for such series or Tranche in respect of such sinking fund
payment date shall be made entirely in cash in the amount of the mandatory sinking fund payment.
Not less than 30&nbsp;days before each such sinking fund payment date the Trustee shall select the Debt
Securities to be redeemed upon such sinking fund payment date in the manner specified in
<U>Section&nbsp;4.03</U> and the Debt Security Registrar shall cause notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in <U>Section
4.04</U>. Such notice having been duly given, the redemption of such Debt Securities shall be made
upon the terms and in the manner stated in <U>Sections&nbsp;4.05</U> and <U>4.06</U>.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.01. <U>Payment of Principal, Premium and Interest</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay the principal of and premium, if any, and interest, if any, on the Debt
Securities of each series in accordance with the terms of such Debt Securities and this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.02. <U>Maintenance of Office or Agency</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall maintain in each Place of Payment for the Debt Securities of each series, or
any Tranche thereof, an office or agency where payment of such Debt Securities shall be made, where
the registration of transfer or exchange of such Debt Securities may be effected and where notices
and demands to or upon the Company in respect of such Debt Securities and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any
change in the location, of each such office or agency and prompt notice to the Holders of any such
change in the manner specified in <U>Section&nbsp;1.06</U>. If at any time the Company shall fail to
maintain any such required office or agency in respect of Debt Securities of any series, or any
Tranche thereof, or shall fail to furnish the Trustee with the address thereof, payment of such
Debt Securities shall be made, registration of transfer or exchange thereof may be effected and
notices and demands in respect thereof
may be served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent for all such purposes in any such event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may also from time to time designate one or more other offices or agencies with
respect to the Debt Securities of one or more series, or any Tranche thereof, for any or all of the
foregoing purposes and may from time to time rescind such designations; <I>provided</I>, <I>however</I>, that,
unless otherwise specified as contemplated by <U>Section&nbsp;3.01</U> with respect to the Debt
Securities of such series or Tranche no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain an office or agency for such purposes in each Place of
Payment for such Debt Securities in accordance with the requirements set forth above. The Company
shall give prompt written notice to the Trustee, and prompt notice to the Holders in the manner
specified in <U>Section&nbsp;1.06</U>, of any such designation or rescission and of any change in the
location of any such other office or agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything herein to the contrary notwithstanding, any office or agency required by this Section
may be maintained at an office of the Company, in which event the Company shall perform all
functions to be performed at such office or agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.03. <U>Money for Debt Securities Payments to be Held in Trust</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall at any time act as its own Paying Agent with respect to the Debt
Securities of any series, or any Tranche thereof, it shall, on or before each due date of the
principal of and premium, if any, and interest (including Additional Interest), if any, on any of
such Debt Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal and premium or interest (including Additional Interest) so
becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided. The Company shall promptly notify the Trustee of any failure by the Company (or any
other obligor on such Debt Securities) to make any payment of principal of or premium, if any, or
interest (including Additional Interest), if any, on such Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Company shall have one or more Paying Agents for the Debt Securities of any
series, or any Tranche thereof, it shall, on or before each due date of the principal of and
premium, if any, and interest (including Additional Interest), if any, on such Debt Securities,
deposit with such Paying Agents sums sufficient (without duplication) to pay the principal and
premium or interest (including Additional Interest) so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest (including
Additional Interest), and (unless such Paying Agent is the Trustee) the Company shall promptly
notify the Trustee of any failure by it so to act.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause each Paying Agent for the Debt Securities of any series, or any
Tranche thereof, other than the Company or the Trustee, to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;hold all sums held by it for the payment of the principal of and premium, if any, or
interest (including Additional Interest), if any, on such Debt Securities in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed
of as herein provided;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;give the Trustee notice of any failure by the Company (or any other obligor upon such Debt
Securities) to make any payment of principal of or premium, if any, or interest, (including
Additional Interest) if any, on such Debt Securities; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;at any time during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent and furnish to
the Trustee such information as it possesses regarding the names and addresses of the Persons
entitled to such sums.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time pay, or by Company Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying
Agent and, if so stated in a Company Order delivered to the Trustee, in accordance with the
provisions of <U>Article&nbsp;VII</U>; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such money.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of and premium, if any, or interest (including Additional
Interest), if any, on any Debt Security and remaining unclaimed for two years after such principal
and premium, if any, or interest (including Additional Interest) has become due and payable shall
be paid to the Company on Company Request, or, if then held by the Company, shall be discharged
from such trust; and, upon such payment or discharge, the Holder of such Debt Security shall, as an
unsecured general creditor and not as a Holder of an Outstanding Debt Security, look only to the
Company for payment of the amount so due and payable and remaining unpaid, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such payment to the Company, may at the expense of the Company
cause to be mailed, on one occasion only, notice to such Holder that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30&nbsp;days from the date of
such mailing, any unclaimed balance of such money then remaining will be paid to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.04. <U>Corporate Existence</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the Company under <U>Article&nbsp;XI</U>, the Company shall do or cause
to be done all things necessary to preserve and keep in full force and effect its corporate
existence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.05. <U>Maintenance of Properties</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause (or, with respect to property owned in common with others, make
reasonable effort to cause) all its properties used or useful in the conduct of its business to be
maintained and kept in good condition, repair and working order and shall cause (or, with respect
to property owned in common with others, make reasonable effort to cause) to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as, in the judgment of
the Company, may be necessary so that the business carried on in connection therewith may be
properly conducted; provided, however, that nothing in this Section shall prevent the Company from
discontinuing, or causing the discontinuance of, the operation and maintenance of any of its
properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of
its business.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.06. <U>Annual Officer&#146;s Certificate as to Compliance</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not later than &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; in each year, commencing &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, the Company shall
deliver to the Trustee an Officer&#146;s Certificate, which need not comply with <U>Section&nbsp;1.02</U>,
executed by the principal executive officer, the principal financial officer or the principal
accounting officer of the Company, stating whether, to such officer&#146;s knowledge, the Company is in
compliance with all conditions and covenants under this Indenture, such compliance to be determined
without regard to any period of grace or requirement of notice under this
Indenture, and making any other statements as may be required by the provisions of Section
314(a)(4) of the Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.07. <U>Waiver of Certain Covenants</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may omit in any particular instance to comply with any term, provision or
condition set forth in (a) <U>Section&nbsp;6.02</U> or any additional covenant or restriction specified
with respect to the Debt Securities of any series, or any Tranche thereof, as contemplated by
<U>Section&nbsp;3.01</U> if before the time for such compliance the Holders of at least a majority in
aggregate principal amount of the Outstanding Debt Securities of all series and Tranches with
respect to which compliance with <U>Section&nbsp;6.02</U> or such additional covenant or restriction is
to be omitted, considered as one class, shall, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such term, provision or condition and (b)
<U>Sections&nbsp;6.04</U>, <U>6.05</U>, <U>6.06</U> or <U>Article&nbsp;XI</U> if before the time for such
compliance the Holders of at least a majority in principal amount of Debt Securities Outstanding
under this Indenture shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition; but, in the case of (a)&nbsp;or
(b), no such waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the
Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
SATISFACTION AND DISCHARGE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;7.01. <U>Satisfaction and Discharge of Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Debt Security or Debt Securities, or any portion of the principal amount thereof, shall be
deemed to have been paid for all purposes of this Indenture, and the entire indebtedness of the
Company in respect thereof shall be deemed to have been satisfied and discharged, if there shall
have been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in
trust:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;money in an amount that shall be sufficient, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in the case of a deposit made prior to the Maturity of such Debt Securities or portions
thereof, Eligible Obligations, which shall not contain provisions permitting the redemption or
other prepayment thereof at the option of the issuer thereof, the principal of and the interest on
that when due, without any regard to reinvestment thereof, will provide moneys which, together with
the money, if any, deposited with or held by the Trustee or such Paying Agent, shall be sufficient,
or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a combination of (a)&nbsp;or (b)&nbsp;that shall be sufficient,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to pay when due the principal of and premium, if any, and interest (including Additional Interest),
if any, due and to become due on such Debt Securities or portions thereof on or prior to Maturity;
<I>provided</I>, <I>however</I>, that in the case of the provision for payment or redemption of less than all the
Debt Securities of any series or Tranche, such Debt Securities or portions thereof shall have been
selected by the Trustee as provided herein and, in the case of a redemption, the notice requisite
to the validity of such redemption shall have been given or irrevocable authority shall have been
given by the Company to the Trustee to give such notice, under arrangements satisfactory to the
Trustee; and <I>provided</I>, <I>further</I>, that the Company shall have delivered to the Trustee and such
Paying Agent:
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;if such deposit shall have been made prior to the Maturity of such Debt Securities, a Company
Order stating that the money and Eligible Obligations deposited in accordance with this Section
shall be held in trust, as provided in <U>Section&nbsp;7.03</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;if Eligible Obligations shall have been deposited, an Opinion of Counsel that the
obligations so deposited constitute Eligible Obligations and do not contain provisions permitting
the redemption or other prepayment at the option of the issuer thereof, and an opinion of an
independent public accountant of nationally recognized standing, selected by the Company, to the
effect that the requirements set forth in clause (b)&nbsp;above have been satisfied; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;if such deposit shall have been made prior to the Maturity of such Debt Securities, an
Officer&#146;s Certificate stating the Company&#146;s intention that, upon delivery of such Officer&#146;s
Certificate, its indebtedness in respect of such Debt Securities or portions thereof will have been
satisfied and discharged as contemplated in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall make any deposit of money and/or Eligible Obligations with respect to any
Debt Securities, or any portion of the principal amount thereof, as contemplated by this section,
the Company shall not deliver an Officer&#146;s Certificate described in clause (z)&nbsp;above unless the
Company shall also deliver to the Trustee, together with such Officer&#146;s Certificate, an Opinion of
Counsel to the effect that, as a result of a change in law occurring after the date of this
Indenture, the Holders of such Debt Securities, or portions thereof, will not recognize income,
gain or loss for United States federal income tax purposes as a result of the satisfaction and
discharge of the Company&#146;s indebtedness in respect thereof and will be subject to United States
federal income tax on the same amounts, at the same times and in the same manner as if such
satisfaction and discharge had not been effected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the deposit of money or Eligible Obligations, or both, in accordance with this Section,
together with the documents required by clauses (x), (y)&nbsp;and (z)&nbsp;above, the Trustee shall, upon
receipt of a Company Request, acknowledge in writing that the Debt Security or Debt Securities or
portions thereof with respect to which such deposit was made are deemed to have been paid for all
purposes of this Indenture and that the entire indebtedness of the Company in respect thereof has
been satisfied and discharged as contemplated in this Section. In the event that all of the
conditions set forth in the first paragraph of this Section shall have been satisfied in respect of
any Debt Securities or portions thereof except that, for any reason, the Officer&#146;s Certificate
specified in clause (z)&nbsp;shall not have been delivered, such Debt Securities or portions thereof
shall nevertheless be deemed to have been paid for all purposes of this Indenture, and the Holders
of such Debt Securities or portions thereof shall nevertheless be no longer entitled to the
benefits of this Indenture or of any of the covenants of the Company under <U>Article&nbsp;VI</U>
(except the covenants contained in <U>Sections&nbsp;6.02</U> and <U>6.03</U>) or any other covenants
made in respect of such Debt Securities or portions thereof as contemplated by <U>Section
3.01</U>, but the indebtedness of the Company in respect of such Debt Securities or portions
thereof shall not be deemed to have been satisfied and discharged prior to Maturity for any other
purpose, and the Holders of such Debt Securities or portions thereof shall continue to be entitled
to look to the Company for payment of the indebtedness represented thereby; and, upon receipt of a
Company Request, the Trustee shall acknowledge in writing that such Debt Securities or portions
thereof are deemed to have been paid for all purposes of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If payment at Stated Maturity of less than all of the Debt Securities of any series, or any
Tranche thereof, is to be provided for in the manner and with the effect provided in this Section,
the Trustee shall select such Debt Securities, or portions of principal amount thereof, in the
manner specified by <U>Section&nbsp;4.03</U> for selection for redemption of less than all the Debt
Securities of a series or Tranche.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Debt Securities that shall be deemed to have been paid for purposes of this
Indenture, and, if such is the case, in respect of which the Company&#146;s indebtedness shall have
been satisfied and discharged, all as provided in this Section, do not mature and are not to
be redeemed within the 60&nbsp;day period commencing with the date of the deposit of moneys or
Eligible Obligations, as aforesaid, the Company shall, as promptly as practicable, give a
notice, in the same manner as a notice of redemption with respect to such Debt Securities, to
the Holders of such Debt Securities to the effect that such deposit has been made and the
effect thereof.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding that any Debt Securities shall be deemed to have been paid for purposes of
this Indenture, as aforesaid, the obligations of the Company and the Trustee in respect of such
Debt Securities under <U>Sections&nbsp;3.04</U>, <U>3.05</U>, <U>3.06</U>, <U>4.04</U>, <U>5.03</U>
(as to notice of redemption), <U>6.02</U>, <U>6.03</U>, <U>9.07</U>, <U>9.14</U> and
<U>9.15</U> and this Article shall survive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay, and shall indemnify the Trustee or any Paying Agent with which Eligible
Obligations shall have been deposited as provided in this Section against any tax, fee or other
charge imposed on or assessed against such Eligible Obligations or the principal or interest
received in respect of such Eligible Obligations, including, but not limited to, any such tax
payable by any entity deemed, for tax purposes, to have been created as a result of such deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything herein to the contrary notwithstanding, (a)&nbsp;if, at any time after a Debt Security
would be deemed to have been paid for purposes of this Indenture, and, if such is the case, the
Company&#146;s indebtedness in respect thereof would be deemed to have been satisfied or discharged,
pursuant to this Section (without regard to the provisions of this paragraph), the Trustee or any
Paying Agent, as the case may be, shall be required to return the money or Eligible Obligations, or
combination thereof, deposited with it as aforesaid to the Company or its representative under any
applicable federal or state bankruptcy, insolvency or other similar law, such Debt Security shall
thereupon be deemed retroactively not to have been paid and any satisfaction and discharge of the
Company&#146;s indebtedness in respect thereof shall retroactively be deemed not to have been effected,
and such Debt Security shall be deemed to remain Outstanding and (b)&nbsp;any satisfaction and discharge
of the Company&#146;s indebtedness in respect of any Debt Security shall be subject to the provisions of
the last paragraph of <U>Section&nbsp;6.03</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;7.02. <U>Satisfaction and Discharge of Indenture</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall upon Company Request cease to be of further effect (except as hereinafter
expressly provided), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;no Debt Securities remain Outstanding hereunder; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Company has paid or caused to be paid all other sums payable hereunder by the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>however</I>, that if, in accordance with the last paragraph of <U>Section&nbsp;7.01</U>, any Debt
Security, previously deemed to have been paid for purposes of this Indenture, shall be deemed
retroactively not to have been so paid, this Indenture shall thereupon be deemed retroactively not
to have been satisfied and discharged, as aforesaid, and to remain in full force and effect, and
the Company shall execute and deliver such instruments as the Trustee shall reasonably request to
evidence and acknowledge the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the satisfaction and discharge of this Indenture as aforesaid, the obligations
of the Company and the Trustee under <U>Sections&nbsp;3.04</U>, <U>3.05</U>, <U>3.06</U>,
<U>4.04</U>, <U>5.03</U> (as to notice of redemption), <U>6.02</U>, <U>6.03</U>, <U>9.07</U>,
<U>9.14</U> and <U>9.15</U> and this Article shall survive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon satisfaction and discharge of this Indenture as provided in this Section, the Trustee
shall assign, transfer and turn over to the Company, subject to the lien provided by <U>Section
9.07</U>, any and all money, securities and other property then held by the Trustee for the benefit
of the Holders of the Debt Securities other than money and Eligible Obligations held by the Trustee
pursuant to Section&nbsp;7.03.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;7.03. <U>Application of Trust Money</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Eligible Obligations nor the money deposited pursuant to <U>Section&nbsp;7.01</U>, nor
the principal or interest payments on any such Eligible Obligations, shall be withdrawn or used for
any purpose other than, and shall be held in trust for, the payment of the principal of, and
premium, if any, and interest (including Additional Interest), if any, on, the Debt Securities or
portions of principal amount thereof in respect of which such deposit was made, all subject,
however, to the provisions of <U>Section&nbsp;6.03</U>; <I>provided</I>, <I>however</I>, that, so long as there shall
not have occurred and be continuing an Event of Default, or an event that, with the giving of
notice or the passage of time, would become an Event of Default, any cash received from such
principal or interest payments on such Eligible
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Obligations, if not then needed for such purpose, shall, to the extent practicable, be invested in
Eligible Obligations of the type described in <U>Section&nbsp;7.01(b)</U> maturing at such times and in
such amounts as shall be sufficient to pay when due the principal of and premium, if any, and
interest (including Additional Interest), if any, due and to become due on such Debt Securities or
portions thereof on and prior to the Maturity thereof, and interest earned from such reinvestment
shall be paid over to the Company as received, free and clear of any trust, lien or pledge under
this Indenture except the lien provided by <U>Section&nbsp;9.07</U>; and <I>provided</I>, <I>further</I>, that, so
long as there shall not have occurred and be continuing an Event of Default, or an event that, with
the giving of notice or the passage of time, would become an Event of Default, any moneys held in
accordance with this Section on the Maturity of all such Debt Securities in excess of the amount
required to pay the principal of and premium, if any, and interest (including Additional Interest),
if any, then due on such Debt Securities shall be paid over to the Company free and clear of any
trust, lien or pledge under this Indenture except the lien provided by <U>Section&nbsp;9.07</U>; and
<I>provided</I>, <I>further</I>, that if an Event of Default, or an event that, with the giving of notice or the
passage of time, would become an Event of Default, shall have occurred and be continuing, moneys to
be paid over to the Company pursuant to this Section shall be held until such Event of Default, or
event that, with the giving of notice or the passage of time, would become an Event of Default,
shall have been waived or cured.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
EVENTS OF DEFAULT; REMEDIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.01. <U>Events of Default</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Event of Default</B>,&#148; wherever used herein with respect to Debt Securities of any series, means
any one of the following events:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;failure to pay interest (including Additional Interest), if any, on any Debt Security of
such series within 30&nbsp;days after the same becomes due and payable &#091;(whether or not payment is
prohibited by the provisions of <U>Article&nbsp;XV</U> hereof);&#093;* &#091;<I>provided</I>, <I>however</I>, that a valid
extension of the interest payment period by the Company as contemplated in <U>Section&nbsp;3.12</U> of
this Indenture shall not constitute a failure to pay interest for this purpose&#093; *; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;failure to pay the principal of or premium, if any, on any Debt Security of such series
when due and payable under this Indenture &#091;(whether or not payment is prohibited by the provisions
of <U>Article&nbsp;XV</U> hereof)&#093;*; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;failure to make any sinking fund payment with respect to such series when due; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;failure to perform or breach of any covenant or warranty of the Company in this Indenture
(other than a covenant or warranty a default in the performance of which or breach of which is
elsewhere in this Section specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of one or more series of Debt Securities other than such series)
for a period of 60&nbsp;days after there has been given, by registered or
certified mail, to the Company by the Trustee, or to the Company and the Trustee by the
Holders of at least 33% in principal amount of the Outstanding Debt Securities of such series, a
written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a &#147;Notice of Default&#148; hereunder, unless the Trustee, or the Trustee and the Holders
of a principal amount of Debt Securities of such series not less than the principal amount of Debt
Securities the Holders of which gave such notice, as the case may be, shall agree in writing to an
extension of such period prior to its expiration; <I>provided</I>, <I>however</I>, that the Trustee, or the
Trustee and the Holders of such principal amount of Debt Securities of such series, as the case may
be, shall be deemed to have agreed to an extension of such period for a maximum of one hundred
twenty (120)&nbsp;days if corrective action is initiated by the Company within such period and is being
diligently pursued; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the entry by a court having jurisdiction in the premises of (1)&nbsp;a decree or order for
relief in respect of the Company in an involuntary case or proceeding under any applicable federal
or state bankruptcy, insolvency, reorganization or other similar law or (2)&nbsp;a decree or order
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or
more Persons other than the Company seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company under any applicable federal or state law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company or for any substantial part of its property, or ordering the winding up or liquidation of
its affairs, and any such decree or order for relief or any such other decree or order shall have
remained unstayed and in effect for a period of 90 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the commencement by the Company of a voluntary case or proceeding under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case
or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Company in a case or proceeding under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement
of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or
answer or consent seeking reorganization or relief under any applicable federal or state law, or
the consent by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company
or of any substantial part of its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts generally as they
become due, or the authorization of such action by the Board of Directors; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;any other Event of Default specified with respect to Debt Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.02. <U>Acceleration of Maturity; Rescission and Annulment</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default due to the default in payment of principal of, or premium, if any, or
interest (including Additional Interest) on, any series of Debt Securities or due to the default in
the performance or breach of any other covenant or warranty of the Company applicable to the Debt
Securities of such series but not applicable to all Outstanding Debt Securities shall have occurred
and be continuing, either the Trustee or the Holders of not less than 33% in principal amount of
the Debt Securities of such series may then declare the principal amount (or, if any of the Debt
Securities of such series are Discount Debt Securities, such portion of the principal amount as may
be specified in the terms thereof as contemplated by <U>Section&nbsp;3.01</U>) of all Debt Securities
of such series and premium, if any, and interest (including Additional Interest) accrued thereon to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders). If an Event of Default due to default in the performance of any other of the
covenants or warranties herein applicable to all Outstanding Debt Securities or an Event of Default
specified in <U>Sections&nbsp;8.01(e)</U> or <U>(f)</U> shall have occurred and be continuing, either
the Trustee or the Holders of not less than 33% in principal amount of all Debt Securities then
Outstanding (considered as one class), and not the Holders of the Debt Securities of any one of
such series, may declare the principal amount (or, if any of
the Debt Securities are Discount Debt Securities, such portion of the principal amount of such
Debt Securities as may be specified in the terms thereof as contemplated by <U>Section&nbsp;3.01</U>)
of all Debt Securities and premium, if any, and interest accrued thereon to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders).
As a consequence of each such declaration (herein referred to as a declaration of acceleration)
with respect to Debt Securities of any series, the principal amount (or portion thereof in the case
of Discount Debt Securities) of such Debt Securities, premium, if any, and interest (including
Additional Interest) accrued thereon shall become due and payable immediately &#091;(provided that the
payment of principal of such Debt Securities shall remain subordinated to the extent provided in
<U>Article&nbsp;XV</U> hereof)&#093;*.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a series of Debt Securities to which a credit enhancement is applicable, the
applicable supplemental indenture may provide that the provider of such credit enhancement may, if
default has occurred and is continuing with respect to such series, and subject to certain
conditions, have all the rights with respect to remedies that would otherwise have been exercisable
by the Holders of Debt Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such a declaration of acceleration with respect to Debt Securities of any
series shall have been made and before a judgment or decree for payment of the money due shall have
been obtained by the Trustee as hereinafter in this Article provided, the Event or Events of
Default giving rise to such declaration of acceleration shall, without further act, be deemed to
have been waived, and such declaration and its consequences shall, without further act, be deemed
to have been rescinded and annulled, if
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Company shall have paid or deposited with the Trustee a sum sufficient to pay
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all overdue interest on all Debt Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the principal of and premium, if any, on any Debt Securities of such series that
have become due otherwise than by such declaration of acceleration and interest (including
Additional Interest) thereon at the rate or rates prescribed therefor in such Debt
Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Debt Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all amounts due to the Trustee under <U>Section&nbsp;9.07</U>; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any other Event or Events of Default with respect to Debt Securities of such series, other
than the non-payment of the principal of Debt Securities of such series that shall have become due
solely by reason of such declaration of acceleration, shall have been cured or waived as provided
in <U>Section&nbsp;8.13</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No such rescission shall affect any subsequent Event of Default or impair any right consequent thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.03. <U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default described in clause (a), (b)&nbsp;or (c)&nbsp;of <U>Section&nbsp;8.01</U> shall have
occurred and be continuing, the Company shall, upon demand of the Trustee, pay to it, for the
benefit of the Holders of the Debt Securities of the series with respect to which such Event of
Default shall have occurred, the whole amount then due and payable on such Debt Securities for
principal and premium, if any, and interest, if any, and, to the extent permitted by law, (i)
interest on premium, if any, (ii)&nbsp;interest on any overdue principal and (iii)&nbsp;Additional Interest,
at the rate or rates prescribed therefor in such Debt Securities, and, in addition thereto, such
further amount as shall be sufficient to cover any amounts due to the Trustee under <U>Section
9.07</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon such Debt Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon such Debt Securities, wherever situated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Debt Securities of any series shall have occurred and
be continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of Debt Securities of such series under the Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.04. <U>Trustee May File Proofs of Claim</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Debt Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Debt
Securities shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company for the payment of
overdue principal or interest (including Additional Interest)) shall be entitled and empowered, by
intervention in such proceeding or otherwise,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file and prove a claim for the whole amount of principal, premium, if any, and interest
(including Additional Interest), if any, owing and unpaid in respect of the Debt Securities and to
file such other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for amounts due to the Trustee under <U>Section&nbsp;9.07</U>) and of
the Holders allowed in such judicial proceeding, and
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amounts due it under <U>Section&nbsp;9.07</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Debt Securities or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.05. <U>Trustee May Enforce Claims without Possession of Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and claims under this Indenture or the Debt Securities may be prosecuted
and enforced by the Trustee without the possession of any of the Debt Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders in respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.06. <U>Application of Money Collected</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Subject to the provisions of <U>Article&nbsp;XV</U>,&#093;* any money collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or premium, if any,
or interest (including Additional Interest), if any, upon presentation of the Debt Securities in
respect of which or for the benefit of which such money shall have been collected and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of all amounts due the Trustee under <U>Section&nbsp;9.07</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: To the payment of the amounts then due and unpaid upon the Debt Securities for
principal of and premium, if any, and interest (including Additional Interest), if any, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or
priority of any kind, according to the amounts due and payable on such Debt Securities for
principal, premium, if any, and interest (including Additional Interest), if any, respectively; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: To the payment of the remainder, if any, to the Company, or to whomsoever may be
lawfully entitled to receive the same or as a court of competent jurisdiction may direct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.07. <U>Limitation on Suits</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;such Holder shall have previously given written notice to the Trustee of a continuing
Event of Default with respect to the Debt Securities of such series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Holders of not less than a majority in aggregate principal amount of the Outstanding
Debt Securities of all series in respect of which an Event of Default shall have occurred and be
continuing, considered as one class, shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;such Holder or Holders shall have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee for 60&nbsp;days after its receipt of such notice, request and offer of indemnity
shall have failed to institute any such proceeding; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;no direction inconsistent with such written request shall have been given to the Trustee
during such 60-day period by 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 shall have
occurred and be continuing, considered as one class;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all of such Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.08. <U>Unconditional Right of Holders to Receive Principal, Premium and Interest</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, the Holder of any Debt Security shall
have the right, which is absolute and unconditional, to receive payment of the principal of and
premium, if any, and (subject to <U>Section&nbsp;3.07</U> &#091;and <U>3.12</U>&#093;*) interest (including
Additional Interest), if any, on such Debt Security on the Stated Maturity or Maturities expressed
in such Debt Security (or, in the case of redemption, on the Redemption Date) and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.09. <U>Restoration of Rights and Remedies</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding shall have been discontinued or abandoned for any reason,
or shall have been determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, Trustee and such Holder shall
be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and such Holder shall continue as though no such proceeding had
been instituted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.10. <U>Rights and Remedies Cumulative</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the last paragraph of <U>Section&nbsp;3.06</U>, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.11. <U>Delay or Omission Not Waiver</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.12. <U>Control by Holders of Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default shall have occurred and be continuing in respect of a series of Debt
Securities, the Holders of a majority in principal amount of the Outstanding Debt Securities of
such series shall have the right to
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Debt
Securities of such series; <I>provided</I>, <I>however</I>, that if an Event of Default shall have occurred and
be continuing 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, shall have the right to make such direction, and not the Holders of the Debt Securities of
any one of such series; and <I>provided</I>, <I>further</I>, that
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;such direction shall not be in conflict with any rule of law or with this Indenture, and
may not involve the Trustee in personal liability in circumstances where indemnity would not in the
Trustee&#146;s reasonable discretion be adequate, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before proceeding to exercise any right or power hereunder at the direction of such Holders,
the Trustee shall be entitled to receive from such Holders reasonable security or indemnity against
the costs, expenses and liabilities that might be incurred by it in compliance with any such
direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.13. <U>Waiver of Past Defaults</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of not less than a majority in principal amount of the Outstanding Debt Securities
of any series may on behalf of the Holders of all the Debt Securities of such series waive any past
default hereunder with respect to such series and its consequences, except a default
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;in the payment of the principal of or premium, if any, or interest (including Additional
Interest), if any, on any Debt Security of such series, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in respect of a covenant or provision hereof that under <U>Section&nbsp;12.02</U> cannot be
modified or amended without the consent of the Holder of each Outstanding Debt Security of such
series affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any such waiver, such default shall cease to exist, and any and all Events of Default
arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.14. <U>Undertaking for Costs</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Trustee agree, and each Holder by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&#146; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit instituted by the Company,
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Debt
Securities of all series in respect of which such suit may be brought, considered as one class, or
to any suit instituted by any Holder for the enforcement of the payment of the principal of or
premium, if any, or interest (including Additional Interest), if any, on any Debt Security on or
after the Stated Maturity or Maturities expressed in such Debt Security (or, in the case of
redemption, on or after the Redemption Date).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;8.15. <U>Waiver of Stay or Extension Laws</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such law and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
THE TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.01. <U>Certain Duties and Responsibilities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee shall have and be subject to all the duties and responsibilities specified
with respect to an indenture trustee in the Trust Indenture Act, and no implied covenants or
obligations shall be read into this Indenture against the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee, prior to the occurrence of an Event of Default and after the curing or
waiving of all Events of Default that may have occurred, undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture. In case an Event of Default of which
a Responsible Officer of the Trustee has knowledge has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person&#146;s own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that prior to the occurrence of an Event of Default and after the curing or waiving of all
Events of Default that may have occurred
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee shall be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable except for the performance
of, or failure to perform, such duties and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against
the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but, in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith, in accordance with the direction of the Holders of Debt Securities pursuant to
<U>Section&nbsp;8.12</U>, relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;No provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
it is not reasonably assured of receiving (i)&nbsp;repayment of such funds or (ii)&nbsp;indemnity, in an
amount deemed adequate to the Trustee in its reasonable judgment, against such risk or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Notwithstanding anything contained in this Indenture to the contrary, the duties and
responsibilities of the Trustee under this Indenture shall be subject to the protections,
exculpations and limitations on liability afforded to the Trustee under the provisions of the Trust
Indenture Act, including those provisions of such Act deemed by such Act to be included herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.02. <U>Notice of Defaults</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall give the Holders notice of any default hereunder with respect to the Debt
Securities of any series to the Holders of Debt Securities of such series of which it has knowledge
(within the meaning of <U>Section&nbsp;9.03(h)</U>) in the manner and to the extent required to do so
by the Trust Indenture Act, unless such default shall have been cured or waived; <I>provided</I>, <I>however</I>,
that in the case of any default of the character specified in <U>Section&nbsp;8.01(d)</U>, no such
notice to Holders shall be given until at least 60&nbsp;days after the occurrence thereof. For the
purpose of this Section, the term &#147;default&#148; means any event that is, or after notice or lapse of
time, or both, would become, an Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.03. <U>Certain Rights of Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of <U>Section&nbsp;9.01</U> and to the applicable provisions of the
Trust Indenture Act:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order, or as otherwise expressly provided herein, and any
resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officer&#146;s Certificate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any Holder pursuant to this Indenture, unless
such Holder shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities that might be incurred by it in compliance with such request or direction;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall (subject to applicable legal requirements) be entitled to examine, during
normal business hours, the books, records and premises of the Company, personally or by agent or
attorney;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to the Debt Securities of any series for which it is acting as Trustee unless either (1)&nbsp;a
Responsible Officer of the Trustee shall have knowledge of the default or Event of Default or (2)
written notice of such default or Event of Default shall have been given to the Trustee by the
Company, any other obligor on such Debt Securities or by any Holder of such Debt Securities.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.04. <U>Not Responsible for Recitals or Issuance of Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals contained herein and in the Debt Securities (except the Trustee&#146;s certificates of
authentication) shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Debt Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by
the Company of Debt Securities or the proceeds thereof. The Trustee shall not incur any liability
for non-performance or breach of any obligation hereunder to the extent that the Trustee is delayed
in performing, unable to perform or breaches such obligation because of acts of God, war,
terrorism, fire, floods, electrical outages or other causes reasonably beyond its control;
<I>provided, however</I>, that the Trustee shall use commercially reasonable efforts consistent with
accepted practices for corporate trustees to maintain performance without delay or resume
performance as soon as reasonably practicable under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.05. <U>May Hold Debt Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Trustee, any Authenticating Agent, any Paying Agent, any Debt Security Registrar
or any other agent of the Company, in its individual or any other capacity, may become the owner or
pledgee of Debt Securities and, subject to <U>Sections&nbsp;9.08</U> and <U>9.13</U>, may otherwise
deal with the Company with the same rights it would have if it were not the Trustee, Authenticating
Agent, Paying Agent, Debt Security Registrar or such other agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.06. <U>Money Held in Trust</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money held by the Trustee in trust hereunder need not be segregated from other funds, except
to the extent required by law. The Trustee shall be under no liability for interest on investment
of any money received by it hereunder except as expressly provided herein or otherwise agreed with,
and for the sole benefit of, the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.07. <U>Compensation and Reimbursement</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;pay to the Trustee from time to time reasonable compensation for all services rendered by
it hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;except as otherwise expressly provided herein, reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in
accordance with any provision of this Indenture, including the costs of collection (including the
reasonable compensation and the expenses and disbursements of its agents and counsel), except to
the extent that any such expense, disbursement or advance may be attributable to its negligence,
willful misconduct or bad faith; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;indemnify the Trustee and hold it harmless from and against any and all losses, demands,
claims, liabilities, causes of action or expenses (including reasonable attorneys&#146; fees and
expenses) incurred by it arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder or the performance of its duties hereunder, including the reasonable
costs and expenses of defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, demand, claim, liability, cause of action or expense may be attributable to its negligence,
willful misconduct or bad faith and may assume the defense of the Trustee with counsel acceptable
to the Trustee, unless the Trustee shall have been advised by counsel that there may be one or more
legal defenses available to it that are different from or additional to those available to the
Company, in which case the Trustee may engage separate counsel, and the fees and expenses of such
counsel shall be assumed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Debt Securities upon all property and funds held or
collected by the Trustee as such other than property and funds held in trust for the payment of
principal, premium, if any, and interest on Debt Securities. &#147;<B>Trustee</B>&#148; for purposes of this
Section shall include any predecessor Trustee; <I>provided</I>, <I>however</I>, that the
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">negligence, willful
misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee
hereunder. When a Trustee incurs expenses or renders services in connection with an Event of
Default specified in <U>Sections&nbsp;8.01(e)</U> or <U>(f)</U>, the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended
to constitute expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law. The provisions of this Section shall survive termination of this
Indenture and the resignation or removal of the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.08. <U>Disqualification; Conflicting Interests</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have or acquire any conflicting interest within the meaning of the Trust
Indenture Act, it shall either eliminate such conflicting interest or resign to the extent, in the
manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and
this Indenture. For purposes of Section&nbsp;310(b)(1) of the Trust Indenture Act and to the extent
permitted thereby, the Trustee shall not be deemed to have a conflicting interest by virtue of
being a Trustee under (i)&nbsp;this Indenture with respect to Debt Securities of one or more series or
(ii)&nbsp;any other indenture to which the Trustee and the Company are a party, if any, or with respect
to the securities issued thereunder, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.09. <U>Corporate Trustee Required; Eligibility</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall at all times be a Trustee hereunder which shall be
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a corporation organized and doing business under the laws of the United States, any state
or territory thereof or the District of Columbia, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $100,000,000 and subject to
supervision or examination by federal or state authority, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;if and to the extent permitted by the Commission by rule, regulation or order upon
application, a corporation or other Person organized and doing business under the laws of a foreign
government, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $100,000,000 or the Dollar equivalent of the applicable foreign
currency and subject to supervision or examination by authority of such foreign government or a
political subdivision thereof substantially equivalent to supervision or examination applicable to
United States institutional trustees,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and, in either case, qualified and eligible under this Article and the Trust Indenture Act. If
such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of such supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.10. <U>Resignation and Removal; Appointment of Successor</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of <U>Section&nbsp;9.11</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee may resign at any time with respect to the Debt Securities of one or more
series by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Trustee required by <U>Section&nbsp;9.11</U> shall not have been delivered to the Trustee
within 30&nbsp;days after the giving of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Debt Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may be removed at any time with respect to the Debt Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such
series delivered to the Trustee and to the Company.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If at any time:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee shall fail to comply with <U>Section&nbsp;9.08</U> after written request
therefor by the Company or by any Holder who has been a bona fide Holder for at least six
months, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall cease to be eligible under <U>Section&nbsp;9.09</U> and shall fail to
resign after written request therefor by the Company or by any such Holder, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, (x)&nbsp;the Company by a Board Resolution may remove the Trustee with respect
to all Debt Securities or (y)&nbsp;subject to <U>Section&nbsp;8.14</U>, any Holder who has been a bona fide
Holder for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Debt Securities and the appointment of a successor Trustee or Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause (other than as contemplated in clause (y)&nbsp;in
Subsection (d)&nbsp;of this Section), with respect to the Debt Securities of one or more series, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Debt Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Debt Securities of one or more or all of such series and that
at any time there shall be only one Trustee with respect to the Debt Securities of any particular
series) and shall comply with the applicable requirements of <U>Section&nbsp;9.11</U>. If, within one
year after such resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Debt Securities of any series shall be appointed by Act of
the Holders of a majority in principal amount of the Outstanding Debt Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the applicable requirements of
<U>Section&nbsp;9.11</U>, become the successor Trustee with respect to the Debt Securities of such
series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Debt Securities of any series shall have been so appointed by
the Company or the Holders and accepted appointment in the manner required by <U>Section&nbsp;9.11</U>,
any Holder who has been a bona fide Holder of a Debt Security of such series for at least six
months may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such
series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;So long as no event that is, or after notice or lapse of time, or both, would become, an
Event of Default shall have occurred and be continuing, and except with respect to a Trustee
appointed by Act of the Holders of a majority in principal amount of the Outstanding Debt
Securities pursuant to Subsection (e)&nbsp;of this Section, if the Company shall have delivered to the
Trustee (i)&nbsp;a Board Resolution appointing a successor Trustee, effective as of a date specified
therein, and (ii)&nbsp;an instrument of acceptance of such appointment, effective as of such date, by
such successor Trustee in accordance with <U>Section&nbsp;9.11</U>, the Trustee shall be deemed to have
resigned as contemplated in Subsection (b)&nbsp;of this Section, the successor Trustee shall be deemed
to have been appointed by the Company pursuant to Subsection (e)&nbsp;of this Section and such
appointment shall be deemed to have been accepted as contemplated in <U>Section&nbsp;9.11</U>, all as
of such date, and all other provisions of this Section and <U>Section&nbsp;9.11</U>shall be applicable
to such resignation, appointment and acceptance except to the extent inconsistent with this
Subsection (f).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company or, should the Company fail so to act promptly, the successor Trustee, at the
expense of the Company, shall give notice of each resignation and each removal of the Trustee with
respect to the Debt Securities of any series and each appointment of a successor Trustee with
respect to the Debt Securities of any series by mailing written notice of such event by first-class
mail, postage prepaid, to all Holders of Debt Securities
of such series as their names and addresses appear in the Debt Security Register. Each notice
shall include the name of the successor Trustee with respect to the Debt Securities of such series
and the address of its corporate trust office.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.11. <U>Acceptance of Appointment by Successor</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In case of the appointment hereunder of a successor Trustee with respect to the Debt
Securities of all series, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or
the successor Trustee, such retiring Trustee shall, upon payment of all sums owed to it, execute
and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts
of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case of the appointment hereunder of a successor Trustee with respect to the Debt
Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Debt Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1)&nbsp;shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Debt Securities of that or those series to which
the appointment of such successor Trustee relates, (2)&nbsp;if the retiring Trustee is not retiring with
respect to all Debt Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Debt Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee and (3)&nbsp;shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Debt Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee, upon payment of all sums owed to it, shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Debt Securities of that or those series to which the appointment of
such successor Trustee relates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon request of any such successor Trustee, the Company shall execute any instruments that
fully vest in and confirm to such successor Trustee all such rights, powers and trusts referred to
in Subsection (a)&nbsp;or (b)&nbsp;of this Section, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No successor Trustee shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible under this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.12. <U>Merger, Conversion, Consolidation or Succession to Business</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Debt Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and
deliver the Debt Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Debt Securities.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.13. <U>Preferential Collection of Claims Against Company</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall be or become a creditor of the Company or any other obligor upon the Debt
Securities (other than by reason of a relationship described in Section 311(b) of the Trust
Indenture Act), the Trustee shall be subject to any and all applicable provisions of the Trust
Indenture Act regarding the collection of claims against the Company or such other obligor. For
purposes of Section 311(b) of the Trust Indenture Act:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the term &#147;cash transaction&#148; means any transaction in which full payment for goods or
securities sold is made within seven days after delivery of the goods or securities in currency or
in checks or other orders drawn upon banks or bankers and payable upon demand; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the term &#147;self-liquidating paper&#148; means any draft, bill of exchange, acceptance or
obligation that is made, drawn, negotiated or incurred by the Company for the purpose of financing
the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise
and that is secured by documents evidencing title to, possession of, or a lien upon, the goods,
wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or
merchandise previously constituting the security, provided the security is received by the Trustee
simultaneously with the creation of the creditor relationship with the Company arising from the
making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.14. <U>Co-Trustees and Separate Trustees</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time or times, for the purpose of meeting the legal requirements of any applicable
jurisdiction, the Company and the Trustee shall have power to appoint, and, upon the written
request of the Trustee or of the Holders of at least 33% in principal amount of the Debt Securities
then Outstanding, the Company shall for such purpose join with the Trustee in the execution and
delivery of all instruments and agreements necessary or proper to appoint, one or more Persons
approved by the Trustee either to act as co-trustee, jointly with the Trustee, or to act as
separate trustee, in either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons, in the capacity aforesaid, any property, title,
right or power deemed necessary or desirable, subject to the other provisions of this Section. If
the Company does not join in such appointment within 15&nbsp;days after the receipt by it of a request
so to do, or if an Event of Default shall have occurred and be continuing, the Trustee alone shall
have power to make such appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should any written instrument or instruments from the Company be required by any co-trustee or
separate trustee so appointed to more fully confirm to such co-trustee or separate trustee such
property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Debt Securities shall be authenticated and delivered, and all rights, powers, duties
and obligations hereunder in respect of the custody of securities, cash and other personal property
held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised
solely, by the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in
respect of any property covered by such appointment shall be conferred or imposed upon and
exercised or performed either by the Trustee or by the Trustee and such co-trustee or separate
trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate
trustee, except to the extent that under any law of any jurisdiction in which any particular act is
to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which
event such rights, powers, duties and obligations shall be exercised and performed by such
co-trustee or separate trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trustee at any time, by an instrument in writing executed by it, with the concurrence
of the Company, may accept the resignation of or remove any co-trustee or separate trustee
appointed under this Section, and, if an Event of Default shall have occurred and be continuing,
the Trustee shall have power to accept the resignation of, or remove, any such co-trustee or
separate trustee without the concurrence of the Company. Upon
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the written request of the Trustee,
the Company shall join with the Trustee in the execution and delivery of all instruments and
agreements necessary or proper to effectuate such resignation or removal. A successor to any
co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in
this Section;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no co-trustee or separate trustee hereunder shall be personally liable by reason of any
act or omission of the Trustee, or any other such trustee hereunder, and the Trustee shall have no
liability, personally or in its capacity as Trustee, for any act or omission of any co-trustee or
separate trustee hereunder; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each
such co-trustee and separate trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;9.15. <U>Appointment of Authenticating Agent</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint an Authenticating Agent or Agents with respect to the Debt Securities
of one or more series, or any Tranche thereof, which shall be authorized to act on behalf of the
Trustee to authenticate Debt Securities of such series or Tranche issued upon original issuance,
exchange, registration of transfer or partial redemption thereof or pursuant to <U>Section
3.06</U>, and Debt Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery of Debt Securities
by the Trustee or the Trustee&#146;s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States, any state or territory thereof or
the District of Columbia or the Commonwealth of Puerto Rico, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Authenticating Agent may resign at any time by giving 45&nbsp;days written notice thereof to the
Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee may appoint a successor Authenticating Agent that shall be acceptable to the Company.
Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of <U>Sections&nbsp;3.08</U>, <U>9.04</U> and <U>9.05</U> shall be applicable to
each Authenticating Agent.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an appointment with respect to the Debt
Securities of one or more series, or any Tranche
thereof, shall be made pursuant to this Section, the Debt Securities of such series or Tranche may
have endorsed thereon, in addition to the Trustee&#146;s certificate of authentication, an alternate
certificate of authentication substantially in the following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Debt Securities of the series
designated therein referred to in the
within-mentioned Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">As Trustee&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">As Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If all of the Debt Securities of a series may not
be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Debt Securities upon original issuance
located in a Place of Payment where the Company wishes to have Debt Securities of such series
authenticated upon original issuance, the Trustee, if so requested by the Company in writing (which
writing need not comply with <U>Section&nbsp;1.02</U> and need not be accompanied by an Opinion of
Counsel), shall appoint, in accordance with this Section and in accordance with such procedures as
shall be acceptable to the Trustee, an Authenticating Agent having an office in a Place of Payment
designated by the Company with respect to such series of Debt Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X<BR>
HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.01. <U>Lists of Holders</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiannually,
not later than
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
In each year, commencing with
the year 20<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , and at such other times as the Trustee may request in writing, the Company shall
furnish or cause to be furnished to the Trustee information as to the names and addresses of the
Holders, and the Trustee shall preserve such information and similar information received by it in
any other capacity and afford to the Holders access to information so preserved by it, all to such
extent, if any, and in such manner as shall be required by the Trust Indenture Act; <I>provided</I>,
<I>however</I>, that no such list need be furnished so long as the Trustee shall be the Debt Security
Registrar. Every holder of Debt Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them
shall be held accountable by reason of the disclosure of any such information as to the names and
addresses of the Holders of Debt Securities in accordance with Section&nbsp;312 of the Trust Indenture
Act, or any successor Section of such Act, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act, or any successor
Section of such Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;10.02. <U>Reports by Trustee and Company</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually,
not later than&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
in each year, commencing&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, the Trustee
shall transmit to the Holders, the Commission and each securities exchange upon which any Debt
Securities are listed, a report, dated as of the next preceding&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, with respect to
any events and other matters described in Section 313(a) of the Trust Indenture Act, in such manner
and to the extent required by the Trust Indenture Act. The
Trustee shall transmit to the Holders, the Commission and each securities exchange upon which
any Debt Securities are listed, and the Company shall file with the Trustee (within 30&nbsp;days after
filing with the Commission in the case
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of reports that pursuant to the Trust Indenture Act must be
filed with the Commission and furnished to the Trustee) and transmit to the Holders, such other
information, reports and other documents, if any, at such times and in such manner, as shall be
required by the Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall notify the Trustee of the listing of any Debt Securities on any securities
exchange. Delivery of such reports, information and documents by the Company to the Trustee is for
informational purposes only, and the Trustee&#146;s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein,
including the Company&#146;s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer&#146;s Certificates).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI<BR>
CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;11.01. <U>Company May Consolidate, Etc., Only on Certain Terms</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not consolidate with or merge into any other corporation, or convey or
otherwise transfer or lease its properties and assets substantially as an entirety to any Person,
unless
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the corporation formed by such consolidation or into which the Company is merged or the
Person that acquires by conveyance or transfer, or that leases, the properties and assets of the
Company substantially as an entirety shall be a Person organized and existing under the laws of the
United States, any state thereof or the District of Columbia, and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the
Trustee, the due and punctual payment of the principal of, and premium, if any, and interest
(including Additional Interest), if any, on all Outstanding Debt Securities and the performance of
every covenant of this Indenture on the part of the Company to be performed or observed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;immediately after giving effect to such transaction and treating any indebtedness for
borrowed money that becomes an obligation of the Company as a result of such transaction as having
been incurred by the Company at the time of such transaction, no Event of Default, and no event
that, after notice or lapse of time or both, would become an Event of Default, shall have occurred
and be continuing; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Company shall have delivered to the Trustee an Officer&#146;s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, or other transfer or lease and
such supplemental indenture comply with this Article and that all conditions precedent herein
provided for relating to such transactions have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;11.02. <U>Successor Corporation Substituted</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation by the Company with or merger by the Company into any other corporation
or any conveyance or other transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with <U>Section&nbsp;11.01</U>, the successor corporation
formed by such consolidation or into which the Company is merged or the Person to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Debt Securities Outstanding hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII<BR>
SUPPLEMENTAL INDENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.01. <U>Supplemental Indentures Without Consent of Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of any Holders, the Company and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to evidence the succession of another Person to the Company and the assumption by any such
successor of the covenants of the Company herein and in the Debt Securities, all as provided in
Article&nbsp;XI; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to add one or more covenants of the Company or other provisions for the benefit of all
Holders or for the benefit of the Holders of, or to remain in effect only so long as there shall be
Outstanding, Debt Securities of one or more specified series, or one or more specified Tranches
thereof, or to surrender any right or power herein conferred upon the Company; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to add any additional Events of Default with respect to all or any series of Debt
Securities Outstanding hereunder; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to change or eliminate any provision of this Indenture or to add any new provision to this
Indenture; <I>provided</I>, <I>however</I>, that if such change, elimination or addition shall adversely affect
the interests of the Holders of Debt Securities of any series or Tranche Outstanding on the date of
such indenture supplemental hereto in any material respect, such change, elimination or addition
shall become effective with respect to such series or Tranche only pursuant to the provisions of
<U>Section&nbsp;12.02</U> hereof or when no Debt Security of such series or Tranche remains
Outstanding; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;to provide collateral security for the Debt Securities of any series or Tranche; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;to establish the form or terms of Debt Securities of any series or Tranche as contemplated
by <U>Sections&nbsp;2.01</U> and <U>3.01</U>; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;to provide for the authentication and delivery of bearer securities and coupons
appertaining thereto representing interest, if any, thereon and for the procedures for the
registration, exchange and replacement thereof and for the giving of notice to, and the
solicitation of the vote or consent of, the holders thereof, and for any and all other matters
incidental thereto; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;to evidence and provide for the acceptance of appointment hereunder by a separate or
successor Trustee with respect to the Debt Securities of one or more series and to add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
<U>Section&nbsp;9.11(b)</U>; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;to provide for the procedures required to permit the Company to utilize, at its option, a
non-certificated system of registration for all, or any series or Tranche of, the Debt Securities;
or to provide for the authentication and delivery of bearer securities and coupons appertaining
thereto representing interest, if any, thereon and for the procedures for the registration,
exchange and replacement thereof and for the giving of notice to, and the solicitation of the vote
or consent of, the holders thereof, and for any and all other matters incidental thereto; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;to change any place or places where (1)&nbsp;the principal of and premium, if any, and interest
(including Additional Interest), if any, on all or any series of Debt Securities, or any Tranche
thereof, shall be payable, (2)&nbsp;all or any series of Debt Securities, or any Tranche thereof, may be
surrendered for registration of transfer, (3)&nbsp;all or any series of Debt Securities, or any Tranche
thereof, may be surrendered for exchange and (4)&nbsp;notices and demands to or upon the Company in
respect of all or any series of Debt Securities, or any Tranche thereof, and this Indenture may be
served; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;to cure any ambiguity or to correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein; provided that no such changes or
additions shall adversely affect the interests of the Holders of Debt Securities of any series or
Tranche in any material respect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, if the Trust Indenture Act as in effect at
the date of the execution and delivery of this Indenture or at any time thereafter shall be amended
and
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;if any such amendment shall require one or more changes to any provisions hereof or the
inclusion herein of any additional provisions, or shall by operation of law be deemed to effect
such changes or incorporate such provisions by reference or otherwise, this Indenture shall be
deemed to have been amended so as to conform to such amendment to the Trust Indenture Act, and the
Company and the Trustee may, without the consent of any Holders, enter into an indenture
supplemental hereto to effect or evidence such changes or additional provisions; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;if any such amendment shall permit one or more changes to, or the elimination of, any
provisions hereof that, at the date of the execution and delivery hereof or at any time thereafter,
are required by the Trust Indenture Act to be contained herein, this Indenture shall be deemed to
have been amended to effect such changes or elimination, and the Company and the Trustee may,
without the consent of any Holders, enter into an indenture supplemental hereto to evidence such
amendment hereof, provided such amendment does not have a material adverse effect on any Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.02. <U>Supplemental Indentures With Consent of Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of not less than a majority in aggregate principal amount of
the Debt Securities of all series then Outstanding under this Indenture, considered as one class,
by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a
Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture; <I>provided</I>, <I>however</I>, that if there shall be Debt Securities of more
than one series Outstanding hereunder and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Debt Securities of one or more, but less than all, of such
series, then the consent only of the Holders of a majority in aggregate principal amount of the
Outstanding Debt Securities of all series so directly affected, considered as one class, shall be
required; and <I>provided</I>, <I>further</I>, that if the Debt Securities of any series shall have been issued
in more than one Tranche and if the proposed supplemental indenture shall directly affect the
rights of the Holders of Debt Securities of one or more, but less than all, of such Tranches, then
the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Debt
Securities of all Tranches so directly affected, considered as one class, shall be required; and
<I>provided</I>, <I>further</I>, that no such supplemental indenture shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;change the Stated Maturity of the principal of, or any installment of principal of or
interest (including Additional Interest) on &#091;(except as provided in <U>Section&nbsp;3.12</U>)&#093;* any
Debt Security, or reduce the principal amount thereof or the rate of interest thereon (or the
amount of any installment of interest thereon) or change the method of calculating such rate or
reduce any premium payable upon the redemption thereof, or reduce the amount of the principal of a
Discount Debt Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to <U>Section&nbsp;8.02</U>, or change the coin or currency (or other
property) in which any Debt Security or any premium or the interest (including Additional Interest)
thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity of any Debt Security (or, in the case of redemption, on or after
the Redemption Date), without, in any such case, the consent of the Holder of such Debt Security,
or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;reduce the percentage in principal amount of the Outstanding Debt Securities of any series
or any Tranche thereof, the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any waiver of compliance with any
provision of this Indenture or of any default hereunder and its consequences, or reduce the
requirements of <U>Section&nbsp;13.04</U> for quorum or voting, without, in any such case, the consent
of the Holders of each Outstanding Debt Security of such series or Tranche, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;modify any of the provisions of this Section, <U>Section&nbsp;6.07</U> or <U>Section&nbsp;8.13</U>
with respect to the Debt Securities of any series, or any Tranche thereof (except to increase the
percentages in principal amount referred to in this Section or such other Sections or to provide
that other provisions of this Indenture cannot be modified or waived without the consent of the
Holder of each Outstanding Debt Security affected thereby); <I>provided</I>, <I>however</I>, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references
to &#147;the Trustee&#148; and concomitant changes in this Section, or the deletion of this proviso, in
accordance with the requirements of <U>Sections&nbsp;9.11(b)</U>, <U>9.14</U> and <U>12.01(h)</U>.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture that changes or eliminates any covenant or other provision of this
Indenture that has expressly been included solely for the benefit of one or more particular series
of Debt Securities, or of one or more Tranches thereof, or that modifies the rights of the Holders
of Debt Securities of such series or Tranches with respect to such covenant or other provision,
shall be deemed not to affect the rights under this Indenture of the Holders of Debt Securities of
any other series or Tranche.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Company, accompanied by a copy of the Board Resolution authorizing the
execution of any such supplemental indenture, compliance by the Company with <U>Section&nbsp;12.03</U>
hereof, and the filing with the Trustee of evidence of the consent of the Holders of the Debt
Securities required hereunder with respect to the proposed supplemental indenture, the Trustee
shall join with the Company in the execution of such supplemental indenture unless the supplemental
indenture affects the Trustee&#146;s own rights, duties or immunities under this Indenture, or
otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into
such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof. A waiver by a Holder of such Holder&#146;s right to consent under this Section
shall be deemed to be a consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.03. <U>Execution of Supplemental Indentures</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be provided and (subject to <U>Section&nbsp;9.01</U>) shall be fully protected in relying
upon an Officer&#146;s Certificate and Opinion of Counsel, each stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.04. <U>Effect of Supplemental Indentures</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Debt Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. Any supplemental indenture permitted
by this Article may restate this Indenture in its entirety, and, upon the execution and delivery
thereof, any such restatement shall supersede this Indenture as theretofore in effect for all
purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.05. <U>Conformity With Trust Indenture Act</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.06. <U>Reference in Debt Securities to Supplemental Indentures</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities of any series, or any Tranche thereof, authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Debt Securities of any series, or
any Tranche thereof, so modified as to conform, in the opinion of the Trustee and the Company, to
any such supplemental indenture may be prepared and executed by the Company
and authenticated and delivered by the Trustee in exchange for Outstanding Debt Securities of
such series or Tranche.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;12.07. <U>Modification without Supplemental Indenture</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the terms of any particular series of Debt Securities shall have been established in a
Board Resolution or an Officer&#146;s Certificate pursuant to a Board Resolution as contemplated by
<U>Section&nbsp;3.01</U>, and not in an indenture supplemental hereto, additions to, changes in or the
elimination of any of such terms may be effected by means of a supplemental Board Resolution or
Officer&#146;s Certificate, as the case may be, delivered to, and accepted by, the
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustee; <I>provided</I>,
<I>however</I>, that such supplemental Board Resolution or Officer&#146;s Certificate shall not be accepted by
the Trustee or otherwise be effective unless all conditions set forth in this Indenture that would
be required to be satisfied if such additions, changes or elimination were contained in a
supplemental indenture shall have been appropriately satisfied. Upon the acceptance thereof by the
Trustee, any such supplemental Board Resolution or Officer&#146;s Certificate shall be deemed to be a
&#147;supplemental indenture&#148; for purposes of <U>Sections&nbsp;12.04</U> and <U>12.06</U>.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIII<BR>
MEETINGS OF HOLDERS; ACTION WITHOUT MEETING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.01. <U>Purposes for which Meetings may be Called</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A meeting of Holders of Debt Securities of one or more, or all, series, or any Tranche or
Tranches thereof, may be called at any time and from time to time pursuant to this Article to make,
give or take any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders of Debt Securities of such series
or Tranches.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.02. <U>Call, Notice and Place of Meetings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee may at any time call a meeting of Holders of Debt Securities of one or more,
or all, series, or any Tranche or Tranches thereof, for any purpose specified in <U>Section
13.01</U>, to be held at such time and at such place in the Borough of Manhattan, The City of New
York, as the Trustee shall determine, or, with the approval of the Company, at any other place.
Notice of every such meeting, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given, in the manner provided in
<U>Section&nbsp;1.06</U>, not less than 21 nor more than 180&nbsp;days prior to the date fixed for the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Trustee shall have been requested to call a meeting of the Holders of Debt
Securities of one or more, or all, series, or any Tranche or Tranches thereof, by the Company or by
the Holders of at least 33% in aggregate principal amount of all of such series and Tranches,
considered as one class, for any purpose specified in <U>Section&nbsp;13.01</U>, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have given the notice of such meeting within 21&nbsp;days after receipt of such request or
shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company
or the Holders of Debt Securities of such series and Tranches in the amount above specified, as the
case may be, may determine the time and the place in the Borough of Manhattan, The City of New
York, or in such other place as shall be determined or approved by the Company, for such meeting
and may call such meeting for such purposes by giving notice thereof as provided in Subsection (a)
of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any meeting of Holders of Debt Securities of one or more, or all, series, or any Tranche
or Tranches thereof, shall be valid without notice if the Holders of all Outstanding Debt
Securities of such series or Tranches are present in person or by proxy and if representatives of
the Company and the Trustee are present, or if notice is waived in writing before or after the
meeting by the Holders of all Outstanding Debt Securities of such series, or by such of them as are
not present at the meeting in person or by proxy, and by the Company and the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.03. <U>Persons Entitled to Vote at Meetings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be entitled to vote at any meeting of Holders of Debt Securities of one or more, or all,
series, or any Tranche or Tranches thereof, a Person shall be (a)&nbsp;a Holder of one or more
Outstanding Debt Securities of such series or Tranches, or (b)&nbsp;a Person appointed by an instrument
in writing as proxy for a Holder or Holders of one or more Outstanding Debt Securities of such
series or Tranches by such Holder or Holders. The only Persons who shall be entitled to attend any
meeting of Holders of Debt Securities of any series or Tranche shall be the Persons entitled to
vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.04. <U>Quorum; Action</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Debt
Securities of the series and Tranches with respect to which a meeting shall have been called as
hereinbefore provided, considered as one class, shall constitute a quorum for a meeting of Holders
of Debt Securities of such series and Tranches; <I>provided</I>, <I>however</I>, that if any action is to be
taken at such meeting that this Indenture expressly provides may be taken by the Holders of a
specified percentage, which is less than a majority, in principal amount of the Outstanding Debt
Securities of such series and Tranches, considered as one class, the Persons entitled to vote such
specified percentage in principal amount of the Outstanding Debt Securities of such series and
Tranches, considered as one class, shall constitute a quorum. In the absence of a quorum within
one hour of the time appointed for any such meeting, the meeting shall, if convened at the request
of Holders of Debt Securities of such series and Tranches, be dissolved. In any other case the
meeting may be adjourned for such period as may be determined by the chairman of the meeting prior
to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for such period as may be determined by the chairman of
the meeting prior to the adjournment of such adjourned meeting. Except as provided by <U>Section
13.05(e)</U>, notice of the reconvening of any meeting adjourned for more than 30&nbsp;days shall be
given as provided in <U>Section&nbsp;13.02(a)</U> not less than ten days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall
state expressly the percentage, as provided above, of the principal amount of the Outstanding Debt
Securities of such series and Tranches that shall constitute a quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as limited by <U>Section&nbsp;12.02</U>, any resolution presented to a meeting or adjourned
meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the
affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Debt
Securities of the series and Tranches with respect to which such meeting shall have been called,
considered as one class; provided, however, that, except as so limited, any resolution with respect
to any action that this Indenture expressly provides may be taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of the Outstanding Debt Securities
of such series and Tranches, considered as one class, may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of
the Holders of such specified percentage in principal amount of the Outstanding Debt Securities of
such series and Tranches, considered as one class.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any resolution passed or decision taken at any meeting of Holders of Debt Securities duly held
in accordance with this Section shall be binding on all the Holders of Debt Securities of the
series and Tranches with respect to which such meeting shall have been held, whether or not present
or represented at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.05. <U>Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment
of Meetings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Attendance at meetings of Holders of Debt Securities may be in person or by proxy; and, to
the extent permitted by law, any such proxy shall remain in effect and be binding upon any future
Holder of the Debt Securities with respect to which it was given unless and until specifically
revoked by the Holder or future Holder of such Debt Securities before being voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Holders of Debt Securities in
regard to proof of the holding of such Debt Securities and of the appointment of proxies and in
regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall deem
appropriate. Except as otherwise permitted or required by any such regulations, the holding of
Debt Securities shall be proved in the manner specified in <U>Section&nbsp;1.04</U> and the appointment
of any proxy shall be proved in the manner specified in <U>Section&nbsp;1.04</U>. Such regulations may
provide that written instruments appointing proxies, regular on their face, may be presumed valid
and genuine without the proof specified in <U>Section&nbsp;1.04</U> or other proof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by Holders as provided in
<U>Section&nbsp;13.02(b)</U>, in which case the Company or the Holders of Debt Securities of the series
and Tranches calling the meeting, as the case may
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote
of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Debt
Securities of all series and Tranches represented at the meeting, considered as one class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;At any meeting each Holder or proxy shall be entitled to one vote for each $1 principal
amount of Debt Securities held or represented by him; <I>provided</I>, <I>however</I>, that no vote shall be cast
or counted at any meeting in respect of any Debt Security challenged as not Outstanding and ruled
by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote, except as a Holder of a Debt Security or proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any meeting duly called pursuant to <U>Section&nbsp;13.02</U> at which a quorum is present may
be adjourned from time to time by Persons entitled to vote a majority in aggregate principal amount
of the Outstanding Debt Securities of all series and Tranches represented at the meeting,
considered as one class; and the meeting may be held as so adjourned without further notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.06. <U>Counting Votes and Recording Action of Meetings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The vote upon any resolution submitted to any meeting of Holders shall be by written ballots
on which shall be subscribed the signatures of the Holders or of their representatives by proxy and
the principal amounts and serial numbers of the Outstanding Debt Securities, of the series and
Tranches with respect to which the meeting shall have been called, held or represented by them.
The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all
votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports of all votes cast at the meeting. A record
of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was given as provided in
<U>Section&nbsp;13.02</U> and, if applicable, <U>Section&nbsp;13.04</U>. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy
shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so signed and
verified shall be conclusive evidence of the matters therein stated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;13.07. <U>Action Without Meeting</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of a vote of Holders at a meeting as hereinbefore contemplated in this Article, any
request, demand, authorization, direction, notice, consent, waiver or other action may be made,
given or taken by Holders by written instruments as provided in <U>Section&nbsp;1.04</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIV<BR>
IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;14.01. <U>Liability Solely Corporate</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No recourse shall be had for the payment of the principal of or premium, if any, or interest
(including Additional Interest), if any, on any Debt Securities, or any part thereof, or for any
claim based thereon or otherwise
in respect thereof, or of the indebtedness represented thereby, or upon any obligation,
covenant or agreement under this Indenture, against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Company or of any predecessor or successor
corporation (either directly or through the Company or a predecessor or successor corporation),
whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly agreed and understood that this
Indenture and all the Debt Securities are solely corporate obligations, and that no personal
liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, officer or
director, past, present or future, of the Company or of any predecessor or successor corporation,
either directly or indirectly through the Company or any predecessor or successor corporation,
because of the indebtedness hereby authorized or under or by reason of any of the obligations,
covenants or agreements contained in this Indenture or in any of the Debt Securities or to be
implied
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">herefrom or therefrom, and that any such personal liability is hereby expressly waived and
released as a condition of, and as part of the consideration for, the execution of this Indenture
and the issuance of the Debt Securities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XV<BR>
&#091;SUBORDINATION OF SECURITIES&#093;*</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.01. <U>Securities Subordinate to Senior Indebtedness</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of
the Debt Securities of each series, by its acceptance thereof, likewise covenants and agrees, that
the payment of the principal of and premium, if any, and interest, if any, on each and all of the
Debt Securities is hereby expressly subordinated, to the extent and in the manner set forth in this
Article, in right of payment to the prior payment in full of all Senior Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of the Debt Securities of each series, by its acceptance thereof, authorizes and
directs the Trustee on its behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Article, and appoints the Trustee its
attorney-in-fact for any and all such purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, nothing contained in this Article shall
restrict the right of the Trustee or the Holders of Debt Securities to take any action to declare
the Debt Securities to be due and payable prior to their stated maturity pursuant to <U>Section
8.02</U> or to pursue any rights or remedies hereunder; <I>provided</I>, <I>however</I>, that all Senior
Indebtedness then due and payable shall first be paid in full before the Holders of the Debt
Securities or the Trustee are entitled to receive any direct or indirect payment from the Company
of principal of, or premium, if any, or interest on the Debt Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.02. <U>Payment Over of Proceeds of Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event (a)&nbsp;of any insolvency or bankruptcy proceedings or any receivership, liquidation,
reorganization or other similar proceedings in respect of the Company or a substantial part of its
property, or of any proceedings for liquidation, dissolution or other winding up of the Company,
whether or not involving insolvency or bankruptcy, whether voluntary or involuntary or (b)&nbsp;subject
to the provisions of <U>Section&nbsp;15.03</U>, that (i)&nbsp;a default shall have occurred with respect to
the payment of principal of or interest on or other monetary amounts due and payable on any Senior
Indebtedness, or (ii)&nbsp;there shall have occurred a default (other than a default in the payment of
principal or interest or other monetary amounts due and payable) in respect of any Senior
Indebtedness, as defined therein or in the instrument under which the same is outstanding,
permitting the holder or holders thereof to accelerate the maturity thereof (with notice or lapse
of time, or both), and such default shall have continued beyond the period of grace, if any, in
respect thereof, and, in the cases of subclauses (i)&nbsp;and (ii)&nbsp;of this clause (b), such default
shall not have been cured or waived or shall not have ceased to exist, and, in the case of
subclause (ii)&nbsp;of this clause (b), the maturity of such Senior Indebtedness shall have been
accelerated in accordance with the default provisions thereof or (c)&nbsp;that the principal of and
accrued interest on the Debt Securities of any series shall have been declared due and payable
pursuant to <U>Section&nbsp;8.01</U> and such declaration shall not have been rescinded and annulled as
provided in <U>Section&nbsp;8.02</U>, then:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the holders of all Senior Indebtedness shall first be entitled to receive payment
of the full amount due thereon, or provision shall be made for such payment in money or
money&#146;s worth, before the Holders of any of the Debt Securities are entitled to receive a payment on account of
the principal of or interest on the indebtedness evidenced by the Debt Securities,
including, without limitation, any payments made pursuant to <U>Articles IV</U> and
<U>V</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any payment by, or distribution of assets of, the Company of any kind or character,
whether in cash, property or securities, to which any Holder or the Trustee would be
entitled except for the provisions of this Article, shall be paid or delivered by the person
making such payment or distribution, whether a trustee in bankruptcy, a receiver or
liquidating trustee or otherwise, directly to the holders of such Senior Indebtedness or
their representative or representatives or to the trustee or trustees under any indenture
under which any instruments evidencing any of such Senior Indebtedness may have been issued,
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">ratably according to the aggregate amounts remaining unpaid on account of such Senior
Indebtedness held or represented by each, to the extent necessary to make payment in full of
all Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or
distribution (or provision therefor) to the holders of such Senior Indebtedness, before any
payment or distribution is made to the Holder of the indebtedness evidenced by the Debt
Securities or to the Trustee under this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the event that, notwithstanding the foregoing, any payment by, or distribution
of assets of, the Company of any kind or character, whether in cash, property or securities,
in respect of principal of or interest on the Debt Securities or in connection with any
repurchase by the Company of the Debt Securities, shall be received by the Trustee or any
Holder before all Senior Indebtedness is paid in full to the extent required by Subsection
(1)&nbsp;of this <U>Section&nbsp;15.02</U>, or provision is made for such payment in money or money&#146;s
worth, such payment or distribution in respect of principal of or interest on the Debt
Securities or in connection with any repurchase by the Company of the Debt Securities shall
be paid over to the holders of such Senior Indebtedness or their representative or
representatives or to the trustee or trustees under any indenture under which any
instruments evidencing any such Senior Indebtedness may have been issued, ratably as
aforesaid, for application to the payment of all Senior Indebtedness remaining unpaid until
all such Senior Indebtedness shall have been paid in full, after giving effect to any
concurrent payment or distribution (or provision therefor) to the holders of such Senior
Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, at any time after the 123rd day following the date of deposit
of cash or Eligible Obligations pursuant to <U>Section&nbsp;7.01</U> (provided all conditions set out
in such Section shall have been satisfied), the funds so deposited and any interest thereon will
not be subject to any rights of holders of Senior Indebtedness, including, without limitation,
those arising under this Article; provided that no event described in clauses (e)&nbsp;and (f)&nbsp;of
<U>Section&nbsp;8.01</U> with respect to the Company has occurred during such 123-day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Article only, the words &#147;cash, property or securities&#148; shall not be
deemed to include shares of beneficial interest of the Company as reorganized or readjusted, or
securities of the Company or any other corporation provided for by a plan of reorganization or
readjustment that are subordinate in right of payment to all Senior Indebtedness that may at the
time be outstanding to the same extent as, or to a greater extent than, the Debt Securities are so
subordinated as provided in this Article. The consolidation of the Company with, or the merger of
the Company into, another corporation or the liquidation or dissolution of the Company following
the conveyance or transfer of its property as an entirety, or substantially as an entirety, to
another corporation upon the terms and conditions provided for in <U>Article&nbsp;XI</U> hereof shall
not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this
<U>Section&nbsp;15.02</U> if such other corporation shall, as a part of such consolidation, merger,
conveyance or transfer, comply with the conditions stated in <U>Article&nbsp;XI</U> hereof. Nothing in
<U>Section&nbsp;15.01</U> or in this <U>Section&nbsp;15.02</U> shall apply to claims of, or payments to,
the Trustee under or pursuant to <U>Section&nbsp;9.07</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.03. <U>Disputes with Holders of Certain Senior Indebtedness</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any failure by the Company to make any payment on or perform any other obligation in respect
of Senior Indebtedness, other than any indebtedness incurred by the Company or assumed or
guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral, renewal,
extension or refunding thereof) or any other obligation as to which the provisions of this Section
shall have been waived by the Company in the instrument or instruments by which the Company
incurred, assumed, guaranteed or otherwise created such indebtedness or obligation, shall not be
deemed a default under clause (b)&nbsp;of <U>Section&nbsp;15.02</U> if (i)&nbsp;the Company shall be disputing
its
obligation to make such payment or perform such obligation and (ii)&nbsp;either (A)&nbsp;no final
judgment relating to such dispute shall have been issued against the Company that is in full force
and effect and is not subject to further review, including a judgment that has become final by
reason of the expiration of the time within which a party may seek further appeal or review, or (B)
in the event that a judgment that is subject to further review or appeal has been issued, the
Company shall in good faith be prosecuting an appeal or other proceeding for review and a stay of
execution shall have been obtained pending such appeal or review.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.04. <U>Subrogation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Indebtedness shall not be deemed to have been paid in full unless the holders thereof
shall have received cash (or securities or other property satisfactory to such holders) in full
payment of such Senior Indebtedness then outstanding. Upon the payment in full of all Senior
Indebtedness, the Holders of the Debt Securities shall be subrogated to the rights of the holders
of Senior Indebtedness to receive any further payments or distributions of cash, property or
securities of the Company applicable to the holders of the Senior Indebtedness until all amounts
owing on the Debt Securities shall be paid in full; and such payments or distributions of cash,
property or securities received by the Holders of the Debt Securities, by reason of such
subrogation, which otherwise would be paid or distributed to the holders of such Senior
Indebtedness shall, as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account of Senior
Indebtedness, it being understood that the provisions of this Article are and are intended solely
for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of
the Senior Indebtedness, on the other hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payment or distribution to which the Holders of the Debt Securities would otherwise
have been entitled but for the provisions of this Article shall have been applied, pursuant to the
provisions of this Article, to the payment of amounts payable under Senior Indebtedness, then and
in such case, the Holders of the Debt Securities shall be entitled to receive from the holders of
such Senior Indebtedness any payments or distributions received by such holders of Senior
Indebtedness in excess of the amount required to make payment to the extent required by <U>Section
15.02</U>, or provision for payment, of such Senior Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.05. <U>Unconditional Obligation of the Company</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Article or elsewhere in this Indenture or in the Debt Securities is
intended to or shall impair, as among the Company, its creditors other than the holders of Senior
Indebtedness and the Holders, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders the principal of and interest on the Debt Securities as and when the same
shall become due and payable in accordance with their terms, or is intended to or shall affect the
relative rights of the Holders and creditors of the Company other than the holders of Senior
Indebtedness, nor shall anything herein or therein prevent the Trustee or any Holder from
exercising all remedies otherwise permitted by applicable law upon default under this Indenture,
subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect
of cash, property or securities of the Company received upon the exercise of any such remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any payment or distribution of assets or securities of the Company referred to in this
Article, the Trustee and the Holders shall be entitled to rely upon any order or decree of a court
of competent jurisdiction in which such bankruptcy, dissolution, winding up, liquidation or
reorganization proceedings are pending or upon a certificate of the receiver, trustee in
bankruptcy, liquidating trustee agent or other person making such payment or distribution delivered
to the Trustee or to the Holders for the purpose of ascertaining the persons entitled to
participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon, and all other facts pertinent thereto or to this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.06. <U>Priority of Senior Indebtedness Upon Maturity</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the maturity of the principal of any Senior Indebtedness by lapse of time, acceleration
or otherwise, all matured principal of Senior Indebtedness and interest and premium, if any,
thereon shall first be paid in full before any payment of principal or premium or interest, if any,
is made upon the Debt Securities or before any Debt
Securities can be acquired by the Company or any sinking fund payment is made with respect to
the Debt Securities (except that required sinking fund payments may be reduced by Debt Securities
acquired before such maturity of such Senior Indebtedness).
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.07. <U>Trustee as Holder of Senior Indebtedness</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to all rights set forth in this Article with respect to any
Senior Indebtedness at any time held by it, to the same extent as any other holder of Senior
Indebtedness. Nothing in this Article shall deprive the Trustee of any of its rights as such
holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.08. <U>Notice to Trustee to Effectuate Subordination</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall give prompt written notice to the Trustee of any fact known to the Company
that would prohibit the making of any payment to or by the Trustee in respect of the Debt
Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this
Article or any other provision of the Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment of moneys to or by the
Trustee unless and until the Trustee shall have received written notice thereof from the Company,
from a Holder or from a holder of any Senior Indebtedness or from any representative or
representatives of such holder and, prior to the receipt of any such written notice, the Trustee
shall be entitled, subject to <U>Section&nbsp;9.01</U>, in all respects to assume that no such facts
exist; <I>provided</I>, <I>however</I>, that, if prior to the fifth Business Day preceding the date upon which by
the terms hereof any such moneys may become payable for any purpose, or in the event of the
execution of an instrument pursuant to <U>Section&nbsp;7.02</U> acknowledging satisfaction and
discharge of this Indenture, then if prior to the second Business Day preceding the date of such
execution, the Trustee shall not have received with respect to such moneys the notice provided for
in this Section, then, anything herein contained to the contrary notwithstanding, the Trustee may,
in its discretion, receive such moneys and/or apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary, which may be received by it on
or after such date; <I>provided</I>, <I>however</I>, that no such application shall affect the obligations under
this Article of the persons receiving such moneys from the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.09. <U>Modification, Extension, Etc. of Senior Indebtedness</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of Senior Indebtedness may, without affecting in any manner the subordination of
the payment of the principal of and premium, if any, and interest, if any, on the Debt Securities,
at any time or from time to time and in their absolute discretion, agree with the Company to change
the manner, place or terms of payment, change or extend the time of payment of, or renew or alter,
any Senior Indebtedness, or amend or supplement any instrument pursuant to which any Senior
Indebtedness is issued, or exercise or refrain from exercising any other of their rights under the
Senior Indebtedness, including, without limitation, the waiver of default thereunder, all without
notice to or assent from the Holders or the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.10. <U>Trustee Has No Fiduciary Duty to Holders of Senior Indebtedness</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to
observe only such of its covenants and objectives as are specifically set forth in this Article,
and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary
duty to the holders of Senior Indebtedness, and shall not be liable to any such holders if it shall
mistakenly pay over or deliver to the Holders or the Company or any other Person, cash, property or
securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article
or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.11. <U>Paying Agents other than the Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term &#147;Trustee&#148; as used in this Article shall in such case
(unless the context shall otherwise require) be construed as extending to and including such Paying
Agent within its meaning as fully for all
intents and purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; <I>provided</I>, <I>however</I>, that <U>Sections&nbsp;15.07</U>, <U>15.08</U> and
<U>15.10</U> shall not apply to the Company if it acts as Paying Agent.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.12. <U>Rights of Holders of Senior Indebtedness Not Impaired</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No right of any present or future holder of Senior Indebtedness to enforce the subordination
herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on
the part of the Company or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.13. <U>This Article&nbsp;Not To Prevent Events of Default</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The failure to make a payment on account of principal of, or premium, if any, or interest on
the Debt Securities by reason of any provision of this Article shall not be construed as preventing
the occurrence of an Event of Default specified in paragraph (a)&nbsp;or (b)&nbsp;of <U>Section&nbsp;8.01</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;15.14. <U>Effect of Subordination Provisions; Termination</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained herein to the contrary, other than as provided in the
immediately succeeding sentence, all the provisions of this Indenture shall be subject to the
provisions of this Article, so far as the same may be applicable thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained herein to the contrary, the provisions of this <U>Article
XV</U> shall be of no further effect, and the Debt Securities shall no longer be subordinated in
right of payment to the prior payment of Senior Indebtedness, if the Company shall have delivered
to the Trustee a notice to such effect. Any such notice delivered by the Company shall not be
deemed to be a supplemental indenture for purposes of <U>Article&nbsp;XII</U>.&#093;*
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>TERRENO REALTY CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&#091;SEAL&#093;<BR>
<BR>
&#091;ATTEST&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Trustee&#146;s signature page follows.</I>&#093;
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>


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

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

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




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, Trustee</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&#091;SEAL&#093;<BR>
<BR>
&#091;ATTEST&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Bracketed language throughout this Indenture will be inserted in the Indenture in the event
that subordinated Debt Securities are issued.</TD>
</TR>

</TABLE>

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>f59050exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">May&nbsp;2, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden lane, Fifth Floor<BR>
San Francisco, California 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re: &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Securities Being Registered under Registration Statement on Form&nbsp;S-3</U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to you in connection with your filing of a Registration Statement on
Form S-3 (as amended or supplemented, the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), relating to the registration of up to $250,000,000 of
any combination of (i)&nbsp;common stock, par value $0.01 per share (the &#147;Common Stock&#148;), of Terreno
Realty Corporation, a Maryland corporation (the &#147;Company&#148;), (ii)&nbsp;preferred stock, par value $0.01
per share, of the Company (the &#147;Preferred Stock&#148;) and (iii)&nbsp;debt securities (the &#147;Debt Securities&#148;)
of the Company. The Common Stock, Preferred Stock and Debt Securities are sometimes referred to
collectively herein as the &#147;Securities.&#148; Securities may be issued in an unspecified number (with
respect to Common Stock or Preferred Stock) or in an unspecified principal amount (with respect to
Debt Securities). The Registration Statement provides that the Securities may be offered
separately or together, in separate series, in amounts, at prices and on terms to be set forth in
one or more prospectus supplements to the prospectus contained in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed such documents and made such examination of law as we have deemed appropriate
to give the opinions expressed below. We have relied, without independent verification, on
certificates of public officials and, as to matters of fact material to the opinions set forth
below, on certificates of officers of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed below are limited to New York law, the Maryland General Corporation Law
and the federal law of the United States. Without limiting the generality of the foregoing, we
express no opinion with respect to (i)&nbsp;state securities or &#147;Blue Sky&#148; laws, or (ii)&nbsp;state or
federal antitrust laws.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the opinions expressed below, without limiting any other exceptions or
qualifications set forth herein, we have assumed that after the issuance of any Securities offered
pursuant to the Registration Statement, the total number of issued shares of Common Stock or
Preferred Stock, as applicable, together with the total number of shares of such stock reserved for
issuance upon the exercise, exchange, conversion or settlement, as the case may be, of any
exercisable, exchangeable or convertible security, as the case may be, then outstanding, will not
</DIV>





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

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
May&nbsp;2, 2011<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exceed the total number of authorized shares of Common Stock or Preferred Stock, as
applicable, under the Company&#146;s Articles of Incorporation, as amended and then in effect (the
&#147;Charter&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the opinions expressed below, we refer to the following as the &#147;Future
Authorization and Issuance&#148; of Securities;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to any of the Securities, (a)&nbsp;the authorization by the Company, of
the amount, terms and issuance of such Securities (the &#147;Authorization&#148;) and (b)&nbsp;the
issuance of such Securities in accordance with the Authorization therefor upon the
receipt by the Company of the consideration (which, in the case of shares of Common
Stock or Preferred Stock, is not less than the par value of such shares) to be paid
therefor in accordance with the Authorization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to Preferred Stock, (a)&nbsp;the establishment of the terms of such
Preferred Stock by the Company in conformity with the Charter and applicable law and
(b)&nbsp;the execution, acknowledgement and filing with the State Department of Assessments
and Taxation of Maryland by the Company, and the effectiveness of, Articles
Supplementary to the Charter setting forth the terms of such Preferred Stock in
accordance with the Charter and applicable law; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to Debt Securities, (a)&nbsp;the authorization, execution and delivery
of the indenture or a supplemental indenture relating to such Securities by the Company
and the trustee thereunder and/or, (b)&nbsp;the establishment of the terms of such
Securities by the Company, in conformity with the applicable indenture or supplemental
indenture and applicable law, and (c)&nbsp;the execution, authentication and issuance of
such Securities in accordance with the applicable indenture or supplemental indenture
and applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the additional qualifications set forth below, we are
of the opinion that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the Future Authorization and Issuance of shares of Common Stock, such shares of Common Stock will be validly issued, fully paid and nonassessable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the Future Authorization and Issuance of shares of Preferred Stock, such shares of Preferred Stock will be validly issued, fully paid and nonassessable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the Future Authorization and Issuance of Debt Securities, such Debt Securities will be valid and binding obligations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed above, as they relate to the Debt Securities are subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
May&nbsp;2, 2011<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">general
application affecting the rights and remedies of creditors and to general principles of equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter and the opinions it contains shall be interpreted in accordance with the
Legal Opinion Principles issued by the Committee on Legal Opinions of the American Bar
Association&#146;s Business Law Section as published in 53 <I>Business Lawyer </I>831 (May&nbsp;1998).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the inclusion of this opinion as Exhibit&nbsp;5.1 to the Registration
Statement and to the references to our firm under the caption &#147;Legal Matters&#148; in the Registration
Statement. In giving our consent, we do not admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act or the rules and regulations thereunder.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<br>
/<FONT style="FONT-variant: SMALL-CAPS">s</FONT>/ <FONT style="FONT-variant: SMALL-CAPS"> GOODWIN PROCTER llp</FONT><BR>
<BR>

GOODWIN PROCTER <FONT style="FONT-variant: SMALL-CAPS">llp</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>f59050exv8w1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;8.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As of May&nbsp;2, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as counsel for Terreno Realty Corporation, a Maryland corporation (the &#147;Company&#148;), in
connection with the preparation and filing with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Company of a Registration Statement on Form S-3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Registration Statement on Form S-3 filed by the Company with the Commission on May&nbsp;2,
2011 is referred to in this opinion letter as the &#147;Registration Statement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion letter addresses the Company&#146;s qualification as a real estate investment trust (a
&#147;REIT&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) for the taxable years
commencing with the Company&#146;s taxable year ended December&nbsp;31, 2010 and the accuracy of the matters
discussed in the Registration Statement under the heading &#147;Material U.S. Federal Income Tax
Considerations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering the following opinion, we have reviewed and relied upon the Articles of Amendment and
Restatement of the Company, the Bylaws of the Company, and the Registration Statement. For
purposes of our opinion, we have assumed (i)&nbsp;the genuineness of all signatures on documents we have
examined, (ii)&nbsp;the authenticity of all documents submitted to us as originals, (iii)&nbsp;the conformity
to the original documents of all documents submitted to us as copies, (iv)&nbsp;the conformity, to the
extent relevant to our opinion, of final documents to all documents submitted to us as drafts, (v)
the authority and capacity of the individual or individuals who executed any such documents on
behalf of any person, (vi)&nbsp;due execution and delivery of all such documents by all the parties
thereto, (vii)&nbsp;the compliance of each party with all material provisions of such documents, and
(viii)&nbsp;the accuracy and completeness of all records made available to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have reviewed and relied upon the representations and covenants of the Company contained in
a letter that it provided to us in connection with the preparation of this opinion (the &#147;REIT
Certificate&#148;) regarding the formation, organization, ownership, and operation of the Company and
other matters affecting the Company&#146;s ability to qualify as a REIT. We have neither independently
investigated nor verified such representations and the Company&#146;s ability to comply with such
covenants, and we assume that each such representation and covenant is and will be true, correct
and complete, that the Company and any subsidiaries are and will be owned and operated in
accordance with the REIT Certificate and that all representations and covenants
</DIV>





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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
May&nbsp;2, 2011<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that speak to the best of the belief and/or knowledge of any person(s) or party(ies), or are
subject to similar qualification, are and will continue to be true, correct and complete as if made
without such qualification. To the extent such representations and covenants speak to the intended
ownership or operations of the Company, we assume that the Company will in fact be owned and
operated in accordance with such stated intent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon the foregoing and subject to the limitations set forth herein, we are of the opinion
that (i)&nbsp;commencing with its taxable year ended on December&nbsp;31, 2010 and through the date hereof,
the Company has been organized in conformity with the requirements for qualification and taxation
as a REIT under the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and its proposed
ownership and method of operations as described in the REIT Certificate will allow it to continue
to satisfy the requirements for qualification and taxation as a REIT under the Code, and (ii)&nbsp;the
statements set forth under the heading &#147;Material U.S. Federal Income Tax Considerations&#148; in the
Registration Statement, insofar as such statements describe applicable U.S. federal income tax law,
constitute accurate summaries of the matters described therein in all material respects.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>* * * * * *</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The opinions set forth above represent our conclusions based upon the documents, facts,
representations and assumptions referred to above. Any material amendments to such documents,
changes in any significant facts or inaccuracy of such representations or assumptions could affect
the opinions referred to herein. Moreover, the Company&#146;s continuing qualification as a REIT
depends upon the ability of the Company to meet for each taxable year, through actual annual
operating results, requirements under the Code regarding gross income, assets, distributions and
diversity of stock ownership. We have not undertaken to review the Company&#146;s compliance with these
requirements on a continuing basis. Accordingly, no assurance can be given that the actual results
of the Company&#146;s operations for any single taxable year will satisfy the tests necessary to qualify
as or be taxed as a REIT under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We express no opinion other than the opinion expressly set forth herein. Our opinion is not
binding on the Internal Revenue Service or a court, and the Internal Revenue Service or a court may
disagree with our conclusion. Our opinion is based upon the Code, the Income Tax Regulations and
Procedure and Administration Regulations promulgated thereunder and existing administrative and
judicial interpretation thereof, all as in effect as of the date of this opinion. Changes in
applicable law could cause the federal income tax treatment of the Company to differ materially and
adversely from the treatment described above and render the tax discussion in the Registration
Statement incorrect or incomplete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement
and to the references to our firm under the captions &#147;Legal Matters&#148; and &#147;Material U.S. Federal
Income Tax Considerations&#148; in the Registration Statement. In giving our consent, we do not admit
that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities
Act of 1933, as amended, or the rules and regulations thereunder.
</DIV>



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

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
May&nbsp;2, 2011<BR>
Page 3

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Goodwin Procter LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Goodwin Procter  LLP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>5
<FILENAME>f59050exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;12.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Terreno Realty Corporation<BR>
Ratio of Earnings to Fixed Charges<BR>
(in thousands)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Period from</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>February 16, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Commencement of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Operations) to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,390</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,836</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Charges</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimate of the Interest within rental expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Fixed Charges</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Ratio of Earnings to Fixed Charges</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Earnings did not cover fixed charges by $5,390.</TD>
</TR>

</TABLE>




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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>f59050exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 23.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement on Form S-3 of our:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reports on the consolidated financial statements and the effectiveness of internal control over financial reporting
of Terreno Realty Corporation, dated
February&nbsp;24, 2011, appearing on Form 10-K of Terreno Realty Corporation,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reports on the 130 Interstate and Middlebrook statements of revenues and
certain expenses, dated December&nbsp;6, 2010, included in Current Report on Form 8-K/A filed on
or about December&nbsp;6, 2010,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reports on Belleville, Warm Springs I and II, Fortune/Qume, 238/242
Lawrence, and Maltese statements of revenues and certain expenses, dated May&nbsp;2, 2011, included in
Current Report on Form 8-K filed on or about May&nbsp;2, 2011.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Deloitte &#38; Touche LLP<BR>
San Francisco, California<BR>
May&nbsp;2, 2011

</DIV>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
