<SUBMISSION>
<ACCESSION-NUMBER>0000950144-04-003430
<TYPE>S-4
<PUBLIC-DOCUMENT-COUNT>13
<FILING-DATE>20040401
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SUTTLES RONALD LEE TRI COUNTY EXTRADITION INC
<CIK>0001212611
<IRS-NUMBER>330451880
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-01
<FILM-NUMBER>04710157
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>646 MELROSE AVE
<CITY>NASHVILLE
<STATE>TN
<ZIP>37211
<PHONE>6152517008
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA PROPERTIES OF TEXAS LP
<CIK>0001212249
<IRS-NUMBER>431988735
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-02
<FILM-NUMBER>04710158
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>6152633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA PROPERTIES OF ARIZONA LLC
<CIK>0001212247
<IRS-NUMBER>431988725
<STATE-OF-INCORPORATION>TN
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-04
<FILM-NUMBER>04710160
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>6152633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA PROPERTIES OF AMERICA LLC
<CIK>0001212246
<IRS-NUMBER>431988721
<STATE-OF-INCORPORATION>TN
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-05
<FILM-NUMBER>04710161
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>6152633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA INTERNATIONAL INC
<CIK>0001177789
<IRS-NUMBER>621310460
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-06
<FILM-NUMBER>04710162
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>TECHNICAL & BUSINESS INSTITUTE OF AMERICA
<CIK>0001177788
<IRS-NUMBER>382999108
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-07
<FILM-NUMBER>04710163
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PRISON REALTY MANAGEMENT INC
<CIK>0001177787
<IRS-NUMBER>621696286
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-08
<FILM-NUMBER>04710164
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>TRANSCOR AMERICA LLC
<CIK>0001177784
<IRS-NUMBER>621428259
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-09
<FILM-NUMBER>04710165
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CORRECTIONS CORP OF AMERICA
<CIK>0001070985
<ASSIGNED-SIC>8744
<IRS-NUMBER>621763875
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137
<FILM-NUMBER>04710167
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<STREET2>N/A
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>6152633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BOULEVARD
<STREET2>N/A
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PRISON REALTY TRUST INC
<DATE-CHANGED>19990517
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PRISON REALTY CORP
<DATE-CHANGED>19980924
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA PROPERTIES OF TENNESSEE LLC
<CIK>0001212248
<IRS-NUMBER>431988730
<STATE-OF-INCORPORATION>TN
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-03
<FILM-NUMBER>04710159
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>6152633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA OF TENNESSEE INC
<CIK>0001177782
<IRS-NUMBER>621806755
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-114137-10
<FILM-NUMBER>04710166
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>g88158sv4.htm
<DESCRIPTION>CORRECTIONS CORPORATION OF AMERICA - FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRECTIONS CORPORATION OF AMERICA - FORM S-4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">As filed with the Securities and Exchange
Commission on April&nbsp;1, 2004</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -5px">
</DIV>

<DIV align="left">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

<P align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

<DIV align="center">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="5">FORM S-4</FONT></B>

<DIV align="center">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center">
<B>UNDER</B>
</DIV>

<DIV align="center">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="5">Corrections Corporation of America</FONT></B>

<DIV align="center">
<B><FONT size="2">(and certain of its wholly owned subsidiaries
identified on the following page)</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Exact name of Registrant as Specified in Its
Charter)</FONT></I>
</DIV>

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

<TR>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Maryland</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">8744</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">62-1763875</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or Other Jurisdiction of<BR>
    Incorporation or Organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employee<BR>
    Identification Number)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2">10 Burton Hills Boulevard</FONT></B>

<DIV align="center">
<B><FONT size="2">Nashville, Tennessee 37215</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(615)&nbsp;263-3000</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Address, Including Zip Code, and Telephone
Number,</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">Including Area Code, of Registrant&#146;s
Principal Executive Offices)</FONT></I>
</DIV>

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

<TR>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">John D. Ferguson<BR>
    Chief Executive Officer<BR>
    Corrections Corporation of America<BR>
    10 Burton Hills Boulevard<BR>
    Nashville, TN 37215<BR>
    (615)&nbsp;263-3000<BR>
     </FONT></B><I><FONT size="2">(Name, Address,&nbsp;Including Zip
    Code, and Telephone Number, Including Area Code, of Agent For
    Service)</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><I><FONT size="2">Copies to:<BR>
     </FONT></I><FONT size="2">F.&nbsp;Mitchell
    Walker,&nbsp;Jr.,&nbsp;Esq.<BR>
    Bass, Berry&nbsp;&#38; Sims PLC<BR>
    315&nbsp;Deaderick Street, Suite&nbsp;2700<BR>
    Nashville, Tennessee 37238<BR>
    (615) 742-6200</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Approximate date of commencement of proposed
sale to the public:</FONT></B><FONT size="2"> As soon as
practicable after the effective date of this Registration
Statement.
</FONT>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the securities registered on this form are
being offered in connection with the formation of a holding
company and there is compliance with General Instruction&nbsp;G,
check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Form is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b) under
the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Form is a post-effective amendment filed
pursuant to Rule&nbsp;462(d) 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>
</DIV>

<DIV align="center">
<HR size="1" width="26%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

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

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount to be</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Securities to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Price per Unit(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Price</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration Fee</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7.5%&nbsp;Senior Notes Due 2011
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$200,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">100%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$200,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$25,340
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Guarantee of 7.5%&nbsp;Senior Notes&nbsp;Due 2011
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;<FONT size="2">&#151;(2)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for the purpose of calculating
    the registration fee pursuant to Rule&nbsp;457(f) under the
    Securities Act of 1933.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Pursuant to Rule&nbsp;457(n) of the Securities
    Act of 1933, no separate registration fee is payable for the
    guarantees.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">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&nbsp;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.</FONT></B>

<P align="left">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">TABLE OF ADDITIONAL REGISTRANTS</FONT></B>

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

<TR>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Exact Name of Registrant as Specified</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">State or Other Jurisdiction</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Primary Standard</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employee</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">in its Charter or Organizational</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Incorporation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Industrial Classification</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Document*</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Code Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CCA of Tennessee,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62-1806755</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prison Realty Management,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62-1696286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Technical and Business Institute of
    America,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38-2999108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">TransCor America, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62-1428259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CCA International,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62-1310460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CCA Properties of America, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43-1988721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CCA Properties of Arizona, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43-1988725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CCA Properties of Tennessee, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Tennessee</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43-1988730</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CCA Properties of Texas, L.P.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43-1988735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ronald Lee Suttles Tri-County
    Extradition,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33-0451880</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Addresses and telephone numbers of principal
    executive offices are the same as that of Corrections
    Corporation of America, except for TransCor America, LLC and
    Ronald Lee Suttles Tri-County Extradition,&nbsp;Inc., each of
    whose principal address is 646&nbsp;Melrose Avenue, Nashville,
    Tennessee 37211 and telephone number is (615)&nbsp;251-7008.
    </FONT></TD>
</TR>

</TABLE>

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

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT size="2" color="#E8112D">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 state where
the offer or sale is not permitted.</FONT></B><FONT size="2">
<BR>
</FONT>
</TD></TR></TABLE>

<P align="center">
<B><FONT size="2" color="#E8112D">SUBJECT TO COMPLETION, dated
April&nbsp;1, 2004</FONT></B>

<P align="left">
<B><FONT size="2">PROSPECTUS</FONT></B>

<P align="center">
<IMG src="g88158g8815801.gif" alt="(CORRECTIONS CORPORATION OF AMERICA LOGO)">

<P align="center">
<B><FONT size="4">Offer to Exchange</FONT></B>

<DIV align="center">
<B><FONT size="4">up to $200,000,000 of 7.5%&nbsp;Senior Notes
due 2011</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">for</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">up to $200,000,000 of 7.5%&nbsp;Senior Notes
due 2011</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">that have been registered under the Securities
Act of 1933</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
<B><FONT size="2">Terms of the exchange offer:</FONT></B>
<P>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Expires at 12:00 midnight, New&nbsp;York City
    time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2004, unless extended.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The only conditions to completing the exchange
    offer are that the exchange offer not violate applicable law or
    applicable interpretations of the staff of the Securities and
    Exchange Commission and no injunction, order or decree has been
    issued which would prohibit, prevent or materially impair our
    ability to proceed with the exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">All unregistered notes, which were issued in a
    private placement on August&nbsp;8, 2003, that are validly
    tendered and not validly withdrawn will be exchanged.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Tenders of unregistered notes may be withdrawn at
    any time prior to the expiration of the exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The terms of the new registered notes to be
    issued in the exchange offer are substantially identical to the
    unregistered notes that we issued on August&nbsp;8, 2003, except
    for certain transfer restrictions, registration rights and
    liquidated damages provisions relating to the unregistered notes
    that will not apply to the new notes. The new notes will be
    fully and unconditionally guaranteed, jointly and severally, by
    all of our existing domestic subsidiaries (other than our Puerto
    Rican subsidiary) and all of our future domestic subsidiaries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We will not receive any cash proceeds from the
    exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We do not intend to list the new notes on any
    national securities exchange or the Nasdaq National Market.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The exchange of new notes for unregistered notes
    will not be a taxable event for U.S.&nbsp;federal income tax
    purposes.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should consider carefully the &#147;Risk Factors&#148;
beginning on page&nbsp;13 of this prospectus before
participating in the exchange offer.</B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any broker-dealer who holds unregistered notes
acquired for its own account as a result of market-making
activities or other trading activities, and who receives the new
notes in exchange for the unregistered notes in the exchange
offer, may be deemed a statutory underwriter. Additionally, a
broker-dealer:
</FONT>
<P>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that receives new notes pursuant to the exchange
    offer must acknowledge that it will deliver a prospectus in
    connection with any resale of the new notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that acquired the unregistered notes as a result
    of market making or other trading activities may use this
    prospectus, as supplemented or amended, in connection with
    resales of the new notes;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that acquired the unregistered notes directly
    from us in the initial offering must, in the absence of an
    exemption, comply with the registration and prospectus delivery
    requirements of the Securities Act of 1933 in connection with
    the secondary resales and cannot rely on the position of the
    Securities and Exchange Commission staff enunciated in Exxon
    Capital Holdings Corporation, Securities and Exchange Commission
    No-Action Letter (April&nbsp;13, 1989).
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved
of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a
criminal offense.</FONT></I>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<FONT size="2">The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">

</DIV>

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

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

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>Important Information About
    This Prospectus</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">i</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#102'>Where You Can Find More
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">ii</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#103'>Special Note Regarding
    Forward-Looking Statements</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">iii</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#104'>Summary</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#105'>Selected Historical
    Financial Data</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#106'>Risk Factors</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#108'>The Exchange Offer</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#109'>Use of Proceeds</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#110'>Description of the New
    Notes</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#111'>Federal Income Tax
    Considerations</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#112'>Plan of Distribution</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#113'>Legal Matters</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#114'>Experts</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv5w1.txt">Ex-5.1 Opinion of Bass, Berry & Sims PLC</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv5w2.txt">Ex-5.2 Opinion of Miles & Stockbridge P.C.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv5w3.txt">Ex-5.3 Opinion-Fullerton,Lemann,Schaefer&Dominick</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv8w1.txt">Ex-8.1 Tax Matters Opinion of Bass, Berry & Sims</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv12w1.txt">Ex-12.1 Statement Regarding Computation of Ratios</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv23w1.txt">Ex-23.1 Consent of Independent Auditors</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv25w1.txt">Ex-25.1 Statement of Eligibility of Trustee</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv99w1.txt">Ex-99.1 Letter of Transmittal</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv99w2.txt">Ex-99.2 Notice of Guaranteed Delivery</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv99w3.txt">Ex-99.3 Letter to Registered Holders & DTCP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g88158exv99w4.txt">Ex-99.4 Letter to Clients</A></FONT></TD></TR>
</TABLE>
</CENTER>

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

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<A name='101'></A>

<!-- link1 "IMPORTANT INFORMATION ABOUT THIS PROSPECTUS" -->

<P align="center">
<B><FONT size="2">IMPORTANT INFORMATION ABOUT THIS
PROSPECTUS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information in this
prospectus. We have not authorized any other person to provide
you with different information. If anyone provides you with
different or inconsistent information, you should not rely on
it. We are not making an offer to sell the new notes in any
jurisdiction where the offer or sale is not permitted. You
should assume that the information appearing in this prospectus
is accurate only as of the date on the front cover of this
prospectus. Our business, financial condition, results of
operations, and prospectus may have changed since that date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This exchange offer is not being made to, and we
will not accept surrenders for exchange from, holders of
unregistered notes in any jurisdiction in which this exchange
offer or the acceptance of this exchange offer would violate the
securities or blue sky laws of that jurisdiction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives new notes in the
exchange offer for its own account must acknowledge that it will
deliver a prospectus meeting the requirements of the Securities
Act in connection with any resales of the new notes. The letter
of transmittal states that by so acknowledging and by delivering
a prospectus, a broker-dealer will not be deemed to admit that
it is an &#147;underwriter&#148; within the meaning of the
Securities Act. This prospectus, as it may be amended or
supplemented from time to time, may be used by all persons
subject to the prospectus delivery requirements of the
Securities Act, including broker-dealers in connection with
resales of new notes received in the exchange offer, where the
notes were acquired as a result of market-making activities or
other trading activities. We have agreed that, for a period of
180&nbsp;days after the expiration of the exchange offer, we
will make this prospectus, as amended or supplemented, available
to any broker-dealer for use in connection with such a resale.
</FONT>

<P align="center">

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

<DIV align="left">
<A name='102'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We file reports, proxy statements and other
information with the Securities and Exchange Commission, or the
&#147;Commission&#148;. Our filings with the Commission are
available on the Internet at the Commission&#146;s EDGAR website
at http://www.sec.gov. You may read and copy any document that
we file with the Commission at the Commission&#146;s public
reference room at the following address:
</FONT>

<P align="center">
<FONT size="2">450&nbsp;Fifth Street,&nbsp;N.W.
</FONT>

<DIV align="center">
<FONT size="2">Room&nbsp;1024
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Washington,&nbsp;D.C. 20549
</FONT>
</DIV>

<P align="left">
<FONT size="2">You may also review a copy of our filings at the
Commission&#146;s regional offices in Chicago, Illinois or
New&nbsp;York, New&nbsp;York. You can call the Commission at
1-800-SEC-0330 for more information about the public reference
rooms and their copy charges. Our Commission filings are also
available at the offices of the New&nbsp;York Stock Exchange,
20&nbsp;Broad Street, New&nbsp;York, New&nbsp;York 10005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Commission allows us to &#147;incorporate by
reference&#148; the information that we file with the
Commission. This means that we can disclose important
information to you by referring you to information and documents
that we have filed with the Commission. Any information that we
refer to in this manner is considered part of this prospectus.
Any information that we file with the Commission after the date
of this prospectus will automatically update and supersede the
corresponding information contained in this prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are incorporating by reference the following
documents that we have previously filed with the Commission:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our annual report on Form&nbsp;10-K for the
    fiscal year ended December&nbsp;31, 2003;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our definitive proxy statement in connection with
    our 2004 Annual Meeting of Stockholders to be held on
    May&nbsp;13, 2004, filed with the Commission on
    April&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are also incorporating by reference any future
filings that we make with the Commission under
Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 after the date of this prospectus and prior
to the completion of the exchange offer. In no event, however,
will any of the information that we disclose under Items&nbsp;9
and 12 of any Current Report on Form&nbsp;8-K that we may from
time to time file with the Commission be incorporated by
reference into, or otherwise included in, this prospectus. You
may request a free copy of any documents referred to above,
including exhibits specifically incorporated by reference in
those documents, by contacting us at the following address and
telephone number:
</FONT>

<P align="center">
<FONT size="2">Corrections Corporation of America
</FONT>

<DIV align="center">
<FONT size="2">10&nbsp;Burton Hills Boulevard
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Nashville, Tennessee 37215
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">(615)&nbsp;263-3000
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Karin Demler
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">If you would like to request documents, please
do so by no later
than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 in order to receive the documents before this exchange
offer expires
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004.</FONT></B>

<P align="center"><FONT size="2">ii
</FONT>

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

<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->

<P align="center">
<B><FONT size="2">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus and the exhibits hereto contain
forward-looking statements. Forward-looking statements address
our beliefs and expectations of the outcome of future events
that are forward-looking in nature, including, without
limitation, the statements under &#147;Summary&#148; and
&#147;Risk Factors.&#148; All statements other than statements
of current or historical fact contained in this prospectus are
forward-looking statements. The words &#147;believe,&#148;
&#147;anticipate,&#148; &#147;plan,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;estimate&#148; and similar
expressions, as they relate to us, are intended to identify
these forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that could
cause actual results to differ materially from the statements
made. These include, but are not limited to, the risks and
uncertainties associated with:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">fluctuations in operating results because of
    changes in occupancy levels, competition, increases in costs of
    operations, fluctuations in interest rates and risks of
    operations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to obtain and maintain correctional
    facility management contracts, including as the result of
    sufficient governmental appropriations, and the timing of the
    opening of new facilities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increases in costs to develop or expand
    correctional facilities that exceed original estimates, or the
    inability to complete such projects on schedule as a result of
    various factors, many of which are beyond our control, such as
    weather, labor conditions and material shortages, resulting in
    increased construction costs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in the privatization of the corrections
    and detention industry and the public acceptance of our services;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in governmental policy, legislation and
    regulation of the corrections and detention industry that
    adversely affect our business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">availability of debt and equity financing, on
    terms that are favorable to us;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">general economic and market conditions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">All forward-looking statements included in this
prospectus are based on information available to us on the date
of this prospectus. Except as required by law, we undertake no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise. All subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf
are expressly qualified in their entirety by the cautionary
statements contained throughout this prospectus.
</FONT>

<P align="center"><FONT size="2">iii
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "SUMMARY" -->

<P align="center">
<B><FONT size="2">SUMMARY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of the material
information appearing elsewhere in this prospectus. The
following summary should be read in conjunction with, and is
qualified in its entirety by, the more detailed information and
financial statements (including the accompanying notes)
contained elsewhere in this prospectus or incorporated by
reference herein. We refer to Corrections Corporation of America
and its subsidiaries as &#147;we&#148; or &#147;CCA,&#148;
unless the context clearly indicates otherwise. References to
&#147;notes&#148; means both the unregistered notes and the new
notes, unless the context otherwise requires or clearly
indicates.
</FONT>

<P align="center">
<B><FONT size="2">The Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;8, 2003, we issued in a private
placement $200.0&nbsp;million in aggregate principal amount of
our 7.5%&nbsp;Senior Notes due 2011, which we refer to as the
&#147;unregistered notes.&#148; We refer to the August&nbsp;8,
2003 private placement as the &#147;original note
offering.&#148; We entered into a registration rights agreement
with the initial purchasers of the unregistered notes in which
we agreed to deliver to you this prospectus. You are entitled to
exchange your unregistered notes in the exchange offer for new
registered notes with substantially identical terms. We refer to
these new registered notes as the &#147;new notes.&#148; Unless
you are a broker-dealer or unable to participate in the exchange
offer, we believe that the new notes may be resold by you
without compliance with the registration and prospectus delivery
requirements of the Securities Act of 1933. The form and terms
of the new notes are substantially the same as the form and
terms of the unregistered notes, except that the new notes have
been registered under the Securities Act and will not bear
legends restricting their transfer. We issued the unregistered
notes under an indenture which grants you a number of rights.
You should read the discussions under the headings &#147;The
Exchange Offer&#148; and &#147;Description of the New
Notes&#148; for further information regarding the new notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The new notes also will be issued under that
indenture and you will have the same rights under the indenture
as the holders of the unregistered notes. See &#147;Description
of the New Notes.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">The Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are offering to exchange $1,000 principal
    amount of 7.5%&nbsp;Senior Notes due 2011, which have been
    registered under the Securities Act, for each $1,000 principal
    amount of our unregistered 7.5%&nbsp;Senior Notes due 2011. In
    order to be exchanged, an unregistered note must be properly
    tendered and accepted. All unregistered notes that are validly
    tendered and not validly withdrawn will be exchanged.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">As of this date, there are $200.0&nbsp;million
    aggregate principal amount of unregistered notes outstanding.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will issue the new notes promptly after the
    expiration of the exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Resales of the New Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We believe that new notes to be issued in the
    exchange offer may be offered for resale, resold and otherwise
    transferred by you without compliance with the registration and
    prospectus delivery provisions of the Securities Act if you meet
    the following conditions:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(1)&nbsp;the new notes are acquired by you in the
    ordinary course of your business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(2)&nbsp;you are not engaging in and do not
    intend to engage in a distribution of the new notes;
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">1
</FONT>

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(3)&nbsp;you do not have an arrangement or
    understanding with any person to participate in the distribution
    of the new notes;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(4)&nbsp;you are not an affiliate of ours, as
    that term is defined in Rule&nbsp;405 under the Securities Act.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Our belief is based on interpretations by the
    staff of the Commission, as set forth in no-action letters
    issued to third parties unrelated to us. The staff has not
    considered this exchange offer in the context of a no-action
    letter, and we cannot assure you that the staff would make a
    similar determination with respect to this exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you do not meet the above conditions, you may
    incur liability under the Securities Act if you transfer any new
    note without delivering a prospectus meeting the requirements of
    the Securities Act. We do not assume or indemnify you against
    that liability.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Each broker-dealer that is issued new notes in
    the exchange offer for its own account in exchange for
    unregistered notes which were acquired by that broker-dealer as
    a result of market-making activities or other trading activities
    must agree to deliver a prospectus meeting the requirements of
    the Securities Act in connection with any resales of the new
    notes. A broker-dealer may use this prospectus for an offer to
    resell or to otherwise transfer these new notes. For more
    information on resales of the new notes, see &#147;Exchange
    Offer&nbsp;&#151; Resale of the New Notes.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Expiration Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer will expire at 12:00 midnight,
    New&nbsp;York City time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2004, unless we decide to extend the exchange offer. We do not
    intend to extend the exchange offer, although we reserve the
    right to do so. If we determine to extend the exchange offer, we
    do not intend to extend it
    beyond &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2004.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Conditions to the Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The only conditions to completing the exchange
    offer are that the exchange offer not violate applicable law or
    any applicable interpretation of the staff of the Commission and
    no injunction, order or decree has been issued which would
    prohibit, prevent or materially impair our ability to proceed
    with the exchange offer. See &#147;The Exchange
    Offer&nbsp;&#151; Conditions to the Exchange Offer.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Procedures for Tendering Unregistered Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To participate in the exchange offer, you must
    complete, sign and date the letter of transmittal and send it,
    together with all other documents required by the letter of
    transmittal, including the unregistered notes that you wish to
    exchange, to U.S.&nbsp;Bank National Association, as exchange
    agent, at the address indicated on the cover page of the letter
    of transmittal. In the alternative, you can tender your
    unregistered notes by following the procedures for book-entry
    transfer described in this prospectus.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If your unregistered notes are held through The
    Depository Trust Company, or DTC, and you wish to participate in
    the exchange offer, you may do so through the automated tender
    offer program
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">2
</FONT>

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

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    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

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    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">of DTC. If you tender under this program, you
    will agree to be bound by the letter of transmittal that we are
    providing with this prospectus as though you had signed the
    letter of transmittal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If a broker, dealer, commercial bank, trust
    company or other nominee is the registered holder of your
    unregistered notes, we urge you to contact that person promptly
    to tender your unregistered notes in the exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">For more information on tendering your
    unregistered notes, see &#147;Exchange Offer&nbsp;&#151; Terms
    of the Exchange Offer,&#148; &#147;&#151;&nbsp;Procedures for
    Tendering&#148; and &#147;&#151;&nbsp;Book-Entry Transfer.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Guaranteed Delivery Procedures
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you wish to tender your unregistered notes and
    you cannot get your required documents to the exchange agent on
    time, you may tender your unregistered notes according to the
    guaranteed delivery procedures described in &#147;Exchange
    Offer&nbsp;&#151; Guaranteed Delivery Procedures.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Acceptance of Unregistered Notes and Delivery of
    New Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Except under the circumstances described above
    under &#147;&#151;&nbsp;Conditions to the Exchange Offer,&#148;
    we will accept for exchange any and all unregistered notes which
    are properly tendered in the exchange offer prior to 12:00
    midnight, New&nbsp;York City time, on the expiration date. The
    new notes to be issued to you in the exchange offer will be
    delivered promptly following the expiration date. See &#147;The
    Exchange Offer&nbsp;&#151; Terms of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Withdrawal of Tenders
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You may withdraw your tender of unregistered
    notes at any time prior to the expiration date of the exchange
    offer. To withdraw, you must deliver a written or facsimile
    transmission notice of withdrawal to the exchange agent at its
    address indicated on the cover page of the letter of transmittal
    before 12:00 midnight, New&nbsp;York City time, on the
    expiration date of the exchange offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Exchange Agent and Trustee
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We have appointed U.S.&nbsp;Bank National
    Association as exchange agent for the exchange offer.
    U.S.&nbsp;Bank National Association also serves as the trustee
    under the indenture governing the notes. You should direct
    questions and requests for assistance, requests for additional
    copies of this prospectus or the letter of transmittal and
    requests for the notice of guaranteed delivery to the exchange
    agent addressed as follows: U.S.&nbsp;Bank National Association,
    60 Livingston Avenue, St. Paul, MN 55107-2292, Attention:
    Specialized Finance, (800)&nbsp;934-6802. Eligible institutions
    may make requests by facsimile at (651) 495-8158.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Registration Rights Agreement
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You are entitled to exchange your unregistered
    notes for new notes with substantially identical terms pursuant
    to the registration rights agreement. The exchange offer
    satisfies this right. After the exchange offer is completed, you
    will no longer be entitled to any exchange or registration
    rights with respect to your unregistered notes. Under the
    circumstances described in the registration rights agreement,
    you may require us to file a shelf registration statement under
    the Securities Act.
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV>&nbsp;</DIV>

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    <TD width="71%"></TD>
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    <FONT size="2">Consequences of Failure to Exchange
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you do not exchange your unregistered notes in
    this exchange offer, you will no longer be able to require us to
    register the unregistered notes under the Securities Act, except
    in the limited circumstances provided under the registration
    rights agreement. In addition, you will not be able to resell,
    offer to resell or otherwise transfer the unregistered notes
    unless we have registered the unregistered notes under the
    Securities Act, or unless you resell, offer to resell or
    otherwise transfer the unregistered notes under an exemption
    from the registration requirements of, or in a transaction not
    subject to, the Securities Act.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Federal Income Tax Considerations
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange of unregistered notes for new notes
    will not be a taxable event for federal income tax purposes. See
    &#147;Federal Income Tax Considerations.&#148;
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">4
</FONT>

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">Terms of the New Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The new notes will be identical to the
unregistered notes except that the new notes have been
registered under the Securities Act and will not have
restrictions on transfer or registration rights. The new notes
will evidence the same debt as the unregistered notes, and the
same indenture will govern the new notes and the unregistered
notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary contains basic information
about the new notes. It does not contain all of the information
that is important to you. For a more complete understanding of
the new notes, see &#147;Description of the New Notes.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
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<TR>
    <TD valign="top">
    <FONT size="2">Issuer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Corrections Corporation of America
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Securities
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">$200,000,000 in aggregate principal amount of
    7.5%&nbsp;Senior Notes due 2011.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Maturity
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">May&nbsp;1, 2011.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Interest
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The new notes will bear interest at a rate per
    annum of 7.5% payable on May&nbsp;1 and November&nbsp;1 of each
    year, beginning on November&nbsp;1, 2004.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Guarantees
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Our obligations under the notes will be fully and
    unconditionally guaranteed by our existing restricted domestic
    subsidiaries. For the year ended December&nbsp;31, 2003, the
    entities that will guarantee the notes generated 99.9% of our
    revenues.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Ranking
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The notes and subsidiary guarantees are senior
    obligations of ours and our subsidiary guarantors. Accordingly,
    they will rank:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;equally with all of our and our
    subsidiary guarantors&#146; existing and future unsecured senior
    debt;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;ahead of any of our and our
    subsidiary guarantors&#146; future debt that expressly provides
    for subordination to the notes or the guarantees;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;subordinated to any of our and our
    subsidiary guarantors&#146; secured indebtedness to the extent
    of the value of the security for that indebtedness.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Optional Redemption
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">At any time on or after May&nbsp;1, 2007, we may
    redeem all or a part of the notes at the redemption prices
    specified in this prospectus under &#147;Description of the New
    Notes&nbsp;&#151; Optional Redemption,&#148; plus accrued and
    unpaid interest and liquidated damages, if any, to the date of
    redemption. At any time on or before May&nbsp;1, 2006, we may
    redeem up to 35% of the outstanding notes with the net proceeds
    of certain equity offerings, as long as at least 65% of the
    aggregate principal amount of the notes remains outstanding
    after the redemption.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Mandatory Offer to Repurchase
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If we sell certain assets or experience specific
    kinds of changes in control, we must offer to repurchase the
    notes at the prices, plus accrued and unpaid interest, if any,
    to the date of redemption, listed in &#147;Description of the
    New Notes&nbsp;&#151; Repurchase at the Option of Holders.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Certain Covenants
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will issue the notes under our existing
    indenture and supplemental indenture, each dated May&nbsp;7,
    2003, containing covenants for your benefit. These covenants
    restrict our ability
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">5
</FONT>

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    <TD width="28%"></TD>
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    <TD width="71%"></TD>
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</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">and the ability of our subsidiaries, with
    exceptions, to, among other things:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;pay dividends or make other
    restricted payments;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;incur additional debt or issue
    preferred stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;create or permit to exist certain
    liens;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;incur restrictions on the ability of
    certain of our subsidiaries to pay dividends or other payments;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;consolidate, merge or transfer all or
    substantially all our assets;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;enter into transactions with
    affiliates.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">These covenants are subject to a number of
    important exceptions and qualifications.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Registration Rights
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You are entitled under the registration rights
    agreement to exchange your unregistered notes for a new issue of
    identical debt securities registered under the Securities Act as
    evidence of the same underlying obligation of indebtedness. This
    exchange offer is intended to satisfy these rights. We must use
    our commercially reasonable efforts to have the registration
    statement declared effective by the Commission on or prior to
    August&nbsp;7, 2004. We have also agreed to provide a shelf
    registration statement to cover resales of the notes under
    certain circumstances. If we fail to satisfy these obligations,
    we have agreed to pay liquidated damages to holders of the notes
    under specified circumstances.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Transfer Restrictions
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The new notes have been registered under the
    Securities Act and generally will be freely transferable. We do
    not intend to list the notes on any securities exchange.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">No Prior Market; PORTAL<SUP>SM</SUP> Market
    Listing
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The new notes will be new securities for which
    there is currently no market. Although the initial purchasers
    have informed us that they intend to make a market in the new
    notes, they are not obligated to do so and may discontinue
    market-making at any time without notice. Accordingly, we cannot
    assure you that a liquid market for the new notes will exist,
    develop or be maintained. We have agreed to seek to have the new
    notes made eligible for trading on the PORTAL<SUP>SM</SUP>
    Market.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Use of Proceeds
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will not receive any proceeds from the
    issuance of the new notes. We are making this exchange offer
    solely to satisfy our obligations under the registration rights
    agreement. See &#147;Use of Proceeds.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Incurrence of Indebtedness and Issuance of Stock
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Other than certain types of permitted
    indebtedness and capital stock, the indenture governing the
    notes restricts us and our restricted subsidiaries from
    incurring any additional indebtedness, including the issuance of
    any senior indebtedness, and restricts us and our restricted
    subsidiaries from issuing certain types of capital stock, unless
    we have a fixed charge coverage ratio for
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">6
</FONT>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

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    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">our four most recent fiscal quarters of at least
    2.0 to 1, determined as if the additional indebtedness had been
    incurred or the capital stock had been issued at the beginning
    of such four-quarter period. For more details, see
    &#147;Description of the New Notes&nbsp;&#151; Certain
    Covenants&nbsp;&#151; Incurrence of Indebtedness and Issuance of
    Preferred Stock.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Merger, Consolidation or Sale of Assets
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Under the indenture governing the notes, we are
    not permitted to consolidate or merge with another company or
    sell substantially all of our assets unless certain conditions
    are met, including (a)&nbsp;the surviving corporation assumes
    all obligations under the notes and (b)&nbsp;immediately after
    giving effect to such transaction on a pro forma basis the
    surviving corporation would be permitted to incur $1.00 of
    additional indebtedness under the fixed charge coverage test
    described above. For more details, see &#147;Description of the
    New Notes&nbsp;&#151; Certain Covenants&nbsp;&#151; Merger,
    Consolidation or Sale of Assets.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Restricted Payments
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Generally, unless permitted as specified below,
    we are restricted from
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;declaring or paying dividends (other
    than certain dividends payable in our equity securities);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;purchasing, redeeming or otherwise
    acquiring any of our equity interests;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;with certain exceptions, making any
    payment on, or purchasing, redeeming, defeasing or otherwise
    acquiring any indebtedness that is subordinated to the
    notes;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;making any investment that is not of
    a type permitted under the indenture.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Notwithstanding the foregoing, we may make a
    payment described above if, after giving effect to such payment,
    we are not in default, would be permitted to incur $1.00 of
    additional indebtedness under the fixed charge coverage test
    described above and such payment, together with the amount of
    all other restricted payments made by us since May&nbsp;3, 2002
    (excluding certain permitted restricted payments) is less than
    the sum of
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;50% of our consolidated net income
    after preferred cash dividends (for the period from the
    beginning of the first fiscal quarter after May&nbsp;3, 2002 to
    the end of the most recent fiscal quarter); plus
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;100% of the aggregate net cash
    proceeds received by us since May&nbsp;3, 2002 as contribution
    to our common equity capital or from the issue or sale of our
    equity securities; plus
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">7
</FONT>

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<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;to the extent that certain restricted
    investments made after May&nbsp;3, 2002 are sold or otherwise
    liquidated for cash, the lesser of (i)&nbsp;the cash return of
    capital with respect to such investment and (ii)&nbsp;the
    initial amount of such investment; plus
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;to the extent that any unrestricted
    subsidiary of ours is redesignated as a restricted subsidiary
    after May&nbsp;3, 2002, the lesser of (i)&nbsp;the fair market
    value of our investment in such subsidiary as of the date of
    such redesignation or (ii)&nbsp;such fair market value as of the
    date on which such subsidiary was originally designated an
    unrestricted subsidiary; plus
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;$10.0&nbsp;million.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">For more details, see &#147;Description of the
    New Notes&nbsp;&#151; Certain Covenants&nbsp;&#151; Restricted
    Payments.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Events of Default
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Generally, the following constitute events of
    default with respect to the notes:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;default for 30&nbsp;days in the
    payment of interest;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;default in the payment of principal
    when due;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;a failure by us to comply with
    certain repurchase requirements triggered by a change of control
    and provisions relating to mergers, consolidations or asset
    sales as described above;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;a failure by us to comply with any
    other agreements in the indenture for 60&nbsp;days after notice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;certain defaults by us under any
    other debt instruments representing more than $25.0&nbsp;million
    in indebtedness;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;other defaults related to the failure
    to pay final judgments, any guarantee being held in a judicial
    proceeding to be unenforceable and certain events of bankruptcy.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are required to deliver to the trustee a
    statement regarding compliance with the terms of the indenture
    annually and upon becoming aware of any event of default. For
    more details, see &#147;Description of the New Notes&nbsp;&#151;
    Events of Default and Remedies.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Amendment, Supplement <BR>
     and Waiver
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Generally, we may amend or supplement the
    indenture governing the notes, and certain events of default may
    be waived, with the consent of the holders of at least a
    majority in principal amount of the notes then outstanding. In
    some circumstances we may not amend the indenture, and certain
    events of default may not be waived, without the consent of each
    holder. These circumstances include, among others, reducing the
    principal or interest rate of the notes, changing the maturity
    of the notes or altering the redemption provisions of the notes.
    Additionally, in some circumstances we may amend or supplement
    the indenture without the consent of the holders, such as to
    cure any ambiguity, to provide for uncertificated notes, or to
    make any change that would provide any additional rights or
    benefits to the
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">holders of notes or that does not adversely
    affect the legal rights under the indenture of such holders. For
    more details, see &#147;Description of the New Notes&nbsp;&#151;
    Amendment, Supplement and Waiver.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">For a discussion of certain risks that should
be considered in connection with an investment in the new notes,
see &#147;Risk Factors.&#148;</FONT></B>
</DIV>

<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">The Company</FONT></B>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are the nation&#146;s largest owner and
operator of privatized correctional and detention facilities and
one of the largest prison operators in the United States behind
only the federal government and four states. At April&nbsp;1,
2004, we owned 41 correctional, detention and juvenile
facilities, three of which we lease to other operators, and one
additional facility which is not yet in operation. At
April&nbsp;1, 2004, we operated 65 facilities, including
38&nbsp;facilities that we owned, with a total design capacity
of approximately 66,000 beds in 20&nbsp;states and the District
of Columbia. We specialize in owning, operating and managing
prisons and other correctional facilities and providing inmate
residential and prisoner transportation services for
governmental agencies. In addition to providing the fundamental
residential services relating to inmates, our facilities offer a
variety of rehabilitation and educational programs, including
basic education, religious services, life skills and employment
training and substance abuse treatment. These services are
intended to help reduce recidivism and to prepare inmates for
their successful reentry into society upon their release. We
also provide health care (including medical, dental and
psychiatric services), food services and work and recreational
programs.
</FONT>

<P align="left">
<B><FONT size="2">Recent Developments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;23, 2004, we announced that we
entered into a contractual agreement with Mississippi&#146;s
Delta Correctional Authority to resume operations of the
state-owned Delta Correctional Facility located in Greenwood,
Mississippi. Under the new contract, we will manage an estimated
950 State of Mississippi medium security male inmates. The
contract term is one year, with two one-year extension options.
We formerly managed the 1,016-bed medium security correctional
facility for the Delta Correctional Authority since its opening
in 1996, until the State closed the facility in 2002, due to
excess capacity in the State&#146;s corrections system. We began
receiving inmates at this facility on April&nbsp;1, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Also on March&nbsp;23, 2004, we announced our
intent to cease operations at our T. Don Hutto Correctional
Center located in Taylor, Texas on May&nbsp;14, 2004, due to low
inmate population demands in the facility&#146;s region. We
expect to be able to transfer the majority of the approximate 60
federal offenders currently housed in the 480-bed facility to
our other operated facilities. Upon completion of these
transfers, the facility will become idle. We are currently
pursuing new management contracts to utilize the available beds
at this facility, but we can provide no assurance that we will
be successful in doing so.
</FONT>

<P align="left">
<B><FONT size="2">Our History</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our predecessor, Corrections Corporation of
America, a Tennessee corporation, was founded in 1983 as the
first owner and operator of privatized correction and detention
facilities. From January&nbsp;1, 1999 to October&nbsp;1, 2000,
we operated as Prison Realty Trust, a publicly traded real
estate investment trust, or REIT. Prison Realty Trust was the
owner of all of our owned facilities while all of our prison
operations (i.e., the management of our owned prisons and the
management of government-owned prisons) were conducted by three
operating companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to provide a simplified and more stable
corporate and financial structure that allows us to retain
earnings for capital purposes and to reduce debt, we merged with
the three operating companies during the fourth quarter of 2000.
In connection with the consummation of these mergers, we resumed
operations under the &#147;Corrections Corporation of
America&#148; name and ceased operating as a REIT.
</FONT>

<P align="left">
<B><FONT size="2">Address and Telephone Number</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our executive offices are located at 10 Burton
Hills Boulevard, Nashville, Tennessee 37215. Our telephone
number is (615)&nbsp;263-3000. Our website address is
www.correctionscorp.com. Information on our website is not a
part of this prospectus.
</FONT>
</DIV>

<P align="center"><FONT size="2">10
</FONT>

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

<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "SELECTED HISTORICAL FINANCIAL DATA" -->

<P align="center">
<B><FONT size="2">SELECTED HISTORICAL FINANCIAL DATA</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The selected historical financial data are
derived from our consolidated financial statements and related
notes thereto. The historical data are only a summary and should
be read in conjunction with our audited consolidated financial
statements and related notes contained in our annual report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003, which
have been incorporated by reference in this prospectus.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">For the Years Ended December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands, except per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">STATEMENTS OF OPERATIONS
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Management and other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,032,995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">934,050</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">906,177</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">240,473</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">269,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Licensing fees from affiliates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,566</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,699</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,036,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">937,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">911,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">288,271</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">278,185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">775,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">721,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">698,941</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">199,683</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">General and administrative
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,467</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,568</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,463</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,729</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,970</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees paid to a company acquired in 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Write-off of amounts under lease arrangements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,920</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Impairment losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">527,919</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">76,433</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">868,715</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">809,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">786,238</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">845,727</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">210,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating income (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">168,022</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(557,456</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other (income) expense:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity (earnings)&nbsp;loss and amortization of
    deferred gain, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(119</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">358</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">131,545</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expenses associated with debt refinancing and
    recapitalization transactions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,687</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,567</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other (income) expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,099</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Change in fair value of derivative instruments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,900</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,206</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,554</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss on disposal of assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,733</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized foreign currency transaction
    (gain)&nbsp;loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(556</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(622</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">219</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholder litigation settlements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,406</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from continuing operations before
    income taxes, minority interest, and cumulative effect of
    accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,617</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(782,826</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax (expense)&nbsp;benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,284</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,358</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(83,200</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from continuing operations before
    minority interest and cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">142,555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,901</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,676</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(734,088</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(73,210</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minority interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">254</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from continuing operations before
    cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">142,555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,901</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,676</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(733,834</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(73,210</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from discontinued operations, net
    of taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(772</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,459</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,052</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(80,276</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net income (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">141,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,916</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(730,782</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(72,654</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Distributions to preferred stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,262</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,959</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,024</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,526</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,600</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net income (loss) available to common stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,521</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(28,875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(744,308</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(81,254</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">11
</FONT>

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

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">For the Years Ended December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands, except per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic earnings (loss) per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from continuing operations before
    cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.14</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56.91</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7.11</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from discontinued operations, net
    of taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.90</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net income (loss) available to common stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.04</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56.68</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7.06</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted earnings (loss) per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from continuing operations before
    cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.14</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56.91</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7.11</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income (loss) from discontinued operations, net
    of taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.02</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.49</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net income (loss) available to common stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.82</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56.68</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7.06</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,669</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,049</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">For the Years Ended December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">OTHER FINANCIAL DATA:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.1x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.1x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.1x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.0x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<TR>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BALANCE SHEET DATA:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,959,028</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,874,071</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,971,280</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,176,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,716,644</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,003,428</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">955,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">963,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,152,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,098,991</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities excluding deferred gains
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,183,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,140,073</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,224,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,488,977</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,209,528</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">775,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">733,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">747,161</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">688,015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,401,071</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">In connection with a merger completed in 1999, we
elected to change our tax status from a taxable corporation to a
REIT, effective with the filing of our 1999 federal income tax
return. Therefore, the 1999 financial statements reflect the
results of our operations as a REIT. As a REIT, we were
dependent on a company, as a lessee, for a significant source of
our income. In connection with a restructuring in 2000, we
acquired that company on October&nbsp;1, 2000 and two additional
related service companies on December&nbsp;1, 2000, and amended
our charter to remove provisions requiring us to elect to
qualify and be taxed as a REIT. The 2001, 2002, and 2003
financial statements reflect our financial condition, results of
operations and cash flows for a full year as an owner, operator
and manager of prisons and other correctional facilities.
</FONT>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For the purpose of computing the ratio of
    earnings to fixed charges, earnings consist of income (loss)
    from continuing operations before income taxes plus fixed
    charges, excluding capitalized interest, and fixed charges
    consist of interest, whether expensed or capitalized, and
    amortization of loan costs. Deficiency in earnings available to
    cover fixed charges for the year ended December&nbsp;31, 2000
    was $763.0&nbsp;million. This deficit is primarily the result of
    impairment losses of $527.9&nbsp;million and the write-off of
    amounts under lease arrangements of $11.9&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>
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<A name='106'></A>
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<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">You should carefully consider the risk factors
set forth below as well as the other information contained in
this prospectus and incorporated herein by reference before
making a decision regarding participation in the exchange offer.
The risks described below are not the only risks facing us.
Additional risks and uncertainties not currently known to us or
that we currently deem to be immaterial may also materially and
adversely affect our business operations. Any of the following
risks could materially adversely affect our business, financial
condition or results of operations.</FONT></I>

<P align="left">
<B><FONT size="2">Risks Related to the Offering</FONT></B>

<DIV>&nbsp;</DIV>

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    <B><I><FONT size="2">If you do not properly tender your
    unregistered notes, you will continue to hold unregistered notes
    and you may not be able to transfer your unregistered
    notes.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will only issue new notes in exchange for
unregistered notes that you timely and properly tender.
Therefore, you should allow sufficient time to ensure timely
delivery of the unregistered notes and you should carefully
follow the instructions on how to tender your unregistered
notes. Neither we nor the exchange agent is required to tell you
of any defects or irregularities with respect to your tender of
unregistered notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you do not exchange your unregistered notes
for new notes pursuant to the exchange offer, the unregistered
notes you hold will continue to be subject to the existing
transfer restrictions. In general, you may not offer or sell the
unregistered notes except under an exemption from, or in a
transaction not subject to, the Securities Act and applicable
state securities laws. We do not plan to register unregistered
notes under the Securities Act unless our registration rights
agreement with the initial purchasers of the unregistered notes
requires us to do so. Further, if you continue to hold any
unregistered notes after the exchange offer is consummated, you
may be unable to sell them because there will be fewer of these
notes outstanding.
</FONT>

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    <B><I><FONT size="2">The notes are effectively subordinated to
    our secured indebtedness and certain indebtedness of our
    subsidiaries.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The notes are unsecured and therefore are
effectively subordinated to any of our secured indebtedness to
the extent of the value of the assets securing such
indebtedness. As of December&nbsp;31, 2003, our total secured
indebtedness was approximately $270.8&nbsp;million. The
indenture permits us to incur additional secured indebtedness
provided certain conditions are met. See &#147;Description of
the New Notes&nbsp;&#151; Certain Covenants&nbsp;&#151;
Incurrence of Indebtedness and Issuance of Preferred
Stock.&#148; Consequently, in the event we are the subject of a
bankruptcy, liquidation, dissolution, reorganization or similar
proceeding, the holders of any secured indebtedness will be
entitled to proceed against the collateral that secures the
secured indebtedness, and the collateral will not be available
for satisfaction of any amounts owed under our unsecured
indebtedness, including the notes. The indenture also permits
our subsidiaries to incur indebtedness which may be secured by
the assets of such subsidiaries. The notes are effectively
subordinated to such subsidiary indebtedness.
</FONT>

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    <B><I><FONT size="2">Federal and state statutes allow courts,
    under specific circumstances, to void guarantees and require
    note holders to return payments received from
    guarantors.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the federal bankruptcy law and comparable
provisions of state fraudulent transfer laws, a guarantee could
be voided, or claims in respect of a guarantee could be
subordinated to all other debts of that guarantor, if, among
other things, the guarantor, at the time it incurred the
indebtedness evidenced by its guarantee:
</FONT>
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    <FONT size="2">received less than reasonably equivalent value or
    fair consideration for the incurrence of such guarantee;
    </FONT></TD>
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    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
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    <FONT size="2">was insolvent or rendered insolvent by reason of
    such incurrence;
    </FONT></TD>
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    <FONT size="2">was engaged in a business or transaction for
    which the guarantor&#146;s remaining assets constituted
    unreasonably small capital;&nbsp;or
    </FONT></TD>
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    <FONT size="2">intended to incur, or believed that it would
    incur, debts beyond its ability to pay such debts as they mature.
    </FONT></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, any payment by that guarantor
pursuant to its guarantee could be voided and required to be
returned to the guarantor, or to a fund for the benefit of the
creditors of the guarantor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The measures of insolvency for purposes of these
fraudulent transfer laws will vary depending upon the law
applied in any proceeding to determine whether a fraudulent
transfer has occurred. Generally, however, a guarantor would be
considered insolvent if:
</FONT>
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    <FONT size="2">the sum of its debts, including contingent
    liabilities, was greater than the fair saleable value of all of
    its assets;
    </FONT></TD>
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    <FONT size="2">if the present fair saleable value of its assets
    was less than the amount that would be required to pay its
    probable liability on its existing debts, including contingent
    liabilities, as they become absolute and mature;&nbsp;or
    </FONT></TD>
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    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
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    <FONT size="2">it could not pay its debts as they become due.
    </FONT></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot assure you, however, as to what
standard a court would apply in making these determinations or
that a court would agree with our conclusions in this regard.
</FONT>

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    <B><I><FONT size="2">There is no public trading market for the
    new notes and we do not know if a market will develop or, if a
    market does develop, whether it will be sustained.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There is no established trading market for the
new notes. Although the initial purchasers of the unregistered
notes have informed us that they currently intend to make a
market in the new notes, they have no obligation to do so and
may discontinue making a market at any time without notice. We
do not intend to apply for listing of the new notes on any
securities exchange or for quotation through The Nasdaq National
Market. The liquidity of any market for the new notes will
depend upon the number of holders of the new notes, our
performance, the market for similar securities, the interest of
securities dealers in making a market in the new notes and other
factors relating to us. A liquid trading market may not develop
for the new notes, which could hinder your ability to sell the
new notes.
</FONT>

<P align="left">
<B><FONT size="2">Risks Related to Our Leveraged Capital
Structure</FONT></B>

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    <B><I><FONT size="2">Our substantial indebtedness could
    adversely affect our financial health and prevent us from
    fulfilling our obligations under our debt securities or the
    terms of our preferred stock.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have a significant amount of indebtedness. As
of December&nbsp;31, 2003, we had total indebtedness of
$1.0&nbsp;billion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our substantial indebtedness could have important
consequences to you. For example, it could:
</FONT>
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    <FONT size="2">make it more difficult for us to satisfy our
    obligations with respect to our indebtedness, including the new
    notes issued in this exchange offer;
    </FONT></TD>
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    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
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    <FONT size="2">increase our vulnerability to general adverse
    economic and industry conditions;
    </FONT></TD>
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    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
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    <FONT size="2">require us to dedicate a substantial portion of
    our cash flow from operations to payments on our indebtedness,
    thereby reducing the availability of our cash flow to fund
    working capital, capital expenditures, and other general
    corporate purposes;
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limit our flexibility in planning for, or
    reacting to, changes in our business and the industry in which
    we operate;
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">place us at a competitive disadvantage compared
    to our competitors that have less debt;&nbsp;and
    </FONT></TD>
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    <FONT size="2">limit our ability to borrow additional funds or
    refinance existing indebtedness on favorable terms.
    </FONT></TD>
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    <B><I><FONT size="2">Our senior secured credit facility and
    other debt instruments, including the new notes to be issued
    pursuant to this exchange offer, have restrictive covenants that
    could affect our financial condition.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture related to our aggregate principal
amount of $250.0&nbsp;million 9.875%&nbsp;senior notes due 2009,
referred to herein as the 9.875%&nbsp;notes, the indenture
related to our existing 7.5%&nbsp;notes due 2011, which governs
the registered notes issued in May 2003, the unregistered notes
issued in August 2003 and the new notes to be issued in this
exchange offer, and our senior secured credit facility contain
financial and other restrictive covenants that limit our ability
to engage in activities that may be in our long-term best
interests. Our ability to borrow under our senior secured credit
facility is subject to financial covenants, including leverage,
interest rate and fixed charge coverage ratios. Our senior
secured credit facility limits our ability to effect mergers,
asset sales and change of control events. These covenants also
contain restrictions regarding our ability to make capital
expenditures in the future. The indenture related to the
9.875%&nbsp;notes and the indenture related to our existing
7.5%&nbsp;notes and the new notes to be issued in this exchange
offer also contain and will contain limitations on our ability
to effect mergers and change of control events, as well as other
limitations, including:
</FONT>
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    <FONT size="2">limitations on incurring additional indebtedness;
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limitations on the sale of assets;
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limitations on the declaration and payment of
    dividends or other restricted payments;
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limitations on transactions with
    affiliates;&nbsp;and
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limitations on liens.
    </FONT></TD>
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</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">See &#147;Description of the New Notes&#148;. Our
failure to comply with these covenants could result in an event
of default which, if not cured or waived, could result in the
acceleration of all of our debts. We do not have sufficient
working capital to satisfy our debt obligations in the event of
an acceleration of all or a significant portion of our
outstanding indebtedness.
</FONT>

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    <B><I><FONT size="2">Despite current indebtedness levels, we may
    still incur more debt. This could further exacerbate the risks
    described above.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms of the indenture for our
9.875%&nbsp;notes, the indenture related to our existing
7.5%&nbsp;notes and the new notes to be issued in this exchange
offer and our senior secured credit facility restrict our
ability to incur significant additional indebtedness in the
future. However, in the future we may refinance all or a portion
of our indebtedness, including our senior secured credit
facility, and incur more indebtedness as a result. As of
December&nbsp;31, 2003, we had $97.7&nbsp;million borrowing
capacity available under our $125.0&nbsp;million secured credit
facility. If new debt is added to our and our subsidiaries&#146;
current debt levels, the related risks that we and they now face
could intensify.
</FONT>

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    <B><I><FONT size="2">Servicing our indebtedness will require a
    significant amount of cash. Our ability to generate cash depends
    on many factors beyond our control.</FONT></I></B></TD>
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</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our ability to make payments on and to refinance
our indebtedness, including the new notes to be issued in this
exchange offer, and to fund planned capital expenditures will
depend on our ability to generate cash in the future. This, to a
certain extent, is subject to general economic, financial,
competitive, legislative, regulatory and other factors that are
beyond our control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The risk exists that our business will be unable
to generate sufficient cash flow from operations or that future
borrowings will not be available to us under our senior secured
credit facility or otherwise in an amount sufficient to enable
us to pay our indebtedness, including our existing senior notes,
new notes to be issued in this exchange offer, or new debt
securities, or to fund our other liquidity needs. We may need to
refinance all or a portion of our indebtedness, including our
existing senior notes, new notes to be issued in this exchange
offer, or new debt securities, on or before maturity. We may
not, however, be able to
</FONT>

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<FONT size="2">refinance any of our indebtedness, including our
senior secured credit facility and including our existing senior
notes, new notes to be issued in this exchange offer, or new
debt securities, on commercially reasonable terms or at all.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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    <B><I><FONT size="2">Because portions of our indebtedness have
    floating interest rates, a general increase in interest rates
    will adversely affect cash flows.</FONT></I></B></TD>
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</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our senior secured credit facility bears interest
at a variable rate. To the extent our exposure to increases in
interest rates is not eliminated through interest rate
protection agreements, such increases will adversely affect our
cash flows. In accordance with terms of the senior secured
credit facility, we have entered into an interest rate cap
agreement capping LIBOR at 5.0% (prior to our contractual
interest rate margin) on outstanding balances of
$200.0&nbsp;million through expiration of the cap agreement on
May&nbsp;20, 2004. There can be no assurance that these interest
rate protection provisions will provide sufficient protection
from increases in interest rates, or that once the interest rate
protection agreement expires, we will enter into additional
interest rate protection agreements.
</FONT>

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    <TD>
    <B><I><FONT size="2">We are required to repurchase all or a
    portion of our 9.875%&nbsp;notes, the existing 7.5%&nbsp;notes
    and the new notes to be issued in this exchange offer upon a
    change of control.</FONT></I></B></TD>
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</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon certain change of control events, as that
term is defined in the indenture for our 9.875%&nbsp;notes and
the indenture for our existing 7.5%&nbsp;notes and the new notes
to be issued in this exchange offer, including a change of
control caused by an unsolicited third party, we are required to
make an offer in cash to repurchase all or any part of each
holder&#146;s notes at a repurchase price equal to 101% of the
principal thereof, plus accrued interest. The source of funds
for any such repurchase would be our available cash or cash
generated from operations or other sources, including
borrowings, sales of equity or funds provided by a new
controlling person or entity. Sufficient funds may not be
available to us, however, at the time of any change of control
event to repurchase all or a portion of the tendered notes
pursuant to this requirement. Our failure to offer to repurchase
notes, or to repurchase notes tendered, following a change of
control will result in a default under the respective
indentures, which could lead to a cross-default under our senior
secured credit facility and under the terms of our other
indebtedness. In addition, our senior secured credit facility
prohibits us from making any such required repurchases. Prior to
repurchasing the notes upon a change of control event, we must
either repay outstanding indebtedness under our senior secured
credit facility or obtain the consent of the lenders under our
senior secured credit facility. If we do not obtain the required
consents or repay our outstanding indebtedness under our senior
secured credit facility, we would remain effectively prohibited
from offering to purchase the notes. See &#147;Description of
the New Notes&nbsp;&#151; Repurchase at the Option of
Holders&nbsp;&#151; Change of Control.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Risks Related to Our Business and
Industry</FONT></B>

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    <TD>
    <B><I><FONT size="2">Our results of operations are dependent on
    revenues generated by our jails, prisons and detention
    facilities, which are subject to the following risks associated
    with the corrections and detention industry.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General.</FONT></I><FONT size="2"> At
April&nbsp;1, 2004, we operated 65&nbsp;facilities, including
38&nbsp;facilities that we owned, with a total design capacity
of approximately 66,000 beds in 20&nbsp;states and the District
of Columbia. Accordingly, we are subject to the operating risks
associated with the corrections and detention industry,
including those set forth below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">We are subject to fluctuations in occupancy
levels.</FONT></I><FONT size="2"> While a substantial portion of
our cost structure is fixed, a substantial portion of our
revenues are generated under facility management contracts that
specify per diem payments based upon occupancy. Under a per diem
rate structure, a decrease in our occupancy rates could cause a
decrease in revenue and profitability. Average compensated
occupancy for our facilities in operation for 2003, 2002 and
2001 was 92.9%, 89.1% and 88.0%, respectively. Occupancy rates
may, however, decrease below these levels in the future.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">We may incur significant start-up and
operating costs on new contracts before receiving related
revenues, which may impact our cash flows and not be
recouped.</FONT></I><FONT size="2"> When we are awarded a
contract to
</FONT>

<P align="center"><FONT size="2">16
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<DIV align="left">
<FONT size="2">manage a facility, we may incur significant
start-up and operating expenses, including the cost of
constructing the facility, purchasing equipment and staffing the
facility, before we receive any payments under the contract.
These expenditures could result in a significant reduction in
our cash reserves and may make it more difficult for us to meet
other cash obligations. In addition, a contract may be
terminated prior to its scheduled expiration and as a result we
may not recover these expenditures or realize any return on our
investment.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">We are subject to the termination or
non-renewal of our government
contracts.</FONT></I><FONT size="2"> We typically enter into
facility management contracts with governmental entities for
terms of up to five years, with additional renewal periods at
the option of the contracting governmental agency.
Notwithstanding any contractual renewal option of a contracting
governmental agency, 29 of our facility management contracts
with the customers listed under &#147;Business&nbsp;&#151;
Facilities and Facility Management Contracts&#148; in our annual
report on Form&nbsp;10-K for the year ended December&nbsp;31,
2003, have expired or are currently scheduled to expire on or
before December&nbsp;31, 2004. One or more of these contracts
may not be renewed by the corresponding governmental agency. In
addition, these and any other contracting agencies may determine
not to exercise renewal options with respect to any of our
contracts in the future. Governmental agencies typically may
also terminate a facility contract at any time without cause or
use the possibility of termination to negotiate a lower fee for
per diem rates. In the event any of our management contracts are
terminated or are not renewed on favorable terms or otherwise,
we may not be able to obtain additional replacement contracts.
The non-renewal or termination of any of our contracts with
governmental agencies could materially adversely affect our
financial condition, results of operations and liquidity,
including our ability to secure new facility management
contracts from others.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Competition for inmates may adversely affect
the profitability of our business.</FONT></I><FONT size="2"> We
compete with government entities and other private operators on
the basis of cost, quality and range of services offered,
experience in managing facilities and reputation of management
and personnel. While there are barriers to entering the market
for the management of correctional and detention facilities,
these barriers may not be sufficient to limit additional
competition. In addition, our government customers may assume
the management of a facility currently managed by us upon the
termination of the corresponding management contract or, if such
customers have capacity at their facilities, may take inmates
currently housed in our facilities and transfer them to
government run facilities. Since we are paid on a per diem basis
with no minimum guaranteed occupancy under most of our
contracts, the loss of such inmates and resulting decrease in
occupancy would cause a decrease in our revenues and
profitability. Further, many of our state customers are
currently experiencing budget difficulties. These budget
difficulties could result in decreases to our per diem rates,
which could cause a decrease in our revenues and profitability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">We are dependent on government
appropriations.</FONT></I><FONT size="2"> Our cash flow is
subject to the receipt of sufficient funding of and timely
payment by contracting governmental entities. If the appropriate
governmental agency does not receive sufficient appropriations
to cover its contractual obligations, it may terminate our
contract or delay or reduce payment to us. Any delays in
payment, or the termination of a contract, could have an adverse
effect on our cash flow and financial condition. In addition, as
a result of, among other things, recent economic developments,
federal, state and local governments have encountered, and may
encounter, unusual budgetary constraints. As a result, a number
of state and local governments are under pressure to control
additional spending or reduce current levels of spending.
Accordingly, we may be requested in the future to reduce our
existing per diem contract rates or forego prospective increases
to those rates. In addition, it may become more difficult to
renew our existing contracts on favorable terms or otherwise.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Public resistance to privatization of
correctional and detention facilities could result in our
inability to obtain new contracts or the loss of existing
contracts.</FONT></I><FONT size="2"> The operation of
correctional and detention facilities by private entities has
not achieved complete acceptance by either governments or the
public. The movement toward privatization of correctional and
detention facilities has also encountered resistance from
certain groups, such as labor unions and others that believe
that correctional and detention facilities should only be
operated by governmental agencies.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moreover, negative publicity about an escape,
riot or other disturbance or perceived poor conditions at a
privately managed facility may result in publicity adverse to us
and the private corrections industry in general. Any of these
occurrences or continued trends may make it more difficult for
us to renew or maintain existing contracts or to obtain new
contracts, which could have a material adverse effect on our
business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Our ability to secure new contracts to develop
and manage correctional and detention facilities depends on many
factors outside our control.</FONT></I><FONT size="2"> Our
growth is generally dependent upon our ability to obtain new
contracts to develop and manage new correctional and detention
facilities. This possible growth depends on a number of factors
we cannot control, including crime rates and sentencing patterns
in various jurisdictions and acceptance of privatization. The
demand for our facilities and services could be adversely
affected by the relaxation of enforcement efforts, leniency in
conviction and sentencing practices or through the
decriminalization of certain activities that are currently
proscribed by our criminal laws. For instance, any changes with
respect to drugs and controlled substances or illegal
immigration could affect the number of persons arrested,
convicted and sentenced, thereby potentially reducing demand for
correctional facilities to house them. Legislation has been
proposed in numerous jurisdictions that could lower minimum
sentences for some non-violent crimes and make more inmates
eligible for early release based on good behavior. Also,
sentencing alternatives under consideration could put some
offenders on probation with electronic monitoring who would
otherwise be incarcerated. Similarly, reductions in crime rates
could lead to reductions in arrests, convictions and sentences
requiring incarceration at correctional facilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moreover, certain jurisdictions recently have
required successful bidders to make a significant capital
investment in connection with the financing of a particular
project, a trend that will require us to have sufficient capital
resources to compete effectively. We may not be able to obtain
these capital resources when needed. Additionally, our success
in obtaining new awards and contracts may depend, in part, upon
our ability to locate land that can be leased or acquired under
favorable terms. Otherwise desirable locations may be in or near
populated areas and, therefore, may generate legal action or
other forms of opposition from residents in areas surrounding a
proposed site.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Failure to comply with unique and increased
governmental regulation could result in material penalties or
non-renewal or termination of our contracts to manage
correctional and detention facilities.</FONT></I><FONT size="2">
The industry in which we operate is subject to extensive
federal, state and local regulations, including educational,
health care and safety regulations, which are administered by
many regulatory authorities. Some of the regulations are unique
to the corrections industry, and the combination of regulations
we face is unique. Facility management contracts typically
include reporting requirements, supervision and on-site
monitoring by representatives of the contracting governmental
agencies. Corrections officers and juvenile care workers are
customarily required to meet certain training standards and, in
some instances, facility personnel are required to be licensed
and subject to background investigation. Certain jurisdictions
also require us to award subcontracts on a competitive basis or
to subcontract with businesses owned by members of minority
groups. Our facilities are also subject to operational and
financial audits by the governmental agencies with whom we have
contracts. We may not always successfully comply with these
regulations, and failure to comply can result in material
penalties or non-renewal or termination of facility management
contracts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, private prison managers are
increasingly subject to government legislation and regulation
attempting to restrict the ability of private prison managers to
house certain types of inmates, such as inmates from other
jurisdictions or inmates at medium or higher security levels.
Legislation has been enacted in several states, and has
previously been proposed in the United States Congress,
containing such restrictions. Such legislation may have an
adverse effect on us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moreover, the Federal Communications Commission
(the &#147;FCC&#148;) has published for comment a petition for
rulemaking, filed on behalf of an inmate family, which would
prevent private prison managers from collecting commissions from
the operations of inmate telephone systems. We believe that
there are sound reasons for the collection of such commissions
by all operators of prisons, whether public or private.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<FONT size="2">The FCC has traditionally deferred from
rulemaking in this area; however, there is the risk that the FCC
could act to prohibit private prison managers, like us, from
collecting such revenues. For 2003, we derived less than one
percent of our total revenue from such commissions.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Government agencies may investigate and audit
our contracts and, if any improprieties are found, we may be
required to refund revenues we have received, to forego
anticipated revenues, and we may be subject to penalties and
sanctions, including prohibitions on our bidding in response to
Requests for Proposals, or RFPs.</FONT></I><FONT size="2">
Certain of the governmental agencies we contract with have the
authority to audit and investigate our contracts with them. As
part of that process, government agencies may review our
performance of the contract, our pricing practices, our cost
structure and our compliance with applicable laws, regulations
and standards. For contracts that actually or effectively
provide for certain reimbursement of expenses, if an agency
determines that we have improperly allocated costs to a specific
contract, we may not be reimbursed for those costs, and we could
be required to refund the amount of any such costs that have
been reimbursed. If a government audit asserts improper or
illegal activities by us, we may be subject to civil and
criminal penalties and administrative sanctions, including
termination of contracts, forfeitures of profits, suspension of
payments, fines and suspension or disqualification from doing
business with certain governmental entities. Any adverse
determination could adversely impact our ability to bid in
response to RFPs in one or more jurisdictions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">We depend on a limited number of governmental
customers for a significant portion of our
revenues.</FONT></I><FONT size="2"> We currently derive, and
expect to continue to derive, a significant portion of our
revenues from a limited number of governmental agencies. The
loss of, or a significant decrease in, business from the Bureau
of Prisons (&#147;BOP&#148;), the Bureau of Immigration and
Customs Enforcement (&#147;ICE&#148;), formerly known as the
United States Immigration and Naturalization Service
(&#147;INS&#148;), or United States Marshals Service
(&#147;USMS&#148;) or various state agencies could seriously
harm our financial condition and results of operations. The
three federal governmental agencies with correctional and
detention responsibilities, the BOP,&nbsp;ICE and USMS,
accounted for 37% of our total revenues for the fiscal year
ended December&nbsp;31, 2003 ($384.1&nbsp;million). The BOP
accounted for 16% of our total revenues for the fiscal year
ended December&nbsp;31, 2003 ($168.8&nbsp;million) and the USMS
accounted for 14% of our total revenues for the fiscal year
ended December&nbsp;31, 2003 ($141.1&nbsp;million). We expect to
continue to depend upon the federal agencies and a relatively
small group of other governmental customers for a significant
percentage of our revenues.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">We are dependent upon our senior management
    and our ability to attract and retain sufficient qualified
    personnel.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are dependent upon the continued service of
each member of our senior management team, including
John&nbsp;D. Ferguson, our President and Chief Executive
Officer. The unexpected loss of any of these persons could
materially adversely affect our business and operations. We only
have employment agreements with our President and Chief
Executive Officer; Executive Vice President and Chief Financial
Officer; Executive Vice President and Chief Operating Officer;
Executive Vice President and Chief Development Officer; and
Executive Vice President, General Counsel and Secretary, all of
which expire in 2004 subject to annual renewals unless either
party gives notice of termination.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the services we provide are
labor-intensive. When we are awarded a facility management
contract or open a new facility, we must hire operating
management, correctional officers and other personnel. The
success of our business requires that we attract, develop and
retain these personnel. Our inability to hire sufficient
qualified personnel on a timely basis or the loss of significant
numbers of personnel at existing facilities could adversely
affect our business and operations.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">We are subject to necessary insurance
    costs.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Workers&#146; compensation, employee health and
general liability insurance represent significant costs to us.
Because we significantly self-insure for workers&#146;
compensation, employee health and general liability risks, we
continue to incur increasing insurance costs due to adverse
claims experience and rising
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<FONT size="2">healthcare costs in general. In addition, since
the events of September&nbsp;11, 2001, and due to concerns over
corporate governance and recent corporate accounting scandals,
liability and other types of insurance have become more
difficult and costly to obtain. Unanticipated additional
insurance costs could adversely impact our results of operations
and cash flows, and the failure to obtain or maintain any
necessary insurance coverage could have a material adverse
effect on us.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">We may be adversely affected by
    inflation.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Many of our facility management contracts provide
for fixed management fees or fees that increase by only small
amounts during their terms. If, due to inflation or other
causes, our operating expenses, such as wages and salaries of
our employees, and insurance, medical and food costs, increase
at rates faster than increases, if any, in our management fees,
then our profitability would be adversely affected.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">We are subject to legal proceedings
    associated with owning and managing correctional and detention
    facilities.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our ownership and management of correctional and
detention facilities, and the provision of inmate transportation
services by a subsidiary, expose us to potential third-party
claims or litigation by prisoners or other persons relating to
personal injury or other damages resulting from contact with a
facility, its managers, personnel or other prisoners, including
damages arising from a prisoner&#146;s escape from, or a
disturbance or riot at, a facility we own or manage, or from the
misconduct of our employees. To the extent the events serving as
a basis for any potential claims are alleged or determined to
constitute illegal or criminal activity, we could also be
subject to criminal liability. Such liability could result in
significant monetary fines and could affect our ability to bid
on future contracts and retain our existing contracts. In
addition, as an owner of real property, we may be subject to a
variety of proceedings relating to personal injuries of persons
at such facilities. The claims against our facilities may be
significant and may not be covered by insurance. Even in cases
in which claims are covered by insurance, our deductible may be
significant.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">We are subject to risks associated with
    ownership of real estate.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our ownership of correctional and detention
facilities subjects us to risks typically associated with
investments in real estate. Investments in real estate and, in
particular, correctional and detention facilities, are
relatively illiquid, and, therefore, our ability to divest
ourselves of one or more of our facilities promptly in response
to changed conditions is limited. Investments in correctional
and detention facilities, in particular, subject us to risks
involving potential exposure to environmental liability and
uninsured loss. Our operating costs may be affected by the
obligation to pay for the cost of complying with existing
environmental laws, ordinances and regulations, as well as the
cost of complying with future legislation. In addition, although
we maintain insurance for many types of losses, there are
certain types of losses, such as losses from earthquakes, riots
and acts of terrorism, which may be either uninsurable or for
which it may not be economically feasible to obtain insurance
coverage, in light of the substantial costs associated with such
insurance. As a result, we could lose both our capital invested
in, and anticipated profits from, one or more of the facilities
we own. Further, it is possible to experience losses that may
exceed the limits of insurance coverage. In addition, our
increased focus on facility expansions poses an increased risk,
including cost overruns caused by various factors, many of which
are beyond our control, such as weather, labor conditions, and
material shortages, resulting in increased construction costs.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Certain of our facilities are subject to
options to purchase and reversions.</FONT></I><FONT size="2">
Ten of our facilities are or will be subject to an option to
purchase by certain governmental agencies. Such options are
exercisable by the corresponding contracting governmental entity
generally at any time during the term of the respective facility
management contract. If any of these options are exercised,
there exists the risk that we will be unable to invest the
proceeds from the sale of the facility in one or more properties
that yield as much cash flow as the property acquired by the
government entity. In addition, in the event any of these
options are exercised, there exists the risk that the
contracting governmental agency will terminate the management
contract associated with such facility. For the year ended
December&nbsp;31, 2003, the facilities
</FONT>

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<FONT size="2">subject to these options generated
$187.9&nbsp;million in revenue (18% of total revenue) and
incurred $140.2&nbsp;million in operating expenses. Certain of
the options to purchase are exercisable at prices below fair
market value.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, ownership of three of our facilities
(including two of which are also subject to options to purchase)
will, upon the expiration of certain ground leases with
remaining terms generally ranging from 13 to 15&nbsp;years,
revert to the respective governmental agency contracting with
us. At the time of such reversion, there exists the risk that
the contracting governmental agency will terminate the
management contract associated with such facility. For the year
ended December&nbsp;31, 2003, the facilities subject to
reversion generated $61.7&nbsp;million in revenue (6% of total
revenue) and incurred $46.4&nbsp;million in operating expenses.
</FONT>

<DIV>&nbsp;</DIV>

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    <B><I><FONT size="2">We may be adversely affected by the rising
    cost and increasing difficulty of obtaining adequate levels of
    surety credit on favorable terms.</FONT></I></B></TD>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are often required to post bid or performance
bonds issued by a surety company as a condition to bidding on or
being awarded a contract. Availability and pricing of these
surety commitments are subject to general market and industry
conditions, among other factors. Recent events in the economy
have caused the surety market to become unsettled, causing many
reinsurers and sureties to reevaluate their commitment levels
and required returns. As a result, surety bond premiums
generally are increasing. If we are unable to effectively pass
along the higher surety costs to our customers, any increase in
surety costs could adversely affect our operating results. We
cannot assure you that we will have continued access to surety
credit or that we will be able to secure bonds economically,
without additional collateral, or at the levels required for any
potential facility development or contract bids. If we are
unable to obtain adequate levels of surety credit on favorable
terms, we would have to rely upon letters of credit under our
credit facility, which would entail higher costs even if such
borrowing capacity was available when desired at the time, and
our ability to bid for or obtain new contracts could be impaired.
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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<DIV align="left">
<A name='108'></A>
</DIV>

<!-- link1 "THE EXCHANGE OFFER" -->

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER</FONT></B>

<P align="left">
<B><FONT size="2">Purpose and Effect of the Exchange
Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the issuance of the
unregistered notes, we entered into a registration rights
agreement with the initial purchasers of the unregistered notes
on August&nbsp;8, 2003. The following description of the
registration rights agreement is a summary only. For more
information, you should review the provisions of the
registration rights agreement that we filed with the Commission
as an exhibit to the registration statement of which this
prospectus is a part.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the registration rights agreement, we
agreed that, promptly after the effectiveness of the
registration statement of which this prospectus is a part, we
would offer to the holders of unregistered notes who are not
prohibited by any law or policy of the Commission from
participating in the exchange offer, the opportunity to exchange
their unregistered notes for a new series of notes, which we
refer to as the new notes, that are identical in all material
respects to the unregistered notes, except that the new notes do
not contain transfer restrictions, have been registered under
the Securities Act and are not subject to further registration
rights. We and our subsidiary guarantors have agreed to keep the
exchange offer open for not less than 20 business days, or
longer if required by applicable law, after the date on which
notice of the exchange offer is mailed to the holders of the
unregistered notes. We and our subsidiary guarantors also have
agreed to use our reasonable best efforts to cause the exchange
offer to be consummated on the earliest practicable date after
the exchange offer registration statements is declared
effective, but in no event later than August&nbsp;7, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If:
</FONT>
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    <FONT size="2">we and our subsidiary guarantors are not
    permitted to consummate the exchange offer because the exchange
    offer is not permitted by applicable law or Commission
    policy;&nbsp;or
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any holder of notes notifies us prior to the 20th
    day following consummation of the exchange offer that:
    </FONT></TD>
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    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it is prohibited by law or Commission policy from
    participating in the exchange offer;&nbsp;or
    </FONT></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that it may not resell the new notes acquired by
    it in the exchange offer to the public without delivering a
    prospectus and the prospectus contained in the registration
    statement of which this prospectus is a part is not appropriate
    or available for such resales;&nbsp;or
    </FONT></TD>
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    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that it is a broker-dealer and owns unregistered
    notes acquired directly from us or one of our affiliates,
    </FONT></TD>
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<P align="left">
<FONT size="2">then we and the subsidiary guarantors have agreed
to use our commercially reasonable efforts to file with the
Commission a shelf registration statement to cover resales of
the unregistered notes by the holders thereof who satisfy
certain conditions relating to the provision of information in
connection with the shelf registration statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and our subsidiary guarantors will use
commercially reasonable efforts to cause the applicable
registration statement to be declared effective as promptly as
possible by the Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and our subsidiary guarantors also have agreed:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to use our commercially reasonable efforts to
    have the registration statement of which this prospectus is a
    part declared effective by the Commission on or prior to
    August&nbsp;7, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unless the exchange offer would not be permitted
    by applicable law or Commission policy, we and our subsidiary
    guarantors will commence the exchange offer;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we will issue new notes in exchange for all
    unregistered notes tendered prior thereto in the exchange offer
    pursuant to the requirements of the registration rights
    agreement;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">22
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if obligated to file a shelf registration
    statement, we will use our commercially reasonable efforts to
    file the shelf registration statement with the Commission on or
    prior to 30&nbsp;days after such filing obligation arises and to
    cause the shelf registration to be declared effective by the
    Commission on or prior to 90&nbsp;days after such obligation
    arises.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we and our subsidiary guarantors fail to file any
    of the shelf registration statements required by the
    registration rights agreement on or before the date specified
    for such filing;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any of such shelf registration statements is not
    declared effective by the Commission on or prior to the date
    specified for such effectiveness, also known as the shelf
    effectiveness deadline; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we and our subsidiary guarantors fail to
    consummate the exchange offer on or prior to the date specified
    for such consummation;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the shelf registration statement or the
    registration statement of which this prospectus is a part is
    filed and declared effective but thereafter ceases to be
    effective or usable in connection with resales of transfer
    restricted securities during the periods specified in the
    registration rights agreement, without being succeeded within
    two business days by a post-effective amendment to such
    registration statement,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then a registration default shall be deemed to
have occurred and we and our subsidiary guarantors will pay
liquidated damages to each holder of unregistered notes, with
respect to the first 90-day period immediately following the
occurrence of the first registration default in an amount equal
to $.05&nbsp;per week per $1,000 in principal amount of
unregistered notes held by such holder for each week or portion
thereof that such default continues. The amount of the
liquidated damages will increase by an additional $.05&nbsp;per
week per $1,000 in principal amount of unregistered notes held
by such holder with respect to each subsequent 90-day period
until all registration defaults have been cured, up to a maximum
amount of liquidated damages for all registration defaults of
$.50&nbsp;per week per $1,000 in principal amount of
unregistered notes constituting transfer restricted securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All accrued liquidated damages will be paid by us
and our subsidiary guarantors on each damages payment date to
the global note holder by wire transfer of immediately available
funds or by federal funds check and to holders of certificated
notes by wire transfer to the accounts specified by them or by
mailing checks to their registered addresses if no such accounts
have been specified.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following the cure of all registration defaults,
the accrual of liquidated damages will cease. Holders of
unregistered notes will be required to make certain
representations to us in order to participate in the exchange
offer and will be required to deliver certain information to be
used in connection with the shelf registration statement and to
provide comments on the shelf registration statement within the
time periods set forth in the registration rights agreement in
order to have their unregistered notes included in the shelf
registration statement and benefit from the provisions regarding
liquidated damages set forth above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">By acquiring new notes, a holder will be deemed
to have agreed to indemnify us and our subsidiary guarantors
against certain losses arising out of information furnished by
such holder in writing for inclusion in any registration
statement. Holders of unregistered notes will also be required
to suspend their use of the prospectus included in the shelf
registration statement under certain circumstances upon receipt
of notice to that effect from us.
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<P align="left">
<B><FONT size="2">Resale of the New Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based on no action letters of the Commission
staff issued to third parties, we believe that new notes may be
offered for resale, resold and otherwise transferred by you
without further compliance with the registration and prospectus
delivery provisions of the Securities Act if
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the new notes are acquired in the ordinary course
    of your business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you have no arrangement or understanding with any
    person to participate in and are not engaged in, and do not
    intend to engage in, a distribution of the new notes;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you are not our affiliate (within the meaning of
    Rule&nbsp;405 under the Securities Act) or a broker dealer that
    acquired unregistered notes directly from us for its own account.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Commission, however, has not considered the
exchange offer for the new notes in the context of a no action
letter, and the Commission may not make a similar determination
as in the no action letters issued to these third parties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you tender unregistered notes in the exchange
offer with the intention of participating in any manner in a
distribution of the new notes or otherwise do not satisfy the
foregoing criteria, you
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">cannot rely on the interpretations by the
    Commission staff discussed above;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will not be able to exchange your unregistered
    notes for new notes in the exchange offer;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">must comply with the registration and prospectus
    delivery requirements of the Securities Act in connection with a
    resale of the unregistered notes, unless the resale is made
    pursuant to an exemption from, or is otherwise not subject to,
    those requirements.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless an exemption from registration is
otherwise available, any security holder intending to distribute
new notes should be covered by an effective registration
statement under the Securities Act. This registration statement
should contain the selling security holder&#146;s information
required by Item&nbsp;507 of Regulation&nbsp;S-K under the
Securities Act. This prospectus may be used for an offer to
resell, resale or other transfer of new notes only as
specifically described in this prospectus. Only broker-dealers
that acquired the unregistered notes as a result of
market-making activities or other trading activities may
participate in the exchange offer. Each broker-dealer that
receives new notes for its own account in exchange for
unregistered notes, where such unregistered notes were acquired
by such broker-dealer as a result of market-making activities or
other trading activities, must acknowledge in the letter of
transmittal that it will deliver a prospectus in connection with
any resale of the new notes. Please read the section captioned
&#147;Plan of Distribution&#148; for more details regarding the
transfer of new notes.
</FONT>

<P align="left">
<B><FONT size="2">Terms of the Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the terms and conditions described in
this prospectus and in the letter of transmittal, we will accept
for exchange any unregistered notes properly tendered and not
withdrawn prior to 12:00&nbsp;midnight, New&nbsp;York City time,
on the expiration date. We will issue new notes in principal
amount equal to the principal amount of unregistered notes
surrendered in the exchange offer. Unregistered notes may be
tendered only for new notes and only in integral multiples of
$1,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer is not conditioned upon any
minimum aggregate principal amount of unregistered notes being
tendered for exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of the date of this prospectus,
$200.0&nbsp;million in aggregate principal amount of the
unregistered notes are outstanding. This prospectus and the
letter of transmittal are being sent to all registered holders
of unregistered notes. There will be no fixed record date for
determining registered holders of unregistered notes entitled to
participate in the exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We intend to conduct the exchange offer in
accordance with the provisions of the registration rights
agreement, the applicable requirements of the Securities Act and
the Exchange Act and the rules and regulations of the
Commission. Unregistered notes that the holders thereof do not
tender for exchange in
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<DIV align="left">
<FONT size="2">the exchange offer will remain outstanding and
continue to accrue interest. These unregistered notes will
continue to be entitled to the rights and benefits such holders
have under the indenture relating to the notes.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be deemed to have accepted for exchange
properly tendered unregistered notes when we have given oral or
written notice of the acceptance to the exchange agent and
complied with the applicable provisions of the registration
rights agreement. The exchange agent will act as agent for the
tendering holders for the purposes of receiving the new notes
from us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you tender unregistered notes in the exchange
offer, you will not be required to pay brokerage commissions or
fees or, subject to the letter of transmittal, transfer taxes
with respect to the exchange of unregistered notes. We will pay
all charges and expenses in connection with the exchange offer.
It is important that you read the section labeled
&#147;&#151;&nbsp;Fees and Expenses&#148; for more details
regarding fees and expenses incurred in the exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will return any unregistered notes that we do
not accept for exchange for any reason to the tendering holder
promptly after the expiration or termination of the exchange
offer.
</FONT>

<P align="left">
<B><FONT size="2">Expiration Date</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer will expire at 12:00 midnight,
New&nbsp;York City time,
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, unless, in our sole discretion, we extend it. We and our
subsidiary guarantors also have agreed to use our reasonable
best efforts to cause the exchange offer to be consummated on
the earliest practicable date after the registration statement
of which this prospectus is a part has become effective, but in
no event later than August&nbsp;7, 2004.
</FONT>

<P align="left">
<B><FONT size="2">Extensions, Delays in Acceptance, Termination
or Amendment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expressly reserve the right, at any time or
various times, to extend the period of time during which the
exchange offer is open. We may delay acceptance of any
unregistered notes by giving oral or written notice of such
extension to their holders. During any such extensions, all
unregistered notes previously tendered will remain subject to
the exchange offer, and we may accept them for exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to extend the exchange offer, we will
notify the exchange agent orally or in writing of any extension.
We will notify the registered holders of unregistered notes of
the extension no later than 9:00&nbsp;a.m., New&nbsp;York City
time, on the business day after the previously scheduled
expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any of the conditions described below under
&#147;&#151;&nbsp;Conditions to the Exchange Offer&#148; have
not been satisfied, we reserve the right, in our sole discretion
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to delay accepting for exchange any unregistered
    notes,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to extend the exchange offer,&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to terminate the exchange offer,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">by giving oral or written notice of such delay,
extension or termination to the exchange agent. Subject to the
terms of and the approvals required under the registration
rights agreement, we also reserve the right to amend the terms
of the exchange offer in any manner.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any such delay in acceptance, extension,
termination or amendment will be followed as promptly as
practicable by oral or written notice thereof to the registered
holders of unregistered notes. If we amend the exchange offer in
a manner that we determine to constitute a material change, we
will promptly disclose such amendment by means of a prospectus
supplement. The supplement will be distributed to the registered
holders of the unregistered notes. In addition, if the amendment
constitutes a material change, including the waiver of a
material condition, we are generally required to extend the
exchange offer at least five business days from the date of such
material amendment.
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<P align="left">
<B><FONT size="2">Conditions to the Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not be required to accept for exchange,
or exchange any new notes for, any unregistered notes if as a
result of any change in law or applicable interpretations
thereof by the staff of the Commission, we determine upon advice
of our outside counsel that we are not permitted to effect the
exchange offer as described in this prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we will not be obligated to accept
for exchange the unregistered notes of any holder that has not
made to us the representations described under
&#147;&#151;&nbsp;Purpose and Effect of the Exchange
Offer,&#148; &#147;&#151;&nbsp;Procedures for Tendering&#148;
and &#147;Plan of Distribution&#148; and such other
representations as may be reasonably necessary under applicable
Commission rules, regulations or interpretations to allow us to
use an appropriate form to register the new notes under the
Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expressly reserve the right to extend, amend
or terminate the exchange offer, and to reject for exchange any
unregistered notes not previously accepted for exchange, upon
the failure to be satisfied of any of the conditions to the
exchange offer specified herein or in the letter of transmittal.
We will give oral or written notice of any extension, amendment,
non-acceptance or termination to the holders of the unregistered
notes as promptly as practicable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These conditions are for our sole benefit, and,
except as provided below, we may assert them or waive them in
whole or in part at any time or at various times in our sole
discretion. All such conditions, other than conditions related
to us obtaining regulatory approval for the exchange offer, will
be satisfied or waived prior to expiration. If we fail at any
time to exercise any of these rights, this failure will not mean
that we have waived our rights. Each such right will be deemed
an ongoing right that we may assert at any time or at various
times.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we will not accept for exchange any
unregistered notes tendered, and will not issue new notes in
exchange for any such unregistered notes, if at such time any
stop order has been threatened or is in effect with respect to
the registration statement of which this prospectus is a part or
the qualification of the indenture relating to the notes under
the Trust Indenture Act of 1939.
</FONT>

<P align="left">
<B><FONT size="2">Procedures for Tendering</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Procedures for Tendering
    Generally</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only a holder of unregistered notes may tender
such unregistered notes in the exchange offer. To tender in the
exchange offer, a holder must:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">complete, sign and date the letter of
    transmittal, or a facsimile of the letter of transmittal;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">have the signature on the letter of transmittal
    guaranteed if the letter of transmittal so requires;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">mail or deliver such letter of transmittal or
    facsimile to the exchange agent prior to 12:00 midnight,
    New&nbsp;York City time, on the expiration date;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">comply with the automated tender offer program
    procedures of DTC described below. In addition, either:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange agent must receive unregistered
    notes along with the letter of transmittal;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange agent must receive, prior to 12:00
    midnight, New&nbsp;York City time, on the expiration date, a
    timely confirmation of book-entry transfer of such unregistered
    notes into the exchange agent&#146;s account at DTC according to
    the procedure for book-entry transfer described below or a
    properly transmitted agent&#146;s message; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holder must comply with the guaranteed
    delivery procedures described below.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To be tendered effectively, the exchange agent
must receive any physical delivery of the letter of transmittal
and other required documents at its address indicated on the
cover page of the letter of
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">transmittal. The exchange agent must receive such
documents prior to 12:00 midnight, New&nbsp;York City time, on
the expiration date.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The tender by a holder that is not withdrawn
prior to 12:00 midnight, New&nbsp;York City time, on the
expiration date will constitute an agreement between the holder
and us in accordance with the terms and subject to the
conditions described in this prospectus and in the letter of
transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">THE METHOD OF DELIVERY OF UNREGISTERED NOTES,
THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS TO
THE EXCHANGE AGENT IS AT YOUR ELECTION AND RISK. RATHER THAN
MAIL THESE ITEMS, WE RECOMMEND THAT YOU USE AN OVERNIGHT OR HAND
DELIVERY SERVICE. IN ALL CASES, YOU SHOULD ALLOW SUFFICIENT TIME
TO ASSURE DELIVERY TO THE EXCHANGE AGENT BEFORE 12:00 MIDNIGHT,
NEW YORK CITY TIME, ON THE EXPIRATION DATE. YOU SHOULD NOT SEND
THE LETTER OF TRANSMITTAL OR UNREGISTERED NOTES TO US. YOU MAY
REQUEST YOUR BROKERS, DEALERS, COMMERCIAL BANKS, TRUST COMPANIES
OR OTHER NOMINEES TO EFFECT THE ABOVE TRANSACTIONS FOR
YOU.</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">How to Tender if You are a Beneficial
    Owner</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you beneficially own unregistered notes that
are registered in the name of a broker, dealer, commercial bank,
trust company or other nominee and you wish to tender those
notes, you should contact the registered holder promptly and
instruct it to tender on your behalf. If you are a beneficial
owner and wish to tender on your own behalf, you must, prior to
completing and executing the letter of transmittal and
delivering your unregistered notes, either:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make appropriate arrangements to register
    ownership of the unregistered notes in your name;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">obtain a properly completed bond power from the
    registered holder of unregistered notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The transfer of registered ownership, if
permitted under the indenture for the notes, may take
considerable time and may not be completed prior to the
expiration date.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Signatures and Signature
    Guarantees</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You must have signatures on a letter of
transmittal or a notice of withdrawal, as described below,
guaranteed by a member firm of a registered national securities
exchange or of the National Association of Securities
Dealers,&nbsp;Inc., a commercial bank or trust company having an
office or correspondent in the United States, or an
&#147;eligible guarantor institution&#148; within the meaning of
Rule&nbsp;17Ad-15 under the Exchange Act. In addition, the
entity must be a member of one of the recognized signature
guarantee programs identified in the letter of transmittal.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">When You Need Endorsements or Bond
    Powers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the letter of transmittal is signed by a
person other than the registered holder of any unregistered
notes, the unregistered notes must be endorsed or accompanied by
a properly completed bond power. The bond power must be signed
by the registered holder as the registered holder&#146;s name
appears on the unregistered notes. A member firm of a registered
national securities exchange or of the National Association of
Securities Dealers,&nbsp;Inc., a commercial bank or trust
company having an office or correspondent in the United States,
or an eligible guarantor institution must guarantee the
signature on the bond power.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the letter of transmittal or any unregistered
notes or bond powers are signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative
capacity, those persons should so indicate when signing. Unless
waived by us, they should also submit evidence satisfactory to
us of their authority to deliver the letter of transmittal.
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Tendering Through DTC&#146;s Automated
    Tender Offer Program</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange agent and DTC have confirmed that
any financial institution that is a participant in DTC&#146;s
system may use DTC&#146;s automated tender offer program to
tender. Participants in the program may, instead of physically
completing and signing the letter of transmittal and delivering
it to the exchange agent, transmit their acceptance of the
exchange offer electronically. They may do so by causing DTC to
transfer the unregistered notes to the exchange agent in
accordance with its procedures for transfer. DTC will then send
an agent&#146;s message to the exchange agent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The term &#147;agent&#146;s message&#148; means a
message transmitted by DTC, received by the exchange agent and
forming part of the book-entry confirmation, to the effect that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">DTC has received an express acknowledgment from a
    participant in its automated tender offer program that is
    tendering unregistered notes that are the subject of such
    book-entry confirmation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such participant has received and agrees to be
    bound by the terms of the letter of transmittal or, in the case
    of an agent&#146;s message relating to guaranteed delivery, that
    such participant has received and agrees to be bound by the
    applicable notice of guaranteed delivery;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the agreement may be enforced against such
    participant.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Determinations Under the Exchange
Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will determine in our sole discretion all
questions as to the validity, form, eligibility, time of
receipt, acceptance of tendered unregistered notes and
withdrawal of tendered unregistered notes. Our determination
will be final and binding. We reserve the absolute right to
reject any unregistered notes not properly tendered or any
unregistered notes our acceptance of which would, in the opinion
of our counsel, be unlawful. We also reserve the right to waive
any defect, irregularities or conditions of tender as to
particular unregistered notes. To the extent that we waive any
condition of the offer, however, we will waive such condition
for all holders of the unregistered notes. Our interpretation of
the terms and conditions of the exchange offer, including the
instructions in the letter of transmittal, will be final and
binding on all parties. Unless waived, all defects or
irregularities in connection with tenders of unregistered notes
must be cured within such time as we shall determine. Although
we intend to notify holders of defects or irregularities with
respect to tenders of unregistered notes, neither we, the
exchange agent nor any other person will incur any liability for
failure to give such notification. Tenders of unregistered notes
will not be deemed made until such defects or irregularities
have been cured or waived. Any unregistered notes received by
the exchange agent that are not properly tendered and as to
which the defects or irregularities have not been cured or
waived will be returned to the tendering holder, unless
otherwise provided in the letter of transmittal, as soon as
practicable following the expiration date.
</FONT>

<P align="left">
<B><FONT size="2">When We Will Issue New Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In all cases, we will issue new notes for
unregistered notes that we have accepted for exchange in the
exchange offer only after the exchange agent timely receives:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unregistered notes or a timely book-entry
    confirmation of such unregistered notes into the exchange
    agent&#146;s account at DTC; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a properly completed and duly executed letter of
    transmittal and all other required documents or a properly
    transmitted agent&#146;s message.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Note holders should expect to receive new notes
promptly after termination or expiration of the exchange offer.
</FONT>

<P align="left">
<B><FONT size="2">Return of Unregistered Notes not Accepted or
Exchanged</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we do not accept any tendered unregistered
notes for exchange or if unregistered notes are submitted for a
greater principal amount than the holder desires to exchange,
the unaccepted or non-
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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<DIV align="left">
<FONT size="2">exchanged unregistered notes will be returned to
their tendering holder. In the case of unregistered notes
tendered by book-entry transfer in the exchange agent&#146;s
account at DTC according to the procedures described below, such
non-exchanged unregistered notes will be credited to an account
maintained with DTC. These actions will occur promptly after the
expiration or termination of the exchange offer.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Your Representations to Us</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">By signing or agreeing to be bound by the letter
of transmittal, you will represent to us that, among other
things:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you are not our affiliate (as defined in
    Rule&nbsp;144 of the Securities Act);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you are not engaged in, and do not intend to
    engage in, and have no arrangement or understanding with any
    person to participate in, a distribution of the new notes to be
    issued in the exchange offer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you are acquiring the new notes in your ordinary
    course of business;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if you are a broker-dealer, that you will receive
    new notes for your own account in exchange for unregistered
    notes that were acquired as a result of market-making activities
    or other trading activities and that you will comply with the
    registration and prospectus delivery requirement of the
    Securities Act in connection with any resale of the new notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Book Entry Transfer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange agent will establish an account with
respect to the unregistered notes at DTC for purposes of the
exchange offer promptly after the date of this prospectus. Any
financial institution participating in DTC&#146;s system may
make book-entry delivery of unregistered notes by causing DTC to
transfer such unregistered notes into the exchange agent&#146;s
account at DTC in accordance with DTC&#146;s procedures for
transfer. Holders of unregistered notes who are unable to
deliver confirmation of the book entry tender of their
unregistered notes into the exchange agent&#146;s account at DTC
or all other documents required by the letter of transmittal to
the exchange agent on or prior to 12:00&nbsp;midnight,
New&nbsp;York City time, on the expiration date must tender
their unregistered notes according to the guaranteed delivery
procedures described below.
</FONT>

<P align="left">
<B><FONT size="2">Guaranteed Delivery Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you wish to tender your unregistered notes but
your unregistered notes are not immediately available or you
cannot deliver your unregistered notes, the letter of
transmittal or any other required documents to the exchange
agent or comply with the applicable procedures under DTC&#146;s
automated tender offer program prior to the expiration date, you
may tender if:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the tender is made through a member firm of a
    registered national securities exchange or of the National
    Association of Securities Dealers,&nbsp;Inc., a commercial bank
    or trust company having an office or correspondent in the United
    States, or an eligible guarantor institution;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">prior to the expiration date, the exchange agent
    receives from such member firm of a registered national
    securities exchange or of the National Association of Securities
    Dealers,&nbsp;Inc., commercial bank or trust company having an
    office or correspondent in the United States, or eligible
    guarantor institution either a properly completed and duly
    executed notice of guaranteed delivery by facsimile
    transmission, mail or hand delivery or a properly transmitted
    agent&#146;s message and notice of guaranteed delivery:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">setting forth your name and address, the
    registered number(s) of your unregistered notes and the
    principal amount of unregistered notes tendered,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">stating that the tender is being made thereby, and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guaranteeing that, within three New&nbsp;York
    Stock Exchange trading days after the expiration date, the
    letter of transmittal or facsimile thereof, together with the
    unregistered notes or a book-entry
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">29
</FONT>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">confirmation, and any other documents required by
    the letter of transmittal will be deposited by the eligible
    guarantor institution with the exchange agent;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange agent receives such properly
    completed and executed letter of transmittal or facsimile
    thereof, as well as all tendered unregistered notes in proper
    form for transfer or a book-entry confirmation, and all other
    documents required by the letter of transmittal, within three
    New&nbsp;York Stock Exchange trading days after the expiration
    date.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon request to the exchange agent, a notice of
guaranteed delivery will be sent you if you wish to tender your
unregistered notes according to the guaranteed delivery
procedures described above.
</FONT>

<P align="left">
<B><FONT size="2">Withdrawal of Tenders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise provided in this prospectus,
you may withdraw your tender at any time prior to
12:00&nbsp;midnight, New&nbsp;York City time, on the expiration
date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a withdrawal to be effective:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange agent must receive a written notice
    of withdrawal at the address indicated on the cover page of the
    letter of transmittal,&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you must comply with the appropriate procedures
    of DTC&#146;s automated tender offer program system. Any notice
    of withdrawal must:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">specify the name of the person who tendered the
    unregistered notes to be withdrawn,&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">identify the unregistered notes to be withdrawn,
    including the principal amount of such withdrawn unregistered
    notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If unregistered notes have been tendered under
the procedure for book-entry transfer described above, any
notice of withdrawal must specify the name and number of the
account at DTC to be credited with withdrawn unregistered notes
and otherwise comply with the procedures of DTC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will determine all questions as to the
validity, form, eligibility and time of receipt of notice of
withdrawal. Our determination shall be final and binding on all
parties. We will deem any unregistered notes so withdrawn not to
have been validly tendered for exchange for purposes of the
exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any unregistered notes that have been tendered
for exchange but that are not exchanged for any reason will be
returned to their holder without cost to the holder. In the case
of unregistered notes tendered by book-entry transfer into the
exchange agent&#146;s account at DTC according to the procedures
described above, such unregistered notes will be credited to an
account maintained with DTC for the unregistered notes. This
return or crediting will take place as soon as practicable after
withdrawal, rejection of tender or termination of the exchange
offer. You may retender properly withdrawn unregistered notes by
following one of the procedures described under
&#147;&#151;&nbsp;Procedures for Tendering&#148; above at any
time on or prior to the expiration date.
</FONT>

<P align="left">
<B><FONT size="2">Fees and Expenses</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will bear the expenses of soliciting tenders.
The principal solicitation is being made by mail; however, we
may make additional solicitation by facsimile, telephone,
electronic mail or in person by our officers and regular
employees and those of our affiliates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have not retained any dealer-manager in
connection with the exchange offer and will not make any
payments to broker-dealers or others soliciting acceptances of
the exchange offer. We will, however, pay the exchange agent
reasonable and customary fees for its services and reimburse it
for its related reasonable out-of-pocket expenses, including
legal fees.
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will pay the cash expenses to be incurred in
connection with the exchange offer. They include:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Commission registration fees;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">fees and expenses of the exchange agent and
    trustee;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our accounting and legal fees and printing costs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reasonable fees and disbursements of counsel for
    the initial purchasers of the unregistered notes incurred in
    connection with the registration statement of which this
    prospectus is a part and, in the event of any shelf registration
    statement, reasonable fees and disbursements of one firm or
    counsel designated by the holders of a majority of the aggregate
    principal amount of the unregistered notes to act as counsel for
    the holders in connection with the shelf registration
    statement;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">related fees and expenses.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Transfer Taxes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You will not be obligated to pay any transfer
taxes in connection with the tender of unregistered notes unless
you instruct us to register new notes in the name of, or request
that unregistered notes not tendered or accepted in the exchange
offer be returned to, a person other than the registered
tendering holder. In those cases, you will be responsible for
the payment of any applicable transfer taxes.
</FONT>

<P align="left">
<B><FONT size="2">Consequences of Failure to Exchange</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you do not exchange new notes for your
unregistered notes under the exchange offer, you will remain
subject to the existing restrictions on transfer of the
unregistered notes. In general, you may not offer or sell the
unregistered notes unless they are registered under the
Securities Act, or unless the offer or sale is exempt from the
registration requirements under the Securities Act and
applicable state securities laws. Except as required by the
registration rights agreement, we do not intend to register
resales of the unregistered notes under the Securities Act.
</FONT>

<P align="left">
<B><FONT size="2">Accounting Treatment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will record the new notes in our accounting
records at the same carrying value as the unregistered notes.
This carrying value is the aggregate principal amount of the
unregistered notes plus any bond premium, as reflected in our
accounting records on the date of exchange. Accordingly, we will
not recognize any gain or loss for accounting purposes in
connection with the exchange offer.
</FONT>

<P align="left">
<B><FONT size="2">Other Considerations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Participation in the exchange offer is voluntary,
and you should carefully consider whether to accept. You are
urged to consult your financial and tax advisors in making your
own decision on what action to take.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may in the future seek to acquire untendered
unregistered notes in open market or privately negotiated
transactions, through subsequent exchange offers or otherwise.
We have no present plans to acquire any unregistered notes that
are not tendered in the exchange offer or to file a registration
statement to permit resales of any untendered unregistered notes.
</FONT>

<P align="center"><FONT size="2">31
</FONT>

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<P align="left">
<B><FONT size="2">Exchange Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have appointed U.S.&nbsp;Bank National
Association as exchange agent for the exchange offer. Questions,
requests for assistance and requests for additional copies of
the prospectus, the letter of transmittal and other related
documents should be directed to the exchange agent addressed as
follows:
</FONT>

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

<TR>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">By Mail:</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">By Hand:</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">By Facsimile:</FONT></I></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <FONT size="2">U.S. Bank National Association<BR>
    60 Livingston Avenue<BR>
    St. Paul, MN 55107<BR>
    Attention: Specialized Finance<BR>
    (800)&nbsp;934-6802
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">U.S.&nbsp;Bank National Association<BR>
    60 Livingston Avenue<BR>
    St. Paul, MN 55107<BR>
    Attention: Specialized Finance<BR>
    (800) 934-6802
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">(651) 495-8158<BR>
    (For Eligible Institutions Only)<BR>
    Confirm by Telephone:<BR>
    (800)&nbsp;934-6802
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">32
</FONT>

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<DIV align="left">
<A name='109'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from the
issuance of the new notes. We are making this exchange offer
solely to satisfy our obligations under our registration rights
agreement. In consideration for issuing the new notes as
contemplated by this prospectus, we will receive unregistered
notes in a like principal amount. The form and terms of the new
notes are identical in all respects to the form and terms of the
unregistered notes, except the new notes have been registered
under the Securities Act and will not contain restrictions on
transfer or registration rights. Unregistered notes surrendered
in exchange for the new notes will be retired and canceled and
will not be reissued. Accordingly, the issuance of the new notes
will not result in any change in our outstanding indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The net proceeds from the original offering
(inclusive of a $2.25&nbsp;million premium) were approximately
$196.0&nbsp;million after deducting the discounts to the initial
purchasers and expenses of approximately $6.3&nbsp;million
payable by us. The net proceeds of the original offering were
used, along with cash on hand, to repay approximately
$240.3&nbsp;million of term indebtedness under our senior
secured credit facility.
</FONT>

<P align="center"><FONT size="2">33
</FONT>

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<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "DESCRIPTION OF THE NEW NOTES" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE NEW NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You can find the definitions of certain terms
used in this description under the subheading
&#147;&#151;&nbsp;Certain Definitions.&#148; Certain defined
terms used in this description but not defined below under
&#147;&#151;&nbsp;Certain Definitions&#148; have the meanings
assigned to them in the Indenture or the Registration Rights
Agreement. In this description, the word &#147;CCA&#148; refers
only to Corrections Corporation of America and not to any of its
Subsidiaries. Additionally, unless the context clearly indicates
otherwise, the word &#147;Notes&#148; refers to the
$250.0&nbsp;million in aggregate principal amount of CCA&#146;s
7.5%&nbsp;senior notes due 2011 issued in May 2003, the
$200.0&nbsp;million in aggregate principal amount of CCA&#146;s
7.5%&nbsp;senior notes due 2011 issued in a private placement on
August&nbsp;8, 2003 and the new notes offered hereby in exchange
for the notes issued in the private placement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will issue the new notes offered hereby as
additional Notes under its existing Indenture dated May&nbsp;7,
2003 among itself, the Guarantors and U.S.&nbsp;Bank National
Association, as trustee, as amended and supplemented by that
certain Supplemental Indenture dated as of May&nbsp;7, 2003,
First Supplement to the Supplemental Indenture dated as of
August&nbsp;8, 2003 and Second Supplement to the Supplemental
Indenture dated as of August&nbsp;8, 2003 (collectively, the
&#147;Indenture&#148;). This is the same Indenture pursuant to
which CCA issued the unregistered notes. The terms of the new
notes include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of
1939, as amended (the &#147;Trust Indenture Act&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The form and terms of the existing
7.5%&nbsp;notes and the new notes to be issued in this exchange
offer will be the same in all material respects.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The existing 7.5%&nbsp;notes and the new notes to
be issued in this exchange offer will be treated as a single
series under the Indenture, including for purposes of
determining whether the required percentage of Holders have
given their approval or consent to an amendment or waiver or
joined in directing the trustee to take certain actions on
behalf of all Holders. The new notes offered hereby would
represent approximately 44% of all the Notes that will be
outstanding after consummation of this offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description is a summary of the
material provisions of the Indenture and the Registration Rights
Agreement. It does not restate those agreements in their
entirety. We urge you to read the Indenture and the Registration
Rights Agreement because they, and not this description, define
your rights as Holders of the Notes. Copies of the Indenture and
the Registration Rights Agreement are available as set forth
below under &#147;&#151;&nbsp;Additional Information.&#148;
Certain defined terms used in this description but not defined
below under &#147;&#151;&nbsp;Certain Definitions&#148; have the
meanings assigned to them in the Indenture or the Registration
Rights Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The registered Holder of a Note will be treated
as the owner of it for all purposes. Only registered Holders
will have rights under the Indenture.
</FONT>

<P align="left">
<B><FONT size="2">Brief Description of the Notes and the
Subsidiary Guarantees</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are general unsecured obligations of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are equal in right of payment with all existing
    and future unsecured senior Indebtedness of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are senior in right of payment to any future
    subordinated Indebtedness of CCA;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are unconditionally guaranteed by the Guarantors.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">However, the Notes are effectively subordinated
to all borrowings under CCA&#146;s senior secured credit
facility, which is secured by liens on a substantial amount of
the assets of CCA and the Guarantors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All of CCA&#146;s existing Domestic Subsidiaries
are &#147;Restricted Subsidiaries&#148; and will be Guarantors.
CCA currently does not have any material foreign operations.
</FONT>

<P align="center"><FONT size="2">34
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">However, under the circumstances described below
under the subheading &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Designation of Restricted and Unrestricted
Subsidiaries,&#148; CCA will be permitted to designate certain
of its Subsidiaries, whether formed under the laws of any state
of the United States or the laws of any other country, as
&#147;Unrestricted Subsidiaries.&#148; CCA&#146;s Unrestricted
Subsidiaries will not be subject to many of the restrictive
covenants in the Indenture. Our Unrestricted Subsidiaries will
not guarantee the Notes.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The Subsidiary Guarantees</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes are guaranteed by all of CCA&#146;s
existing Domestic Subsidiaries (as defined) and future
subsidiaries that execute guarantees in accordance with the
Indenture as described in &#147;Certain Covenants&nbsp;&#151;
Additional Subsidiary Guarantees.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each Subsidiary Guarantee of the Notes:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">is a general senior unsecured obligation of such
    Guarantor;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">is equal in right of payment to all existing and
    future senior unsecured Indebtedness of that Guarantor;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">is senior in right of payment with any future
    subordinated Indebtedness of that Guarantor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Not all of CCA&#146;s existing Subsidiaries will
guarantee the Notes. In the event of a bankruptcy, liquidation
or reorganization of any of these non-guarantor Subsidiaries,
the non-guarantor Subsidiaries will pay the holders of their
debt and their trade creditors before they will be able to
distribute any of their assets to CCA. The non-guarantor
Subsidiaries generated less than 1.0% of CCA&#146;s consolidated
revenues in 2003 and owned less than 1.0% of CCA&#146;s
consolidated assets at all times throughout 2003. The
non-guarantor Subsidiaries have no outstanding third-party debt.
</FONT>

<P align="left">
<B><FONT size="2">Principal, Maturity and Interest</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will issue Notes with a maximum aggregate
principal amount of $200.0&nbsp;million in this offering. CCA
may also, at its option, issue additional notes under the
Indenture from time to time after this offering in one or a
series of transactions, subject to the covenant described below
under the caption &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Incurrence of Indebtedness and Issuance of
Preferred Stock.&#148; The Notes and any additional notes of the
same series subsequently issued under the Indenture will be
treated as a single class for all purposes under the Indenture,
including, without limitation, redemption of Notes, offers to
purchase Notes and the percentage of Notes required to consent
to waivers of provisions of, and amendments to, the Indenture.
The Indenture provides that CCA will issue Notes in
denominations of $1,000 and integral multiples of $1,000. The
Notes will mature on May&nbsp;1, 2011.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the Notes will accrue at the rate of
7.5%&nbsp;per annum and will be payable semi-annually in arrears
on May&nbsp;1 and November&nbsp;1, commencing for the new notes
on November&nbsp;1, 2004. We will make each interest payment to
the Holders of record on the close of business on the
immediately preceding April&nbsp;15 and October&nbsp;15.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the Notes will accrue from the last
interest payment date on the unregistered notes. Interest will
be computed on the basis of a 360-day year comprised of twelve
30-day months.
</FONT>

<P align="left">
<B><FONT size="2">Methods of Receiving Payments on the
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a Holder has given wire transfer instructions
to CCA, CCA will pay all principal, interest and premium and
Liquidated Damages, if any, on that Holder&#146;s Notes in
accordance with those instructions. All other payments on the
Notes will be made at the office or agency of the paying agent
and registrar within the City and State of New&nbsp;York unless
CCA elects to make interest payments by check mailed to the
Holders at their address set forth in the register of Holders.
</FONT>

<P align="center"><FONT size="2">35
</FONT>

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<P align="left">
<B><FONT size="2">Paying Agent and Registrar for the
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trustee will initially act as paying agent
and registrar for the Notes. CCA may change the paying agent or
registrar without prior notice to the Holders of the Notes, and
CCA or any of its Subsidiaries may act as paying agent or
registrar.
</FONT>

<P align="left">
<B><FONT size="2">Transfer and Exchange</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Holder may transfer or exchange Notes in
accordance with the Indenture. The registrar and the trustee may
require a Holder to furnish appropriate endorsements and
transfer documents in connection with a transfer of Notes.
Holders will be required to pay all taxes due on transfer. CCA
is not required to transfer or exchange any Note selected for
redemption. Also, CCA is not required to transfer or exchange
any Note for a period of 15&nbsp;days before a selection of
Notes to be redeemed.
</FONT>

<P align="left">
<B><FONT size="2">Subsidiary Guarantees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes will be guaranteed by each of
CCA&#146;s current and future Domestic Subsidiaries if such
Domestic Subsidiaries become guarantors of CCA&#146;s senior
secured credit facility. These Subsidiary Guarantees will be
full and unconditional and joint and several obligations of the
Guarantors. The obligations of each Guarantor under its
Subsidiary Guarantee will be limited as necessary to prevent
that Subsidiary Guarantee from constituting a fraudulent
conveyance under applicable law. See &#147;Risk
Factors&nbsp;&#151; Risks Related to the Offering&nbsp;&#151;
Federal and state statutes allow courts, under specific
circumstances, to void guarantees and require note holders to
return payments received from guarantors.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Guarantor may not sell or otherwise dispose of
all or substantially all of its assets to, or consolidate with
or merge with or into (whether or not such Guarantor is the
surviving Person), another Person, other than CCA or another
Guarantor, unless:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;immediately after giving effect to that
    transaction, no Default or Event of Default exists;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;either:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the Person acquiring the property in any
    such sale or disposition or the Person formed by or surviving
    any such consolidation or merger assumes all the obligations of
    that Guarantor under the Indenture and its Subsidiary Guarantee
    with respect to the Notes pursuant to a supplemental indenture
    satisfactory to the trustee;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the Net Proceeds of such sale or other
    disposition are applied in accordance with the applicable
    provisions of the Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Subsidiary Guarantee of a Guarantor will be
released:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;in connection with any sale or other
    disposition of all or substantially all of the assets of that
    Guarantor (including by way of merger or consolidation) to a
    Person that is not (either before or after giving effect to such
    transaction) a Subsidiary of CCA, if the sale or other
    disposition complies with the &#147;Asset Sale&#148; provisions
    of the Indenture described in &#147;&#151;&nbsp;Repurchase at
    the Option of Holders&nbsp;&#151; Asset Sales&#148;;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;in connection with any sale of all of
    the Capital Stock of a Guarantor to a Person that is not (either
    before or after giving effect to such transaction) a Subsidiary
    of CCA, if the sale complies with the Asset Sale provisions of
    the Indenture described in &#147;&#151;&nbsp;Repurchase at the
    Option of Holders&nbsp;&#151; Asset Sales&#148;;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;if CCA designates any Restricted
    Subsidiary that is a Guarantor as an Unrestricted Subsidiary in
    accordance with the applicable provisions of the
    Indenture;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;upon Legal Defeasance or Covenant
    Defeasance of the Notes, as described in &#147;&#151;&nbsp;Legal
    Defeasance and Covenant Defeasance.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">36
</FONT>

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<P align="left">
<B><FONT size="2">Optional Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At any time on or prior to May&nbsp;1, 2006, CCA
may on any one or more occasions redeem up to 35% of the
aggregate principal amount of outstanding Notes issued under the
Indenture at a redemption price of 107.5% of the principal
amount, <I>plus </I>accrued and unpaid interest and Liquidated
Damages, if any, to the redemption date, with the net cash
proceeds of one or more Equity Offerings; <I>provided </I>that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;at least 65% of the aggregate principal
    amount of Notes issued under the Indenture remains outstanding
    immediately after the occurrence of such redemption (excluding
    Notes held by CCA and its Subsidiaries);&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the redemption occurs within
    90&nbsp;days of the date of the closing of such Equity Offering.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except pursuant to the preceding paragraph, the
Notes will not be redeemable at CCA&#146;s option prior to
May&nbsp;1, 2007.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Beginning May&nbsp;1, 2007, CCA may, at its
option, redeem all or a part of the Notes upon not less than 30
nor more than 60&nbsp;days&#146; notice, at the redemption
prices (expressed as percentages of principal amount) set forth
below <I>plus </I>accrued and unpaid interest and Liquidated
Damages, if any, on the Notes redeemed, to the applicable
redemption date, if redeemed during the 12-month period
beginning on May&nbsp;1 of the years indicated below:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103.750</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2009 and thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a description of the procedures applicable to
a redemption of all or part of the Notes pursuant to the
provisions of the Indenture described in this section, see
&#147;&#151;&nbsp;Selection and Notice.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Mandatory Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA is not required to make mandatory redemption
or sinking fund payments with respect to the Notes.
</FONT>

<P align="left">
<B><FONT size="2">Repurchase at the Option of Holders</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Change of Control</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a Change of Control occurs, each Holder of
Notes will have the right to require CCA to repurchase all or
any part (equal to $1,000 or an integral multiple of $1,000) of
that Holder&#146;s Notes pursuant to a Change of Control Offer
on the terms set forth in the Indenture. In the Change of
Control Offer, CCA will offer a Change of Control Payment in
cash equal to 101% of the aggregate principal amount of Notes
repurchased <I>plus </I>accrued and unpaid interest and
Liquidated Damages, if any, on the Notes repurchased, to the
date of purchase. Within 10&nbsp;business days following any
Change of Control, CCA will mail a notice to each Holder
describing the transaction or transactions that constitute the
Change of Control and offering to repurchase Notes on the Change
of Control Payment Date specified in the notice, which date will
be no earlier than 30&nbsp;days and no later than 60&nbsp;days
from the date such notice is mailed, pursuant to the procedures
required by the Indenture and described in such notice. CCA will
comply with the requirements of Rule&nbsp;14e-1 under the
Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are
applicable in connection with the repurchase of the Notes as a
result of a Change of Control. To the extent that the provisions
of any securities laws or regulations conflict with the Change
of Control provisions of the Indenture, CCA will comply with the
applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of
Control provisions of the Indenture by virtue of such conflict.
</FONT>

<P align="center"><FONT size="2">37
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On the Change of Control Payment Date, CCA will,
to the extent lawful:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;accept for payment all Notes or portions
    of Notes properly tendered pursuant to the Change of Control
    Offer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;deposit with the paying agent an amount
    equal to the Change of Control Payment in respect of all Notes
    or portions of Notes properly tendered;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;deliver or cause to be delivered to the
    trustee the Notes properly accepted together with an
    Officers&#146; Certificate stating the aggregate principal
    amount of Notes or portions of Notes being purchased by CCA.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The paying agent will promptly mail to each
Holder of Notes properly tendered the Change of Control Payment
for such Notes, and the trustee will promptly authenticate and
mail (or cause to be transferred by book entry) to each Holder a
new Note equal in principal amount to any unpurchased portion of
the Notes surrendered, if any; <I>provided </I>that each new
Note will be in a principal amount of $1,000 or an integral
multiple of $1,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will publicly announce the results of the
Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provisions described above that require CCA
to make a Change of Control Offer following a Change of Control
will be applicable whether or not any other provisions of the
Indenture are applicable. Except as described above with respect
to a Change of Control, the Indenture does not contain
provisions that permit the Holders of the Notes to require that
CCA repurchase or redeem the Notes in the event of a takeover,
recapitalization or similar transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not be required to make a Change of
Control Offer upon a Change of Control if a third party makes
the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in the
Indenture applicable to a Change of Control Offer made by CCA
and purchases all Notes properly tendered and not withdrawn
under the Change of Control Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The definition of Change of Control includes a
phrase relating to the direct or indirect sale, lease, transfer,
conveyance or other disposition of &#147;all or substantially
all&#148; of the properties or assets of CCA and its
Subsidiaries taken as a whole. Although there is a limited body
of case law interpreting the phrase &#147;substantially
all,&#148; there is no precise established definition of the
phrase under applicable law. Accordingly, the ability of a
Holder of Notes to require CCA to repurchase its Notes as a
result of a sale, lease, transfer, conveyance or other
disposition of less than all of the assets of CCA and its
Subsidiaries taken as a whole to another Person or group may be
uncertain.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Credit Agreement contains, and other
Indebtedness of CCA may contain, prohibitions on the occurrence
of events that would constitute a Change of Control or require
that Indebtedness be repurchased upon a Change of Control.
Moreover, the exercise by the Holders of their right to require
CCA to repurchase the Notes upon a Change of Control would cause
a default under the Credit Agreement and other Indebtedness even
if the Change of Control itself does not.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a Change of Control Offer occurs, there can be
no assurance that CCA will have available funds sufficient to
make the Change of Control Payment for all of the Notes that
might be delivered by Holders seeking to accept the Change of
Control Offer. In the event CCA is required to purchase
outstanding Notes pursuant to a Change of Control Offer, CCA
expects that it would seek third-party financing to the extent
it does not have available funds to meet its purchase
obligations and any other obligations in respect of its other
indebtedness. However, there can be no assurance that CCA would
be able to obtain necessary financing. See &#147;Risk
Factors&nbsp;&#151; Risks Related to Our Leveraged Capital
Structure&nbsp;&#151; We are required to repurchase all or a
portion of our 9.875%&nbsp;notes, the existing 7.5%&nbsp;notes,
and the new notes to be issued in this exchange offer upon a
change of control.&#148;
</FONT>

<P align="center"><FONT size="2">38
</FONT>

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<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Asset Sales</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, consummate
an Asset Sale unless:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;CCA (or the Restricted Subsidiary, as
    the case may be) receives consideration at the time of the Asset
    Sale at least equal to (a)&nbsp;the fair market value of the
    assets (other than Designated Assets) or Equity Interests issued
    or sold or otherwise disposed of and (b)&nbsp;the Designated
    Asset Value of the Designated Assets sold or otherwise disposed
    of;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the fair market value or Designated
    Asset Value, as applicable, is determined by CCA&#146;s Board of
    Directors and evidenced by a resolution of the Board of
    Directors set forth in an Officers&#146; Certificate delivered
    to the trustee;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;at least 75% of the consideration
    received in the Asset Sale by CCA or such Restricted Subsidiary
    is in the form of cash. For purposes of this clause&nbsp;(3)
    only, each of the following will be deemed to be cash:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;any liabilities, as shown on CCA&#146;s
    or such Restricted Subsidiary&#146;s most recent balance sheet,
    of CCA or any Restricted Subsidiary (other than contingent
    liabilities and liabilities that are by their terms subordinated
    to the Notes or any Subsidiary Guarantee) that are assumed by
    the transferee of any such assets pursuant to a customary
    novation agreement that releases CCA or such Restricted
    Subsidiary from further liability;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;any securities, notes or other
    obligations received by CCA or any such Restricted Subsidiary
    from such transferee that are converted within 90&nbsp;days of
    the applicable Asset Sale by CCA or such Restricted Subsidiary
    into cash or Cash Equivalents, to the extent of the cash or Cash
    Equivalents received in that conversion;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;100% of the securities, notes or other
    obligations or Indebtedness actually received by CCA as
    consideration for the sale or other disposition of a Designated
    Asset pursuant to the terms of a Designated Asset Contract, but
    only to the extent that such securities, notes or other
    obligations or Indebtedness were explicitly required to be
    included, or permitted to be included solely at the option of
    the purchaser, in such consideration pursuant to the terms of
    the applicable Designated Asset Contract; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;100% of the Indebtedness actually
    received by CCA as consideration for the sale or other
    disposition of an Unoccupied Facility.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing, CCA and its
Restricted Subsidiaries may engage in Asset Swaps; <I>provided
</I>that,
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;immediately after giving effect to such
    Asset Swap, CCA would be permitted to incur at least $1.00 of
    additional Indebtedness pursuant to the Fixed Charge Coverage
    Ratio test set forth in the first paragraph of the covenant
    described below under the caption &#147;&#151;&nbsp;Certain
    Covenants&nbsp;&#151; Incurrence of Indebtedness and Issuance of
    Preferred Stock&#148;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the Board of Directors of CCA determines
    that the fair market value of the assets received by CCA in the
    Asset Swap is not less than the fair market value of the assets
    disposed of by CCA in such Asset Swap and such determination is
    evidenced by a resolution of the Board of Directors set forth in
    an Officers&#146; Certificate delivered to the trustee.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Within 360&nbsp;days after the receipt of any Net
Proceeds from an Asset Sale, CCA may apply those Net Proceeds:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;to repay permanently Indebtedness under
    a Credit Facility and, if the Indebtedness permanently repaid is
    revolving credit Indebtedness, to correspondingly reduce
    commitments with respect thereto;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">39
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;to acquire all or substantially all of
    the assets of, or a majority of the Voting Stock of, another
    Permitted Business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;to make a capital expenditure
    (<I>provided, </I>that the completion of (i)&nbsp;construction
    of new facilities, (ii)&nbsp;expansions to existing facilities,
    and (iii)&nbsp;repair or reconstruction of damaged or destroyed
    facilities which commences within 360&nbsp;days after the
    receipt of any Net Proceeds from an Asset Sale by CCA may extend
    for an additional 360&nbsp;day period if the Net Proceeds to be
    used for such construction, expansion or repair are committed to
    and set aside specifically for such activity within
    360&nbsp;days of their receipt);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;to acquire other long-term assets that
    are used or useful in a Permitted Business;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;with respect to the sale of the
    Northeast Ohio Correctional Facility in Youngstown, Ohio, CCA
    may use 50% of the Net Proceeds from such sale to repurchase,
    redeem or otherwise acquire or retire for value shares of
    CCA&#146;s series B preferred stock.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pending the final application of any Net
Proceeds, CCA may temporarily reduce revolving credit borrowings
or otherwise invest the Net Proceeds in any manner that is not
prohibited by the Indenture. For avoidance of doubt, prior to
being required to permanently reduce revolving credit facility
commitments CCA shall have the option of making an Asset Sale
Offer in accordance with the terms of the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any Net Proceeds from Asset Sales that are not
applied or invested as provided in the preceding paragraph will
constitute &#147;Excess Proceeds.&#148; When the aggregate
amount of Excess Proceeds exceeds $15.0&nbsp;million, CCA will
make an Asset Sale Offer to all Holders of Notes and, at
CCA&#146;s option, all holders of other Indebtedness that is
<I>pari passu </I>with the Notes containing provisions similar
to those set forth in the Indenture with respect to offers to
purchase or redeem with the proceeds of sales of assets to
purchase the maximum principal amount of Notes and such other
<I>pari passu </I>Indebtedness that may be purchased out of the
Excess Proceeds. The offer price in any Asset Sale Offer will be
equal to 100% of principal amount <I>plus </I>accrued and unpaid
interest and Liquidated Damages, if any, to the date of
purchase, and will be payable in cash. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, CCA may use
those Excess Proceeds for any purpose not otherwise prohibited
by the Indenture. If the aggregate principal amount of Notes and
other <I>pari passu </I>Indebtedness tendered into such Asset
Sale Offer exceeds the amount of Excess Proceeds, the trustee
will select the Notes and such other <I>pari passu</I>
Indebtedness to be purchased on a pro rata basis. Upon
completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will comply with the requirements of
Rule&nbsp;14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of
Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with
the Asset Sale provisions of the Indenture, CCA will comply with
the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Asset Sale
provisions of the Indenture by virtue of such conflict.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The agreements governing CCA&#146;s other
Indebtedness contain prohibitions of certain events, including
certain types of Asset Sales. In addition, the exercise by the
Holders of Notes of their right to require CCA to repurchase the
Notes in connection with an Asset Sale Offer could cause a
default under these other agreements, even if the Asset Sale
itself does not, due to the financial effect of such repurchases
on CCA. Finally, CCA&#146;s ability to pay cash to the Holders
of Notes upon a repurchase may be limited by CCA&#146;s then
existing financial resources.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a description of the procedures applicable to
a redemption of all or a part of the Notes pursuant to the
provisions of the Indenture described in this section, see
&#147;&#151;&nbsp;Selection and Notice.&#148;
</FONT>

<P align="center"><FONT size="2">40
</FONT>

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

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Selection and Notice</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If less than all of the Notes are to be redeemed
at any time, the trustee will select Notes for redemption as
follows:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;if the Notes are listed on any national
    securities exchange, in compliance with the requirements of the
    principal national securities exchange on which the Notes are
    listed;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;if the Notes are not listed on any
    national securities exchange, on a pro rata basis (based on
    amounts tendered), by lot or by such method as the trustee deems
    fair and appropriate.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No Notes of $1,000 or less can be redeemed in
part. Notices of redemption will be mailed by first class mail
at least 30 but not more than 60&nbsp;days before the redemption
date to each Holder of Notes to be redeemed at its registered
address, except that redemption notices may be mailed more than
60&nbsp;days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction
and discharge of the Indenture. Notices of redemption may not be
conditional.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any Note is to be redeemed in part only, the
notice of redemption that relates to that Note will state the
portion of the principal amount of that Note that is to be
redeemed. A new Note in principal amount equal to the unredeemed
portion of the original Note will be issued in the name of the
Holder of Notes upon cancellation of the original Note. Notes
called for redemption become due on the date fixed for
redemption. On and after the redemption date, interest ceases to
accrue on Notes or portions of them called for redemption.
</FONT>

<P align="left">
<B><FONT size="2">Certain Covenants</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Restricted Payments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;declare or pay any dividend or make any
    other payment or distribution on account of CCA&#146;s, or any
    Restricted Subsidiary&#146;s, Equity Interests (including,
    without limitation, any payment in connection with any merger or
    consolidation involving CCA or any Restricted Subsidiary) or to
    the direct or indirect holders of CCA&#146;s or any Restricted
    Subsidiary&#146;s Equity Interests in their capacity as such
    (other than dividends or distributions (i)&nbsp;payable in
    Equity Interests (other than Disqualified Stock) of CCA or
    (ii)&nbsp;payable to CCA and/or a Restricted Subsidiary of CCA);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;purchase, redeem or otherwise acquire or
    retire for value (including, without limitation, in connection
    with any merger or consolidation involving CCA) any Equity
    Interests of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;make any payment on or with respect to,
    or purchase, redeem, defease or otherwise acquire or retire for
    value any Indebtedness that is expressly subordinated to the
    Notes or the Subsidiary Guarantees, except a payment of interest
    or principal at the Stated Maturity thereof or a payment of
    principal or interest on Indebtedness owed to CCA or any of its
    Restricted Subsidiaries;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;make any Restricted Investment (all such
    payments and other actions set forth in these clauses&nbsp;(1)
    through (4)&nbsp;above being collectively referred to as
    &#147;Restricted Payments&#148;),
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">unless, at the time of and after giving effect to
    such Restricted Payment:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;no Default or Event of Default has
    occurred and is continuing or would occur as a consequence of
    such Restricted Payment;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;CCA would, at the time of such
    Restricted Payment and after giving pro forma effect thereto as
    if such Restricted Payment had been made at the beginning of the
    applicable four-quarter period, have been permitted to incur at
    least $1.00 of additional Indebtedness pursuant to the Fixed
    Charge Coverage Ratio test set forth in the first paragraph of
    the covenant described below under the caption
    &#147;&#151;&nbsp;Incurrence of Indebtedness and Issuance of
    Preferred Stock;&#148;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">41
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;such Restricted Payment, together with
    the aggregate amount of all other Restricted Payments made by
    CCA and its Restricted Subsidiaries after May&nbsp;3, 2002
    (excluding Restricted Payments permitted by clauses&nbsp;(2),
    (3), (4), (5), (7), (8)&nbsp;and (9)&nbsp;of the next succeeding
    paragraph), is less than the sum, without duplication, of:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;50% of the Consolidated Net Income After
    Preferred Cash Dividend of CCA, for the period (taken as one
    accounting period) from the beginning of the first fiscal
    quarter commencing after May&nbsp;3, 2002 to the end of
    CCA&#146;s most recently ended fiscal quarter for which internal
    financial statements are available at the time of such
    Restricted Payment (or, if such Consolidated Net Income for such
    period is a deficit, less 100% of such deficit), <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;100% of the aggregate net cash proceeds
    received by CCA since May&nbsp;3, 2002 as a contribution to its
    common equity capital or from the issue or sale of Equity
    Interests of CCA (other than Disqualified Stock) or from the
    issue or sale of convertible or exchangeable Disqualified Stock
    or convertible or exchangeable debt securities of CCA that have
    been converted into or exchanged for such Equity Interests
    (other than Equity Interests (or Disqualified Stock or debt
    securities) sold to a Subsidiary of CCA), <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;to the extent that any Restricted
    Investment (other than a Restricted Investment permitted by
    clause&nbsp;(5) of the next succeeding paragraph) that was made
    after May&nbsp;3, 2002 is sold for cash or otherwise liquidated
    or repaid for cash, the lesser of (i)&nbsp;the cash return of
    capital with respect to such Restricted Investment (less the
    cost of disposition, if any) and (ii)&nbsp;the initial amount of
    such Restricted Investment, <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;to the extent that any Unrestricted
    Subsidiary of CCA is redesignated as a Restricted Subsidiary
    after May&nbsp;3, 2002, the lesser of (i)&nbsp;the fair market
    value of CCA&#146;s Investment in such Subsidiary as of the date
    of such redesignation or (ii)&nbsp;such fair market value as of
    the date on which such Subsidiary was originally designated as
    an Unrestricted Subsidiary, <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;$10.0&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as no Default has occurred and is
continuing or would be caused thereby, the preceding provisions
will not prohibit:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the payment of any dividend within
    60&nbsp;days after the date of declaration of the dividend, if
    at the date of declaration the dividend payment would have
    complied with the provisions of the Indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the redemption, repurchase, retirement,
    defeasance or other acquisition of any subordinated Indebtedness
    of CCA or any Guarantor or of any Equity Interests of CCA in
    exchange for, or out of the net cash proceeds of the
    substantially concurrent sale (other than to a Subsidiary of
    CCA) of, Equity Interests of CCA (other than Disqualified
    Stock); <I>provided </I>that the amount of any such net cash
    proceeds that are utilized for any such redemption, repurchase,
    retirement, defeasance or other acquisition will be excluded
    from clause&nbsp;(3)(b) of the preceding paragraph;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the defeasance, redemption, repurchase
    or other acquisition of subordinated Indebtedness of CCA or any
    Guarantor with the net cash proceeds from an incurrence of
    Permitted Refinancing Indebtedness;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the payment of any dividend by a
    Restricted Subsidiary of CCA to the holders of its Equity
    Interests on a pro rata basis;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;(a)&nbsp;the purchase, redemption or
    other acquisition, cancellation or retirement for value of
    Capital Stock, or options, warrants, equity appreciation rights
    or other rights to purchase or acquire Capital Stock of CCA or
    any Restricted Subsidiary of CCA or any parent of CCA held by
    any existing or former employees of CCA or any Subsidiary of CCA
    or their assigns, estates or heirs, in each case in connection
    with the repurchase provisions under employee stock option or
    stock purchase agreements or other agreements to compensate
    management employees; <I>provided </I>that such
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">42
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">redemptions or repurchases pursuant to this
    clause will not exceed $2.5&nbsp;million in the aggregate during
    any calendar year and $10.0&nbsp;million in the aggregate for
    all such redemptions and repurchases; <I>provided further,</I>
    that CCA may carry-forward and make in a subsequent calendar
    year, in addition to the amounts permitted for such calendar
    year, the amount of such redemptions or repurchases permitted to
    have been made but not made in any preceding calendar year;
    <I>provided further </I>that such amount in any calendar year
    may be increased by an amount not to exceed (i)&nbsp;the cash
    proceeds from the sale of Capital Stock of CCA to existing or
    former employees of CCA or any Subsidiary of CCA after the date
    the Notes are originally issued (to the extent the cash proceeds
    from the sale of such Capital Stock have not otherwise been
    applied to the payment of Restricted Payments by virtue of
    clause&nbsp;(3)(b) of the preceding paragraph) <I>plus
    </I>(ii)&nbsp;the cash proceeds of key man life insurance
    policies received by CCA and its Subsidiaries after the date the
    Notes are originally issued <I>less </I>(iii)&nbsp;the amount of
    any Restricted Payments previously made pursuant to
    clause&nbsp;(i) and (ii)&nbsp;of this clause&nbsp;(5)(a); and
    (b)&nbsp;loans or advances to employees or directors of CCA or
    any Subsidiary of CCA the proceeds of which are used to purchase
    Capital Stock of CCA, in an aggregate amount not in excess of
    $10.0&nbsp;million at any one time outstanding;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;the declaration and payment by CCA of a
    dividend consisting of Qualified Trust Preferred Stock with a
    fair market value that is not greater than is necessary in order
    to preserve CCA&#146;s eligibility to elect REIT status with
    respect to its 1999 taxable year;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;the repurchase, redemption or other
    acquisition or retirement for value of up to $130.0&nbsp;million
    in liquidation preference of the series&nbsp;B preferred stock
    if CCA would, at the time of such Restricted Payment and after
    giving pro forma effect thereto as if such Restricted Payment
    had been made at the beginning of the applicable four-quarter
    period, have been permitted to incur at least $1.00 of
    additional Indebtedness pursuant to the Fixed Charge Coverage
    Ratio test set forth in the first paragraph of the covenant
    described below under the caption &#147;&#151;&nbsp;Incurrence
    of Indebtedness and Issuance of Preferred Stock;&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;repurchases of Equity Interests of CCA
    deemed to occur upon the exercise of stock options if such
    Equity Interests represent a portion of the exercise price
    thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;the declaration and payment of dividends
    on CCA&#146;s series&nbsp;A preferred stock and series&nbsp;B
    preferred stock in accordance with terms of the series&nbsp;A
    preferred stock and series&nbsp;B preferred stock as in effect
    on May&nbsp;7, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(10)&nbsp;the payment of the liquidation
    preference of and all accrued and unpaid dividends on 100% of
    the issued and outstanding shares of CCA&#146;s series&nbsp;A
    preferred stock as in effect on May&nbsp;7, 2003 and the notice
    of redemption given by CCA on May&nbsp;7, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(11)&nbsp;the redemption pursuant to their terms
    of all PMI Notes that remain outstanding on the applicable
    redemption date after CCA sends notice of such redemption to the
    holders of such notes, <I>provided </I>that (i)&nbsp;CCA
    converts all PMI Notes pursuant to their terms upon the proper
    request of a holder of such notes and (ii)&nbsp;the fair market
    value of the common stock received upon such conversion
    (measured as of the date the notice of redemption is given) is
    not less than one and one half times the proceeds such holder
    would receive pursuant to such redemption;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(12)&nbsp;the repurchase, redemption or other
    acquisition or retirement for value of the shares of series A
    preferred stock issued and outstanding on May&nbsp;7, 2003 with
    the net proceeds from the issuance by a Qualified Trust of
    Qualified Trust Preferred Stock;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(13)&nbsp;Restricted Payments not otherwise
    permitted in an amount not to exceed $25.0&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of all Restricted Payments (other than
cash) will be the fair market value on the date of the
Restricted Payment of the asset(s) or securities proposed to be
transferred or issued by CCA or such Subsidiary, as the case may
be, pursuant to the Restricted Payment. The fair market value of
any assets or securities that are required to be valued by this
covenant will be determined by the Board of Directors whose
resolution with respect thereto will be delivered to the
trustee. The Board of Directors&#146;
</FONT>

<P align="center"><FONT size="2">43
</FONT>

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<DIV align="left">
<FONT size="2">determination must be based upon an opinion or
appraisal issued by an accounting, appraisal or investment
banking firm of national standing if the fair market value
exceeds $15.0&nbsp;million. Except with respect to any
Restricted Payment permitted pursuant to clauses&nbsp;(1)
through (13)&nbsp;of the immediately preceding paragraph, not
later than 10&nbsp;days following the end of the fiscal quarter
in which such Restricted Payment was made, CCA will deliver to
the trustee an Officers&#146; Certificate stating that such
Restricted Payment is permitted and setting forth the basis upon
which the calculations required by this &#147;Restricted
Payments&#148; covenant were computed, together with a copy of
any fairness opinion or appraisal required by the Indenture.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Incurrence of Indebtedness and Issuance of
    Preferred Stock</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guarantee or otherwise become directly or
indirectly liable, contingently or otherwise, with respect to
(collectively, &#147;incur&#148;) any Indebtedness (including
Acquired Debt), and CCA will not issue any Disqualified Stock
and will not permit any of its Restricted Subsidiaries to issue
any shares of preferred stock; <I>provided, however, </I>that
CCA or its Restricted Subsidiaries may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock, and the
Guarantors may incur Indebtedness or issue preferred stock, if
the Fixed Charge Coverage Ratio for CCA&#146;s most recently
ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which
such additional Indebtedness is incurred or such Disqualified
Stock or preferred stock is issued would have been at least 2.0
to 1, determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred or the preferred stock or
Disqualified Stock had been issued, as the case may be, at the
beginning of such four-quarter period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The first paragraph of this covenant will not
prohibit the incurrence of any of the following items of
Indebtedness or the issuance of Disqualified Stock, as set forth
below (collectively, &#147;Permitted Debt&#148;):
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the incurrence by CCA and any Restricted
    Subsidiaries of Indebtedness under Credit Facilities in an
    aggregate principal amount at any one time outstanding under
    this clause&nbsp;(1) not to exceed $715.0&nbsp;million;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the incurrence by CCA and its Restricted
    Subsidiaries of the Existing Indebtedness;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the incurrence by CCA and the Guarantors
    of Indebtedness represented by our existing 7.5%&nbsp;notes and
    the related subsidiary guarantees issued on May&nbsp;7, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the incurrence by CCA or any of its
    Restricted Subsidiaries of Indebtedness represented by Capital
    Lease Obligations, mortgage financings or purchase money
    obligations, in each case, incurred for the purpose of financing
    all or any part of the purchase price or cost of construction or
    improvement of property, plant or equipment used in the business
    of CCA or such Restricted Subsidiary, in an aggregate principal
    amount, including all Permitted Refinancing Indebtedness
    incurred to refund, refinance or replace any Indebtedness
    incurred pursuant to this clause&nbsp;(4), not to exceed
    $25.0&nbsp;million at any time outstanding;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;the incurrence by CCA or any of its
    Restricted Subsidiaries of Permitted Refinancing Indebtedness in
    exchange for, or the net proceeds of which are used to refund,
    refinance or replace Indebtedness (other than intercompany
    Indebtedness) or Disqualified Stock that was permitted by the
    Indenture to be incurred under the first paragraph of this
    covenant or clauses&nbsp;(2), (3), (4), (5), or (12)&nbsp;of
    this paragraph;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;the incurrence by CCA or any of its
    Restricted Subsidiaries of intercompany Indebtedness between or
    among CCA and any of its Restricted Subsidiaries or the
    refinancing or replacement of
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">44
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">existing intercompany Indebtedness between or
    among CCA and any of its Restricted Subsidiaries; <I>provided,
    however, </I>that:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;if CCA or any Guarantor is the obligor
    on such Indebtedness, such Indebtedness must be expressly
    subordinated to the prior payment in full in cash of all
    Obligations with respect to the Notes, in the case of CCA, or
    the Subsidiary Guarantee, in the case of a Guarantor;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;(i)&nbsp;any subsequent issuance or
    transfer of Equity Interests that results in any such
    Indebtedness being held by a Person other than CCA or a
    Restricted Subsidiary of CCA and (ii)&nbsp;any sale or other
    transfer of any such Indebtedness to a Person that is not either
    CCA or a Restricted Subsidiary of CCA will be deemed, in each
    case, to constitute an incurrence of such Indebtedness by CCA or
    such Restricted Subsidiary, as the case may be, that was not
    permitted by this clause&nbsp;(6);
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;the incurrence by CCA or any of its
    Restricted Subsidiaries of Hedging Obligations that are incurred
    for the purpose of fixing or hedging interest rate risk with
    respect to any floating rate Indebtedness that is permitted by
    the terms of the Indenture to be outstanding or for hedging
    foreign currency exchange risk, in each case to the extent the
    Hedging Obligations are incurred in the ordinary course of
    business and not for any speculative purpose;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;the guarantee by CCA or any of its
    Restricted Subsidiaries of Indebtedness of CCA or a Restricted
    Subsidiary of CCA that was permitted to be incurred by another
    provision of this covenant;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;the accrual of interest, the accretion
    or amortization of original issue discount, the payment of
    interest on any Indebtedness in the form of additional
    Indebtedness with the same terms, and the payment of dividends
    on Disqualified Stock in the form of additional shares of the
    same class of Disqualified Stock will not be deemed to be an
    incurrence of Indebtedness or an issuance of Disqualified Stock
    for purposes of this covenant; <I>provided, </I>in each such
    case, that the amount thereof is included in Fixed Charges of
    CCA as accrued interest;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(10)&nbsp;the incurrence by CCA or any of its
    Restricted Subsidiaries of Indebtedness, including Indebtedness
    represented by letters of credit for the account of CCA or any
    Restricted Subsidiary, incurred in respect of workers&#146;
    compensation claims, self-insurance obligations, performance,
    proposal, completion, surety and similar bonds and completion
    guarantees provided by CCA or any of its Restricted Subsidiaries
    in the ordinary course of business; <I>provided, </I>that the
    underlying obligation to perform is that of CCA and its
    Restricted Subsidiaries and not that of CCA&#146;s Unrestricted
    Subsidiaries; <I>provided further, </I>that such underlying
    obligation is not in respect of borrowed money;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(11)&nbsp;the issuance of series&nbsp;B preferred
    stock by CCA solely for the purpose of the payment of dividends
    to the holders of the series&nbsp;B preferred stock made in
    accordance with CCA&#146;s Amended and Restated Charter;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(12)&nbsp;the incurrence by CCA or any of the
    Guarantors of additional Indebtedness in an aggregate principal
    amount (or accreted value, as applicable) at any time
    outstanding, including all Permitted Refinancing Indebtedness
    incurred to refund, refinance or replace any Indebtedness
    incurred pursuant to this clause&nbsp;(12), not to exceed
    $60.0&nbsp;million;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(13)&nbsp;the incurrence by CCA or any of its
    Restricted Subsidiaries of Indebtedness, including but not
    limited to Indebtedness represented by letters of credit for the
    account of CCA or any Restricted Subsidiary, arising from
    agreements of CCA or a Restricted Subsidiary providing for
    indemnification, adjustment of purchase price or similar
    obligations, in each case, incurred or assumed in connection
    with the disposition of any business, assets or Equity Interests
    of CCA or a Restricted Subsidiary, other than guarantees of
    Indebtedness incurred by any Person acquiring all or any portion
    of such business, assets or Equity Interests for the purpose of
    financing such acquisition;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(14)&nbsp;the incurrence by CCA or any Restricted
    Subsidiary of Indebtedness arising from the honoring by a bank
    or other financial institution of a check, draft or similar
    instrument (except in the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">45
</FONT>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">case of daylight overdrafts) drawn against
    insufficient funds in the ordinary course of business,
    <I>provided </I>that such Indebtedness is extinguished within
    five business days of incurrence;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(15)&nbsp;the incurrence by CCA or a Restricted
    Subsidiary of Qualified Trust Indebtedness the proceeds of which
    are used to finance a Restricted Payment permitted by
    clause&nbsp;(6) or (12)&nbsp;of the second paragraph of the
    covenant described above under the caption
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Restricted
    Payments.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not incur any Indebtedness (including
Permitted Debt) that is contractually subordinated in right of
payment to any other Indebtedness of CCA unless such
Indebtedness is also contractually subordinated in right of
payment to the Notes on substantially identical terms;
<I>provided, however, </I>that no Indebtedness of CCA will be
deemed to be contractually subordinated in right of payment to
any other Indebtedness of CCA solely by virtue of being
unsecured.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of determining compliance with the
provisions in the Indenture relating to the &#147;Incurrence of
Indebtedness and Issuance of Preferred Stock&#148;, in the event
that an item of proposed Indebtedness meets the criteria of more
than one of the categories of Permitted Debt described in
clauses&nbsp;(1) through (16)&nbsp;above, or is entitled to be
incurred pursuant to the first paragraph of this covenant, CCA
will be permitted to classify such item of Indebtedness on the
date of its incurrence, or later reclassify all or a portion of
such item of Indebtedness, in any manner that complies with this
covenant. Indebtedness under Credit Facilities outstanding on
May&nbsp;7, 2003 will be deemed to have been incurred on such
date in reliance on the exception provided by clause&nbsp;(1) of
the definition of Permitted Debt.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Liens</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, create, incur, assume or otherwise
cause or suffer to exist or become effective any Lien of any
kind (other than Permitted Liens) upon any of their property or
assets, now owned or hereafter acquired, unless all payments due
under the Indenture and the Notes are secured on an equal and
ratable basis with the obligations so secured until such time as
such obligations are no longer secured by a Lien.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Dividend and Other Payment Restrictions
    Affecting Subsidiaries</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or
permit to exist or become effective any consensual encumbrance
or restriction on the ability of any Restricted Subsidiary to:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;pay dividends or make any other
    distributions on its Capital Stock to CCA or any of its
    Restricted Subsidiaries, or with respect to any other interest
    or participation in, or measured by, its profits, or pay any
    indebtedness owed to CCA or any of its Restricted Subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;make loans or advances to CCA or any of
    its Restricted Subsidiaries; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;transfer any of its properties or assets
    to CCA or any of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">However, the preceding restrictions will not
apply to encumbrances or restrictions existing under or by
reason of:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;agreements governing Existing
    Indebtedness and Credit Facilities as in effect on the Issue
    Date and any amendments, modifications, restatements, renewals,
    increases, supplements, refundings, replacements or refinancings
    of those agreements, <I>provided </I>that the amendments,
    modifications, restatements, renewals, increases, supplements,
    refundings, replacement or refinancings are not materially more
    restrictive, taken as a whole, with respect to such dividend and
    other payment restrictions than those contained in those
    agreements on May&nbsp;7, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the Indenture, the Notes, and the
    related Subsidiary Guarantees;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;applicable law;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">46
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;any instrument governing Indebtedness or
    Capital Stock of a Person acquired by CCA or any of its
    Restricted Subsidiaries as in effect at the time of such
    acquisition (except to the extent such Indebtedness or Capital
    Stock was incurred in connection with or in contemplation of
    such acquisition), which encumbrance or restriction is not
    applicable to any Person, or the properties or assets of any
    Person, other than the Person, or the property or assets of the
    Person, so acquired, <I>provided </I>that, in the case of
    Indebtedness, such Indebtedness was permitted by the terms of
    the Indenture to be incurred;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;customary non-assignment provisions of
    any contract entered into in the ordinary course of business and
    customary provisions restricting subletting of any interest in
    real property contained in any lease or easement agreement of
    CCA or any Restricted Subsidiary, or any customary restriction
    on the ability of a Restricted Subsidiary to dividend,
    distribute or otherwise transfer any asset which secures
    Indebtedness secured by a Lien and which Indebtedness and which
    Lien was permitted by the Indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;purchase money obligations for property
    acquired in the ordinary course of business that impose
    restrictions on that property of the nature described in
    clause&nbsp;(3) of the preceding paragraph;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;any agreement for the sale or other
    disposition of all or substantially all of the assets or Capital
    Stock of a Restricted Subsidiary that restricts distributions by
    that Restricted Subsidiary pending its sale or other disposition
    of all or substantially all of the assets or capital stock of
    such Restricted Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;Permitted Refinancing Indebtedness,
    <I>provided </I>that the restrictions contained in the
    agreements governing such Permitted Refinancing Indebtedness
    with respect to dividends and other payments are not materially
    more restrictive, taken as a whole, than those contained in the
    agreements governing the Indebtedness being refinanced;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;Liens securing Indebtedness otherwise
    permitted to be incurred under the provisions of the covenant
    described above under the caption &#147;&#151;&nbsp;Liens&#148;
    that limit the right of the debtor to dispose of the assets
    subject to such Liens;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(10)&nbsp;provisions with respect to the
    disposition or distribution of assets or property in joint
    venture agreements, asset sale agreements, stock sale agreements
    and other similar agreements entered into in the ordinary course
    of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(11)&nbsp;restrictions on cash or other deposits
    or net worth imposed by customers under contracts entered into
    in the ordinary course of business;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(12)&nbsp;any encumbrance or restriction pursuant
    to customary provisions restricting dispositions of real
    property interests set forth in any reciprocal easement
    agreements of CCA or any Restricted Subsidiary.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Merger, Consolidation or Sale of
    Assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA shall not, in a single transaction or a
series of related transactions, consolidate with or merge with
or into any other Person or sell, assign, convey, transfer,
lease or otherwise dispose of all or substantially all of its
properties and assets to any Person or group of affiliated
Persons, or permit any of its Restricted Subsidiaries to enter
into any such transaction or transactions if such transaction or
transactions, in the aggregate, would result in an assignment,
conveyance, transfer, lease or disposition of all or
substantially all of the properties and assets of CCA and its
Restricted Subsidiaries taken as a whole to any other Person or
group of affiliated Persons, unless at the time and after giving
effect thereto:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;either: (a)&nbsp;CCA or any Restricted
    Subsidiary is the surviving corporation; or (b)&nbsp;the Person
    formed by or surviving any such consolidation or merger (if
    other than CCA or any Restricted Subsidiary) or to which such
    sale, assignment, transfer, conveyance or other disposition has
    been made is a corporation organized or existing under the laws
    of the United States, any state of the United States or the
    District of Columbia;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">47
</FONT>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the Person formed by or surviving any
    such consolidation or merger (if other than CCA or any
    Restricted Subsidiary) or the Person to which such sale,
    assignment, transfer, conveyance or other disposition has been
    made assumes all the obligations of CCA under the Notes and the
    Indenture pursuant to agreements reasonably satisfactory to the
    trustee;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;immediately after such transaction no
    Default or Event of Default exists;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;CCA, the Restricted Subsidiary, or the
    other Person formed by or surviving any such consolidation or
    merger (if other than CCA or a Restricted Subsidiary), or to
    which such sale, assignment, transfer, conveyance or other
    disposition has been made will, on the date of such transaction
    after giving pro forma effect thereto and any related financing
    transactions as if the same had occurred at the beginning of the
    applicable four-quarter period, be permitted to incur at least
    $1.00 of additional Indebtedness pursuant to the Fixed Charge
    Coverage Ratio test set forth in the first paragraph of the
    covenant described under the caption
    &#147;&#151;&nbsp;Incurrence of Indebtedness and Issuance of
    Preferred Stock.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The covenant described under this caption
&#147;Merger, Consolidation or Sale of Assets&#148; will not
apply to: (i)&nbsp;a sale, assignment, transfer, conveyance or
other disposition of assets between or among CCA and any of its
Restricted Subsidiaries; (ii)&nbsp;any merger of a Restricted
Subsidiary into CCA or another Restricted Subsidiary;
(iii)&nbsp;any merger of CCA into a wholly-owned Restricted
Subsidiary created for the purpose of holding the Equity
Interests of CCA; or (iv)&nbsp;a merger between CCA and a
newly-created Affiliate incorporated solely for the purpose of
reincorporating CCA in another State of the United States.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Transactions with Affiliates</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets
to, or purchase any property or assets from, or enter into or
make or amend any transaction, contract, agreement,
understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate (each, an <I>&#147;Affiliate
Transaction&#148;</I>), unless:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the Affiliate Transaction is on terms
    that are no less favorable to CCA or the relevant Restricted
    Subsidiary than those that would have been obtained in a
    comparable transaction by CCA or such Restricted Subsidiary with
    an unrelated Person;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;CCA delivers to the trustee:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;with respect to any Affiliate
    Transaction or series of related Affiliate Transactions
    involving aggregate consideration in excess of
    $10.0&nbsp;million, a resolution of the Board of Directors set
    forth in an Officers&#146; Certificate certifying that such
    Affiliate Transaction complies with this covenant and that such
    Affiliate Transaction has been approved by a majority of the
    disinterested members of the Board of Directors;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;with respect to any Affiliate
    Transaction or series of related Affiliate Transactions
    involving aggregate consideration in excess of
    $20.0&nbsp;million, an opinion as to the fairness to CCA of such
    Affiliate Transaction from a financial point of view issued by
    an accounting, appraisal or investment banking firm of national
    standing.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following items will not be deemed to be
Affiliate Transactions and, therefore, will not be subject to
the provisions of the prior paragraph:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any employment or indemnity agreement
    entered into by CCA or any of its Restricted Subsidiaries in the
    ordinary course of business and consistent with the past
    practice of CCA or such Restricted Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;transactions between or among CCA and/or
    its Restricted Subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;transactions with a Person that is an
    Affiliate of CCA solely because CCA owns an Equity Interest in,
    or controls, such Person;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">48
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;payment of reasonable directors fees to
    Persons who are not otherwise Affiliates of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;sales of Equity Interests (other than
    Disqualified Stock) to Affiliates of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;Restricted Payments that are permitted
    by the provisions of the Indenture described above under the
    caption &#147;&#151;&nbsp;Restricted Payments&#148;;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;any issuance of securities, or other
    payments, awards or grants in cash, securities or otherwise
    pursuant to, or the funding of employment arrangements, stock
    options and stock ownership plans and other reasonable fees,
    compensation, benefits and indemnities paid or entered into by
    CCA or any of its Restricted Subsidiaries in the ordinary course
    of business to or with officers, directors or employees of CCA
    and its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Additional Subsidiary
    Guarantees</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any Subsidiary of CCA that is not a Guarantor
enters into a Guarantee of a Credit Facility or any part of the
Indebtedness created under Credit Facilities permitted to be
incurred pursuant to clause&nbsp;(1) of the second paragraph of
the covenant described above under the caption
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Incurrence of
Indebtedness and Issuance of Preferred Stock&#148;, then that
Subsidiary will become a Guarantor and will execute a
supplemental indenture and deliver an Opinion of Counsel
satisfactory to the trustee within 10&nbsp;business days of the
date on which it was acquired or created.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Designation of Restricted and Unrestricted
    Subsidiaries</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors may designate any
Restricted Subsidiary to be an Unrestricted Subsidiary if that
designation would not cause a Default or Event of Default. If a
Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate fair market value of all outstanding
Investments owned by CCA and its Restricted Subsidiaries in the
Subsidiary properly designated will be deemed to be Investments
made as of the time of the designation, subject to the
limitations on Restricted Payments. That designation will only
be permitted if the Investment would be permitted at that time
and if the Restricted Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. The Board of Directors may
redesignate any Unrestricted Subsidiary to be a Restricted
Subsidiary if the redesignation would not cause a Default.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sale and Leaseback
    Transactions</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, enter into any Sale and Leaseback
Transaction; <I>provided </I>that CCA or any Guarantor may enter
into a Sale and Leaseback Transaction if:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;CCA or that Guarantor, as applicable,
    could have (a)&nbsp;incurred Indebtedness in an amount equal to
    the Attributable Debt relating to such Sale and Leaseback
    Transaction under the Fixed Charge Coverage Ratio test in the
    first paragraph of the covenant described above under the
    caption &#147;&#151;&nbsp;Incurrence of Indebtedness and
    Issuance of Preferred Stock&#148; and (b)&nbsp;incurred a Lien
    to secure such Indebtedness pursuant to the covenant described
    above under the caption &#147;&#151;&nbsp;Liens;&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the gross cash proceeds of that Sale and
    Leaseback Transaction are at least equal to the fair market
    value, as determined in good faith by the Board of Directors and
    set forth in an Officers&#146; Certificate delivered to the
    trustee, of the property that is the subject of that Sale and
    Leaseback Transaction;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the transfer of assets in that Sale and
    Leaseback Transaction is permitted by, and CCA applies the
    proceeds of such transaction in compliance with, the covenant
    described above under the caption &#147;&#151;&nbsp;Repurchase
    at the Option of Holders&nbsp;&#151; Asset Sales.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">49
</FONT>

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<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Business Activities</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any Restricted
Subsidiary to, engage in any business other than Permitted
Businesses, except to such extent as would not be material to
CCA and its Restricted Subsidiaries taken as a whole.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Payments for Consent</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, pay or cause
to be paid any consideration to or for the benefit of any Holder
of Notes for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of the Indenture or
the Notes unless such consideration is offered to be paid and is
paid to all Holders of the Notes that consent, waive or agree to
amend in the time frame set forth in the solicitation documents
relating to such consent, waiver or agreement.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Reports</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether or not required by the Commission, so
long as any Notes are outstanding, CCA will furnish to the
Holders of Notes, within 5&nbsp;days of the time periods
specified in the Commission&#146;s rules and regulations:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;all quarterly and annual financial and
    other information that would be required to be contained in a
    filing with the Commission on Forms 10-Q and 10-K if CCA were
    required to file such Forms, including a &#147;Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations&#148; and, with respect to the annual information
    only, a report on the annual financial statements by CCA&#146;s
    certified independent accountants;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;all current reports that would be
    required to be filed with the Commission on Form&nbsp;8-K if CCA
    were required to file such reports.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, whether or not required by the
Commission, CCA will file a copy of all of the information and
reports referred to in clauses&nbsp;(1) and (2) above with the
Commission for public availability within the time periods
specified in the Commission&#146;s rules and regulations (unless
the Commission will not accept such a filing) and make such
information available to prospective investors upon request. In
addition, CCA and the Guarantors have agreed that, for so long
as any Notes remain outstanding, they will furnish to the
Holders and to prospective investors, upon their request, the
information required to be delivered pursuant to
Rule&nbsp;144A(d)(4) under the Securities Act, if any such
information is required to be delivered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If CCA has designated any of its Subsidiaries as
Unrestricted Subsidiaries, then the quarterly and annual
financial information required by the preceding paragraph will
include a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, and in
Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations, of the financial condition and
results of operations of CCA and its Restricted Subsidiaries
separate from the financial condition and results of operations
of the Unrestricted Subsidiaries of CCA.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default and Remedies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the following is an Event of Default:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;default for 30&nbsp;days in the payment
    when due of interest on, or Liquidated Damages with respect to,
    the Notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;default in payment when due of the
    principal of, or premium, if any, on the Notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;failure by CCA or any of its Restricted
    Subsidiaries to comply with the provisions described under the
    captions &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control,&#148;
    &#147;&#151;&nbsp;Repurchase
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">50
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">at the Option of Holders&nbsp;&#151; Asset
    Sales,&#148; or &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
    Merger, Consolidation or Sale of Assets;&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;failure by CCA or any Guarantor for 60
    consecutive days after notice to comply with any of the other
    agreements in the Indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;default under any mortgage, indenture or
    instrument under which there may be issued or by which there may
    be secured or evidenced any Indebtedness for money borrowed by
    CCA or any Restricted Subsidiaries (or the payment of which is
    guaranteed by CCA or any Restricted Subsidiaries) whether such
    Indebtedness or guarantee now exists, or is created after
    May&nbsp;7, 2003, if that default:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;is caused by a failure to pay principal
    of, or interest or premium, if any, on such Indebtedness prior
    to the expiration of the grace period provided in such
    Indebtedness on the date of such default (a &#147;Payment
    Default&#148;);&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;results in the acceleration of such
    Indebtedness prior to its express maturity,
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">and, in each case, the principal amount of any
    such Indebtedness, together with the principal amount of any
    other such Indebtedness under which there has been a Payment
    Default or the maturity of which has been so accelerated,
    aggregates $25.0&nbsp;million or more;
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;failure by CCA or any of its Restricted
    Subsidiaries to pay final judgments aggregating in excess of
    $25.0&nbsp;million, which judgments are not paid, discharged or
    stayed for a period of 60&nbsp;days;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;except as permitted by the Indenture,
    any Subsidiary Guarantee shall be held in any judicial
    proceeding to be unenforceable or invalid or shall cease for any
    reason to be in full force and effect or any Guarantor, or any
    Person acting on behalf of any Guarantor, shall deny or
    disaffirm its obligations under its Subsidiary
    Guarantee;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;certain events of bankruptcy or
    insolvency described in the Indenture with respect to CCA or any
    of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the case of an Event of Default arising from
certain events of bankruptcy or insolvency, with respect to CCA,
or any Restricted Subsidiary that is a Significant Subsidiary or
any group of Subsidiaries that, taken together, would constitute
a Significant Subsidiary, all outstanding Notes will become due
and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the trustee or
the Holders of at least 25% in principal amount of the then
outstanding Notes may declare all the Notes to be due and
payable immediately.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of the Notes may not enforce the
Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the
trustee in its exercise of any trust or power. The trustee may
withhold from Holders of the Notes notice of any continuing
Default or Event of Default if it determines that withholding
Notes is in their interest, except a Default or Event of Default
relating to the payment of principal or interest or Liquidated
Damages.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Holders of a majority in aggregate principal
amount of the Notes then outstanding by notice to the trustee
may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under
the Indenture except a continuing Default or Event of Default in
the payment of interest or Liquidated Damages on, or the
principal of, the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA is required to deliver to the trustee
annually a written statement regarding compliance with the
Indenture. Upon becoming aware of any Default or Event of
Default, CCA is required to deliver to the trustee a written
statement specifying such Default or Event of Default.
</FONT>

<P align="center"><FONT size="2">51
</FONT>

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<P align="left">
<B><FONT size="2">No Personal Liability of Directors, Officers,
Employees and Stockholders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No director, officer, employee, incorporator or
stockholder of CCA or any Guarantor, as such, will have any
liability for any obligations of CCA or the Guarantors under the
Notes, the Indenture, the Subsidiary Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives
and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes. The waiver may
not be effective to waive liabilities under the federal
securities laws.
</FONT>

<P align="left">
<B><FONT size="2">Legal Defeasance and Covenant
Defeasance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA may, at its option and at any time, elect to
have all of its obligations discharged with respect to the
outstanding Notes and all obligations of the Guarantors
discharged with respect to their Subsidiary Guarantees
(&#147;Legal Defeasance&#148;) except for:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the rights of Holders of outstanding
    Notes to receive payments in respect of the principal of, or
    interest or premium and Liquidated Damages, if any, on such
    Notes when such payments are due from the trust referred to
    below;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;CCA&#146;s obligations with respect to
    the Notes concerning issuing temporary Notes, registration of
    Notes, mutilated, destroyed, lost or stolen Notes and the
    maintenance of an office or agency for payment and money for
    security payments held in trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the rights, powers, trusts, duties and
    immunities of the trustee, and CCA&#146;s and the
    Guarantors&#146; obligations in connection therewith;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the Legal Defeasance provisions of the
    Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, CCA may, at its option and at any
time, elect to have the obligations of CCA and the Guarantors
released with respect to certain covenants that are described in
the Indenture (&#147;Covenant Defeasance&#148;) and thereafter
any omission to comply with those covenants will not constitute
a Default or Event of Default with respect to the Notes. In the
event Covenant Defeasance occurs, certain events (not including
non-payment, bankruptcy, receivership, rehabilitation and
insolvency events) described below under the caption
&#147;&#151;&nbsp;Events of Default and Remedies&#148; will no
longer constitute an Event of Default with respect to the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to exercise either Legal Defeasance or
Covenant Defeasance:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;CCA must irrevocably deposit with the
    trustee, in trust, for the benefit of the Holders of the Notes,
    cash in U.S.&nbsp;dollars, non-callable Government Securities,
    or a combination of cash in U.S.&nbsp;dollars and non-callable
    Government Securities, in such amounts as will be sufficient, in
    the opinion of a nationally recognized firm of independent
    public accountants, to pay the principal of, or interest and
    premium and Liquidated Damages, if any, on the outstanding Notes
    on the stated maturity or on the applicable redemption date, as
    the case may be, and CCA must specify whether the Notes are
    being defeased to maturity or to a particular redemption date;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;in the case of Legal Defeasance, CCA has
    delivered to the trustee an Opinion of Counsel reasonably
    acceptable to the trustee confirming that (a)&nbsp;CCA has
    received from, or there has been published by, the Internal
    Revenue Service a ruling or (b)&nbsp;since May&nbsp;7, 2003,
    there has been a change in the applicable federal income tax
    law, in either case to the effect that, and based thereon such
    Opinion of Counsel will confirm that, the Holders of the
    outstanding Notes will not recognize income, gain or loss for
    federal income tax purposes as a result of such Legal Defeasance
    and will be subject to federal income tax on the same amounts,
    in the same manner and at the same times as would have been the
    case if such Legal Defeasance had not occurred;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;in the case of Covenant Defeasance, CCA
    has delivered to the trustee an Opinion of Counsel reasonably
    acceptable to the trustee confirming that the Holders of the
    outstanding Notes will not recognize income, gain or loss for
    federal income tax purposes as a result of such Covenant
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">52
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Defeasance and will be subject to federal income
    tax on the same amounts, in the same manner and at the same
    times as would have been the case if such Covenant Defeasance
    had not occurred;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;no Default or Event of Default has
    occurred and is continuing on the date of such deposit (other
    than a Default or Event of Default resulting from the borrowing
    of funds to be applied to such deposit);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;such Legal Defeasance or Covenant
    Defeasance will not result in a breach or violation of, or
    constitute a default under any material agreement or instrument
    (other than the Indenture) to which CCA or any of its
    Subsidiaries is a party or by which CCA or any of its
    Subsidiaries is bound;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;CCA must deliver to the trustee an
    Officers&#146; Certificate stating that the deposit was not made
    by CCA with the intent of preferring the Holders of Notes over
    the other creditors of CCA or with the intent of defeating,
    hindering, delaying or defrauding creditors of CCA or others; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;CCA must deliver to the trustee an
    Officers&#146; Certificate and an Opinion of Counsel, each
    stating that all conditions precedent relating to the Legal
    Defeasance or the Covenant Defeasance have been complied with.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Amendment, Supplement and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as provided in the next two succeeding
paragraphs, the Indenture or the Notes may be amended or
supplemented with the consent of the Holders of at least a
majority in principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection
with a purchase of or tender offer for the Notes), and any
existing default or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then
outstanding Notes (including, without limitation, consents
obtained in connection with a purchase of or tender offer for
the Notes).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Without the consent of each Holder affected, an
amendment or waiver may not (with respect to any Notes held by a
non-consenting Holder):
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;reduce the principal amount of Notes
    whose Holders must consent to an amendment, supplement or waiver;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;reduce the principal of or change the
    fixed maturity of any Note or alter the provisions with respect
    to the redemption of the Notes (other than provisions relating
    to the covenants described above under the caption
    &#147;&#151;&nbsp;Repurchase at the Option of Holders&#148;);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;reduce the rate of or change the time
    for payment of interest on any Note;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;waive a Default or Event of Default in
    the payment of principal of, or interest or premium or
    Liquidated Damages, if any, on the Notes (except a rescission of
    acceleration of the Notes by the Holders of at least a majority
    in aggregate principal amount of the Notes and a waiver of the
    payment default that resulted from such acceleration);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;make any Note payable in currency other
    than that stated in the Notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;make any change in the provisions of the
    Indenture relating to waivers of past Defaults or the rights of
    Holders of Notes to receive payments of principal of, or
    interest or premium or Liquidated Damages, if any, on the Notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;waive a redemption payment with respect
    to any Note (other than a payment required by one of the
    covenants described above under the caption
    &#147;&#151;&nbsp;Repurchase at the Option of Holders&#148;);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;release any Guarantor from any of its
    obligations under its Subsidiary Guarantee or the Indenture,
    except in accordance with the terms of the Indenture;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;make any change in the preceding
    amendment and waiver provisions.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">53
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the preceding, without the
consent of any Holder of Notes, CCA, the Guarantors and the
trustee may amend or supplement the Indenture or the Notes:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;to cure any ambiguity, defect or
    inconsistency;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;to provide for uncertificated Notes in
    addition to or in place of certificated Notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;to provide for the assumption of
    CCA&#146;s obligations to Holders of Notes in the case of a
    merger or consolidation or sale of all or substantially all of
    CCA&#146;s assets;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;to make any change that would provide
    any additional rights or benefits to the Holders of Notes or
    that does not adversely affect the legal rights under the
    Indenture of any such Holder;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;to comply with requirements of the
    Commission in order to effect or maintain the qualification of
    the Indenture under the Trust Indenture Act;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;to conform the text of the Indenture,
    the Subsidiary Guarantees or the Notes to any provision of this
    Description of the New Notes to the extent that such provision
    in this Description of the New Notes was intended to be a
    verbatim recitation of a provision of the Indenture, the
    Subsidiary Guarantees or the Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Satisfaction and Discharge</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture will be discharged and will cease
to be of further effect as to all Notes issued thereunder, when:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;either:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;all Notes that have been authenticated,
    except lost, stolen or destroyed Notes that have been replaced
    or paid and Notes for whose payment money has been deposited in
    trust and thereafter repaid to CCA, have been delivered to the
    trustee for cancellation;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;all Notes that have not been delivered
    to the trustee for cancellation have become due and payable by
    reason of the mailing of a notice of redemption or otherwise or
    will become due and payable within one year, and CCA or any
    Guarantor has irrevocably deposited or caused to be deposited
    with the trustee as trust funds in trust solely for the benefit
    of the Holders, cash in U.S.&nbsp;dollars, non-callable
    Government Securities, or a combination of cash in
    U.S.&nbsp;dollars and non-callable Government Securities, in
    such amounts as will be sufficient without consideration of any
    reinvestment of interest to pay and discharge the entire
    indebtedness on the Notes not delivered to the trustee for
    cancellation for principal, premium and Liquidated Damages, if
    any, and accrued interest to the date of maturity or redemption;
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;no Default or Event of Default has
    occurred and is continuing on the date of the deposit or will
    occur as a result of the deposit and the deposit will not result
    in a breach or violation of, or constitute a default under, any
    other instrument to which CCA or any Guarantor is a party or by
    which CCA or any Guarantor is bound;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;CCA or any Guarantor has paid or caused
    to be paid all sums payable by it under the Indenture;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;CCA has delivered irrevocable
    instructions to the trustee under the Indenture to apply the
    deposited money toward the payment of the Notes at maturity or
    the redemption date, as the case may be.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, CCA must deliver an Officers&#146;
Certificate and an Opinion of Counsel to the trustee stating
that all conditions precedent to satisfaction and discharge have
been satisfied.
</FONT>

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</FONT>

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<P align="left">
<B><FONT size="2">Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the trustee becomes a creditor of CCA or any
Guarantor, the Indenture limits its right to obtain payment of
claims in certain cases, or to realize on certain property
received in respect of any such claim as security or otherwise.
The trustee will be permitted to engage in other transactions;
however, if it acquires any conflicting interest, as described
in the Trust Indenture Act, it must eliminate such conflict
within 90&nbsp;days, apply to the Commission for permission to
continue or resign.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Holders of a majority in principal amount of
the then outstanding Notes will have the right to direct the
time, method and place of conducting any proceeding for
exercising any remedy available to the trustee, subject to
certain exceptions. The Indenture provides that in case an Event
of Default occurs and is continuing, the trustee will be
required, in the exercise of its power, to use the degree of
care of a prudent man in the conduct of his own affairs. Subject
to such provisions, the trustee will be under no obligation to
exercise any of its rights or powers under the Indenture at the
request of any Holder of Notes, unless such Holder has offered
to the trustee security and indemnity satisfactory to it against
any loss, liability or expense.
</FONT>

<P align="left">
<B><FONT size="2">Book-Entry, Delivery and Form</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The new notes will be issued in registered,
global form in minimum denominations of $1,000 and integral
multiples of $1,000 in excess of $1,000. The new notes will be
issued at the closing of this exchange offer only pursuant to
valid tenders of unregistered notes. The new notes initially
will be represented by one or more notes in registered, global
form without interest coupons (collectively, the &#147;Global
Notes&#148;). The Global Notes will be deposited upon issuance
with the trustee as custodian for DTC in New&nbsp;York,
New&nbsp;York, and registered in the name of DTC or its nominee,
in each case for credit to an account of a direct or indirect
participant in DTC as described below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as set forth below, the Global Notes may
be transferred, in whole and not in part, only to another
nominee of DTC or to a successor of DTC or its nominee.
Beneficial interests in the Global Notes may not be exchanged
for Notes in certificated form except in the limited
circumstances described below. See &#147;&#151;&nbsp;Exchange of
Global Notes for Certificated Notes.&#148; Except in the limited
circumstances described below, owners of beneficial interests in
the Global Notes will not be entitled to receive physical
delivery of Notes in certificated form. Transfers of beneficial
interests in the Global Notes will be subject to the applicable
rules and procedures of DTC and its direct or indirect
participants (including, if applicable, those of Euroclear and
Clearstream), which may change from time to time.
</FONT>

<P align="left">
<B><FONT size="2">Depository Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the operations and
procedures of DTC, Euroclear and Clearstream is provided solely
as a matter of convenience. These operations and procedures are
solely within the control of the respective settlement systems
and are subject to changes by them. CCA takes no responsibility
for these operations and procedures and urges investors to
contact the systems or their participants directly to discuss
these matters.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has advised CCA that DTC is a limited-purpose
trust company created to hold securities for its participating
organizations (collectively, the &#147;Participants&#148;) and
to facilitate the clearance and settlement of transactions in
those securities between Participants through electronic
book-entry changes in accounts of its Participants. The
Participants include securities brokers and dealers (including
the initial purchasers), banks, trust companies, clearing
corporations and certain other organizations. Access to
DTC&#146;s system is also available to other entities such as
banks, brokers, dealers and trust companies that clear through
or maintain a custodial relationship with a Participant, either
directly or indirectly (collectively, the &#147;Indirect
Participants&#148;). Persons who are not Participants may
beneficially own securities held by or on behalf of DTC only
through the Participants or the Indirect Participants. The
ownership interests in, and transfers of ownership interests in,
each security held by or on behalf of DTC are recorded on the
records of the Participants and Indirect Participants.
</FONT>

<P align="center"><FONT size="2">55
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has also advised CCA that, pursuant to
procedures established by it:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;upon deposit of the Global Notes, DTC
    will credit the accounts of Participants designated by the
    initial purchasers with portions of the principal amount of the
    Global Notes;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;ownership of these interests in the
    Global Notes will be shown on, and the transfer of ownership of
    these interests will be effected only through, records
    maintained by DTC (with respect to the Participants) or by the
    Participants and the Indirect Participants (with respect to
    other owners of beneficial interest in the Global Notes).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Investors in the Global Notes who are
Participants in DTC&#146;s system may hold their interests
therein directly through DTC. Investors in the Global Notes who
are not Participants may hold their interests therein indirectly
through organizations (including Euroclear and Clearstream)
which are Participants in such system. All interests in a Global
Note may be subject to the procedures and requirements of DTC.
Those interests held through Euroclear or Clearstream may also
be subject to the procedures and requirements of such systems.
The laws of some states require that certain Persons take
physical delivery in definitive form of securities that they
own. Consequently, the ability to transfer beneficial interests
in a Global Note to such Persons will be limited to that extent.
Because DTC can act only on behalf of Participants, which in
turn act on behalf of Indirect Participants, the ability of a
Person having beneficial interests in a Global Note to pledge
such interests to Persons that do not participate in the DTC
system, or otherwise take actions in respect of such interests,
may be affected by the lack of a physical certificate evidencing
such interests.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Except as described below, owners of interests
in the Global Notes will not have Notes registered in their
names, will not receive physical delivery of Notes in
certificated form and will not be considered the registered
owners or &#147;Holders&#148; thereof under the Indenture for
any purpose.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments in respect of the principal of, and
interest and premium and Liquidated Damages, if any, on a Global
Note registered in the name of DTC or its nominee will be
payable to DTC in its capacity as the registered Holder under
the Indenture. Under the terms of the Indenture, CCA and the
trustee will treat the Persons in whose names the Notes,
including the Global Notes, are registered as the owners of the
Notes for the purpose of receiving payments and for all other
purposes. Consequently, neither CCA, the trustee nor any agent
of CCA or the trustee has or will have any responsibility or
liability for:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any aspect of DTC&#146;s records or any
    Participant&#146;s or Indirect Participant&#146;s records
    relating to, or payments made on account of, beneficial
    ownership interest in the Global Notes or for maintaining,
    supervising or reviewing any of DTC&#146;s records or any
    Participant&#146;s or Indirect Participant&#146;s records
    relating to the beneficial ownership interests in the Global
    Notes;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any other matter relating to the actions
    and practices of DTC or any of its Participants or Indirect
    Participants.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has advised CCA that its current practice is
to credit the accounts of the relevant Participants with the
payment on the payment date unless DTC has reason to believe it
will not receive payment on such payment date. Each relevant
Participant is credited with an amount proportionate to its
beneficial ownership of an interest in the principal amount of
the relevant security as shown on the records of DTC. Payments
by the Participants and the Indirect Participants to the
beneficial owners of Notes will be governed by standing
instructions and customary practices and will be the
responsibility of the Participants or the Indirect Participants
and will not be the responsibility of DTC, the trustee or CCA.
Neither CCA nor the trustee will be liable for any delay by DTC
or any of its Participants in identifying the beneficial owners
of the Notes, and CCA and the trustee may conclusively rely on
and will be protected in relying on instructions from DTC or its
nominee for all purposes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Transfers between Participants in DTC will be
effected in accordance with DTC&#146;s procedures and will be
settled in same-day funds.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has advised CCA that it will take any action
permitted to be taken by a Holder of Notes only at the direction
of one or more Participants to whose account DTC has credited
the interests in the Global
</FONT>

<P align="center"><FONT size="2">56
</FONT>

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<DIV align="left">
<FONT size="2">Notes and only in respect of such portion of the
aggregate principal amount of the Notes as to which such
Participant or Participants has or have given such direction.
However, if there is an Event of Default under the Notes, DTC
reserves the right to exchange the Global Notes for legended
Notes in certificated form, and to distribute such Notes to its
Participants.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although DTC, Euroclear and Clearstream have
agreed to the foregoing procedures to facilitate transfers of
interests in the Global Notes among participants in DTC,
Euroclear and Clearstream, they are under no obligation to
perform or to continue to perform such procedures, and may
discontinue such procedures at any time. Neither CCA nor the
trustee nor any of their respective agents will have any
responsibility for the performance by DTC, Euroclear or
Clearstream or their respective participants or indirect
participants of their respective obligations under the rules and
procedures governing their operations.
</FONT>

<P align="left">
<B><FONT size="2">Exchange of Global Notes for Certificated
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Global Note is exchangeable for definitive
Notes in registered certificated form (&#147;Certificated
Notes&#148;) if:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;DTC (a)&nbsp;notifies CCA that it is
    unwilling or unable to continue as depositary for the Global
    Notes and CCA fails to appoint a successor depositary or
    (b)&nbsp;has ceased to be a clearing agency registered under the
    Exchange Act;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;CCA, at its option, notifies the trustee
    in writing that it elects to cause the issuance of the
    Certificated Notes;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;there has occurred and is continuing a
    Default or Event of Default with respect to the Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, beneficial interests in a Global
Note may be exchanged for Certificated Notes upon prior written
notice given to the trustee by or on behalf of DTC in accordance
with the Indenture. In all cases, Certificated Notes delivered
in exchange for any Global Note or beneficial interests in
Global Notes will be registered in the names, and issued in any
approved denominations, requested by or on behalf of the
depositary (in accordance with its customary procedures) and
will bear the applicable restrictive legend referred to in
&#147;Notice to Investors,&#148; unless that legend is not
required by applicable law.
</FONT>

<P align="left">
<B><FONT size="2">Exchange of Certificated Notes for Global
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certificated Notes may not be exchanged for
beneficial interests in any Global Note unless the transferor
first delivers to the trustee a written certificate (in the form
provided in the Indenture) to the effect that such transfer will
comply with the appropriate transfer restrictions applicable to
such Notes. See &#147;Notice to Investors.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Same Day Settlement and Payment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will make payments in respect of the Notes
represented by the Global Notes (including principal, premium,
if any, interest and Liquidated Damages, if any) by wire
transfer of immediately available funds to the accounts
specified by the Global Note&nbsp;Holder or, if no account is
specified, to the paying agent and registrar. CCA will make all
payments of principal, interest and premium and Liquidated
Damages, if any, with respect to Certificated Notes by wire
transfer of immediately available funds to the accounts
specified by the Holders of the Certificated Notes or, if no
such account is specified, by mailing a check to each such
Holder&#146;s registered address. The Notes represented by the
Global Notes are expected to be eligible to trade in the
PORTAL<SUP>SM</SUP>Market and to trade in DTC&#146;s Same-Day
Funds Settlement System, and any permitted secondary market
trading activity in such Notes will, therefore, be required by
DTC to be settled in immediately available funds. CCA expects
that secondary trading in any Certificated Notes will also be
settled in immediately available funds.
</FONT>

<P align="center"><FONT size="2">57
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because of time zone differences, the securities
account of a Euroclear or Clearstream participant purchasing an
interest in a Global Note from a Participant in DTC will be
credited, and any such crediting will be reported to the
relevant Euroclear or Clearstream participant, during the
securities settlement processing day (which must be a business
day for Euroclear and Clearstream) immediately following the
settlement date of DTC. DTC has advised CCA that cash received
in Euroclear or Clearstream as a result of sales of interests in
a Global Note by or through a Euroclear or Clearstream
participant to a Participant in DTC will be received with value
on the settlement date of DTC but will be available in the
relevant Euroclear or Clearstream cash account only as of the
business day for Euroclear or Clearstream following DTC&#146;s
settlement date.
</FONT>

<P align="left">
<B><FONT size="2">Registration Rights; Liquidated
Damages</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with our issuance of the
unregistered notes, CCA entered into the Registration Rights
Agreement with the initial purchasers. The filing of the
Registration Statement, of which this prospectus is a part, is
intended to satisfy CCA&#146;s obligations under the
Registration Rights Agreement. The following description is a
summary of the material provisions of the Registration Rights
Agreement. It does not restate that agreement in its entirety.
We urge you to read the Registration Rights Agreement in its
entirety because it, and not this description, defines your
registration rights as Holders of these Notes. See
&#147;&#151;&nbsp;Additional Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA, the Guarantors and the initial purchasers
entered into the Registration Rights Agreement on August&nbsp;8,
2003. Pursuant to the Registration Rights Agreement, CCA and the
Guarantors agreed to file with the Commission the Exchange Offer
Registration Statement on the appropriate form under the
Securities Act with respect to the Exchange Notes. Upon the
effectiveness of the Exchange Offer Registration Statement, CCA
and the Guarantors will offer to the Holders of Transfer
Restricted Securities pursuant to the Exchange Offer who are
able to make certain representations the opportunity to exchange
their Transfer Restricted Securities for Exchange Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;CCA and the Guarantors are not permitted
    to consummate the Exchange Offer because the Exchange Offer is
    not permitted by applicable law or Commission policy;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any Holder of Transfer Restricted
    Securities notifies CCA prior to the 20th day following
    consummation of the Exchange Offer that:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;it is prohibited by law or Commission
    policy from participating in the Exchange Offer;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;that it may not resell the Exchange
    Notes acquired by it in the Exchange Offer to the public without
    delivering a prospectus and the prospectus contained in the
    Exchange Offer Registration Statement is not appropriate or
    available for such resales;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;that it is a broker-dealer and owns
    Notes acquired directly from CCA or an affiliate of CCA,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">CCA and the Guarantors will use their
commercially reasonable efforts to file with the Commission a
Shelf Registration Statement to cover resales of the Notes by
the Holders of the Notes who satisfy certain conditions relating
to the provision of information in connection with the Shelf
Registration Statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA and the Guarantors will use their
commercially reasonable efforts to cause the applicable
registration statement to be declared effective as promptly as
reasonably possible by the Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of the preceding, &#147;Transfer
Restricted Securities&#148; means each Note until:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the date on which such Note has been
    exchanged by a Person other than a broker-dealer for an Exchange
    Note in the Exchange Offer;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">58
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;following the exchange by a
    broker-dealer in the Exchange Offer of a Note for an Exchange
    Note, the date on which such Exchange Note is sold to a
    purchaser who receives from such broker-dealer on or prior to
    the date of such sale a copy of the prospectus contained in the
    Exchange Offer Registration Statement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the date on which such Note has been
    effectively registered under the Securities Act and disposed of
    in accordance with the Shelf Registration Statement;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the date on which such Note is
    distributed to the public pursuant to Rule&nbsp;144 under the
    Securities Act;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;the Note is sold in any other way that
    permits CCA to remove the legend describing the transfer
    restrictions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Registration Rights Agreement provides that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;CCA and the Guarantors will use their
    commercially reasonable efforts to have the Exchange Offer
    Registration Statement declared effective by the Commission on
    or prior to August&nbsp;7, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;unless the Exchange Offer would not be
    permitted by applicable law or Commission policy, CCA and the
    Guarantors will
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;commence the Exchange Offer promptly
    after effectiveness of the Exchange Offer Registration
    Statement;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;use their commercially reasonable
    efforts to issue on or prior to 30 business days, or longer, if
    required by the federal securities laws, after the date of
    commencement of the Exchange Offer, Exchange Notes in exchange
    for all Notes tendered prior thereto in the Exchange
    Offer;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;if obligated to file the Shelf
    Registration Statement, CCA and the Guarantors will use their
    commercially reasonable efforts to (a)&nbsp;file the Shelf
    Registration Statement with the Commission on or prior to
    30&nbsp;days after such filing obligation arises and
    (b)&nbsp;cause the Shelf Registration to be declared effective
    by the Commission on or prior to 90&nbsp;days after such
    obligation arises.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;CCA and the Guarantors fail to file any
    of the registration statements required by the Registration
    Rights Agreement on or before the date specified for such filing
    (the &#147;Filing Target Date&#148;);&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any of such registration statements is
    not declared effective by the Commission on or prior to the date
    specified for such effectiveness (the &#147;Effectiveness Target
    Date&#148;);&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;CCA and the Guarantors fail to
    consummate the Exchange Offer within 30 business days of the
    Effectiveness Target Date with respect to the Exchange Offer
    Registration Statement;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the Shelf Registration Statement or the
    Exchange Offer Registration Statement is declared effective but
    thereafter ceases to be effective or usable in connection with
    resales of Transfer Restricted Securities during the periods
    specified in the Registration Rights Agreement, subject to
    certain exceptions (each such event referred to in
    clauses&nbsp;(1) through (4)&nbsp;above, a &#147;Registration
    Default&#148;),
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then CCA and the Guarantors will pay Liquidated
Damages to each Holder of Notes, with respect to the first
90-day period immediately following the occurrence of the first
Registration Default in an amount equal to $.05&nbsp;per week
per $1,000 principal amount of Notes held by such Holder for
each week or portion thereof that the Registration Default
continues.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of the Liquidated Damages will
increase by an additional $.05&nbsp;per week per $1,000
principal amount of Notes with respect to each subsequent 90-day
period until all Registration Defaults
</FONT>

<P align="center"><FONT size="2">59
</FONT>

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<DIV align="left">
<FONT size="2">have been cured, up to a maximum amount of
Liquidated Damages for all Registration Defaults of
$.50&nbsp;per week per $1,000 principal amount of Notes.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All accrued Liquidated Damages will be paid by
CCA and the Guarantors on each Damages Payment Date to the
Global Note Holder by wire transfer of immediately available
funds or by federal funds check and to Holders of Certificated
Notes by wire transfer to the accounts specified by them or by
mailing checks to their registered addresses if no such accounts
have been specified.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA will not be obligated to keep the Shelf
Registration Statement continuously effective during a
&#147;suspension period&#148; if CCA determines, in its
reasonable judgment, after seeking the advice of counsel, that
the continued effectiveness of the Shelf Registration Statement
or any prospectus included therein would (x)&nbsp;require the
disclosure of material information which the Company has a bona
fide reason for preserving as confidential or (y)&nbsp;interfere
with any financing, acquisition, corporate reorganization, or
other material transaction or development involving the Company
or any of the Guarantors. There shall be no more than two
suspension periods in any twelve month period, the aggregate
number of days of such suspension period shall not exceed
90&nbsp;days in such twelve month period and no suspension
period shall exceed 60&nbsp;days.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following the cure of all Registration Defaults,
the accrual of Liquidated Damages will cease.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of Notes will be required to make certain
representations to CCA (as described in the Registration Rights
Agreement) in order to participate in the Exchange Offer and
will be required to deliver certain information to be used in
connection with the Shelf Registration Statement and to provide
comments on the Shelf Registration Statement within the time
periods set forth in the Registration Rights Agreement in order
to have their Notes included in the Shelf Registration Statement
and benefit from the provisions regarding Liquidated Damages set
forth above. By acquiring Transfer Restricted Securities, a
Holder will be deemed to have agreed to indemnify CCA and the
Guarantors against certain losses arising out of information
furnished by such Holder in writing for inclusion in any Shelf
Registration Statement. Holders of Notes will also be required
to suspend their use of the prospectus included in the Shelf
Registration Statement under certain circumstances upon receipt
of written notice to that effect from CCA.
</FONT>

<P align="left">
<B><FONT size="2">Additional Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Anyone who receives this prospectus may obtain a
copy of the Indenture and Registration Rights Agreement without
charge by writing to CCA&#146;s Investor Relations Department at
10&nbsp;Burton Hills Boulevard, Nashville, Tennessee 37215.
</FONT>

<P align="left">
<B><FONT size="2">Certain Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below are certain defined terms used in
the Indenture. Reference is made to the Indenture for a full
disclosure of all such terms, as well as any other capitalized
terms used herein for which no definition is provided.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Acquired
Debt&#148;</FONT></I><FONT size="2"> means, with respect to any
specified Person:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;Indebtedness of any other Person
    existing at the time such other Person is merged with or into or
    became a Subsidiary of such specified Person, whether or not
    such Indebtedness is incurred in connection with, or in
    contemplation of, such other Person merging with or into, or
    becoming a Subsidiary of, such specified Person;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Indebtedness secured by a Lien
    encumbering any asset acquired by such specified Person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Affiliate&#148;</FONT></I><FONT size="2">
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 purposes
of this definition, &#147;control,&#148; as used with respect to
any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; <I>provided</I> that
beneficial ownership of 10% or
</FONT>

<P align="center"><FONT size="2">60
</FONT>

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<DIV align="left">
<FONT size="2">more of the Voting Stock of a Person will be
deemed to be control. For purposes of this definition, the terms
&#147;controlling,&#148; &#147;controlled by&#148; and
&#147;under common control with&#148; have correlative meanings.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Amended and Restated
Charter&#148;</FONT></I><FONT size="2"> means the Amended and
Restated Charter of CCA adopted on September&nbsp;29, 2000 as
amended by that certain Amendment to Amended and Restated
Charter dated May&nbsp;15, 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Asset
Sale&#148;</FONT></I><FONT size="2"> means:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the sale, lease, conveyance or other
    disposition of any assets or rights of CCA and/or any Restricted
    Subsidiary, other than sales of inventory in the ordinary course
    of business consistent with past practices; <I>provided</I> that
    the sale, conveyance or other disposition of all or
    substantially all of the assets of CCA and its Restricted
    Subsidiaries taken as a whole will be governed by the provisions
    of the Indenture described above under the caption
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders &nbsp;&#151; Change of Control&#148; and/or the
    provisions described above under the caption
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Merger,
    Consolidation or Sale of Assets&#148; and not by the provisions
    of the Asset Sale covenant;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the issuance of Equity Interests in any
    of CCA&#146;s Restricted Subsidiaries or the sale of Equity
    Interests in any of its Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the preceding, the following
items will not be deemed to be Asset Sales:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any single transaction or series of
    related transactions that involves the sale of assets or the
    issuance or sale of Equity Interests of a Restricted Subsidiary
    having a fair market value of less than $5.0&nbsp;million;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;a transfer of assets between or among
    CCA and its Restricted Subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;an issuance of Equity Interests by a
    Restricted Subsidiary to CCA or to another Restricted Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the sale or lease of equipment,
    inventory, accounts receivable or other assets in the ordinary
    course of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;the sale or other disposition of cash or
    Cash Equivalents;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;a Restricted Payment or Permitted
    Investment that is permitted by the covenant described above
    under the caption &#147;&#151;&nbsp;Certain
    Covenants&nbsp;&#151; Restricted Payments.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Asset
Swap&#148;</FONT></I><FONT size="2"> means an exchange of assets
other than cash, Cash Equivalents or Equity Interests of CCA or
any Subsidiary by CCA or a Restricted Subsidiary of CCA for:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;one or more Permitted Businesses;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;a controlling equity interest in any
    Person whose assets consist primarily of one or more Permitted
    Businesses; and/or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;one or more real estate properties.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Attributable
Debt&#148;</FONT></I><FONT size="2"> in respect of a Sale and
Leaseback Transaction means, at the time of determination, the
present value of the obligation of the lessee for net rental
payments during the remaining term of the lease included in such
Sale and Leaseback Transaction including any period for which
such lease has been extended or may, at the option of the
lessor, be extended. Such present value shall be calculated
using a discount rate equal to the rate of interest implicit in
such transaction, determined in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Beneficial
Owner&#148;</FONT></I><FONT size="2"> has the meaning assigned
to such term in Rule&nbsp;13d-3 and Rule&nbsp;13d-5 under the
Exchange Act, except that in calculating the beneficial
ownership of any particular &#147;person&#148; (as that term is
used in Section&nbsp;13(d) (3) of the Exchange Act), such
&#147;person&#148; will be deemed to have beneficial ownership
of all securities that such &#147;person&#148; has the right to
acquire by conversion or exercise of other
</FONT>

<P align="center"><FONT size="2">61
</FONT>

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<DIV align="left">
<FONT size="2">securities, whether such right is currently
exercisable or is exercisable only upon the occurrence of a
subsequent condition. The terms &#147;Beneficially Owns&#148;
and &#147;Beneficially Owned&#148; have a corresponding meaning.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Board of
Directors&#148;</FONT></I><FONT size="2"> means:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;with respect to a corporation, the board
    of directors of the corporation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;with respect to a partnership, the board
    of directors of the general partner of the partnership;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;with respect to any other Person, the
    board or committee of such Person serving a similar function.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capital Lease
Obligation&#148;</FONT></I><FONT size="2"> means, at the time
any determination is to be made, the amount of the liability in
respect of a capital lease that would at that time be required
to be capitalized on a balance sheet in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capital
Stock&#148;</FONT></I><FONT size="2"> means:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;in the case of a corporation, corporate
    stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;in the case of an association or
    business entity, any and all shares, interests, participations,
    rights or other equivalents (however designated) of corporate
    stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;in the case of a partnership or limited
    liability company, partnership or membership interests (whether
    general or limited);&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;any other interest or participation that
    confers on a Person the right to receive a share of the profits
    and losses of, or distributions of assets of, the issuing Person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Cash
Equivalents&#148;</FONT></I><FONT size="2"> means:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;United States dollars;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;securities issued or directly and fully
    guaranteed or insured by the United States government or any
    agency or instrumentality of the United States government
    (<I>provided</I> that the full faith and credit of the United
    States is pledged in support of those securities)
    (&#147;Government Securities&#148;) having maturities of not
    more than one year from the date of acquisition;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;certificates of deposit and eurodollar
    time deposits with maturities of six months or less from the
    date of acquisition, bankers&#146; acceptances with maturities
    not exceeding one year and overnight bank deposits, in each
    case, with any lender party to the Credit Agreement or with any
    domestic commercial bank having capital and sur<I>plus</I> in
    excess of $500.0&nbsp;million and a Thomson Bank Watch Rating of
    &#147;B&#148; or better;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;repurchase obligations with a term of
    not more than seven days for underlying securities of the types
    described in clauses&nbsp;(2) and (3) above entered into with
    any financial institution meeting the qualifications specified
    in clause&nbsp;(3) above;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;commercial paper having the highest
    rating obtainable from Moody&#146;s Investors Service,&nbsp;Inc.
    or Standard&nbsp;&#38; Poor&#146;s Rating Services and in each
    case maturing within one year after the date of
    acquisition;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;money market funds at least 95% of the
    assets of which constitute Cash Equivalents of the kinds
    described in clauses&nbsp;(1) through (5) of this definition.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Change of
Control&#148;</FONT></I><FONT size="2"> means the occurrence of
any of the following:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the direct or indirect sale, transfer,
    conveyance or other disposition (other than by way of merger or
    consolidation), in one or a series of related transactions, of
    all or substantially all of the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">62
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">properties or assets of CCA and its Restricted
    Subsidiaries, taken as a whole, to any &#147;person&#148; (as
    that term is used in Section&nbsp;13(d)(3) of the Exchange Act);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the approval by the holders of the
    Voting Stock of CCA of a plan relating to the liquidation or
    dissolution of CCA or if no such approval is required the
    adoption of a plan relating to the liquidation or dissolution of
    CCA by its Board of Directors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the consummation of any transaction
    (including without limitation any merger or consolidation) the
    result of which is that any &#147;person&#148; (as that term is
    used in Section&nbsp;13(d)(3) of the Exchange Act) becomes the
    Beneficial Owner, directly or indirectly, of more than 50% of
    the Voting Stock of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;CCA consolidates with, or merges with or
    into, any Person, or any Person consolidated with, or merger
    with or into, CCA, in any such event pursuant to a transaction
    in which any of the outstanding Voting Stock of CCA or such
    other Person is converted into or exchanged for cash, securities
    or other property, other than any such transaction where the
    Voting Stock of CCA outstanding immediately prior to such
    transaction is converted into or exchanged for Voting Stock
    (other than Disqualified Stock) of the surviving or transferee
    Person constituting a 45% or more of the outstanding shares of
    such Voting Stock of such surviving or transferee Person
    (immediately after giving effect to such issuance);&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;the first day on which a majority of the
    members of the Board of Directors of CCA are not Continuing
    Directors.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Cash
Flow&#148;</FONT></I><FONT size="2"> means, with respect to any
specified Person for any period, the Consolidated Net Income of
such Person for such period <I>plus</I>:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;an amount equal to any extraordinary
    loss <I>plus</I> any net loss realized by such Person or any of
    its Restricted Subsidiaries in connection with an Asset Sale, to
    the extent such losses were deducted in computing such
    Consolidated Net Income; <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;provision for taxes based on income or
    profits of such Person and its Restricted Subsidiaries for such
    period, to the extent that such provision for taxes was deducted
    in computing such Consolidated Net Income; <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;consolidated interest expense of such
    Person and its Restricted Subsidiaries for such period, whether
    paid or accrued and whether or not capitalized (including,
    without limitation, amortization of debt issuance costs and
    original issue discount, non-cash interest payments, the
    interest component of any deferred payment obligations, the
    interest component of all payments associated with Capital Lease
    Obligations, imputed interest with respect to Attributable Debt,
    commissions, discounts and other fees and charges incurred in
    respect of letter of credit or bankers&#146; acceptance
    financings, and net of the effect of all payments made or
    received pursuant to Hedging Obligations), to the extent that
    any such expense was deducted in computing such Consolidated Net
    Income; <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;depreciation, amortization (including
    amortization of intangibles but excluding amortization of
    prepaid cash expenses that were paid in a prior period) and
    other non-cash expenses (excluding any such non-cash expense to
    the extent that it represents an accrual of or reserve for cash
    expenses in any future period or amortization of a prepaid cash
    expense that was paid in a prior period) of such Person and its
    Restricted Subsidiaries for such period to the extent that such
    depreciation, amortization and other non-cash expenses were
    deducted in computing such Consolidated Net Income; <I>minus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;non-cash items increasing such
    Consolidated Net Income for such period, other than the accrual
    of revenue in the ordinary course of business, in each case, on
    a consolidated basis and determined in accordance with GAAP.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">63
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Net
Income&#148;</FONT></I><FONT size="2"> means, with respect to
any specified Person for any period, the aggregate of the Net
Income of such Person and its Restricted Subsidiaries for such
period, on a consolidated basis, determined in accordance with
GAAP; <I>provided</I> that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the Net Income (but not loss) of any
    Person that is not a Restricted Subsidiary or that is accounted
    for by the equity method of accounting will be included only to
    the extent of the amount of dividends or distributions paid in
    cash to the specified Person or Restricted Subsidiary of the
    Person;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the Net Income of any Restricted
    Subsidiary will be excluded to the extent that the declaration
    or payment of dividends or similar distributions by that
    Restricted Subsidiary of that Net Income is not at the date of
    determination permitted without any prior governmental approval
    (that has not been obtained) or, directly or indirectly, by
    operation of the terms of its charter or any agreement,
    instrument, judgment, decree, order, statute, rule or
    governmental regulation applicable to that Restricted Subsidiary
    or its stockholders;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the Net Income of any Person acquired in
    a pooling of interests transaction for any period prior to the
    date of such acquisition will be excluded;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the cumulative effect of a change in
    accounting principles will be excluded;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;the Net Income or loss of any
    Unrestricted Subsidiary will be excluded, whether or not
    distributed to the specified Person or one of its Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Net Income After Preferred
Cash Dividend&#148;</FONT></I><FONT size="2"> means the
difference between the Consolidated Net Income of CCA and the
aggregate amount of payment of any cash dividends to the holders
of CCA&#146;s series A preferred stock or series B preferred
stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Continuing
Directors&#148;</FONT></I><FONT size="2"> means, as of any date
of determination, any member of the Board of Directors of CCA
who:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;was a member of such Board of Directors
    on May&nbsp;7, 2003;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;was nominated for election or elected to
    such Board of Directors with the approval of a majority of the
    Continuing Directors who were members of such Board at the time
    of such nomination or election.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Credit
Agreement&#148;</FONT></I><FONT size="2"> means that certain
Third Amended and Restated Credit Agreement, by and among CCA
and Lehman Commercial Paper,&nbsp;Inc., and other parties
thereto, as amended by that certain First Amendment and Consent
to Third Amended and Restated Credit Agreement, dated
December&nbsp;27, 2002, that certain Second Amendment and Waiver
to Third Amended and Restated Credit Agreement, dated
April&nbsp;28, 2003, and that certain Third Amendment to Third
Amended and Restated Credit Agreement, dated as of
August&nbsp;8, 2003, including any related notes, guarantees,
collateral documents, instruments and agreements executed in
connection therewith, and in each case as amended, (and/or
amended and restated) modified, renewed, refunded, replaced or
refinanced from time to time, in whole or in part, with the same
or different lenders (including, without limitation, any
amendment, amendment and restatement, modification, renewal,
refunding, replacement or refinancing that increases the maximum
amount of the loans made or to be made thereunder).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Credit
Facilities&#148;</FONT></I><FONT size="2"> means, one or more
debt facilities (including, without limitation, the Credit
Agreement) or commercial paper facilities, in each case with
banks or other institutional lenders providing for revolving
credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special
purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended,
(and/or amended and restated) restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time
to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Default&#148;</FONT></I><FONT size="2">
means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default.
</FONT>

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</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Designated
Assets&#148;</FONT></I><FONT size="2"> means those correctional
facilities owned by CCA that are located in San&nbsp;Diego,
California; Walsenburg, Colorado; Nichols, Georgia; Alamo,
Georgia; Tutweiler, Mississippi; Shelby, Montana; Cushing,
Oklahoma; Holdenville, Oklahoma; Memphis, Tennessee; Washington,
DC; and Whiteville, Tennessee in each case so long as, and to
the extent that, CCA or a Restricted Subsidiary has granted an
option to purchase such facility (or provided for the reversion
of CCA&#146;s ownership interest in all or a portion of such
facility) pursuant to a Designated Asset Contract.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Designated Asset
Contract&#148;</FONT></I><FONT size="2"> means each of the
following contracts pursuant to which CCA has granted
(a)&nbsp;an option to purchase a Designated Asset for the
Designated Asset Value or (b)&nbsp;a right of reversion of all
or a portion of CCA&#146;s ownership in such Designated Assets,
in each case as in effect on May&nbsp;7, 2003: Standard
Form&nbsp;Lease Agreement, East Mesa Detention Facility, dated
October&nbsp;30, 1997, between the County of San&nbsp;Diego and
CCA; Lease Agreement, dated April&nbsp;30, 1996, between
Huerfano County and CCA; Request for Proposal Number
0467-019-955259 Issues on Behalf of the Georgia Department of
Corrections re: Bid of Private Prisons in Coffee and Wheeler
Counties; Contract No.&nbsp;467-019-955259-1, dated
July&nbsp;24, 1996, between the Georgia Department of
Corrections and CCA; Contract No.&nbsp;467-019-955259-2, dated
July&nbsp;24, 1996, between the Georgia Department of
Corrections and CCA; Agreement, dated October&nbsp;6, 1998,
between the Tallahatchie County Correctional Authority and CCA,
as amended by that certain Amendment No.&nbsp;1 to Agreement
dated May&nbsp;18, 2000, between the Tallahatchie County
Correctional Authority and CCA; Contract for Facility
Development&nbsp;&#151; Design, Build, dated July&nbsp;22, 1998,
between the Montana Department of Corrections and CCA;
Contractual Agreement, dated July&nbsp;1, 1997, between the
State of Oklahoma Department of Corrections and CCA;
Correctional Services Contract, dated July&nbsp;1, 1998, between
the State of Oklahoma Department of Corrections and CCA; Lease
Agreement, dated April&nbsp;15, 1985, between the County of
Shelby and CCA; Contract, dated February&nbsp;25, 1986, between
the Tennessee Department of Finance and Administration and CCA;
Lease Agreement, dated January 1997, between the District of
Columbia and CCA; and Incarceration Agreement, dated
October&nbsp;23, 2002, between the State of Tennessee,
Department of Correction and Hardeman County, Tennessee and the
related Contract for the Lease of Whiteville Correctional
Facility, dated October&nbsp;9, 2002, between Hardeman County,
Tennessee and CCA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Designated Asset
Value&#148;</FONT></I><FONT size="2"> means the aggregate
consideration specified in a Designated Asset Contract to be
received by CCA upon the exercise of an option to acquire a
Designated Asset pursuant to the terms of a Designated Asset
Contract.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Disqualified
Stock&#148;</FONT></I><FONT size="2"> means any Capital Stock
that, by its terms (or by the terms of any security into which
it is convertible, or for which it is exchangeable, in each case
at the option of the holder of the Capital Stock), or upon the
happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in
whole or in part, on or prior to the date that is 91&nbsp;days
after the date on which the Notes mature. Notwithstanding the
preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders of the Capital
Stock have the right to require CCA to repurchase such Capital
Stock upon the occurrence of a change of control or an asset
sale will not constitute Disqualified Stock if the terms of such
Capital Stock provide that CCA may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such
repurchase or redemption complies with the covenant described
above under the caption &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Restricted Payments.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Domestic
Subsidiary&#148;</FONT></I><FONT size="2"> means any Restricted
Subsidiary of CCA that was formed under the laws of the United
States or any state of the United States (but not the laws of
Puerto Rico) or the District of Columbia or that guarantees or
otherwise provides direct credit support for any Indebtedness of
CCA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Equity
Interests&#148;</FONT></I><FONT size="2"> means Capital Stock
and all warrants, options or other rights to acquire Capital
Stock (but excluding any debt security that is convertible into,
or exchangeable for, Capital Stock).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Existing
Indebtedness&#148;</FONT></I><FONT size="2"> means the
Indebtedness of CCA and its Restricted Subsidiaries (other than
Indebtedness under the Credit Agreement) in existence on
May&nbsp;7, 2003, until such amounts are repaid.
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Equity
Offering&#148;</FONT></I><FONT size="2"> means an offering by a
Person of its shares of Equity Interests (other than
Disqualified Stock) however designated and whether voting or
non-voting, and any and all rights, warrants or options to
acquire such Equity Interests (other than Disqualified Stock).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Event of
Default&#148;</FONT></I><FONT size="2"> means any event that is
described under the caption&nbsp;&#151; &#147;Events of Defaults
and Remedies.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Fixed
Charges&#148;</FONT></I><FONT size="2"> means, with respect to
any specified Person for any period, the sum, without
duplication, of:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the consolidated interest expense of
    such Person and its Restricted Subsidiaries for such period,
    whether paid or accrued, including, without limitation, the
    interest component of any deferred payment obligations, the
    interest component of all payments associated with Capital Lease
    Obligations, imputed interest with respect to Attributable Debt,
    commissions, discounts and other fees and charges incurred in
    respect of letters of credit or bankers&#146; acceptance
    financings, and net of the effect of all payments made or
    received pursuant to Hedging Obligations, but excluding
    amortization of debt issuance costs and original issue discount
    and other non-cash interest payments; <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the consolidated interest of such Person
    and its Restricted Subsidiaries that was capitalized during such
    period; <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;any interest expense on Indebtedness of
    another Person that is Guaranteed by such Person or one of its
    Restricted Subsidiaries or secured by a Lien on assets of such
    Person or one of its Restricted Subsidiaries, whether or not
    such Guarantee or Lien is called upon; <I>plus</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;the product of (a)&nbsp;all dividends,
    whether paid or accrued and whether or not in cash, on any
    series of preferred stock of such Person or any of its
    Restricted Subsidiaries, other than (i)&nbsp;dividends on Equity
    Interests payable in Equity Interests of CCA (other than
    Disqualified Stock), (ii)&nbsp;dividends to CCA or a Restricted
    Subsidiary of CCA, or (iii)&nbsp;up to $10,750,000 paid on
    January&nbsp;15, 2002 as accrued but unpaid dividends in arrears
    on shares of CCA&#146;s Series&nbsp;A Preferred Stock, times
    (b)&nbsp;a fraction, the numerator of which is one and the
    denominator of which is one minus the then current combined
    federal, state and local effective cash tax rate of such Person,
    expressed as a decimal, in each case, on a consolidated basis
    and in accordance with GAAP.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Fixed Charge Coverage
Ratio&#148;</FONT></I><FONT size="2"> means with respect to any
specified Person for any period, the ratio of the Consolidated
Cash Flow of such Person for such period to the Fixed Charges of
such Person for such period. In the event that the specified
Person or any of its Restricted Subsidiaries incurs, assumes,
Guarantees, repays, repurchases or redeems any Indebtedness
(other than ordinary working capital borrowings) or issues,
repurchases or redeems preferred stock subsequent to the
commencement of the period for which the Fixed Charge Coverage
Ratio is being calculated and on or prior to the date on which
the event for which the calculation of the Fixed Charge Coverage
Ratio is made (the &#147;Calculation Date&#148;), then the Fixed
Charge Coverage Ratio will be calculated giving pro forma effect
to such incurrence, assumption, Guarantee, repayment, repurchase
or redemption of Indebtedness, or such issuance, repurchase or
redemption of preferred stock, and the use of the proceeds
therefrom as if the same had occurred at the beginning of the
applicable four-quarter reference period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, for purposes of calculating the
Fixed Charge Coverage Ratio:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;acquisitions that have been made by the
    specified Person or any of its Restricted Subsidiaries,
    including through mergers or consolidations and including any
    related financing transactions, during the four-quarter
    reference period or subsequent to such reference period and on
    or prior to the Calculation Date will be given pro forma effect
    as if they had occurred on the first day of the four-quarter
    reference period and Consolidated Cash Flow for such reference
    period will be calculated on a pro forma basis in accordance
    with Regulation&nbsp;S-X under the Securities Act, but without
    giving effect to clause&nbsp;(3) of the proviso set forth in the
    definition of Consolidated Net Income;
    </FONT></TD>
</TR>

</TABLE>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the Consolidated Cash Flow attributable
    to discontinued operations, as determined in accordance with
    GAAP, and operations or businesses disposed of prior to the
    Calculation Date, will be excluded;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;the Fixed Charges attributable to
    discontinued operations, as determined in accordance with GAAP,
    and operations or businesses disposed of prior to the
    Calculation Date, will be excluded, but only to the extent that
    the obligations giving rise to such Fixed Charges will not be
    obligations of the specified Person or any of its Restricted
    Subsidiaries following the Calculation Date.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;GAAP&#148;</FONT></I><FONT size="2">
means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting
profession as amended and/or modified from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Guarantee&#148;</FONT></I><FONT size="2">
means a guarantee other than by endorsement of negotiable
instruments for collection or deposit in the ordinary course of
business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of
credit or reimbursement agreements in respect thereof, of all or
any part of any Indebtedness, but not any Indebtedness of CCA
under the Forward Delivery Deficits Agreement, dated as of
September&nbsp;25, 1997, by and between CCA and Wachovia Bank,
National Association (formerly known as First Union National
Bank), as trustee, or under the Debt Service Deficits Agreement,
dated as of January&nbsp;1, 1997, by and between CCA and
Hardeman County Correctional Facilities Corporation, each as in
effect on May&nbsp;7, 2003, <I>provided</I> that and for so long
as such Indebtedness is not required to be classified as debt of
CCA or any Restricted Subsidiary pursuant to GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Guarantors&#148;</FONT></I><FONT size="2">
means each of:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the Guarantors named under
    &#147;&#151;&nbsp;Subsidiary Guarantees&#148; above;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any other subsidiary that executes a
    Subsidiary Guarantee in accordance with the provisions of the
    Indenture; and their respective successors and assigns.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Hedging
Obligations&#148;</FONT></I><FONT size="2"> means, with respect
to any specified Person, the obligations of such Person under:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;interest rate swap agreements, interest
    rate cap agreements and interest rate collar agreements;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;other agreements or arrangements
    designed to protect such Person against fluctuations in interest
    rates.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Indebtedness&#148;</FONT></I><FONT size="2">
means, with respect to any specified Person, any indebtedness of
such Person, whether or not contingent:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;in respect of borrowed money;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;evidenced by bonds, notes, debentures or
    similar instruments or letters of credit (or reimbursement
    agreements in respect thereof);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;in respect of banker&#146;s acceptances;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;representing Capital Lease Obligations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;representing the balance deferred and
    unpaid of the purchase price of any property, except any such
    balance that constitutes an accrued expense or trade
    payable;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;representing any Hedging Obligations,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">if and to the extent any of the preceding items
(other than letters of credit and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified
Person prepared in accordance with
</FONT>

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<DIV align="left">
<FONT size="2">GAAP. In addition, the term
&#147;Indebtedness&#148; includes all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether
or not such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the Guarantee by the
specified Person of any indebtedness of any other Person.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of any Indebtedness outstanding as of
any date will be:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the accreted value of the Indebtedness,
    in the case of any Indebtedness issued with original issue
    discount;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the principal amount of the
    Indebtedness, together with any interest on the Indebtedness
    that is more than 30&nbsp;days past due, in the case of any
    other Indebtedness;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;with respect to Hedging Obligations, the
    amount of Indebtedness required to be recorded as a liability in
    accordance with GAAP.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Investments&#148;</FONT></I><FONT size="2">
means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including
Affiliates) in the forms of loans (including Guarantees or other
obligations), advances or capital contributions (excluding
commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are
or would be classified as investments on a balance sheet
prepared in accordance with GAAP and include the designation of
a Restricted Subsidiary as an Unrestricted Subsidiary. If CCA or
any Subsidiary of CCA sells or otherwise disposes of any Equity
Interests of any direct or indirect Subsidiary of CCA such that,
after giving effect to any such sale or disposition, such Person
is no longer a Subsidiary of CCA, CCA will be deemed to have
made an Investment on the date of any such sale or disposition
equal to the fair market value of the Equity Interests of such
Subsidiary not sold or disposed of in an amount determined as
provided in the final paragraph of the covenant described above
under the caption &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Restricted Payments.&#148; The acquisition
by CCA or any Subsidiary of CCA of a Person that holds an
Investment in a third Person will be deemed to be an Investment
by CCA or such Subsidiary in such third Person in an amount
equal to the fair market value of the Investment held by the
acquired Person in such third Person in an amount determined as
provided in the final paragraph of the covenant described above
under the caption &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Restricted Payments.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Lien&#148;</FONT></I><FONT size="2">
means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect
of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale
or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any
financing statement under the Uniform Commercial Code (or
equivalent statutes) of any jurisdiction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Net
Income&#148;</FONT></I><FONT size="2"> means, with respect to
any specified Person for any period, the net income (loss) of
such Person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding,
however:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any gain or loss, together with any
    related provision for taxes on such gain or loss, realized in
    connection with: (a)&nbsp;any Asset Sale; or (b)&nbsp;the
    disposition of any securities by such Person or any of its
    Restricted Subsidiaries or the extinguishment of any
    Indebtedness of such Person or any of its Restricted
    Subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any extraordinary gain or loss, together
    with any related provision for taxes on such extraordinary gain
    or loss;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;any loss resulting from impairment of
    goodwill recorded on the consolidated financial statement of a
    Person pursuant to SFAS&nbsp;No.&nbsp;142 &#147;Goodwill and
    Other Intangible Assets;&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;any loss resulting from the change in
    fair value of a derivative financial instrument pursuant to
    SFAS&nbsp;No.&nbsp;133 &#147;Accounting for Derivative
    Instruments and Hedging Activities;&#148;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;amortization of debt issuance costs.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Net
Proceeds&#148;</FONT></I><FONT size="2"> means the aggregate
cash proceeds received by CCA or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash or Cash Equivalents received upon the sale
or other disposition of any non-cash consideration received in
any Asset Sale), net of the direct costs relating to such Asset
Sale, including, without limitation, legal, accounting and
investment banking fees, and sales commissions, and any
relocation expenses incurred as a result of the Asset Sale,
taxes paid or payable as a result of the Asset Sale, in each
case, after taking into account any available tax credits or
deductions and any tax sharing arrangements, and amounts
required to be applied to the repayment of Indebtedness, other
than Indebtedness under a Credit Facility, secured by a Lien on
the asset or assets that were the subject of such Asset Sale and
any reserve for adjustment in respect of the sale price of such
asset or assets established in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Non-Recourse
Debt&#148;</FONT></I><FONT size="2"> means Indebtedness:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;as to which neither CCA nor any of its
    Restricted Subsidiaries (a)&nbsp;provides credit support of any
    kind (including any undertaking, agreement or instrument that
    would constitute Indebtedness), (b)&nbsp;is directly or
    indirectly liable as a guarantor or otherwise, or
    (c)&nbsp;constitutes the lender;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;no default with respect to which
    (including any rights that the holders of the Indebtedness may
    have to take enforcement action against an Unrestricted
    Subsidiary) would permit upon notice, lapse of time or both any
    holder of any other Indebtedness of CCA or any of its Restricted
    Subsidiaries to declare a default on such other Indebtedness or
    cause the payment of the Indebtedness to be accelerated or
    payable prior to its stated maturity;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;as to which the lenders have been
    notified in writing that they will not have any recourse to the
    stock or assets of CCA or any of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Notes&#148;</FONT></I><FONT size="2">
means the $250.0&nbsp;million in aggregate principal amount of
CCA&#146;s existing 7.5%&nbsp;senior notes due 2011 issued in
May 2002, the $200.0&nbsp;million in aggregate principal amount
of CCA&#146;s 7.5%&nbsp;senior notes due 2011 issued in a
private placement on August&nbsp;8, 2003 and the new notes
offered hereby in exchange for the notes issued in a private
placement, all of which are issued pursuant to the Indenture and
any other notes designated by CCA as the same series as such
senior notes and issued under the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Obligations&#148;</FONT></I><FONT size="2">
means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Business&#148;</FONT></I><FONT size="2"> means the business
conducted by CCA and its Restricted Subsidiaries on May&nbsp;7,
2003 and businesses reasonably related thereto or ancillary or
incidental thereto or a reasonable extension thereof, including
the privatization of governmental services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Investments&#148;</FONT></I><FONT size="2"> means:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any Investment in CCA or in a Restricted
    Subsidiary of CCA that is a Guarantor;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any Investment in cash or Cash
    Equivalents;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;any Investment by CCA or any Restricted
    Subsidiary of CCA in a Person, if as a result of such Investment:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;such Person becomes a Restricted
    Subsidiary of CCA and a Guarantor;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;such Person is merged, consolidated or
    amalgamated with or into, or transfers or conveys substantially
    all of its assets to, or is liquidated into, CCA or any
    Restricted Subsidiary of CCA that is a Guarantor;
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;any Investment made as a result of the
    receipt of non-cash consideration from an Asset Sale that was
    made pursuant to and in compliance with the covenant described
    above under the caption &#147;&#151;&nbsp;Repurchase at the
    Option of Holders&nbsp;&#151; Asset Sales&#148;;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">69
</FONT>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;any acquisition of assets solely in
    exchange for the issuance of Equity Interests (other than
    Disqualified Stock) of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;any Investments received in compromise
    of obligations of such persons incurred in the ordinary course
    of trade creditors or customers that were incurred in the
    ordinary course of business, including pursuant to any plan of
    reorganization or similar arrangement upon the bankruptcy or
    insolvency of any trade creditor or customer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;Hedging Obligations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;other Investments in any other Person
    having an aggregate fair market value (measured on the date each
    such Investment was made and without giving effect to subsequent
    changes in value), when taken together with all other
    Investments made pursuant to this clause&nbsp;(8) not to exceed
    $35.0&nbsp;million;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;payroll, travel and similar advances to
    cover matters that are expected at the time of such advances
    ultimately to be treated as expenses for accounting purposes and
    that are made in the ordinary course of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(10)&nbsp;loans or advances to employees made in
    the ordinary course of business of CCA or any Restricted
    Subsidiary not to exceed $5.0&nbsp;million outstanding at any
    one time for all loans or advances under this clause&nbsp;(10);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(11)&nbsp;stock, obligations or securities
    received in settlement of debts created in the ordinary course
    of business and owing to CCA or any Restricted Subsidiary or in
    satisfaction of judgments or pursuant to any plan of
    reorganization or similar arrangement upon the bankruptcy or
    insolvency of a debtor;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(12)&nbsp;Investments in existence on May&nbsp;7,
    2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(13)&nbsp;Guarantees issued in accordance with
    the covenant described above under the caption
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Incurrence of
    Indebtedness and Issuance of Preferred Stock;&#148;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(14)&nbsp;Investments that are made with Equity
    Interests of CCA (other than Disqualified Stock of CCA).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Liens&#148;</FONT></I><FONT size="2"> means:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;Liens on real or personal property of
    CCA and any Guarantor securing Indebtedness and other
    Obligations under Credit Facilities that were permitted by the
    terms of the Indenture to be incurred;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Liens in favor of CCA or the Guarantors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;Liens on property of a Person existing
    at the time such Person is merged with or into or consolidated
    with CCA or any Restricted Subsidiary of CCA; <I>provided</I>
    that such Liens were in existence prior to the contemplation of
    such merger or consolidation and do not extend to any assets
    other than those of the Person merged into or consolidated with
    CCA or the Restricted Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;Liens on property existing at the time
    of acquisition of the property by CCA or any Restricted
    Subsidiary of CCA, <I>provided</I> that such Liens were in
    existence prior to the contemplation of such acquisition;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;Liens to secure the performance of
    statutory obligations, surety or appeal bonds, performance bonds
    or other obligations of a like nature incurred in the ordinary
    course of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;Liens to secure Indebtedness (including
    Capital Lease Obligations) permitted by clause&nbsp;(4) of the
    second paragraph of the covenant described above under the
    caption &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
    Incurrence of Indebtedness and Issuance of Preferred Stock&#148;
    covering only the assets acquired with such Indebtedness;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">70
</FONT>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;Liens existing on May&nbsp;7, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;Liens for taxes, assessments or
    governmental charges or claims that are not yet delinquent or
    that are being contested in good faith by appropriate
    proceedings promptly instituted and diligently concluded,
    <I>provided</I> that any reserve or other appropriate provision
    as is required in conformity with GAAP has been made therefor;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;Liens securing Permitted Refinancing
    Indebtedness; <I>provided</I> that any such Lien does not extend
    to or cover any property, Capital Stock or Indebtedness other
    than the property, shares or debt securing the Indebtedness so
    refunded, refinanced or extended;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(10)&nbsp;Attachment or judgment Liens not giving
    rise to a Default or an Event of Default;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(11)&nbsp;Liens on the Capital Stock of
    Unrestricted Subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(12)&nbsp;Liens incurred in the ordinary course
    of business of CCA or any Subsidiary of CCA with respect to
    obligations that do not exceed $15.0&nbsp;million at any one
    time outstanding;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(13)&nbsp;pledges or deposits under
    workmen&#146;s compensation laws, unemployment insurance laws or
    similar legislation, or good faith deposits in connection with
    bids, tenders, contracts (other than for the payment of
    Indebtedness) or leases to which CCA or any Restricted
    Subsidiary is a party, or deposits to secure public or statutory
    obligations of CCA or any Restricted Subsidiary or deposits or
    cash or Government Securities to secure surety or appeal bonds
    to which CCA or any Restricted Subsidiary is a party, or
    deposits as security for contested taxes or import or customs
    duties or for the payment of rent, in each case incurred in the
    ordinary course of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(14)&nbsp;Liens imposed by law, including
    carriers&#146;, warehousemen&#146;s and mechanics&#146; Liens,
    in each case for sums not yet due or being contested in good
    faith by appropriate proceedings if a reserve or other
    appropriate provisions, if any, as shall be required by GAAP
    shall have been made in respect thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(15)&nbsp;encumbrances, easements or reservations
    of, or rights of others for, licenses, rights of way, sewers,
    electric lines, telegraph and telephone lines and other similar
    purposes, or zoning or other restrictions as to the use of real
    properties or liens incidental to the conduct of the business of
    CCA or a Restricted Subsidiary or to the ownership of its
    properties which do not in the aggregate materially adversely
    affect the value of said properties or materially impair their
    use in the operation of the business of CCA or such Restricted
    Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(16)&nbsp;Liens securing Hedging Obligations so
    long as the related Indebtedness is secured by a Lien on the
    same property securing such Hedging Obligations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(17)&nbsp;leases and subleases of real property
    which do not materially interfere with the ordinary conduct of
    the business of CCA or any of its Restricted
    Subsidiaries;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(18)&nbsp;normal customary rights of setoff upon
    deposits of cash in favor of banks or other depository
    institutions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted Refinancing
Indebtedness&#148;</FONT></I><FONT size="2"> means any
Indebtedness of CCA or any of its Restricted Subsidiaries issued
in repayment of, exchange for, or the net proceeds of which are
used to extend, refinance, renew, replace, repay, defease or
refund other Indebtedness of CCA or any of its Restricted
Subsidiaries (other than intercompany Indebtedness and
Disqualified Stock of CCA or a Restricted Subsidiary);
<I>provided</I> that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the principal amount (or accreted value,
    if applicable) of such Permitted Refinancing Indebtedness does
    not exceed the principal amount (or accreted value, if
    applicable) of the Indebtedness extended, refinanced, renewed,
    replaced, repaid, defeased or refunded (<I>plus</I> all accrued
    interest on the Indebtedness and the amount of all expenses and
    premiums incurred in connection therewith);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">71
</FONT>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;such Permitted Refinancing Indebtedness
    has a final maturity date later than the final maturity date of,
    and has a Weighted Average Life to Maturity equal to or greater
    than the Weighted Average Life to Maturity of, the Indebtedness
    being extended, refinanced, renewed, replaced, repaid, defeased
    or refunded;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;if the Indebtedness being extended,
    refinanced, renewed, replaced, repaid, defeased or refunded is
    subordinated in right of payment to the Notes, such Permitted
    Refinancing Indebtedness has a final maturity date later than
    the final maturity date of, and is subordinated in right of
    payment to, the Notes on terms at least as favorable to the
    Holders of Notes as those contained in the documentation
    governing the Indebtedness being extended, refinanced, renewed,
    replaced, repaid, defeased or refunded;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;such Indebtedness is incurred either by
    CCA or by the Restricted Subsidiary who is the obligor on the
    Indebtedness being extended, refinanced, renewed, replaced,
    repaid, defeased or refunded.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Person&#148;</FONT></I><FONT size="2">
means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other
entity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;PMI
Notes&#148;</FONT></I><FONT size="2"> means those certain
4.0%&nbsp;convertible subordinated notes due February&nbsp;28,
2005 issued pursuant to that certain Note Purchase Agreement,
dated as of December&nbsp;31, 1998, as amended on June&nbsp;30,
2000, March&nbsp;5, 2001, and April&nbsp;28, 2003 between CCA
and PMI Mezzanine Fund, L.P.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Qualified
Trust&#148;</FONT></I><FONT size="2"> means a trust or other
special purpose vehicle formed for the sole purpose of, and
which is limited by its charter or other organizational
documents to conduct no business other than, issuing Qualified
Trust Preferred Stock and lending the proceeds from such
issuance to CCA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Qualified Trust
Indebtedness&#148;</FONT></I><FONT size="2"> means Indebtedness
of CCA or a Restricted Subsidiary to a Qualified Trust
(a)&nbsp;in an aggregate principal amount not exceeding the
amount of funds raised by such trust from the issuance of
Qualified Trust Preferred Stock and (b)&nbsp;that by its terms
(or by the terms of any security into which it is convertible,
or for which it is exchangeable, in each case at the option of
the Qualified Trust or the holder of any Qualified Trust
Preferred Stock), or upon the happening of any event, does not
mature and is not mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or redeemable at the option of the
Qualified Trust or any holder of the Qualified Trust Preferred
Stock, in whole or in part, on or prior to the date that is
91&nbsp;days after the date on which the notes mature;
<I>provided</I> that such Qualified Trust Indebtedness may be
redeemed pursuant to its terms upon a change of control of CCA
if the terms of such Qualified Trust Indebtedness
(a)&nbsp;define a &#147;change of control&#148; in a manner that
is not more expansive than the definition contained in the
Indenture and (b)&nbsp;explicitly provide that no payment shall
be made with respect to such indebtedness upon a change of
control unless and until CCA has complied with the provisions
described above under &#147;&#151;&nbsp;Repurchase at the Option
of Holders&nbsp;&#151; Change of Control&#148; and purchases all
notes properly tendered and not withdrawn pursuant to a Change
of Control Offer to the extent required by the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Qualified Trust Preferred
Stock&#148;</FONT></I><FONT size="2"> means a preferred stock or
preferred interest in a Qualified Trust the net proceeds from
the issuance of which are used to finance Qualified Trust
Indebtedness and that, by its terms (or by the terms of any
security into which it is convertible, or for which it is
exchangeable, in each case at the option of the holder of the
Qualified Trust Preferred Stock), or upon the happening of any
event, does not mature and is not mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Qualified Trust
Preferred Stock, in whole or in part, on or prior to the date
that is 91&nbsp;days after the date on which the notes mature.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Registration Rights
Agreement&#148;</FONT></I><FONT size="2"> means that certain
Registration Rights Agreement, dated as of August&nbsp;8, 2003,
by and among CCA, the Guarantors and the Initial Purchasers (as
defined therein).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Restricted
Investment&#148;</FONT></I><FONT size="2"> means an Investment
other than a Permitted Investment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Restricted
Subsidiary&#148;</FONT></I><FONT size="2"> of CCA means any
Subsidiary of CCA that is not an Unrestricted Subsidiary.
</FONT>

<P align="center"><FONT size="2">72
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Sale and Leaseback
Transaction&#148;</FONT></I><FONT size="2"> means any direct or
indirect arrangement relating to property now owned or hereafter
acquired whereby CCA or a Restricted Subsidiary transfers such
property to another Person and CCA or a Restricted Subsidiary
leases it from such Person other than a lease properly
characterized pursuant to GAAP as a capital lease obligation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;series A preferred
stock&#148;</FONT></I><FONT size="2"> means the 8% Series&nbsp;A
Cumulative Preferred Stock of CCA described in CCA&#146;s
Amended and Restated Charter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;series B preferred
stock&#148;</FONT></I><FONT size="2"> means the Series&nbsp;B
Cumulative Convertible Preferred Stock of CCA described in
CCA&#146;s Amended and Restated Charter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Significant
Subsidiary&#148;</FONT></I><FONT size="2"> means any Subsidiary
that would be a &#147;significant subsidiary&#148; as defined in
Article&nbsp;1, Rule&nbsp;1-02 of Regulation&nbsp;S-X,
promulgated pursuant to the Securities Act, as such Regulation
is in effect on May&nbsp;7, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Stated
Maturity&#148;</FONT></I><FONT size="2"> means, with respect to
any installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or
principal was scheduled to be paid in the original documentation
governing such Indebtedness, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment
thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Subsidiary&#148;
</FONT></I><FONT size="2">means, with respect to any specified
Person:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any corporation, association or other
    business entity of which more than 50% of the total voting power
    of shares of Capital Stock entitled (without regard to the
    occurrence of any contingency) to vote in the election of
    directors, managers or trustees of the corporation, association
    or other business entity is at the time owned or controlled,
    directly or indirectly, by that Person or one or more of the
    other Subsidiaries of that Person (or a combination
    thereof);&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any partnership (a)&nbsp;the sole
    general partner or the managing general partner of which is such
    Person or a Subsidiary of such Person or (b)&nbsp;the only
    general partners of which are that Person or one or more
    Subsidiaries of that Person (or any combination thereof).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Subsidiary Guarantee&#148;
</FONT></I><FONT size="2">means, individually, any Guarantee of
payment of the Notes by a Guarantor pursuant to the terms of the
Indenture, and, collectively, all such Guarantees. Each such
Subsidiary Guarantee will be in the form proscribed by the
Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Unoccupied Facility&#148;
</FONT></I><FONT size="2">means any prison facility owned by CCA
or a Restricted Subsidiary which for the twelve month period
ending on the date of measurement has had an average occupancy
level of less than 15%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Unrestricted Subsidiary&#148;
</FONT></I><FONT size="2">means any Subsidiary of CCA that is
designated by the Board of Directors as an Unrestricted
Subsidiary pursuant to a Board Resolution, but only to the
extent that such Subsidiary:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;has no Indebtedness other than
    Non-Recourse Debt;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;is not party to any agreement, contract,
    arrangement or understanding with CCA or any Restricted
    Subsidiary of CCA unless the terms of any such agreement,
    contract, arrangement or understanding are no less favorable to
    CCA or such Restricted Subsidiary than those that might be
    obtained at the time from Persons who are not Affiliates of CCA;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;is a Person with respect to which
    neither CCA nor any of its Restricted Subsidiaries has any
    direct or indirect obligation (a)&nbsp;to subscribe for
    additional Equity Interests or (b)&nbsp;to maintain or preserve
    such Person&#146;s financial condition or to cause such Person
    to achieve any specified levels of operating results;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;has not guaranteed or otherwise directly
    or indirectly provided credit support for any Indebtedness of
    CCA or any of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">73
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any designation of a Subsidiary of CCA as an
Unrestricted Subsidiary will be evidenced to the trustee by
filing with the trustee a certified copy of the Board Resolution
giving effect to such designation and an Officers&#146;
Certificate certifying that such designation complied with the
preceding conditions and was permitted by the covenant described
above under the caption &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Restricted Payments.&#148; If, at any
time, any Unrestricted Subsidiary would fail to meet the
preceding requirements as an Unrestricted Subsidiary, it will
thereafter cease to be an Unrestricted Subsidiary for purposes
of the Indenture and any Indebtedness of such Subsidiary will be
deemed to be incurred by a Restricted Subsidiary of CCA as of
such date and, if such Indebtedness is not permitted to be
incurred as of such date under the covenant described under the
caption &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
Incurrence of Indebtedness and Issuance of Preferred
Stock,&#148; CCA will be in default of such covenant. The Board
of Directors of CCA may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; <I>provided </I>that
such designation will be deemed to be an incurrence of
Indebtedness by a Restricted Subsidiary of CCA of any
outstanding Indebtedness of such Unrestricted Subsidiary and
such designation will only be permitted if (1)&nbsp;such
Indebtedness is permitted under the covenant described under the
caption &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
Incurrence of Indebtedness and Issuance of Preferred
Stock,&#148; calculated on a pro forma basis as if such
designation had occurred at the beginning of the four-quarter
reference period; and (2)&nbsp;no Default or Event of Default
would be in existence following such designation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Voting Stock&#148;
</FONT></I><FONT size="2">of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Weighted Average Life to Maturity&#148;
</FONT></I><FONT size="2">means, when applied to any
Indebtedness at any date, the number of years obtained by
dividing:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the sum of the products obtained by
    multiplying (a)&nbsp;the amount of each then remaining
    installment, sinking fund, serial maturity or other required
    payments of principal, or liquidation preference, as the case
    may be, including payment at final maturity, in respect of the
    Indebtedness, by (b)&nbsp;the number of years (calculated to the
    nearest one-twelfth) that will elapse between such date and the
    making of such payment; by
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the then outstanding aggregate principal
    amount or liquidation preference, as the case may be, of such
    Indebtedness.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">74
</FONT>

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<DIV align="left">
<A name='111'></A>
</DIV>

<!-- link1 "FEDERAL INCOME TAX CONSIDERATIONS" -->

<P align="center">
<B><FONT size="2">FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>

<P align="left">
<B><FONT size="2">Overview</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of the material
U.S.&nbsp;federal income tax considerations relating to the
exchange of the unregistered notes by an initial beneficial
owner of the unregistered notes. This summary is based upon the
Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), existing and proposed Treasury Regulations
and judicial decisions and administrative interpretations
thereunder, as of the date hereof, all of which are subject to
change or to differing interpretation, possibly with retroactive
effect. Prospective investors should note that any such change
or interpretation with retroactive effect could result in
federal income tax consequences different from those discussed
below. This summary does not purport to address all tax
considerations that may be important to a particular holder in
light of the holder&#146;s circumstances or to certain
categories of investors (such as certain financial institutions,
insurance companies, tax-exempt organizations, dealers in
securities or foreign currency, controlled foreign corporations,
passive foreign investment companies, foreign personal holding
companies, persons who hold the unregistered notes through
partnerships or other pass-through entities,
U.S.&nbsp;expatriates, persons who hold the unregistered notes
as part of a hedge, conversion, straddle or other risk reduction
transaction or U.S.&nbsp;Holders (as defined below) that have a
&#147;functional currency&#148; other than the U.S.&nbsp;dollar)
that may be subject to special rules. This discussion also does
not deal with purchasers of subsequent offerings under the same
Indenture or subsequent holders of the unregistered notes. This
summary assumes the holders hold the unregistered notes as
&#147;capital assets&#148; within the meaning of
Section&nbsp;1221 of the Code. This discussion does not address
the tax considerations arising under the laws of any foreign,
state or local jurisdiction or the applicability of
U.S.&nbsp;federal gift or estate taxation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary discusses the federal income tax
considerations applicable to the initial owners of the
unregistered notes who are beneficial owners of the unregistered
notes and who purchased the unregistered notes for cash at their
&#147;issue price&#148; as defined in Section&nbsp;1273 of the
Code and the regulations thereunder and does not discuss the tax
considerations applicable to subsequent purchasers of the
unregistered notes. We have not sought any ruling from the
Internal Revenue Service, or IRS, with respect to the statements
made and the conclusions reached in the following summary, and
there can be no assurance that the IRS will agree with those
statements and conclusions. In addition, those statements and
conclusions do not preclude the IRS from successfully asserting,
or a court from adopting, a contrary position.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The following discussion constitutes the
opinion of Bass, Berry&nbsp;&#38; Sims PLC, tax counsel to the
Company, as to the material U.S.&nbsp;federal income tax
consequences generally applicable to purchasers of the new
notes. Investors considering the exchange of the unregistered
notes for the new notes should consult their own tax advisors
with respect to the application of the United States federal
income tax laws to their particular situations, as well as any
tax consequences arising under the federal estate or gift tax
rules or under the laws of any state, local or foreign taxing
jurisdiction or under any applicable tax treaty.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As used herein, the term
&#147;U.S.&nbsp;Holder&#148; means a beneficial owner of an
unregistered note who is:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an individual citizen or resident of the U.S.;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a corporation (including any entity treated as a
    corporation for U.S.&nbsp;tax purposes) created or organized in
    or under the laws of the U.S.&nbsp;or of any political
    subdivision thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an estate, the income of which is subject to
    U.S.&nbsp;federal income taxation regardless of the source of
    the income;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a trust subject to the primary supervision of a
    U.S.&nbsp;court and the control of one or more
    U.S.&nbsp;persons, or a trust in existence on August&nbsp;20,
    1996 that has elected to continue to be treated as a
    U.S.&nbsp;person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a partnership (including for this purpose any
entity treated as a partnership for U.S.&nbsp;tax purposes) is a
beneficial owner of unregistered notes, the U.S.&nbsp;tax
treatment of a partner in the partnership will
</FONT>

<P align="center"><FONT size="2">75
</FONT>

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<DIV align="left">
<FONT size="2">generally depend on the status of the partner and
the activities of the partnership. Both a partnership holding
unregistered notes and the partners in that partnership should
consult their tax advisors about the U.S.&nbsp;federal income
tax consequences of participating in this exchange offer.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As used herein, the term
&#147;Non-U.S.&nbsp;Holder&#148; means a beneficial owner of an
unregistered note that is not a U.S.&nbsp;Holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange of an unregistered for a new note
pursuant to the exchange offer will not constitute a
&#147;significant modification&#148; of the unregistered note
for U.S.&nbsp;federal income tax purposes, and accordingly, the
new note received will be treated as a continuation of the
unregistered note in the hands of such holder. As a result,
there will be no U.S.&nbsp;federal income tax consequences to a
U.S.&nbsp;Holder or Non-U.S.&nbsp;Holder who exchanges an
unregistered note for a new note pursuant to the exchange offer
and any such U.S.&nbsp;Holder or Non-U.S.&nbsp;Holder will have
the same adjusted tax basis and holding period in the new note
as he had in the unregistered note immediately prior to the
exchange, and the U.S.&nbsp;Holder or Non-U.S.&nbsp;Holder will
continue to take into account income in respect of a new note in
the same manner as before the exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THE PRECEDING DISCUSSION OF MATERIAL UNITED
STATES FEDERAL INCOME TAX CONSEQUENCES IS GENERAL IN NATURE.
ACCORDINGLY, EACH BENEFICIAL OWNER OF UNREGISTERED NOTES SHOULD
CONSULT ITS TAX ADVISOR AS TO THE PARTICULAR U.S.&nbsp;FEDERAL,
STATE, AND LOCAL TAX CONSEQUENCES OF PARTICIPATING IN THE
EXCHANGE OFFER, AND THE FOREIGN TAX CONSEQUENCES OF
PARTICIPATING IN THE EXCHANGE OFFER, AS WELL AS THE CONSEQUENCES
OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.
</FONT>

<P align="center"><FONT size="2">76
</FONT>

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<DIV align="left">
<A name='112'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<P align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives new notes in the
exchange offer for its own account must acknowledge that it will
deliver a prospectus meeting the requirements of the Securities
Act in connection with any resales of the new notes. The letter
of transmittal states that by so acknowledging and by delivering
a prospectus, a broker-dealer will not be deemed to admit that
it is an &#147;underwriter&#148; within the meaning of the
Securities Act. This prospectus, as it may be amended or
supplemented from time to time, may be used by all persons
subject to the prospectus delivery requirements of the
Securities Act, including broker-dealers in connection with
resales of new notes received in the exchange offer, where the
notes were acquired as a result of market-making activities or
other trading activities. We have agreed that, for a period of
180&nbsp;days after the expiration of the exchange offer, we
will make this prospectus, as amended or supplemented, available
to any broker-dealer for use in connection with such a resale.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from any sale of
new notes by broker-dealers. New notes received by
broker-dealers in the exchange offer for their own account may
be sold from time to time in one or more transactions in the
over-the counter market, in negotiated transactions, through the
writing of options on the new notes or a combination of those
methods of resale, at market prices prevailing at the time of
resale, at prices related to the prevailing market prices or
negotiated prices. Such a resale may be made directly to
purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from such
a broker-dealer and/or the purchasers of any of the new notes.
Any broker-dealer that resells new notes that were received by
it in the exchange offer for its own account and any broker or
dealer that participates in a distribution of the notes may be
deemed to be an &#147;underwriter&#148; within the meaning of
the Securities Act and any profit on such a resale of the notes
and any commissions or concessions received by those persons may
be deemed to be underwriting compensation under the Securities
Act. The letter of transmittal states that, by acknowledging
that it will deliver and by delivering a prospectus meeting the
requirements of the Securities Act, a broker-dealer will not be
deemed to admit that it is an &#147;underwriter&#148; within the
meaning of the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a period of 180&nbsp;days after the
expiration of the exchange offer, we will promptly send
additional copies of this prospectus and any amendment or
supplement to this prospectus to any broker-dealer that requests
these documents in the letter of transmittal. We have agreed to
pay all expenses incident to the exchange offer, including the
reasonable fees and expenses of counsel to the initial
purchasers of the unregistered notes, other than commissions or
concessions of any brokers or dealers, and will indemnify
holders of the notes, including any broker-dealers, against
certain liabilities, including liabilities under the Securities
Act.
</FONT>

<DIV align="left">
<A name='113'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain legal matters in connection with the
exchange offer will be passed upon for us by Bass,
Berry&nbsp;&#38; Sims PLC, Nashville, Tennessee. Bass,
Berry&nbsp;&#38; Sims PLC will rely upon Miles&nbsp;&#38;
Stockbridge P.C., Baltimore, Maryland as to all matters of
Maryland law and upon Fullerton, Lemann, Schaefer&nbsp;&#38;
Dominick, LLP, San&nbsp;Bernardino, California, as to all
matters of California law.
</FONT>

<DIV align="left">
<A name='114'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of
Corrections Corporation of America and Subsidiaries appearing in
Corrections Corporation of America&#146;s Annual Report
(Form&nbsp;10-K) for the year ended December&nbsp;31, 2003, have
been audited by Ernst&nbsp;&#38; Young LLP, independent
auditors, as set forth in their report thereon (which contains
an explanatory paragraph describing Corrections Corporation of
America&#146;s change in certain methods of accounting in 2002
and 2001) included therein and incorporated herein by reference.
Such consolidated financial statements are incorporated herein
by reference in reliance upon such report given on the authority
of such firm as experts in accounting and auditing.
</FONT>

<P align="center"><FONT size="2">77
</FONT>
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<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="center">
<IMG src="g88158g8815801.gif" alt="(CORRECTIONS CORPORATION OF AMERICA LOGO)">

<P align="center">
<B><FONT size="4">Offer to Exchange</FONT></B>

<DIV align="center">
<B><FONT size="4">up to $200,000,000 of 7.5%&nbsp;Senior Notes
due 2011</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">for</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">up to $200,000,000 of 7.5%&nbsp;Senior Notes
due 2011</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">that have been registered under the Securities
Act of 1933</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<B>PROSPECTUS</B>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004
</FONT>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>
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<P align="center">
<B><FONT size="2">PART&nbsp;II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;20.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Indemnification of Directors and
    Officers.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Maryland Registrant</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;VI of the charter of Corrections
Corporation of America (&#147;CCA&#148; or the
&#147;Company&#148;) provides that, to the maximum extent that
Maryland law from time to time permits limitation of liability
of directors or officers of corporations, no person who at any
time was or is a director or officer of the Company shall be
personally liable to the Company or its stockholders for money
damages.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Maryland law, the charter provision
limiting the liability of directors and officers may not limit
their liability to the Company or its stockholders (i)&nbsp;to
the extent it is proved that the person actually received an
improper benefit or profit in money, property or services for
the amount of the benefit of profit actually received, or
(ii)&nbsp;to the extent that a judgment or other final
adjudication adverse to the person is entered in a proceeding
based on a finding that the person&#146;s action, or failure to
act, was the result of active and deliberate dishonesty.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;2-418 of the MGCL generally permits
indemnification of any director made a party to any proceeding
by reason of service as a director unless it is established
that: (i)&nbsp;the act or omission of such person was material
to the matter giving rise to the proceeding and was committed in
bad faith or was the result of active and deliberate dishonesty;
(ii)&nbsp;such person actually received an improper personal
benefit in money, property or services; or (iii)&nbsp;in the
case of any criminal proceedings, such person had reasonable
cause to believe that the act or omission was unlawful. The
indemnity may be against judgments, penalties, fines,
settlements and reasonable expenses (including attorneys&#146;
fees) actually incurred by the director or officer in connection
with the proceeding; but, if the proceeding is one by, or in the
right of, the corporation, indemnification is not permitted with
respect to any proceeding in which the director or officer has
been adjudged to be liable to the corporation. The termination
of any proceeding by conviction or upon a plea of <I>nolo
contendere </I>or its equivalent, or an entry of an order of
probation prior to judgment, creates a rebuttable presumption
that the director or officer did not meet the requisite standard
of conduct required for permitted indemnification. The
termination of any proceeding by judgment, order or settlement,
however, does not create a presumption that the director or
officer failed to meet the requisite standard of conduct for
permitted indemnification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the proceeding is one charging improper
personal benefit to the director or officer, whether or not
involving action in the director&#146;s or officer&#146;s
official capacity, indemnification of the director or officer is
not permitted if the director or officer was adjudged to be
liable on the basis that personal benefit was improperly
received.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under section&nbsp;2-418(a) of the MGCL, the
Company is required to indemnify a director for reasonable
expenses incurred if such individual has been successful, on the
merits or otherwise, in defense of any proceeding arising out of
such individual&#146;s official capacity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Maryland law, unless the corporation&#146;s
charter provides otherwise, officers shall be indemnified to the
extent directors are required or entitled to be indemnified.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, under Maryland law, the Company is
required to indemnify a director in any proceeding arising out
of such individual&#146;s official capacity if a court of
appropriate jurisdiction determines such individual is entitled
to indemnification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Company&#146;s bylaws, the Company
shall indemnify a director or officer to the extent permitted by
Maryland law as described herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Company&#146;s bylaws and consistent
with Maryland law, the Company shall pay or reimburse, in
advance of final disposition of a proceeding, reasonable
expenses incurred by a director or officer, if such individual
in writing affirms in good faith that he or she has satisfied
the applicable standard of conduct
</FONT>

<P align="center"><FONT size="2">II-1
</FONT>

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<DIV align="left">
<FONT size="2">necessary for indemnification and agrees to repay
amounts paid to such individual if it is ultimately determined
that such standard is not met. Under the Company&#146;s bylaws,
the Company may also provide to directors or officers additional
indemnification or payment or reimbursement of expenses to the
fullest extent permitted by Maryland law for directors of
Maryland corporations.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indemnification under the provisions of Maryland
law is not deemed exclusive of any other rights, by
indemnification or otherwise, to which a director may be
entitled under the charter, bylaws, any resolution of
stockholders or directors, any agreement or otherwise.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The MGCL permits a Maryland corporation to
indemnify its employees and agents to the same extent as its
directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company maintains directors&#146; and
officers&#146; liability insurance to insure against losses
arising from claims made against its directors and officers,
subject to the limitations and conditions set forth in such
policies.
</FONT>

<P align="left">
<B><FONT size="2">Tennessee Registrants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA of Tennessee,&nbsp;Inc., Prison Realty
Management,&nbsp;Inc. and Technical Business Institute of
America,&nbsp;Inc. (collectively, the &#147;Tennessee Corporate
Registrants&#148;) are corporations incorporated under the laws
of the state of Tennessee. The Tennessee Business Corporation
Act (&#147;TBCA&#148;) provides that a corporation may indemnify
any of its directors and officers against liability incurred in
connection with a proceeding if: (a)&nbsp;such person acted in
good faith; (b)&nbsp;in the case of conduct in an official
capacity with the corporation, he reasonably believed such
conduct was in the corporation&#146;s best interests;
(c)&nbsp;in all other cases, he reasonably believed that his
conduct was at least not opposed to the best interests of the
corporation; and (d)&nbsp;in connection with any criminal
proceeding, such person had no reasonable cause to believe his
conduct was unlawful. In actions brought by or in the right of
the corporation, however, the TBCA provides that no
indemnification may be made if the director or officer was
adjudged to be liable to the corporation. The TBCA also provides
that in connection with any proceeding charging improper
personal benefit to an officer or director, no indemnification
may be made if such officer or director is adjudged liable on
the basis that such personal benefit was improperly received. In
cases where the director or officer is wholly successful, on the
merits or otherwise, in the defense of any proceeding instigated
because of his or her status as a director or officer of a
corporation, the TBCA mandates that the corporation indemnify
the director or officer against reasonable expenses incurred in
the proceeding. The TBCA provides that a court of competent
jurisdiction, unless the corporation&#146;s charter provides
otherwise, upon application, may order that an officer or
director be indemnified for reasonable expenses if, in
consideration of all relevant circumstances, the court
determines that such individual is fairly and reasonably
entitled to indemnification, notwithstanding the fact that
(a)&nbsp;such officer or director was adjudged liable to the
corporation in a proceeding by or in the right of the
corporation; (b)&nbsp;such officer or director was adjudged
liable on the basis that personal benefit was improperly
received by him; or (c)&nbsp;such officer or director breached
his duty of care to the corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The charter of each of the Tennessee Corporate
Registrants provides that such registrant shall indemnify its
officers and directors to the fullest extent allowed by the TBCA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of each of the Tennessee Corporate
Registrants provide that such registrant shall indemnify its
officers and directors to the fullest extent allowed by the
Tennessee Business Corporation Act. In addition, the bylaws of
each Tennessee Corporate Registrant authorize the corporation to
purchase and maintain insurance for any individual who is or was
a director, officer, employee, or agent of the Company, or who,
while a director, officer, employee, or agent of the
corporation, is or was serving at the request of the
corporation&#146;s board of directors or its president as a
director, officer, partner, trustee, employee, or agent of
another corporation, partnership, joint venture, trust, employee
benefit plan, or other enterprise. The Company maintains
policies insuring the officers and directors of the Tennessee
Corporate Registrants for actions taken in such capacities,
including liabilities under the Securities Act of 1933, as
amended.
</FONT>

<P align="center"><FONT size="2">II-2
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">TransCor America, LLC, CCA Properties of America,
LLC, CCA Properties of Arizona, LLC and CCA Properties of
Tennessee, LLC (collectively, the &#147;Tennessee Limited
Liability Company Registrants&#148;) are limited liability
companies formed under the laws of the state of Tennessee.
Section&nbsp;48-243-101 of the Tennessee Limited Liability
Company Act provides that a limited liability company may
indemnify governors, officers and members of the limited
liability company against liability if (1)&nbsp;the individual
acted in good faith and (2)&nbsp;reasonably believed that such
individual&#146;s conduct in his or her official capacity was in
the best interest of the limited liability company and in all
other cases that such individual&#146;s conduct was at least not
opposed to the best interests of the limited liability company
and (3)&nbsp;in a criminal proceeding, the individual had no
cause to believe such individual&#146;s conduct was unlawful.
Section&nbsp;48-243-101(b) also provides that unless otherwise
provided by its articles of organization, a limited liability
company may not indemnify a responsible person in connection
with a proceeding to which the responsible person was adjudged
liable to the limited liability company or in connection with a
proceeding whereby such responsible person is adjudged liable to
the limited liability company for receiving an improper personal
benefit. Section&nbsp;48-243-101(c) provides that unless
otherwise provided by its articles of organization, a limited
liability company shall indemnify a responsible person who was
wholly successful in the defense of a proceeding against that
person as a responsible person for the limited liability company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;48-243-101(h) authorizes a limited
liability company to purchase and maintain insurance on behalf
of any person who is or was a responsible person, manager,
employee, independent contractor, or agent of the limited
liability company, or who while a responsible person, manager,
employee, independent contractor, or agent of the limited
liability company, against any liability asserted against him or
her and incurred by him or her in any such capacity, or arising
out of his or her status as such, whether or not the limited
liability company would otherwise have the power to indemnify
him under Section&nbsp;48-243-101(b)-(c). The Company maintains
policies insuring the officers and managers of the Tennessee
Limited Liability Company Registrants for actions taken in such
capacities, including liabilities under the Securities Act of
1933, as amended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;48-243-101(i) prohibits
indemnification if a responsible person is adjudged liable for a
breach of the duty of loyalty to the limited liability company
or its members or for acts or omissions not in good faith that
involve intentional misconduct or a knowing violation of law.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Articles of Organization and the Operating
Agreements of the Tennessee Limited Liability Company
Registrants provide that the Tennessee Limited Liability Company
Registrants shall indemnify its member and all of its officers
to the fullest extent of and in accordance with the Tennessee
Limited Liability Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of the Company also provide that to
the maximum extent permitted by Maryland law the Company shall
indemnify any director and officer of the Company who serves at
the express request of the Company as an officer or director of
another corporation or other enterprise, subject to the
limitations set forth in the bylaws of the Company as previously
described.
</FONT>

<P align="left">
<B><FONT size="2">Delaware Registrants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA International,&nbsp;Inc. is a corporation
incorporated under the laws of the state of Delaware.
Section&nbsp;145 of the Delaware General Corporation Law,
<I>inter alia,</I> empowers a Delaware corporation to indemnify
any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or
proceeding (other than an action by or in the right of the
corporation) by reason of the fact that such person is or was a
director, officer, employee or agent of another corporation or
other enterprise, against expenses (including attorneys&#146;
fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by him or her in connection with such
action, suit or proceeding if he or she acted in good faith and
in a manner he or she reasonably believed to be in or not
opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, had no reasonable
cause to believe his or her conduct was unlawful. Similar
indemnity is authorized for such persons against expenses
(including attorneys&#146; fees) actually and reasonably
incurred in connection with
</FONT>

<P align="center"><FONT size="2">II-3
</FONT>

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<DIV align="left">
<FONT size="2">the defense or settlement of any such threatened,
pending or completed action or suit if such person acted in good
faith and in a manner he or she reasonably believed to be in or
not opposed to the best interests of the corporation, and
provided further that (unless a court of competent jurisdiction
otherwise provides) such person shall not have been adjudged
liable to the corporation. Any such indemnification may be made
only as authorized in each specific case upon a determination by
the shareholders or disinterested directors or by independent
legal counsel in a written opinion that indemnification is
proper because the indemnitee has met the applicable standard of
conduct.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;145 further authorizes a corporation
to purchase and maintain insurance on behalf of any person who
is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another
corporation or enterprise, against any liability asserted
against him and incurred by him in any such capacity, or arising
out of his status as such, whether or not the corporation would
otherwise have the power to indemnify him under
Section&nbsp;145. The Company maintains policies insuring the
officers and directors of CCA International,&nbsp;Inc. against
certain liabilities for actions taken in such capacities,
including liabilities under the Securities Act of 1933, as
amended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA International,&nbsp;Inc.&#146;s Certificate
of Incorporation eliminates in certain circumstances the
monetary liability of directors of CCA International,&nbsp;Inc.
for a breach of their fiduciary duty as directors. These
provisions do not eliminate the liability of a director
(1)&nbsp;for a breach of the director&#146;s duty of loyalty to
the corporation or its stockholders; (2)&nbsp;for acts or
omissions not in good faith or which involve intentional
misconduct or knowing violation of law; (3)&nbsp;under
Section&nbsp;174 of the Delaware General Corporation Law
(relating to the declaration of dividends and purchase or
redemption of shares in violation of the Delaware General
Corporation Law); or (4)&nbsp;for transactions from which the
director derived an improper personal benefit.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;VIII of the bylaws of CCA
International,&nbsp;Inc. provides that the corporation will
indemnify its present and former directors and officers against
expenses and liabilities incurred by them in connection with any
suit to which they are, or are threatened to be made, a party by
reason of their serving in such positions to the fullest extent
permitted or authorized by the General Corporation Law of
Delaware.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of the Company also provide that to
the maximum extent permitted by Maryland law the Company shall
indemnify any director and officer of the Company who serves at
the express request of the Company as an officer or director of
another corporation, subject to the limitations set forth in the
bylaws of the Company as previously described.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA Properties of Texas, L.P. is a limited
partnership formed under the laws of the state of Delaware.
Section&nbsp;17-108 of the Delaware Revised Uniform Limited
Partnership Act provides that, subject to such standards and
restrictions in its partnership agreement, if any, a limited
partnership may, and shall have the power to, indemnify and hold
harmless any partner or other person from and against any and
all claims and demands whatsoever.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">CCA Properties of Texas, L.P.&#146;s Agreement of
Limited Partnership provides that the partnership will indemnify
and hold the officers, employees, agents and representatives of
the partnership, its general partner, and each of the officers,
members, employees, agents, and representatives of its general
partner harmless from any loss or damage, including, without
limitation, reasonable legal fees and court costs, incurred by
it or any of them by reason of anything it or any of them may do
or refrain from doing for and on behalf of the partnership or in
connection with its business or affairs; provided, however, that
the partnership will not be required to indemnify any of its
officers, employees, agents and representatives, its general
partner or any of the officers, members, employees, agents, and
representatives of its general partner for any loss or damage
which it might incur as a result of fraud, willful misconduct or
gross negligence committed by any such person or entity in the
performance of their or its duties under the Agreement of
Limited Partnership. The indemnification provisions under the
Agreement of Limited Partnership do not relieve the general
partner of its proportionate share of the obligations of the
partnership in its capacity as a partner thereof.
</FONT>

<P align="center"><FONT size="2">II-4
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company maintains policies insuring the
officers and partners of CCA Properties of Texas, L.P. against
certain liabilities for actions taken in such capacities,
including liabilities under the Securities Act of 1933, as
amended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of the Company also provide that to
the maximum extent permitted by Maryland law the Company shall
indemnify any director and officer of the Company who serves at
the express request of the Company as an officer or director of
another corporation or other enterprise, subject to the
limitations set forth in the bylaws of the Company as previously
described.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">California Registrant</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Ronald Lee Suttles Tri-County
Extradition,&nbsp;Inc. is a corporation incorporated under the
laws of the state of California. Section&nbsp;317 of the
California Corporations Code provides for the indemnification of
officers, directors, and other corporate agents of a California
corporation in substantially the same manner and to same extent
as Section&nbsp;145, <I>inter alia,</I> of the Delaware General
Corporation Law as previously described applies to Delaware
corporations except that: (i)&nbsp;permissible indemnification
does not cover actions the person reasonably believed were not
opposed to the best interests of the corporation, as opposed to
those the person believed were in fact in the best interests of
the corporation; (ii)&nbsp;the Delaware General Corporation Law
permits advancement of expenses to agents other than officers
and directors only upon approval of the board of directors;
(iii)&nbsp;in a case of stockholders approval of
indemnification, the California Corporations Code requires
certain minimum votes in favor of such indemnification and
excludes the vote of the potentially indemnified person; and
(iv)&nbsp;the California Corporations Code only permits
independent counsel to approve indemnification if an independent
quorum of directors is not obtainable, while the Delaware
General Corporation Law permits the directors in any
circumstances to appoint counsel to undertake such determination.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;145 of the Delaware General
Corporation Law and Section&nbsp;317 of the California
Corporations Code provide that they are not exclusive of other
indemnification that may be granted by a corporation&#146;s
charter, bylaws, disinterested director vote, stockholders vote,
agreement or otherwise. Article&nbsp;VII of the bylaws of Ronald
Lee Suttles Tri-County Extradition,&nbsp;Inc. provides that the
corporation will indemnify its directors and officers to the
fullest extent not prohibited by the California Corporation Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;VII of the bylaws of Ronald Lee
Suttles Tri-County Extradition,&nbsp;Inc. also provides that the
corporation shall have the power to purchase and maintain
insurance on behalf of any agent of the corporation against any
liability asserted against or incurred by the agent in such
capacity or arising out of the agent&#146;s status as such. The
Company maintains policies insuring the officers and directors
of Ronald Lee Suttles Tri-County Extradition,&nbsp;Inc. against
certain liabilities for actions taken in such capacities,
including liabilities under the Securities Act of 1933, as
amended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of the Company also provide that to
the maximum extent permitted by Maryland law the Company shall
indemnify any director and officer of the Company who serves at
the express request of the Company as an officer or director of
another corporation, subject to the limitations set forth in the
bylaws of the Company as previously described.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits and Financial Statement
    Schedules</FONT></I></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Article&nbsp;II of the Third Amended and Restated
    By-Laws (previously filed as Exhibit&nbsp;3.3 to the
    Registration Statement on Form&nbsp;S-4/A (Commission File no.
    333-96721), filed with the Commission on December&nbsp;30, 2002
    and incorporated herein by this reference) and Article&nbsp;V of
    the Amended and Restated Charter, as amended (previously filed
    as Exhibit&nbsp;3.1 to the Company&#146;s Form 10-K filed with
    the Commission on April&nbsp;17, 2001 and incorporated herein by
    this reference) and Articles of Amendment (previously filed as
    Exhibit&nbsp;3.1 to the Company&#146;s Form 10-Q filed with the
    Commission on August&nbsp;13, 2001 and incorporated herein by
    this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Charter of CCA of Tennessee,&nbsp;Inc., as
    amended (incorporated by reference to Exhibit&nbsp;3.4 to
    Amendment No.&nbsp;2 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-5
</FONT>

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

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

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of CCA of Tennessee,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.5 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Charter of Prison Realty Management,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.6 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Prison Realty Management,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.7 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Charter of Technical and Business Institute of
    America,&nbsp;Inc., as amended. (incorporated by reference to
    Exhibit&nbsp;3.8 to Amendment No.&nbsp;2 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Technical and Business Institute of
    America,&nbsp;Inc. (incorporated by reference to
    Exhibit&nbsp;3.9 to Amendment No.&nbsp;2 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of TransCor America, LLC
    (incorporated by reference to Exhibit&nbsp;3.10 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of TransCor America, LLC
    (incorporated by reference to Exhibit&nbsp;3.11 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Incorporation of CCA
    International,&nbsp;Inc. (incorporated by reference to
    Exhibit&nbsp;3.12 to Amendment No.&nbsp;2 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of CCA International,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.13 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of CCA Properties of
    America, LLC (incorporated by reference to Exhibit&nbsp;3.14 to
    Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of CCA Properties of America,
    LLC (incorporated by reference to Exhibit&nbsp;3.15 to Amendment
    No.&nbsp;3 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of CCA Properties of
    Arizona, LLC (incorporated by reference to Exhibit&nbsp;3.16 to
    Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of CCA Properties of Arizona,
    LLC (incorporated by reference to Exhibit&nbsp;3.17 to Amendment
    No.&nbsp;3 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of CCA Properties of
    Tennessee, LLC (incorporated by reference to Exhibit&nbsp;3.18
    to Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of CCA Properties of
    Tennessee, LLC (incorporated by reference to Exhibit&nbsp;3.19
    to Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Limited Partnership of CCA
    Properties of Texas, L.P. (incorporated by reference to
    Exhibit&nbsp;3.20 to Amendment No.&nbsp;3 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-6
</FONT>

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

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

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement of Limited Partnership of CCA
    Properties of Texas, L.P. (incorporated by reference to
    Exhibit&nbsp;3.21 to Amendment No.&nbsp;3 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Ronald Lee Suttles
    Tri-County Extradition,&nbsp;Inc. (incorporated by reference to
    Exhibit&nbsp;3.22 to Amendment No.&nbsp;4 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on January&nbsp;2, 2003).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Ronald Lee Suttles Tri-County
    Extradition,&nbsp;Inc., as amended. (incorporated by reference
    to Exhibit&nbsp;3.23 to Amendment No.&nbsp;4 to the
    Company&#146;s Registration Statement on Form&nbsp;S-4
    (Registration 333-96721) filed with the Commission on
    January&nbsp;2, 2003).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of May&nbsp;7, 2003, by and
    between the Company, certain of its subsidiaries and
    U.S.&nbsp;Bank National Association, as Trustee (previously
    filed as Exhibit&nbsp;4.1 to the Company&#146;s Current Report
    on Form 8-K (Commission File no.&nbsp;001-16109), filed with the
    Commission on May&nbsp;7, 2003 and incorporated herein by this
    reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Supplemental Indenture, dated as of May&nbsp;7,
    2003, by and between the Company, certain of its subsidiaries
    and U.S.&nbsp;Bank National Association, as Trustee, providing
    for the Company&#146;s 7.5%&nbsp;Notes due 2011, with form of
    note attached (previously filed as Exhibit&nbsp;4.2 to the
    Company&#146;s Current Report on Form 8-K (Commission File
    no.&nbsp;001-16109), filed with the Commission on May&nbsp;7,
    2003 and incorporated herein by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Supplement, dated as of August&nbsp;8,
    2003, to the Supplemental Indenture, dated as of May&nbsp;7,
    2003, by and between the Company, certain of its subsidiaries
    and U.S.&nbsp;Bank National Association, as Trustee, providing
    for the Company&#146;s 7.5%&nbsp;Notes due 2011 (previously
    filed as Exhibit&nbsp;4.2 to the Company&#146;s Quarterly Report
    on Form 10-Q (Commission File no.&nbsp;001-16109), filed with
    the Commission on August&nbsp;12, 2003 and incorporated herein
    by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Second Supplement, dated as of August&nbsp;8,
    2003, to the Supplemental Indenture, dated as of May&nbsp;7,
    2003, by and between the Company, certain of its subsidiaries
    and U.S.&nbsp;Bank National Association, as Trustee, providing
    for the Company&#146;s 7.5%&nbsp;Notes due 2011 (previously
    filed as Exhibit&nbsp;4.3 to the Company&#146;s Quarterly Report
    on Form 10-Q (Commission File no.&nbsp;001-16109), filed with
    the Commission on August&nbsp;12, 2003 and incorporated herein
    by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Bass, Berry&nbsp;&#38; Sims PLC.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Miles&nbsp;&#38; Stockbridge P.C.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Fullerton, Lemann, Schaefer&nbsp;&#38;
    Dominick, LLP.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">8</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Tax Matters Opinion of Bass, Berry&nbsp;&#38;
    Sims PLC.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement, dated as of
    August&nbsp;8, 2003, by and among the Company, the
    Company&#146;s subsidiary guarantors, and the Initial Purchasers
    (as defined therein) with respect to the 7.5%&nbsp;Notes due
    2011 (previously filed as Exhibit&nbsp;10.2 to the
    Company&#146;s Quarterly Report on Form 10-Q (Commission File
    no.&nbsp;001-16109), filed with the Commission on
    August&nbsp;12, 2003 and incorporated herein by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement Regarding Computation of Ratios.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Independent Auditors.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Bass, Berry&nbsp;&#38; Sims PLC
    (included in Exhibits&nbsp;5.1 and 8.1).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Miles&nbsp;&#38; Stockbridge P.C.
    (included in Exhibit&nbsp;5.2).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Fullerton, Lemann, Schaefer&nbsp;&#38;
    Dominick, LLP (included in Exhibit&nbsp;5.3).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney&nbsp;&#151; Corrections
    Corporation of America and each of the Co-Registrants (contained
    on signature pages).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of Trustee on Form T-1.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Letter of Transmittal.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notice of Guaranteed Delivery.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Letter to Registered Holders and Depository Trust
    Company Participants.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Letter to Clients.*
    </FONT></TD>
</TR>

</TABLE>
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<P align="left">
<HR size="1" width="18%" align="left" noshade>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">filed herewith
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-7
</FONT>

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<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;22.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The undersigned registrants hereby
undertake 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&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant
to Section&nbsp;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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The undersigned registrants hereby
undertake:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this registration statement:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To include any prospectus required by
    Section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;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&nbsp;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 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;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;To include any material information
    with respect to the plan of distribution not previously
    disclosed in the registration statement or any material change
    to such information in the registration statement.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(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.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;The undersigned registrants hereby
undertake to respond to requests for information that is
incorporated by reference into the prospectus pursuant to
Item&nbsp;4, 10(b), 11 and 13 of this form, within one business
day of receipt of such request, and to send the incorporated
documents by first class mail or other equally prompt means.
This includes information contained in documents filed
subsequent to the effective date of the registration statement
through the date of responding to the request.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;The undersigned registrants hereby
undertake to supply by means of a post-effective amendment all
information concerning a transaction, and the company being
acquired involved therein, that was not the subject of and
included in the registration statement when it became effective.
</FONT>

<P align="center"><FONT size="2">II-8
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
directors, 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
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 director, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.
</FONT>

<P align="center"><FONT size="2">II-9
</FONT>

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<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, Corrections Corporation of America has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CORRECTIONS CORPORATION OF AMERICA
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Executive Officer and
    President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President (Principal
    Executive Officer), Vice Chairman of the Board of Directors and
    Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Executive Vice President, Chief Financial Officer
    and Assistant Secretary (Principal Financial and Accounting
    Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WILLIAM F. ANDREWS<BR>
    <HR size="1" noshade>William F. Andrews
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board of Directors and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DONNA M. ALVARADO<BR>
    <HR size="1" noshade>Donna M. Alvarado
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;31, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-10
</FONT>

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

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LUCIUS E. BURCH,&nbsp;III<BR>
    <HR size="1" noshade>Lucius E. Burch,&nbsp;III
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. CORRENTI<BR>
    <HR size="1" noshade>John D. Correnti
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;31, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN R. HORNE<BR>
    <HR size="1" noshade>John R. Horne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ C. MICHAEL JACOBI<BR>
    <HR size="1" noshade>C. Michael Jacobi
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES L. OVERBY<BR>
    <HR size="1" noshade>Charles L. Overby
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;31, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ THURGOOD MARSHALL,&nbsp;JR.<BR>
    <HR size="1" noshade>Thurgood Marshall,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN R. PRANN,&nbsp;JR.<BR>
    <HR size="1" noshade>John R. Prann,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOSEPH V. RUSSELL<BR>
    <HR size="1" noshade>Joseph V. Russell
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ HENRI L. WEDELL<BR>
    <HR size="1" noshade>Henri L. Wedell
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-11
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, CCA of Tennessee,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CCA OF TENNESSEE,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="3%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">BY:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Executive Officer and
    President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints John D.
Ferguson and Irving E. Lingo,&nbsp;Jr. (with full power to each
of them to act alone) as his true and lawful attorney-in-fact
and agent, with full power of substitution, for him and in his
name, place and stead in any and all capacities to sign any or
all amendments or post-effective amendments to this registration
statement, including post-effective amendments filed pursuant to
Rule&nbsp;462(b) of the Securities Act of 1933 and to file the
same with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, to sign
any and all applications, registration statements, notices or
other document necessary or advisable to comply with the
applicable state securities laws, and to file the same, together
with all other documents in connection therewith, with the
appropriate state securities authorities, granting unto said
attorneys-in-fact and agents or any of them, or their or his
substitute or substitutes, 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, thereby ratifying
and confirming all that said attorney-in-fact and agents or any
of them, or their or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President (Principal
    Executive Officer), Chairman of the Board of Directors and
    Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Executive Vice President, Chief Financial Officer
    and Assistant Secretary (Principal Financial and Accounting
    Officer) and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ TODD J. MULLENGER<BR>
    <HR size="1" noshade>Todd J. Mullenger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President, Treasurer and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-12
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, Prison Realty Management,&nbsp;Inc. has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">PRISON REALTY MANAGEMENT, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Executive Officer and
    President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President (Principal
    Executive Officer), Chairman of the Board of Directors and
    Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer) and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ TODD J. MULLENGER<BR>
    <HR size="1" noshade>Todd J. Mullenger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President, Treasurer and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-13
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, Technical and Business Institute of
America,&nbsp;Inc. has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Nashville, state of Tennessee, on
April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">TECHNICAL AND BUSINESS INSTITUTE OF AMERICA, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer (Principal Executive
    Officer), Chairman of the Board of Directors and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DENNIS E. BRADBY<BR>
    <HR size="1" noshade>Dennis E. Bradby
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;31, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer) and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ TODD J. MULLENGER<BR>
    <HR size="1" noshade>Todd J. Mullenger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President, Treasurer and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-14
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, TransCor America, LLC has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on March&nbsp;30, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">TRANSCOR AMERICA, LLC
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ PATRICK MCKINNEY
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Patrick McKinney
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Manager, Chief Executive
    Officer</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">and President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PATRICK MCKINNEY<BR>
    <HR size="1" noshade>Patrick McKinney
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Manager, Chief Executive Officer and
    President (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ TODD J. MULLENGER<BR>
    <HR size="1" noshade>Todd J. Mullenger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President, Treasurer (Principal Financial
    and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President of CCA of
    Tennessee,&nbsp;Inc., the sole member of TransCor America, LLC,
    a member-managed limited liability company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-15
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, CCA International,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CCA INTERNATIONAL,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Executive Officer and
    President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints John D.
Ferguson and Irving E. Lingo,&nbsp;Jr. (with full power to each
of them to act alone) as his true and lawful attorney-in-fact
and agent, with full power of substitution, for him and in his
name, place and stead in any and all capacities to sign any or
all amendments or post-effective amendments to this registration
statement, including post-effective amendments filed pursuant to
Rule&nbsp;462(b) of the Securities Act of 1933 and to file the
same with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, to sign
any and all applications, registration statements, notices or
other document necessary or advisable to comply with the
applicable state securities laws, and to file the same, together
with all other documents in connection therewith, with the
appropriate state securities authorities, granting unto said
attorneys-in-fact and agents or any of them, or their or his
substitute or substitutes, 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, thereby ratifying
and confirming all that said attorney-in-fact and agents or any
of them, or their or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President (Principal
    Executive Officer), Chairman of the Board of Directors and
    Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer) and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ TODD J. MULLENGER<BR>
    <HR size="1" noshade>Todd J. Mullenger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President, Treasurer and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-16
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, CCA Properties of America, LLC has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CCA PROPERTIES OF AMERICA, LLC
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Manager, Chief Executive Officer
    and</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints John D.
Ferguson and Irving E. Lingo,&nbsp;Jr. (with full power to each
of them to act alone) as his true and lawful attorney-in-fact
and agent, with full power of substitution, for him and in his
name, place and stead in any and all capacities to sign any or
all amendments or post-effective amendments to this registration
statement, including post-effective amendments filed pursuant to
Rule&nbsp;462(b) of the Securities Act of 1933 and to file the
same with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, to sign
any and all applications, registration statements, notices or
other document necessary or advisable to comply with the
applicable state securities laws, and to file the same, together
with all other documents in connection therewith, with the
appropriate state securities authorities, granting unto said
attorneys-in-fact and agents or any of them, or their or his
substitute or substitutes, 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, thereby ratifying
and confirming all that said attorney-in-fact and agents or any
of them, or their or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Manager, Chief Executive Officer and
    President (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President of
    Corrections Corporation of America, the sole member of CCA
    Properties of America, LLC, a member-managed limited liability
    company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April&nbsp;1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-17
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, CCA Properties of Arizona, LLC has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April&nbsp;1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CCA PROPERTIES OF ARIZONA, LLC
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Manager, Chief Executive Officer
    and</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints John D.
Ferguson and Irving E. Lingo,&nbsp;Jr. (with full power to each
of them to act alone) as his true and lawful attorney-in-fact
and agent, with full power of substitution, for him and in his
name, place and stead in any and all capacities to sign any or
all amendments or post-effective amendments to this registration
statement, including post-effective amendments filed pursuant to
Rule&nbsp;462(b) of the Securities Act of 1933 and to file the
same with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, to sign
any and all applications, registration statements, notices or
other document necessary or advisable to comply with the
applicable state securities laws, and to file the same, together
with all other documents in connection therewith, with the
appropriate state securities authorities, granting unto said
attorneys-in-fact and agents or any of them, or their or his
substitute or substitutes, 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, thereby ratifying
and confirming all that said attorney-in-fact and agents or any
of them, or their or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Manager, Chief Executive Officer and
    President (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President of CCA of
    Tennessee,&nbsp;Inc., the sole member of CCA Properties of
    Arizona, LLC, a member-managed limited liability company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-18
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, CCA Properties of Tennessee, LLC has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April 1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CCA PROPERTIES OF TENNESSEE, LLC
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Manager, Chief Executive Officer
    and</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Manager, Chief Executive Officer and
    President (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President of CCA of
    Tennessee,&nbsp;Inc., the sole member of CCA Properties of
    Tennessee, LLC, a member-managed limited liability company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-19
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, CCA Properties of Texas, L.P. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of
Nashville, state of Tennessee, on April 1, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CCA PROPERTIES OF TEXAS, L.P.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By: CCA Properties of America, LLC
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Its: General Partner
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN D. FERGUSON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John D. Ferguson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Manager, Chief Executive
    Officer</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">and President of CCA Properties of</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">America, LLC</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Manager, Chief Executive Officer and
    President (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IRVING E. LINGO,&nbsp;JR.<BR>
    <HR size="1" noshade>Irving E. Lingo,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Financial Officer and Secretary (Principal
    Financial and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN D. FERGUSON<BR>
    <HR size="1" noshade>John D. Ferguson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer and President of
    Corrections Corporation of America, the sole member of CCA
    Properties of America, LLC, a member-managed limited liability
    company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-20
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, Ronald Lee Suttles Tri-County
Extradition,&nbsp;Inc. has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Nashville, state of
Tennessee, on March&nbsp;30, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">RONALD LEE SUTTLES TRI-COUNTY EXTRADITION, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ PATRICK MCKINNEY
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Patrick McKinney
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Know all men by these presents, that each person
whose signature appears below constitutes and appoints
John&nbsp;D. Ferguson and Irving&nbsp;E. Lingo,&nbsp;Jr. (with
full power to each of them to act alone) as his true and lawful
attorney-in-fact and agent, with full power of substitution, for
him and in his name, place and stead in any and all capacities
to sign any or all amendments or post-effective amendments to
this registration statement, including post-effective amendments
filed pursuant to Rule&nbsp;462(b) of the Securities Act of 1933
and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and
Exchange Commission, to sign any and all applications,
registration statements, notices or other document necessary or
advisable to comply with the applicable state securities laws,
and to file the same, together with all other documents in
connection therewith, with the appropriate state securities
authorities, granting unto said attorneys-in-fact and agents or
any of them, or their or his substitute or substitutes, 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, thereby ratifying and confirming all that
said attorney-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the date indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PATRICK MCKINNEY<BR>
    <HR size="1" noshade>Patrick McKinney
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President (Principal Executive Officer) and
    Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March 30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ TODD J. MULLENGER<BR>
    <HR size="1" noshade>Todd J. Mullenger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President, Treasurer (Principal Financial
    and Accounting Officer) and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">April 1, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ALAN FOX<BR>
    <HR size="1" noshade>Alan Fox
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Secretary and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March 30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARJORIE BROWN<BR>
    <HR size="1" noshade>Marjorie Brown
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March 30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-21
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>

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

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Article&nbsp;II of the Third Amended and Restated
    By-Laws (previously filed as Exhibit&nbsp;3.3 to the
    Registration Statement on Form&nbsp;S-4/A (Commission File
    no.&nbsp;333-96721), filed with the Commission on
    December&nbsp;30, 2002 and incorporated herein by this
    reference) and Article&nbsp;V of the Amended and Restated
    Charter, as amended (previously filed as Exhibit&nbsp;3.1 to the
    Company&#146;s Form 10-K filed with the Commission on
    April&nbsp;17, 2001 and incorporated herein by this reference)
    and Articles of Amendment (previously filed as Exhibit&nbsp;3.1
    to the Company&#146;s Form 10-Q filed with the Commission on
    August&nbsp;13, 2001 and incorporated herein by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Charter of CCA of Tennessee,&nbsp;Inc., as
    amended (incorporated by reference to Exhibit&nbsp;3.4 to
    Amendment No.&nbsp;2 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of CCA of Tennessee,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.5 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Charter of Prison Realty Management,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.6 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Prison Realty Management,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.7 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Charter of Technical and Business Institute of
    America,&nbsp;Inc., as amended. (incorporated by reference to
    Exhibit&nbsp;3.8 to Amendment No.&nbsp;2 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Technical and Business Institute of
    America,&nbsp;Inc. (incorporated by reference to
    Exhibit&nbsp;3.9 to Amendment No.&nbsp;2 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of TransCor America, LLC
    (incorporated by reference to Exhibit&nbsp;3.10 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of TransCor America, LLC
    (incorporated by reference to Exhibit&nbsp;3.11 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Incorporation of CCA
    International,&nbsp;Inc. (incorporated by reference to
    Exhibit&nbsp;3.12 to Amendment No.&nbsp;2 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of CCA International,&nbsp;Inc.
    (incorporated by reference to Exhibit&nbsp;3.13 to Amendment
    No.&nbsp;2 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on September&nbsp;25, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of CCA Properties of
    America, LLC (incorporated by reference to Exhibit&nbsp;3.14 to
    Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of CCA Properties of America,
    LLC (incorporated by reference to Exhibit&nbsp;3.15 to Amendment
    No.&nbsp;3 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of CCA Properties of
    Arizona, LLC (incorporated by reference to Exhibit&nbsp;3.16 to
    Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of CCA Properties of Arizona,
    LLC (incorporated by reference to Exhibit&nbsp;3.17 to Amendment
    No.&nbsp;3 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4 (Registration 333-96721) filed with the Commission
    on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Organization of CCA Properties of
    Tennessee, LLC (incorporated by reference to Exhibit&nbsp;3.18
    to Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Agreement of CCA Properties of
    Tennessee, LLC (incorporated by reference to Exhibit&nbsp;3.19
    to Amendment No.&nbsp;3 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4 (Registration 333-96721) filed with
    the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Limited Partnership of CCA
    Properties of Texas, L.P. (incorporated by reference to
    Exhibit&nbsp;3.20 to Amendment No.&nbsp;3 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement of Limited Partnership of CCA
    Properties of Texas, L.P. (incorporated by reference to
    Exhibit&nbsp;3.21 to Amendment No.&nbsp;3 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on December&nbsp;30, 2002).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Ronald Lee Suttles
    Tri-County Extradition,&nbsp;Inc. (incorporated by reference to
    Exhibit&nbsp;3.22 to Amendment No.&nbsp;4 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4 (Registration 333-96721)
    filed with the Commission on January&nbsp;2, 2003).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Ronald Lee Suttles Tri-County
    Extradition,&nbsp;Inc., as amended. (incorporated by reference
    to Exhibit&nbsp;3.23 to Amendment No.&nbsp;4 to the
    Company&#146;s Registration Statement on Form&nbsp;S-4
    (Registration 333-96721) filed with the Commission on
    January&nbsp;2, 2003).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of May&nbsp;7, 2003, by and
    between the Company, certain of its subsidiaries and
    U.S.&nbsp;Bank National Association, as Trustee (previously
    filed as Exhibit&nbsp;4.1 to the Company&#146;s Current Report
    on Form 8-K (Commission File no.&nbsp;001-16109), filed with the
    Commission on May&nbsp;7, 2003 and incorporated herein by this
    reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Supplemental Indenture, dated as of May&nbsp;7,
    2003, by and between the Company, certain of its subsidiaries
    and U.S.&nbsp;Bank National Association, as Trustee, providing
    for the Company&#146;s 7.5%&nbsp;Notes due 2011, with form of
    note attached (previously filed as Exhibit&nbsp;4.2 to the
    Company&#146;s Current Report on Form 8-K (Commission File
    no.&nbsp;001-16109), filed with the Commission on May&nbsp;7,
    2003 and incorporated herein by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Supplement, dated as of August&nbsp;8,
    2003, to the Supplemental Indenture, dated as of May&nbsp;7,
    2003, by and between the Company, certain of its subsidiaries
    and U.S.&nbsp;Bank National Association, as Trustee, providing
    for the Company&#146;s 7.5%&nbsp;Notes due 2011 (previously
    filed as Exhibit&nbsp;4.2 to the Company&#146;s Quarterly Report
    on Form 10-Q (Commission File no.&nbsp;001-16109), filed with
    the Commission on August&nbsp;12, 2003 and incorporated herein
    by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Second Supplement, dated as of August&nbsp;8,
    2003, to the Supplemental Indenture, dated as of May&nbsp;7,
    2003, by and between the Company, certain of its subsidiaries
    and U.S.&nbsp;Bank National Association, as Trustee, providing
    for the Company&#146;s 7.5%&nbsp;Notes due 2011 (previously
    filed as Exhibit&nbsp;4.3 to the Company&#146;s Quarterly Report
    on Form 10-Q (Commission File no.&nbsp;001-16109), filed with
    the Commission on August&nbsp;12, 2003 and incorporated herein
    by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Bass, Berry&nbsp;&#38; Sims PLC.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Miles&nbsp;&#38; Stockbridge P.C.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Fullerton, Lemann, Schaefer&nbsp;&#38;
    Dominick, LLP.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">8</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Tax Matters Opinion of Bass, Berry&nbsp;&#38;
    Sims PLC.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement, dated as of
    August&nbsp;8, 2003, by and among the Company, the
    Company&#146;s subsidiary guarantors, and the Initial Purchasers
    (as defined therein) with respect to the 7.5%&nbsp;Notes due
    2011 (previously filed as Exhibit&nbsp;10.2 to the
    Company&#146;s Quarterly Report on Form 10-Q (Commission File
    no.&nbsp;001-16109), filed with the Commission on
    August&nbsp;12, 2003 and incorporated herein by this reference).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement Regarding Computation of Ratios.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Independent Auditors.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Bass, Berry&nbsp;&#38; Sims PLC
    (included in Exhibits&nbsp;5.1 and 8.1).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Miles&nbsp;&#38; Stockbridge P.C.
    (included in Exhibit&nbsp;5.2).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Fullerton, Lemann, Schaefer&nbsp;&#38;
    Dominick, LLP (included in Exhibit&nbsp;5.3).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney&nbsp;&#151; Corrections
    Corporation of America and each of the Co-Registrants (contained
    on signature pages).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of Trustee on Form T-1.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Letter of Transmittal.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notice of Guaranteed Delivery.*
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Letter to Registered Holders and Depository Trust
    Company Participants.*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Letter to Clients.*
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">filed herewith
    </FONT></TD>
</TR>

</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>g88158exv5w1.txt
<DESCRIPTION>EX-5.1 OPINION OF BASS, BERRY & SIMS PLC
<TEXT>
<PAGE>





                                                                   EXHIBIT 5.1



                       (BASS, BERRY & SIMS PLC LETTERHEAD)


                                 April 1, 2004

Corrections Corporation of America
10 Burton Hills Boulevard
Nashville, TN 37215

       Re:    Offer for All Outstanding 7.5% Senior Notes Due 2011 of
              Corrections Corporation of America in Exchange for 7.5% Senior
              Notes Due 2011 of Corrections Corporation of America -
              Registration Statement on Form S-4

Ladies and Gentlemen:

              We have acted as counsel to Corrections Corporation of America, a
Maryland corporation (the "Company"), and the Guarantors (as defined below) in
connection with the public offering of up to $200,000,000 aggregate principal
amount of 7.5% Senior Notes Due 2011 (the "New Notes") of the Company that are
to be guaranteed on an unsecured senior basis (the "Guarantees") by the
subsidiaries of the Company listed on Schedule I attached hereto (the subsidiary
guarantors set forth on Schedule I attached hereto being collectively referred
to herein as the "Guarantors"). The New Notes are to be issued pursuant to an
exchange offer (the "Exchange Offer") in exchange for a like principal amount
and denomination of the Company's issued and outstanding 7.5% Senior Notes Due
2011 (the "Old Notes"), as contemplated by the Registration Rights Agreement
dated as of August 8, 2003 (the "Registration Rights Agreement"), by and among
the Company, the Guarantors and the Initial Purchasers (as defined therein). The
Old Notes were issued, and the New Notes will be issued, under that certain
Indenture dated as of May 7, 2003, as amended and supplemented by that certain
(i) Supplemental Indenture dated as of May 7, 2003 (the "Supplemental
Indenture"), (ii) First Supplement to the Supplemental Indenture dated as of
August 8, 2003, and (iii) Second Supplement to the Supplemental Indenture dated
as of August 8, 2003 (collectively, the "Indenture"), each of which is among the
Company, the Guarantors and U.S. Bank National Association as Trustee (the
"Trustee").

              This opinion is being furnished in accordance with the
requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of
1933, as amended (the "Securities Act").

              In connection with this opinion, we have examined originals or
copies, certified or otherwise identified to our satisfaction, of (i) the
Registration Statement on Form S-4 of the Company relating to the Exchange
Offer, as filed with the Securities and Exchange Commission (the "Commission")
on the date hereof (the "Registration Statement"); (ii) an executed copy of the
Registration Rights Agreement; (iii) an executed copy of the Indenture;


<PAGE>

Corrections Corporation of America
April 1, 2004
Page 2


(iv) the Form T-1 of the Trustee filed as an exhibit to the Registration
Statement; (v) the form of the New Notes; and (vi) executed copies of the
Guarantees. We also have examined and relied upon originals or copies, certified
or otherwise identified to our satisfaction, of such records, documents,
certificates and other instruments as in our judgment are necessary or
appropriate in order to express the opinions hereinafter set forth.

              In our examination, we have assumed the legal capacity of all
natural persons, the genuineness of all signatures, the authenticity of all
documents submitted to us as originals, the conformity to original documents of
all documents submitted to us as certified, facsimile, conformed or photostatic
copies and the authenticity of the originals of such latter documents. In making
our examination of documents executed or to be executed, we have assumed that
the parties thereto other than the Company and the Guarantors had or will have
the power, corporate or other, to enter into and perform all obligations
thereunder and have also assumed the due authorization by all requisite action,
corporate or other, and execution and delivery by such parties of such documents
and the validity and binding effect of such documents on such parties.

              We have relied on the opinions of Miles & Stockbridge P.C. to the
effect that the Company is validly existing and in good standing under the laws
of the State of Maryland and has the corporate power under such laws to enter
into and perform its obligations under the New Notes and the Indenture, and has
duly authorized, executed and delivered the Indenture. In addition, we have
relied on the opinions of Fullerton, Lemann, Schaefer & Dominick, LLP to the
effect that Ronald Lee Suttles Tri-County Extradition, Inc., a California
corporation, is validly existing and in good standing under the laws of the
State of California and has the corporate power under such laws to enter into
and perform its obligations under the Guarantees and the Indenture, and has duly
authorized, executed and delivered the Guarantees and the Indenture.

              In connection with this opinion, we have assumed that the
Registration Statement will have become effective, and that the New Notes will
be issued and sold in compliance with applicable federal and state securities
laws and in the manner described in the Registration Statement.

              As to any facts material to the opinion expressed herein that have
not been independently established or verified, we have relied upon the oral or
written statements and representations of officers and other representatives of
the Company, the Guarantors and others.

              Based on the foregoing, and subject to the qualifications and
limitations stated herein, we are of the opinion that:

       1. When the New Notes (in the form examined by us) have been duly
executed and authenticated in accordance with the terms of the Indenture and
have been delivered upon consummation of the Exchange Offer against receipt of
Old Notes surrendered in exchange therefor in accordance with the terms of the
Exchange Offer, the Registration Rights Agreement and the Indenture, the New
Notes will constitute valid and binding obligations of

<PAGE>

Corrections Corporation of America
April 1, 2004
Page 3


the Company, entitled to the benefits of the Indenture and enforceable against
the Company in accordance with their terms, except that the enforcement thereof
may be limited by (A) bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or similar laws now or hereafter in effect relating to or
affecting the enforcement of creditors' rights generally and (B) general
principles of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the possible unavailability of
specific performance or injunctive relief (regardless of whether enforceability
is considered in a proceeding at law or in equity).

       2. When the New Notes have been duly executed and authenticated in
accordance with the terms of the Indenture and have been issued and delivered
upon consummation of the Exchange Offer against receipt of Old Notes surrendered
in exchange therefor in accordance with the terms of the Exchange Offer, the
Registration Rights Agreement and the Indenture, and each of the Guarantees has
been attached thereto in accordance with the Exchange Offer, each Guarantee will
constitute the valid and binding obligation of each Guarantor a party thereto,
enforceable against each such Guarantor in accordance with its terms, except
that the enforcement thereof may be limited by (A) bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or similar laws now or
hereafter in effect relating to or affecting the enforcement of creditors'
rights generally and (B) general principles of equity, including, without
limitation, concepts of materiality, reasonableness, good faith and fair dealing
and the possible unavailability of specific performance or injunctive relief
(regardless of whether enforceability is considered in a proceeding at law or in
equity).

              We assume no obligation to advise you of changes in law or fact
(or the effect thereof on the opinions expressed herein) that hereafter may come
to our attention.

              This opinion is given in connection with the Registration
Statement and may not be relied upon for any other purpose. We hereby consent to
the reference to our law firm in the Registration Statement under the caption
"Legal Matters" and the filing of this opinion with the Commission as Exhibit 5
to the Registration Statement. In giving this consent, we do not admit that we
are within the category of persons whose consent is required under Section 7 of
the Securities Act of 1933, as amended.



                                                   Very truly yours,



                                                   /s/ Bass, Berry & Sims PLC


<PAGE>





                                   SCHEDULE I

                               LIST OF GUARANTORS

<TABLE>
<CAPTION>


                                                           STATE OR OTHER JURISDICTION OF
                                                         INCORPORATION OR ORGANIZATION AND
               NAME OF GUARANTOR                               FORM OF ORGANIZATION
               -----------------                               --------------------

<S>                                                     <C>


CCA of Tennessee, Inc.                                               Tennessee
Prison Realty Management, Inc.                                       Tennessee
Technical and Business Institute of America, Inc.                    Tennessee
TransCor America, LLC                                                Tennessee
CCA International, Inc.                                               Delaware
CCA Properties of America, LLC                                       Tennessee
CCA Properties of Arizona, LLC                                       Tennessee
CCA Properties of Tennessee, LLC                                     Tennessee
CCA Properties of Texas, L.P.                                         Delaware
Ronald Lee Suttles Tri-County Extradition, Inc.                      California

</TABLE>






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>g88158exv5w2.txt
<DESCRIPTION>EX-5.2 OPINION OF MILES & STOCKBRIDGE P.C.
<TEXT>
<PAGE>


                                                                    EXHIBIT 5.2




                    [LETTERHEAD OF MILES & STOCKBRIDGE P.C.]


                                 April 1, 2004



Corrections Corporation of America
10 Burton Hills Boulevard
Nashville, TN 37215

Re:      Registration Statement on Form S-4 (Senior Notes)

Ladies and Gentlemen:

We have acted as special Maryland counsel to Corrections Corporation of America,
a Maryland corporation (the "Company"), in connection with the preparation of a
Registration Statement on Form S-4 (the "Registration Statement"), filed by the
Company with the Securities and Exchange Commission under the Securities Act of
1933, as amended (the "Securities Act"), with respect to the issuance by the
Company of up to $200,000,000 aggregate principal amount of its Senior Notes due
2011 (the "New Notes"), such New Notes to be issued pursuant to an exchange
offer (the "Exchange Offer") in exchange for a like principal amount of the
Company's issued and outstanding 7.5% Senior Notes Due 2011 (the "Old Notes"),
as contemplated by the Registration Rights Agreement, dated as of August 8, 2003
(the "Registration Rights Agreement"), by and among the Company, the Guarantors
(as defined therein) and the Initial Purchasers (as defined therein). The Old
Notes were issued, and the New Notes will be issued, under that certain
Indenture, dated as of May 7, 2003, as amended and supplemented by that certain
(i) Supplemental Indenture, dated as of May 7, 2003, (ii) First Supplement to
the Supplemental Indenture, dated as of August 8, 2003, and (iii) Second
Supplement to the Supplemental Indenture, dated as of August 8, 2003
(collectively, the "Indenture"), each of which is among the Company, the
Guarantors and U.S. Bank National Association as Trustee (the "Trustee").

For purposes of giving the opinion set forth in this letter, we have examined:
(a) the Registration Statement, (b) the Indenture, (c) the form of the New
Notes, (d) a certificate of the State Department of Assessments and Taxation of
the State of Maryland, dated March 25, 2004, to the effect that the Company is a
corporation duly incorporated and existing under and by virtue of the laws of
the State of Maryland and is duly authorized to exercise all the powers recited
in its charter and to transaction business in the State of Maryland, and (e)
such other documents, corporate records, laws and regulations as we have deemed
necessary for the purpose of giving the opinions expressed in this letter.


<PAGE>

Corrections Corporation of America
April 1, 2004
Page 2


Based upon that examination and subject to the assumptions and qualifications
set forth herein, we are of the opinion that:

1.       The Company is a corporation validly existing and in good standing
         under the laws of the State of Maryland; and

2.       The execution, delivery and performance of the Indenture and the New
         Notes have been duly authorized by all necessary corporate actions on
         the part of the Company. The Indenture has been duly executed and
         delivered by the Company.

We express no opinion with respect to the laws of, or the effect or
applicability of the laws of, any jurisdiction other than the laws of the State
of Maryland. We point out that the Indenture and the New Notes are, according to
their terms, to be construed in accordance with and governed by the laws of the
State of New York. We acknowledge that Bass, Berry & Sims PLC will rely on the
opinions set forth herein in giving certain opinions of their own on the date
hereof and we consent to that reliance. The opinion expressed herein is limited
to the matters set forth in this letter and no other opinion should be inferred
beyond the matters expressly stated.

We hereby consent to the use of our name under the heading "Legal Matters" in
the Registration Statement and the prospectus which is included therein and to
the filing of this opinion letter with the Registration Statement as an exhibit
thereto. In giving our consent, we do not thereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the Securities and Exchange Commission
thereunder.

Very truly yours,

Miles & Stockbridge P.C.


By: /s/ J.W. Thompson Webb
    -------------------------
    Principal


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>g88158exv5w3.txt
<DESCRIPTION>EX-5.3 OPINION-FULLERTON,LEMANN,SCHAEFER&DOMINICK
<TEXT>
<PAGE>






                                                                  EXHIBIT 5.3



            (FULLERTON, LEMANN, SCHAEFER & DOMINICK, LLP LETTERHEAD)



                                 April 1, 2004


Corrections Corporation of America
10 Burton Hills Boulevard
Nashville, TN 37215

Bass, Berry & Sims PLC
315 Deaderick Street, Suite 2700
Nashville, TN 37238


         RE:      RONALD LEE SUTTLES TRI-COUNTY EXTRADITION, INC.


Ladies and Gentlemen:

As of the date of this letter, we are acting as special California counsel to
Ronald Lee Suttles Tri-County Extradition, Inc., a California corporation (the
"Guarantor"), a subsidiary of Corrections Corporation of America, a Maryland
Corporation (the "Company"), in connection with the proposed issuance by the
Guarantor of a guarantee (the "Guarantee") of Corrections Corporation of
America's Senior Notes due 2011 (the "New Notes"), such New Notes to be issued
pursuant to an exchange offer (the "Exchange Offer") in exchange for a like
principal amount and denomination of the Company's issued and outstanding 7.5%
Senior Notes Due 2011 (the "Old Notes"), as contemplated by the Registration
Rights Agreement dated as of August 8, 2003 (the "Registration Rights
Agreement"), by and among the Company, the Guarantor, certain other subsidiary
guarantors of the Company and the Initial Purchasers (as defined therein). The
Old Notes were issued, and the New Notes will be issued, under that certain
Indenture dated as of May 7, 2003, as amended and supplemented by that certain
(i) Supplemental Indenture dated as of May 7, 2003 (the "Supplemental
Indenture"), (ii) First Supplement to the Supplemental Indenture dated as of
August 8, 2003, and (iii) Second Supplement to the Supplemental Indenture dated
as of August 8, 2003 (collectively, the "Indenture"), each of which is among the
Company, the Guarantor, certain subsidiary guarantors of the Company and U.S.
Bank National Association as Trustee.

In so acting, we have examined copies of the form of the New Notes and executed
copies of the Indenture and the Guarantee. We have also examined and identified
to our satisfaction, originals or copies, certified or otherwise of such
corporate records, agreements, documents and other instruments, and such
certificates or comparable documents of public officials and of officers and


<PAGE>


Corrections Corporation of America
Bass, Berry & Sims PLC
April 1, 2004
Page 2 of 3


representatives of the Guarantor and have made such inquiries of such officers
and representatives, as we have deemed relevant and necessary as a basis for the
opinions hereinafter set forth. For purposes of the opinion on the good standing
of the Guarantor, we have relied upon the factual matters presented to us, and
upon a Certificate of Good Standing of recent date, which we believe interested
parties are justified in relying upon. We have also examined all applicable
provisions of California law as we consider necessary for purposes of giving the
opinions expressed herein. The Indenture provides that it is governed by the
laws of the State of New York. We presume that a court considering the issue
would respect that choice, and we do not render an opinion as to New York law.

In such examination, we have assumed the genuineness of all signatures, the
legal capacity of natural persons, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents
submitted to us as certified, facsimile, email, conformed or photo static copies
and the authenticity of the originals of such latter documents and that all
public records viewed by us or on our behalf are accurate and complete. As to
various issues of fact, we have relied upon certificates or comparable documents
of officers and representatives of the Guarantor.

Based on the foregoing, and subject to the qualifications stated herein, we are
of the opinion that:

         1. The  Guarantor is a corporation validly existing and in good
standing under the laws of the State of California; and

         2. The execution, delivery and performance of the Indenture and the
Guarantee have been duly authorized by all necessary corporate actions on the
part of the Guarantor. Each of the Indenture and the Guarantee has been duly
executed and delivered by the Guarantor.

The opinions expressed herein are limited to the corporate laws of the State of
California, and we express no opinion as to the effect on the matters covered by
this letter of the laws of any other jurisdiction.

The opinions expressed herein are limited to matters set forth in this letter
and no other opinion should be inferred beyond the matter expressly stated.

The opinions expressed herein are for your benefit and the benefit of Bass,
Berry & Sims PLC in connection with the transactions described herein, and we
acknowledge that Bass, Berry & Sims PLC may rely on our opinions in giving
certain opinions to you dated the date hereof. The opinions expressed herein are
valid only with respect to the date hereof, and we assume no obligation to
advise you of facts, circumstances, events or developments which may be brought
to our attention after the date hereof and which may alter, affect or modify
those opinions.


<PAGE>

Corrections Corporation of America
Bass, Berry & Sims PLC
April 1, 2004
Page 3 of 3



We hereby consent to the use of this opinion as an exhibit to the Registration
Statement on Form S-4 and the reference to our firm in the Prospectus filed by
you with the Securities and Exchange Commission covering the New Notes.



                                               Very truly yours,

                                               FULLERTON, LEMANN,
                                               SCHAEFER & DOMINICK, LLP

                                               By: /s/ Craig E. Wilson



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>g88158exv8w1.txt
<DESCRIPTION>EX-8.1 TAX MATTERS OPINION OF BASS, BERRY & SIMS
<TEXT>
<PAGE>


                                                                   EXHIBIT 8.1


                       (BASS, BERRY & SIMS PLC LETTERHEAD)


                                 April 1, 2004

Corrections Corporation of America
10 Burton Hills Boulevard
Nashville, TN 37215

       Re:    Offer for All Outstanding 7.5% Senior Notes Due 2011 of
              Corrections Corporation of America in Exchange for 7.5% Senior
              Notes Due 2011 of Corrections Corporation of America -
              Registration Statement on Form S-4

Ladies and Gentlemen:

              We have acted as counsel to Corrections Corporation of America, a
Maryland corporation (the "Company"), and the Guarantors (as defined below) in
connection with the public offering of up to $200,000,000 aggregate principal
amount of 7.5% Senior Notes Due 2011 (the "New Notes") of the Company that are
to be guaranteed on an unsecured senior basis (the "Guarantees") by the
subsidiaries of the Company listed on Schedule I attached hereto (the subsidiary
guarantors set forth on Schedule I attached hereto being collectively referred
to herein as the "Guarantors"). The New Notes are to be issued pursuant to an
exchange offer (the "Exchange Offer") in exchange for a like principal amount
and denomination of the Company's issued and outstanding 7.5% Senior Notes Due
2011 (the "Old Notes"), as contemplated by the Registration Rights Agreement
dated as of August 8, 2003 (the "Registration Rights Agreement"), by and among
the Company, the Guarantors and the Initial Purchasers (as defined therein). The
Old Notes were issued, and the New Notes will be issued, under that certain
Indenture dated as of May 7, 2003, as amended and supplemented by that certain
(i) Supplemental Indenture dated as of May 7, 2003 (the "Supplemental
Indenture"), (ii) First Supplement to the Supplemental Indenture dated as of
August 8, 2003, and (iii) Second Supplement to the Supplemental Indenture dated
as of August 8, 2003 (collectively, the "Indenture"), each of which is among the
Company, the Guarantors and U.S. Bank National Association as Trustee (the
"Trustee").

              In connection with this opinion, we have examined originals or
copies, certified or otherwise identified to our satisfaction, of (i) the
Registration Statement on Form S-4 of the Company relating to the Exchange
Offer, as filed with the Securities and Exchange Commission (the "Commission")
on the date hereof (the "Registration Statement"); (ii) an executed copy of the
Registration Rights Agreement; (iii) an executed copy of the Indenture; (iv) the
Form T-1 of the Trustee filed as an exhibit to the Registration Statement; (v)
the form of the New Notes; and (vi) executed copies of the Guarantees. We also
have examined and relied upon originals or copies, certified or otherwise
identified to our satisfaction, of such


<PAGE>

Corrections Corporation of America
April 1, 2004
Page 2


records, documents, certificates and other instruments as in our judgment are
necessary or appropriate in order to express the opinions hereinafter set forth.

            Based on the foregoing, the statements in the Registration Statement
set forth under the caption "Federal Income Tax Considerations," constitute our
opinion of the material U.S. federal income tax considerations applicable to the
offering of the New Notes. In arriving at the opinion expressed above, we have
assumed that the New Notes will be duly executed and delivered in substantially
the forms set forth in the Indenture and will be issued as described in the
Registration Statement.

            You should be aware that the above opinions are based on our
interpretations of current law, including court authority and existing final and
temporary U.S. Treasury regulations, which law is subject to change both
prospectively and retroactively. Our opinions are not binding on the Internal
Revenue Service or a court and there can be no assurance that the Internal
Revenue Service will not take a contrary position or that a court would agree
with our opinions if litigated. Our opinion is rendered as of the date hereof
and we assume no obligation to update or supplement this opinion or any matter
related to this opinion to reflect any change of fact, circumstances or law
after the date hereof. In the event any one of the statements, representations
or assumptions we have relied upon to issue this opinion is incorrect, our
opinion may be adversely affected.

            This opinion is rendered solely in connection with the Registration
Statement. We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. We also consent to all references to Bass, Berry & Sims
PLC (including discussions of our opinion) included in or made part of the
Registration Statement. In giving this consent, we do not admit that we are in
the category of persons whose consent is required by Section 7 of the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder by
the Securities and Exchange Commission. This opinion may not be relied upon for
any other purpose.

            No opinion has been sought and none has been given concerning the
tax treatment of the issuance and sale of the Notes under the laws of any other
country or any state or locality.




                                                Very truly yours,



                                                /s/ Bass, Berry & Sims PLC


<PAGE>



                                   SCHEDULE I

                               LIST OF GUARANTORS

<TABLE>
<CAPTION>


                                                         STATE OR OTHER JURISDICTION OF
                                                       INCORPORATION OR ORGANIZATION AND
                 NAME OF GUARANTOR                           FORM OF ORGANIZATION
                 -----------------                           --------------------
<S>                                                    <C>

CCA of Tennessee, Inc.                                             Tennessee
Prison Realty Management, Inc.                                     Tennessee
Technical and Business Institute of America, Inc.                  Tennessee
TransCor America, LLC                                              Tennessee
CCA International, Inc.                                             Delaware
CCA Properties of America, LLC                                     Tennessee
CCA Properties of Arizona, LLC                                     Tennessee
CCA Properties of Tennessee, LLC                                   Tennessee
CCA Properties of Texas, L.P.                                       Delaware
Ronald Lee Suttles Tri-County Extradition, Inc.                    California

</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>g88158exv12w1.txt
<DESCRIPTION>EX-12.1 STATEMENT REGARDING COMPUTATION OF RATIOS
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    EXHIBIT 12.1

                   STATEMENT REGARDING COMPUTATION OF RATIOS

<Table>
<Caption>
                                                        YEARS ENDED DECEMBER 31,
                                          ----------------------------------------------------
                                            1999       2000        2001      2002       2003
                                          --------   ---------   --------   -------   --------
<S>                                       <C>        <C>         <C>        <C>       <C>
Income (loss) from continuing operations
  before income taxes, minority interest
  and cumulative effect of accounting
  change................................  $  9,990   $(782,826)  $ 13,318   $ 6,617   $ 90,203
Distributions from affiliates...........    21,600       6,700         --        --         --
Equity (earnings) loss from
  affiliates............................     7,092      21,438        358       153       (119)
Fixed charges...........................    89,621     153,330    133,718    91,910     78,948
Less interest capitalized...............   (37,700)     (8,330)        --        --       (900)
                                          --------   ---------   --------   -------   --------
Earnings................................  $ 90,603   $(609,688)  $147,394   $98,680   $168,132
                                          ========   =========   ========   =======   ========
Interest expense........................  $ 44,020   $ 129,316   $110,605   $80,094   $ 70,543
Interest capitalized....................    37,700       8,330         --        --        900
Amortization of debt discount and
  premium and issuance expense..........     7,901      15,684     23,113    11,816      7,505
                                          --------   ---------   --------   -------   --------
Fixed charges...........................  $ 89,621   $ 153,330   $133,718   $91,910   $ 78,948
                                          ========   =========   ========   =======   ========
Ratio of Earnings to Fixed Charges......       1.0x        N/A        1.1x      1.1x      2.1x
                                          ========   =========   ========   =======   ========
</Table>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>g88158exv23w1.txt
<DESCRIPTION>EX-23.1 CONSENT OF INDEPENDENT AUDITORS
<TEXT>
<PAGE>

                                                                    EXHIBIT 23.1

                        CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-4) and related Prospectus of Corrections
Corporation of America for the registration of up to $200,000,000 of 7.5% Senior
Notes due 2011 and to the incorporation by reference therein of our report dated
February 6, 2004 (except with respect to the matters discussed in the eleventh
paragraph of Note 15 and the second paragraph of Note 17, as to which the date
is February 19, 2004), with respect to the consolidated financial statements of
Corrections Corporation of America and Subsidiaries, included in Corrections
Corporation of America's Annual Report (Form 10-K) for the year ended December
31, 2003, filed with the Securities and Exchange Commission.

                                          /S/ ERNST & YOUNG LLP

Nashville, Tennessee
March 30, 2004

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>9
<FILENAME>g88158exv25w1.txt
<DESCRIPTION>EX-25.1 STATEMENT OF ELIGIBILITY OF TRUSTEE
<TEXT>
<PAGE>
                                                                   EXHIBIT 25.1


===============================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                           --------------------------

                                    FORM T-1

                         STATEMENT OF ELIGIBILITY UNDER
                      THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE
              Check if an Application to Determine Eligibility of
                    a Trustee Pursuant to Section 305(b)(2)

            -------------------------------------------------------

                         U.S. BANK NATIONAL ASSOCIATION
              (Exact name of Trustee as specified in its charter)

                                   31-0841368
                       I.R.S. Employer Identification No.


        180 East Fifth Street
          St. Paul, Minnesota                                          55101
(Address of principal executive offices)                             (Zip Code)

                             GEORGE H. DAVISON, JR.
                         U.S. Bank National Association
                               One Federal Street
                                Boston, MA 02110
                                 (617) 603-6559

           (Name, address and telephone number of agent for service)

                      CORRECTIONS CORPORATION OF AMERICA*
                    (Issuer with respect to the Securities)

               MARYLAND                                         62-1763875
     (State or other jurisdiction                            (I.R.S. Employer
   of incorporation or organization)                        Identification No.)

10 BURTON HILLS BOULEVARD, NASHVILLE, TN                         37215
(Address of Principal Executive Offices)                       (Zip Code)

-        See attached table for additional issuers.


                           7.5% SENIOR NOTES DUE 2011
                      (TITLE OF THE INDENTURE SECURITIES)

===============================================================================


<PAGE>
                          TABLE OF ADDITIONAL ISSUERS


<TABLE>
<CAPTION>
                                                      State or Other           Primary Standard
  Exact Name of Issuer as                             Jurisdiction of            Industrial             I.R.S. Employee
 Specified in its Charter                            Incorporation or          Classification           Identification
or Organizational Document*                            Organization              Code Number                Number
---------------------------                          ----------------          ----------------         ---------------
<S>                                                  <C>                       <C>                      <C>
CCA of Tennessee, Inc......................             Tennessee                    8744                  62-1806755
Prison Realty Management, Inc..............             Tennessee                    8744                  62-1696286
Technical and Business Institute of
  America, Inc.............................             Tennessee                    8744                  38-2999108
TransCor America, LLC......................             Tennessee                    8744                  62-1428259
CCA International, Inc.....................              Delaware                    8744                  62-1310460
CCA Properties of America, LLC.............             Tennessee                    8744                  43-1988721
CCA Properties of Arizona, LLC.............             Tennessee                    8744                  43-1988725
CCA Properties of Tennessee, LLC...........             Tennessee                    8744                  43-1988730
CCA Properties of Texas, L.P...............              Delaware                    8744                  43-1988735
Ronald Lee Suttles Tri-County
  Extradition, Inc.........................             California                   8744                  33-0451880
</TABLE>


---------
*        Addresses and telephone numbers of principal executive offices are the
         same as that of Corrections Corporation of America, except for
         TransCor America, LLC and Ronald Lee Suttles Tri-County Extradition,
         Inc., each of whose principal address is 646 Melrose Avenue,
         Nashville, Tennessee 37211 and telephone number is (615) 251-7008.


                                       2
<PAGE>
                                    FORM T-1


ITEM 1.  GENERAL INFORMATION. Furnish the following information as to the
         Trustee.

         a)       Name and address of each examining or supervising authority
                  to which it is subject.
                       Comptroller of the Currency
                       Washington, D.C.

         b)       Whether it is authorized to exercise corporate trust powers.
                       Yes

ITEM 2.  AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the
         Trustee, describe each such affiliation.
                  None

ITEMS 3-15        Items 3-15 are not applicable because to the best of the
                  Trustee's knowledge, the obligor is not in default under any
                  Indenture for which the Trustee acts as Trustee.

ITEM 16. LIST OF EXHIBITS: List below all exhibits filed as a part of this
         statement of eligibility and qualification.

         1.       A copy of the Articles of Association of the Trustee.*

         2.       A copy of the certificate of authority of the Trustee to
                  commence business.*

         3.       A copy of the certificate of authority of the Trustee to
                  exercise corporate trust powers.*

         4.       A copy of the existing bylaws of the Trustee.*

         5.       A copy of each Indenture referred to in Item 4. Not
                  applicable.

         6.       The consent of the Trustee required by Section 321(b) of the
                  Trust Indenture Act of 1939, attached as Exhibit 6.

         7.       Report of Condition of the Trustee as of DECEMBER 31, 2003,
                  published pursuant to law or the requirements of its
                  supervising or examining authority, attached as Exhibit 7.

         8.       A copy of any order pursuant to which the foreign trustee is
                  authorized to act as sole trustee under indentures qualified
                  or to be qualified under the Act: Not applicable.

*        Incorporated by reference to Registration Number 333-67188 dated
         November 16, 2001.


                                       3
<PAGE>
                                      NOTE

         The answers to this statement insofar as such answers relate to what
persons have been underwriters for any securities of the obligors within three
years prior to the date of filing this statement, or what persons are owners of
10% or more of the voting securities of the obligors, or affiliates, are based
upon information furnished to the Trustee by the obligors. While the Trustee
has no reason to doubt the accuracy of any such information, it cannot accept
any responsibility therefor.

                                   SIGNATURE

         Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking
association organized and existing under the laws of the United States of
America, has duly caused this statement of eligibility to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of
Boston, Commonwealth of Massachusetts on the 1st DAY OF APRIL 2004.


                                        U.S. BANK NATIONAL ASSOCIATION

                                        By: /s/ GEORGE H. DAVISON, JR.
                                            -----------------------------------
                                            GEORGE H. DAVISON, JR.
                                            OFFICER


By: /s/ DORI ANNE SEAKAS
    ---------------------------------
    DORI ANNE SEAKAS
    OFFICER


                                       4
<PAGE>
                                   EXHIBIT 6

                                    CONSENT


         In accordance with Section 321(b) of the Trust Indenture Act of 1939,
the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of
examination of the undersigned by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange
Commission upon its request therefor.


DATED:  APRIL 1, 2004


                                        U.S. BANK NATIONAL ASSOCIATION

                                        By: /s/ GEORGE H. DAVISON, JR.
                                            -----------------------------------
                                            GEORGE H. DAVISON, JR.
                                            OFFICER


By: /s/ DORI ANNE SEAKAS
    ---------------------------------
    DORI ANNE SEAKAS
    OFFICER


                                       5
<PAGE>
                                   EXHIBIT 7
                         U.S. BANK NATIONAL ASSOCIATION
                        STATEMENT OF FINANCIAL CONDITION
                                AS OF 12/31/2003

                                    ($000'S)


<TABLE>
<CAPTION>
                                                       12/31/2003
                                                      ------------

<S>                                                   <C>
ASSETS
     Cash and Due From Depository Institutions        $  8,631,361
     Federal Reserve Stock                                       0
     Securities                                         42,963,396
     Federal Funds                                       2,551,376
     Loans & Lease Financing Receivables               113,297,142
     Fixed Assets                                        1,840,487
     Intangible Assets                                   9,545,158
     Other Assets                                        7,838,793
                                                      ------------
         TOTAL ASSETS                                 $186,667,713

LIABILITIES
     Deposits                                         $128,249,183
     Fed Funds                                           8,683,536
     Treasury Demand Notes                                       0
     Trading Liabilities                                   213,447
     Other Borrowed Money                               21,664,023
     Acceptances                                           123,996
     Subordinated Notes and Debentures                   5,953,524
     Other Liabilities                                   5,173,011
                                                      ------------
     TOTAL LIABILITIES                                $170,060,720

EQUITY
     Minority Interest in Subsidiaries                $  1,002,595
     Common and Preferred Stock                             18,200
     Surplus                                            11,677,397
     Undivided Profits                                   6,344,019
                                                      ------------
         TOTAL EQUITY CAPITAL                         $ 19,042,211

TOTAL LIABILITIES AND EQUITY CAPITAL                  $189,102,931
</TABLE>



-------------------------------------------------------------------------------
To the best of the undersigned's determination, as of the date hereof, the
above financial information is true and correct.


U.S. BANK NATIONAL ASSOCIATION

By: /s/ GEORGE H. DAVISON, JR.
    ------------------------------------------
    GEORGE H. DAVISON, JR.
    OFFICER


Dated:  April 1, 2004


                                       6

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>10
<FILENAME>g88158exv99w1.txt
<DESCRIPTION>EX-99.1 LETTER OF TRANSMITTAL
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.1

                             LETTER OF TRANSMITTAL

                                   TO TENDER
              OUTSTANDING UNREGISTERED 7.5% SENIOR NOTES DUE 2011
                                       OF

                       CORRECTIONS CORPORATION OF AMERICA
                 PURSUANT TO THE EXCHANGE OFFER AND PROSPECTUS
                           DATED               , 2004

THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK
CITY TIME, ON             , 2004 (THE "EXPIRATION DATE"), UNLESS THE EXCHANGE
OFFER IS EXTENDED BY THE COMPANY.

                 The Exchange Agent for the Exchange Offer is:

                         U.S. BANK NATIONAL ASSOCIATION

<Table>
<S>                                   <C>                                   <C>
              By Mail:                              By Hand:                           By Facsimile:
   U.S. Bank National Association        U.S. Bank National Association         (651) 495-8158 (for eligible
        60 Livingston Avenue                  60 Livingston Avenue                   institutions only)
         St. Paul, MN 55107                    St. Paul, MN 55107                  Confirm by Telephone:
   Attention: Specialized Finance        Attention: Specialized Finance                (800) 934-6802
           (800) 934-6802                        (800) 934-6802
</Table>

    DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH
ABOVE OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE TRANSMISSION TO A NUMBER
OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.

    IF YOU WISH TO EXCHANGE CURRENTLY OUTSTANDING AND UNREGISTERED 7.5% SENIOR
NOTES DUE 2011 FOR AN EQUAL AGGREGATE PRINCIPAL AMOUNT AT MATURITY OF NEWLY
REGISTERED 7.5% SENIOR NOTES DUE 2011 PURSUANT TO THE EXCHANGE OFFER, YOU MUST
VALIDLY TENDER (AND NOT WITHDRAW) SUCH UNREGISTERED NOTES TO THE EXCHANGE AGENT
PRIOR TO THE EXPIRATION DATE.

    The undersigned hereby acknowledges receipt of the Prospectus, dated
         , 2004 (the "Prospectus"), of Corrections Corporation of America, a
Maryland corporation (the "Company"), and this Letter of Transmittal (the
"Letter of Transmittal"), which together describe the Company's offer (the
"Exchange Offer") to exchange its 7.5% Senior Notes due 2011 (the "New Notes")
that have been registered under the Securities Act of 1933, as amended (the
"Securities Act"), for a like principal amount of its issued and outstanding
unregistered 7.5% Senior Notes due 2011 (the "Unregistered Notes"). Capitalized
terms used but not defined herein have the respective meanings given to them in
the Prospectus.

    The Company reserves the right, at any time or various times, to extend the
Exchange Offer at its discretion, in which event the term "Expiration Date"
shall mean the latest date to which the Exchange Offer is extended. The Company
shall notify the Exchange Agent and each registered holder of the Unregistered
Notes of any extension by oral or written notice no later than 9:00 a.m., New
York City time, on the business day after the previously scheduled Expiration
Date.

    This Letter of Transmittal is to be used by a holder of Unregistered Notes
if Unregistered Notes are to be forwarded herewith. An Agent's Message (as
defined in the next sentence) is to be used if delivery of Unregistered Notes is
to be made by book-entry transfer to the account maintained by the Exchange
Agent at The Depository Trust Company (the "Book-Entry Transfer Facility")
pursuant to the procedures set forth in the Prospectus under the caption
"Exchange Offer -- Procedures for Tendering." The term "Agent's Message" means a
message, transmitted by the Book-Entry Transfer Facility and received by the
Exchange Agent and forming a part of the confirmation of a book-entry transfer
("Book-Entry Confirmation"), which states that the Book-Entry Transfer Facility
has received an express acknowledgment from a participant tendering Unregistered
Notes that are the subject of such Book-Entry Confirmation and that such
participant has received and agrees to be bound by the terms of the Letter of
Transmittal and that the Company may enforce such agreement against such
participant. Holders of Unregistered Notes whose Unregistered Notes are not
immediately available, or who are unable to deliver their Unregistered Notes and
all other documents required by this Letter of Transmittal to the Exchange Agent
on or prior to the Expiration Date, or who are unable to complete the procedure
for book-entry transfer on a timely basis, must tender their Unregistered Notes
according to the guaranteed delivery procedures set forth in the Prospectus
under the caption "Exchange Offer -- Guaranteed Delivery Procedures." Delivery
of documents to the Book-Entry Transfer Facility does not constitute delivery to
the Exchange Agent.

    The term "holder" with respect to the Exchange Offer means any person in
whose name Unregistered Notes are registered on the books of the Company or any
other person who has obtained a properly completed bond power from such
registered holder. The undersigned has completed, executed and delivered this
Letter of Transmittal to indicate the action the undersigned desires to take
with respect to the Exchange Offer. Holders who wish to tender their
Unregistered Notes must complete this Letter of Transmittal in its entirety.
                          SIGNATURES MUST BE PROVIDED.
              PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.
<PAGE>

Ladies and Gentlemen:

     1. The undersigned hereby tenders to the Company the Unregistered Notes
described in the box entitled "Description of Unregistered Notes Tendered"
pursuant to the Company's offer of $1,000 principal amount at maturity of New
Notes in exchange for each $1,000 principal amount at maturity of the
Unregistered Notes, upon the terms and subject to the conditions contained in
the Prospectus, receipt of which is hereby acknowledged, and in this Letter of
Transmittal.

     2. The undersigned hereby represents and warrants that it has full
authority to tender the Unregistered Notes described above. The undersigned
will, upon request, execute and deliver any additional documents deemed by the
Company to be necessary or desirable to complete the tender of Unregistered
Notes.

     3. The undersigned understands that the tender of the Unregistered Notes
pursuant to all of the procedures set forth in the Prospectus will constitute an
agreement between the undersigned and the Company as to the terms and conditions
set forth in the Prospectus.

     4. The undersigned acknowledge(s) that the Exchange Offer is being made in
reliance upon interpretations contained in no-action letters issued to third
parties by the staff of the Securities and Exchange Commission (the "SEC"),
including Exxon Capital Holdings Corp., SEC No-Action Letter (available May 13,
1988), Morgan Stanley & Co., Inc., SEC No-Action Letter (available June 5,
1991), and Shearman & Sterling, SEC No-Action Letter (available July 2, 1993),
that the New Notes issued in exchange for the Unregistered Notes pursuant to the
Exchange Offer may be offered for resale, resold and otherwise transferred by
holders thereof (other than a broker-dealer who purchased Unregistered Notes
exchanged for such New Notes directly from the Company to resell pursuant to
Rule 144A or any other available exemption under the Securities Act, and any
such holder that is an "affiliate" of the Company within the meaning of Rule 405
under the Securities Act), without compliance with the registration and
prospectus delivery provisions of the Securities Act, provided that such New
Notes are acquired in the ordinary course of such holders' business and such
holders are not participating in, and have no arrangement with any person to
participate in, the distribution of such New Notes.

     5. Unless the box under the heading "Special Registration Instructions" is
checked, the undersigned hereby represents and warrants that:

          a. the New Notes acquired pursuant to the Exchange Offer are being
     obtained in the ordinary course of business of the undersigned, whether or
     not the undersigned is the holder;

          b. neither the undersigned nor any such other person has an
     arrangement or understanding with any person to participate in the
     distribution of such New Notes;

          c. neither the holder nor any such other person is an "affiliate," as
     such term is defined under Rule 405 promulgated under the Securities Act,
     of the Company or if it is an affiliate, such holder will comply with the
     registration and prospectus delivery requirements of the Securities Act to
     the extent applicable; and

          d. neither the undersigned nor any such other person is engaging in or
     intends to engage in a distribution of such New Notes.

     6. The undersigned may, if unable to make all of the representations and
warranties contained in Item 5 above and as otherwise permitted in the
registration rights agreement, dated as of August 8, 2003 (the "Registration
Rights Agreement"), by and among the Company, the Guarantors (as defined
therein) and the Initial Purchasers (as defined therein), elect to have its
Unregistered Notes registered in the shelf registration statement described in
the Registration Rights Agreement. Such election may be made by checking the box
below entitled "Special Registration Instructions." By making such election, the
undersigned agrees, as a holder of Unregistered Notes participating in a shelf
registration, to indemnify and hold harmless the Company and its affiliates,
their respective officers, directors, partners, employees, representatives and
agents and each person who controls the Company within the meaning of either the
Securities Act or the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), from and against any and all losses, claims, damages, liabilities,
judgments, actions and expenses (including, without limitation, and as incurred,
reimbursement of all reasonable costs of investigating, preparing, pursuing,
settling, compromising, paying or defending any claim or action, or any
investigation or proceeding by an governmental agency or body, commenced or
threatened, including the reasonable fees and expenses of counsel) joint or
several, directly or indirectly caused by any untrue statement or alleged untrue

                                        2
<PAGE>

statement of a material fact contained in any shelf registration statement or
prospectus, or in any supplement thereto or amendment thereof, or caused by the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading; but
only with respect to information relating to the undersigned furnished in
writing by or on behalf of the undersigned expressly for use in a shelf
registration statement, a prospectus or any amendments or supplements thereto.
Any such indemnification shall be governed by the terms and subject to the
conditions set forth in the Registration Rights Agreement, including, without
limitation, the applicable provisions regarding notice, retention of counsel,
contribution and payment of expenses set forth therein. The above summary of the
indemnification provision of the Registration Rights Agreement is not intended
to be exhaustive and is qualified in its entirety by the Registration Rights
Agreement.

     7. If the undersigned is a broker-dealer that will receive New Notes for
its own account in exchange for Unregistered Notes, it represents that the
Unregistered Notes to be exchanged for New Notes were acquired by it as a result
of market-making activities or other trading activities and acknowledges that it
will deliver a prospectus in connection with any resale of such New Notes;
however, by so acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an "underwriter" within the meaning of
the Securities Act. If the undersigned is a broker-dealer and Unregistered Notes
held for its own account were not acquired as a result of market-making or other
trading activities, such Unregistered Notes cannot be exchanged pursuant to the
Exchange Offer.

     8. Any obligation of the undersigned hereunder shall be binding upon the
successors, assigns, executors, administrators, trustees in bankruptcy and legal
and personal representatives of the undersigned.

     9. Unless otherwise indicated herein under "Special Delivery Instructions,"
please issue the certificates for the New Notes in the name of the undersigned.

     List below the Unregistered Notes to which this Letter of Transmittal
relates. If the space below is inadequate, list the registered numbers and
principal amounts on a separate signed schedule and affix the list to this
Letter of Transmittal.

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------
                                 DESCRIPTION OF UNREGISTERED NOTES TENDERED
------------------------------------------------------------------------------------------------------------
      NAME(S) AND ADDRESS(ES) OF                                 AGGREGATE PRINCIPAL         PRINCIPAL
    REGISTERED HOLDER(S) EXACTLY AS           REGISTERED         AMOUNT REPRESENTED            AMOUNT
NAME(S) APPEAR(S) ON UNREGISTERED NOTES       NUMBER(S)*       BY UNREGISTERED NOTE(S)       TENDERED**
------------------------------------------------------------------------------------------------------------
<S>                                      <C>                   <C>                      <C>

-----------------------------------------------------------------------------

-----------------------------------------------------------------------------

-----------------------------------------------------------------------------

-----------------------------------------------------------------------------

 * Need not be completed by book-entry holders.
** Unless otherwise indicated, any tendering holder of Unregistered Notes will be deemed to have tendered
   the entire aggregate principal amount represented by such Unregistered Notes. All tenders must be in
   integral multiples of $1,000.
------------------------------------------------------------------------------------------------------------
</Table>

                               METHOD OF DELIVERY

[ ] CHECK HERE IF TENDERED UNREGISTERED NOTES ARE ENCLOSED HEREWITH.

[ ] CHECK HERE IF TENDERED UNREGISTERED NOTES ARE BEING DELIVERED BY BOOK-ENTRY
    TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE BOOK-
    ENTRY TRANSFER FACILITY AND COMPLETE THE FOLLOWING:

    Name of Tendering Institution:
--------------------------------------------------------------------------------

                                        3
<PAGE>

Account Number:
--------------------------------------------------------------------------------

Transaction Code Number:
--------------------------------------------------------------------------------

[ ] Check here if tendered Unregistered Notes are being delivered pursuant to a
    Notice of Guaranteed Delivery and complete the following:

    Name(s) of Registered Holder(s):
--------------------------------------------------------------------------------

    Date of Execution of Notice of Guaranteed Delivery:
--------------------------------------------------------------------------------

    Window Ticket Number (if available):
--------------------------------------------------------------------------------

    Name of Eligible Institution that Guaranteed Delivery:
--------------------------------------------------------------------------------

    Account Number (if delivered by book-entry transfer):
--------------------------------------------------------------------------------

                                        4
<PAGE>

                         SPECIAL ISSUANCE INSTRUCTIONS
                           (SEE INSTRUCTIONS 5 AND 6)

     To be completed ONLY (i) if Unregistered Notes in a principal amount not
tendered, or New Notes issued in exchange for Unregistered Notes accepted for
exchange, are to be issued in the name of someone other than the undersigned, or
(ii) if Unregistered Notes tendered by book-entry transfer that are not
exchanged are to be returned by credit to an account maintained at the Book-
Entry Transfer Facility. Issue New Notes and/or Unregistered Notes to:

Name:
--------------------------------------------------------------------------------
                                (TYPE OR PRINT)

Address:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                   (ZIP CODE)

--------------------------------------------------------------------------------
                 (TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER)
                         (COMPLETE SUBSTITUTE FORM W-9)

Credit unexchanged unregistered notes delivered by book-entry transfer to the
book-entry transfer facility set forth below:

--------------------------------------------------------------------------------

Book-Entry Transfer Facility Account Number:

--------------------------------------------------------------------------------

                         SPECIAL DELIVERY INSTRUCTIONS
                           (SEE INSTRUCTIONS 5 AND 6)

     To be completed ONLY if the New Notes are to be issued or sent to someone
other than the undersigned or to the undersigned at an address other than as
indicated above.
Mail [ ]  Issue [ ]  (check appropriate boxes)

Name:
--------------------------------------------------------------------------------
                                (TYPE OR PRINT)

Address:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                   (ZIP CODE)

--------------------------------------------------------------------------------
                 (TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER)

                       SPECIAL REGISTRATION INSTRUCTIONS

     To be completed ONLY if (i) the undersigned satisfies the conditions set
forth in Item 6 above, (ii) the undersigned elects to register its Unregistered
Notes in the shelf registration statement described in the Registration Rights
Agreement and (iii) the undersigned agrees to indemnify certain entities and
individuals as set forth in Item 6 above. (See Item 6.)

     [ ] By checking this box, the undersigned hereby (i) represents that it is
unable to make all of the representations and warranties set forth in Item 5
above and is entitled to have its Unregistered Notes registered in a shelf
registration statement in accordance with the Registration Rights Agreement,
(ii) elects to have its Unregistered Notes registered pursuant to the shelf
registration statement described in the Registration Rights Agreement and (iii)
agrees to comply with the Registration Rights Agreement and indemnify certain
entities and individuals identified in, and to the extent provided in, Item 6
above.

                                        5
<PAGE>

                       SPECIAL BROKER-DEALER INSTRUCTIONS

[ ] Check here if you are a broker-dealer and wish to receive 10 additional
copies of the Prospectus and 10 copies of any amendments or supplements thereto.

Name:
--------------------------------------------------------------------------------
                                 (PLEASE PRINT)

Address:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                   (ZIP CODE)

                                   IMPORTANT
                        PLEASE SIGN HERE WHETHER OR NOT
            UNREGISTERED NOTES ARE BEING PHYSICALLY TENDERED HEREBY
                  (COMPLETE ACCOMPANYING SUBSTITUTE FORM W-9)

Signature(s) of Registered Holders of Unregistered Notes:

X
--------------------------------------------------------------------------------

X
--------------------------------------------------------------------------------

Dated:
--------------------------------------------------------------------------------

(The above lines must be signed by the registered holder(s) of Unregistered
Notes as its name(s) appear(s) on the Unregistered Notes or on a security
position listing, or by person(s) authorized to become registered holder(s) by a
properly completed bond power from the registered holder(s), a copy of which
must be transmitted with this Letter of Transmittal. If Unregistered Notes to
which this Letter of Transmittal relate are held of record by two or more joint
holders, then all such holders must sign this Letter of Transmittal. If
signature is by a trustee, executor, administrator, guardian, attorney-in-fact,
officer of a corporation or other person acting in a fiduciary or representative
capacity, then such person must (i) set forth his or her full title below and
(ii) unless waived by the Company, submit evidence satisfactory to the Company
of such person's authority so to act. See Instruction 5 regarding completion of
this Letter of Transmittal, printed below.)

Name(s):
--------------------------------------------------------------------------------
                             (PLEASE TYPE OR PRINT)

Capacity:
--------------------------------------------------------------------------------

Address:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                   (ZIP CODE)

Area Code and Telephone Number:
--------------------------------------------------------------------------------

                              SIGNATURE GUARANTEE
                              (SEE INSTRUCTION 5)

        CERTAIN SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION

--------------------------------------------------------------------------------
             (NAME OF ELIGIBLE INSTITUTION GUARANTEEING SIGNATURES)

--------------------------------------------------------------------------------
  (ADDRESS (INCLUDING ZIP CODE) AND TELEPHONE NUMBER (INCLUDING AREA CODE) OF
                                     FIRM)

--------------------------------------------------------------------------------
                             (AUTHORIZED SIGNATURE)

--------------------------------------------------------------------------------
                                 (PRINTED NAME)

--------------------------------------------------------------------------------
                                    (TITLE)

Dated:
--------------------------------------------------------------------------------

                                        6
<PAGE>

                                  INSTRUCTIONS
         FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER

1. DELIVERY OF THIS LETTER OF TRANSMITTAL AND UNREGISTERED NOTES OR BOOK-ENTRY
CONFIRMATIONS.

     All physically delivered Unregistered Notes or any confirmation of a
book-entry transfer to the Exchange Agent's account at the Book-Entry Transfer
Facility of Unregistered Notes tendered by book-entry transfer (a "Book-Entry
Confirmation"), as well as a properly completed and duly executed copy of this
Letter of Transmittal or Agent's Message or facsimile hereof, and any other
documents required by this Letter of Transmittal, must be received by the
Exchange Agent at its address set forth herein prior to 12:00 midnight, New York
City time, on the Expiration Date.

     The method of delivery of the tendered Unregistered Notes, this Letter of
Transmittal and all other required documents to the Exchange Agent is at the
election and risk of the holder and, except as otherwise provided below, the
delivery will be deemed made only when actually received or confirmed by the
Exchange Agent. If such delivery is by mail, it is recommended that registered
mail, properly insured, with return receipt requested, be used. Instead of
delivery by mail, it is recommended that the holder use an overnight or hand
delivery service. In all cases, sufficient time should be allowed to assure
delivery to the Exchange Agent before the Expiration Date. No Letter of
Transmittal or Unregistered Notes should be sent to the Company.

2. GUARANTEED DELIVERY PROCEDURES.

     Holders who wish to tender their Unregistered Notes and whose Unregistered
Notes are not immediately available or who cannot deliver their Unregistered
Notes, this Letter of Transmittal or any other documents required hereby to the
Exchange Agent prior to the Expiration Date, or who cannot complete the
procedure for book-entry transfer on a timely basis and deliver an Agent's
Message, must tender their Unregistered Notes according to the guaranteed
delivery procedures set forth in the Prospectus. Pursuant to such procedures, a
tender may be effected if the Exchange Agent has received at its office, on or
prior to the Expiration Date, a properly completed and duly executed Notice of
Guaranteed Delivery by facsimile transmission, mail or hand delivery or a
properly transmitted Agent's Message and Notice of Guaranteed Delivery from an
Eligible Institution (defined as a member firm of a registered national
securities exchange or of the National Association of Securities Dealers, Inc.,
a commercial bank or trust company having an office or correspondent in the
United States, or an "eligible guarantor institution" within the meaning of Rule
17Ad-15 under the Securities Exchange Act) setting forth the name and address of
the tendering holder, the name(s) in which the Unregistered Notes are
registered, the certificate number(s) and the principal amount of the
Unregistered Notes to be tendered, and stating that the tender is being made
thereby and guaranteeing that, within three New York Stock Exchange trading days
after the expiration date, such properly completed and executed Letter of
Transmittal or facsimile transmission thereof by the Eligible Institution, such
Unregistered Notes, in proper form for transfer (or a confirmation of book-entry
transfer of such Unregistered Notes into the Exchange Agent's account at the
Book-Entry Transfer Facility), will be delivered by such Eligible Institution
together with any other required documents to the Exchange Agent. Unless
Unregistered Notes being tendered by the above-described method are deposited
with the Exchange Agent within the time period set forth above (accompanied or
preceded by a properly completed Letter of Transmittal and any other required
documents), the Company may, at its option, reject the tender.

     Any holder of Unregistered Notes who wishes to tender Unregistered Notes
pursuant to the guaranteed delivery procedures described above must ensure that
the Exchange Agent receives the Notice of Guaranteed Delivery prior to 12:00
midnight, New York City time, on the Expiration Date. Upon request of the
Exchange Agent, a Notice of Guaranteed Delivery will be sent to holders who wish
to tender their Unregistered Notes according to the guaranteed delivery
procedures set forth above. See "Exchange Offer -- Guaranteed Delivery
Procedures" in the Prospectus.

3. TENDER BY HOLDER.

     Only a registered holder of Unregistered Notes may tender such Unregistered
Notes in the Exchange Offer. Any beneficial holder of Unregistered Notes who is
not the registered holder and who wishes to tender should
                                        7
<PAGE>

arrange with the registered holder to execute and deliver this Letter of
Transmittal on his behalf or must, prior to completing and executing this Letter
of Transmittal and delivering his Unregistered Notes, either make appropriate
arrangements to register ownership of the Unregistered Notes in such holder's
name or obtain a properly completed bond power from the registered holder.

4. PARTIAL TENDERS.

     Tenders of Unregistered Notes will be accepted only in integral multiples
of $1,000. If less than the entire principal amount of any Unregistered Notes is
tendered, the tendering holder should fill in the principal amount tendered in
the appropriate column of the box entitled "Description of Unregistered Notes
Tendered" above. The entire principal amount of Unregistered Notes delivered to
the Exchange Agent will be deemed to have been tendered unless otherwise
indicated. If the entire principal amount of all Unregistered Notes is not
tendered, then Unregistered Notes for the principal amount of Unregistered Notes
not tendered and New Notes issued in exchange for any Unregistered Notes
accepted will be sent to the holder at his or her registered address, unless a
different address is provided in the appropriate box on this Letter of
Transmittal, promptly after the Unregistered Notes are accepted for exchange.

5. SIGNATURES ON THIS LETTER OF TRANSMITTAL; BOND POWERS AND ENDORSEMENTS;
   GUARANTEE OF SIGNATURES.

     If this Letter of Transmittal (or facsimile hereof) is signed by the
registered holder(s) of the Unregistered Notes tendered hereby, the signature
must correspond with the name(s) as written on the face of the Unregistered
Notes without alteration, enlargement or any change whatsoever. If this Letter
of Transmittal (or facsimile hereof) is signed by a participant in the
Book-Entry Transfer Facility, the signature must correspond with the name as it
appears on the security position listing as the holder of the Unregistered
Notes.

     If this Letter of Transmittal (or facsimile hereof) is signed by the
registered holder or holders of Unregistered Notes listed and tendered hereby
and the New Notes issued in exchange therefor are to be issued (or any
untendered principal amount of Unregistered Notes is to be reissued) to the
registered holder, the holder need not and should not endorse any tendered
Unregistered Notes, nor provide a separate bond power. In any other case, such
holder must either properly endorse the Unregistered Notes tendered or transmit
a properly completed separate bond power with this Letter of Transmittal, with
the signatures on the endorsement or bond power guaranteed by an Eligible
Institution.

     If this Letter of Transmittal (or facsimile hereof) is signed by a person
other than the registered holder or holders of any Unregistered Notes listed,
such Unregistered Notes must be endorsed or accompanied by appropriate bond
powers, in each case signed as the name of the registered holder or holders
appears on the Unregistered Notes.

     If this Letter of Transmittal (or facsimile hereof) or any Unregistered
Notes or bond powers are signed by trustees, executors, administrators,
guardians, attorneys-in-fact, officers of corporations or others acting in a
fiduciary or representative capacity, such persons should so indicate when
signing, and, unless waived by the Company, evidence satisfactory to the Company
of their authority to act must be submitted with this Letter of Transmittal.

     Endorsements on Unregistered Notes and signatures on bond powers required
by this Instruction 5 must be guaranteed by an Eligible Institution. Signatures
on this Letter of Transmittal (or facsimile hereof) need not be guaranteed by an
Eligible Institution if (i) the Unregistered Notes are tendered by a registered
holder of Unregistered Notes including a participant in the Book-Entry Transfer
Facility system whose name appears on a security position listing as the holder
of such Unregistered Notes who has not completed the box entitled "Special
Issuance Instructions" or (ii) for the account of an Eligible Institution and
the box entitled "Special Registration Instructions" has not been completed,.

6. SPECIAL REGISTRATION AND DELIVERY INSTRUCTIONS.

     Tendering holders should indicate, in the applicable box or boxes, the name
and address (or account at the Book-Entry Transfer Facility) to which New Notes
or substitute Unregistered Notes for principal amounts not tendered or not
accepted for exchange are to be issued or sent, if different from the name and
address of the person
                                        8
<PAGE>

signing this Letter of Transmittal. In the case of issuance in a different name,
the taxpayer identification or social security number of the person named must
also be indicated.

     Tax law requires that a holder of any Unregistered Notes that are accepted
for exchange must provide the Company (as payor) with its correct taxpayer
identification number ("TIN"), which, in the case of a holder who is an
individual, is his or her social security number. If the Company is not provided
with the correct TIN, the holder may be subject to a monetary penalty imposed by
Internal Revenue Service. (If withholding results in an overpayment of taxes, a
refund may be obtained). Certain holders (including, among others, all
corporations and certain foreign individuals) are not subject to these backup
withholding and reporting requirements. See the enclosed "Guidelines for
Certification of Taxpayer Identification Number on Substitute Form W-9" for
additional instructions.

     To prevent backup withholding, each tendering holder must provide such
holder's correct TIN by completing the Substitute Form W-9 set forth herein,
certifying that the TIN provided is correct (or that such holder is awaiting a
TIN), and that (i) the holder has not been notified by the Internal Revenue
Service that such holder is subject to backup withholding as a result of failure
to report all interest or dividends or (ii) the Internal Revenue Service has
notified the holder that such holder is no longer subject to backup withholding.
If the Unregistered Notes are registered in more than one name or are not in the
name of the actual owner, see the enclosed "Guidelines for Certification of
Taxpayer Identification Number of Substitute Form W-9" for information on which
TIN to report.

     The Company reserves the right in its sole discretion to take whatever
steps necessary to comply with the Company's obligations regarding backup
withholding.

7. VALIDITY OF TENDERS.

     All questions as to the validity, form, eligibility (including time of
receipt), acceptance, and withdrawal of tendered Unregistered Notes will be
determined by the Company, in its sole discretion, which determination will be
final and binding. The Company reserves the absolute right to reject any or all
tenders not in proper form or the acceptance for exchange of which may, in the
opinion of counsel for the Company, be unlawful. The Company also reserves the
absolute right to waive any of the conditions of the Exchange Offer or any
defect or irregularity in the tender of any Unregistered Notes. To the extent
that we waive any condition of the offer, however, we will waive such condition
for all holders of the Unregistered Notes. The Company's interpretation of the
terms and conditions of the Exchange Offer (including the instructions on the
Letter of Transmittal) will be final and binding on all parties. Unless waived,
any defects or irregularities in connection with tenders of Unregistered Notes
must be cured within such time as the Company shall determine. Although the
Company intends to notify holders of defects or irregularities with respect to
tenders of Unregistered Notes, neither the Company, the Exchange Agent, nor any
other person shall be under any duty to give notification of any defects or
irregularities in tenders or incur any liability for failure to give such
notification. Tenders of Unregistered Notes will not be deemed to have been made
until such defects or irregularities have been cured or waived. Any Unregistered
Notes received by the Exchange Agent that are not properly tendered and as to
which the defects or irregularities have not been cured or waived will be
returned by the Exchange Agent to the tendering holders, unless otherwise
provided in the Letter of Transmittal, as soon as practicable following the
Expiration Date.

8. WAIVER OF CONDITIONS.

     The Company reserves the absolute right to waive, in whole or part, any of
the conditions to the Exchange Offer set forth in the Prospectus or in this
Letter of Transmittal.

9. NO CONDITIONAL TENDER.

     No alternative, conditional, irregular or contingent tender of Unregistered
Notes on transmittal of this Letter of Transmittal will be accepted.

                                        9
<PAGE>

10. MUTILATED, LOST, STOLEN OR DESTROYED UNREGISTERED NOTES.

     Any holder whose Unregistered Notes have been mutilated, lost, stolen or
destroyed should contact the Exchange Agent at the address indicated above for
further instructions.

11. REQUEST FOR ASSISTANCE OF ADDITIONAL COPIES.

     Requests for assistance or for additional copies of the Prospectus or this
Letter of Transmittal may be directed to the Exchange Agent at the address or
telephone number set forth on the cover page of this Letter of Transmittal.
Holders may also contact their broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the Exchange Offer.

12. WITHDRAWAL.

     Tenders may be withdrawn only pursuant to the limited withdrawal rights set
forth in the Prospectus under the caption "Exchange Offer -- Withdrawal of
Tenders."

IMPORTANT:  This Letter of Transmittal or a manually signed facsimile hereof
(together with the Unregistered Notes delivered by book-entry transfer or in
original hard copy form) must be received by the Exchange Agent, or the Notice
of Guaranteed Delivery must be received by the Exchange Agent, prior to the
Expiration Date.

                                        10
<PAGE>

<Table>
<Caption>
---------------------------------------------------------------------------------------------------------------
                               PAYOR'S NAME: CORRECTIONS CORPORATION OF AMERICA
---------------------------------------------------------------------------------------------------------------
<C>                         <S>                                            <C>
        SUBSTITUTE          PART 1 -- PLEASE PROVIDE YOUR TIN IN THE BOX    Social Security Number Or Employer
         FORM W-9           AT THE RIGHT AND CERTIFY BY SIGNING AND               Identification Number
                            DATING BELOW.                                  ------------------------------------
                            -----------------------------------------------------------------------------------
</Table>

<Table>
<Caption>

<C>                          <S>                                                       <C>

DEPARTMENT OF THE TREASURY   Name:
 INTERNAL REVENUE SERVICE    --------------------------------------------------
                             --------------------------------------------------------
                             Business Name

    PAYOR'S REQUEST FOR      Please check appropriate box
         TAXPAYER
   IDENTIFICATION NUMBER     [ ] Individual/Sole Proprietor
          ("TIN")
                             [ ] Corporation
                             [ ] Partnership        [ ] Other
                             --------------------------------------------------------
                             Address
                             --------------------------------------------------------
                             City, State, Zip Code
-------------------------------------------------------------------------------------------------------------------
</Table>

PART 2 -- For Payees exempt from back-up withholding, see the enclosed
Guidelines for Certification of Taxpayer Identification Number on Substitute
Form W-9, check the Exempt box below and complete the Substitute Form W-9
Exempt:     [ ]

PART 3 -- CERTIFICATION -- Under penalties of perjury, I certify that:

(1) The number shown on this form is my correct Taxpayer Identification Number
(or I am waiting for a number to be issued to me); and (2) I am not subject to
backup withholding because: (a) I am exempt from backup withholding, or (b) I
have not been notified by the Internal Revenue Service (the "IRS") that I am
subject to backup withholding as a result of a failure to report all interest or
dividends, or (c) the IRS has notified me that I am no longer subject to backup
withholding; and (3) I am a U.S. person (including a U.S. resident alien).

CERTIFICATION INSTRUCTIONS -- You must cross out item (2) above if you have been
notified by the IRS that you are currently subject to backup withholding because
of under reporting interest or dividends on your tax return.

<Table>
<S>                                                               <C>
                                                                  PART 4 -- AWAITING TIN [ ]
                                                  Signature:      Please complete the Certificate
------------------------------------------------------------      of Authority Taxpayer
                                                                  Identification Numbers below.
                                                       Date:
------------------------------------------------------------
</Table>

NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING
      OF ANY PAYMENTS MADE TO YOU PURSUANT TO AN OFFER. PLEASE REVIEW THE
      ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON
      SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS. YOU MUST COMPLETE THE
      FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN PART 4 OF SUBSTITUTE FORM
      W-9.

      YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED PART 4 OF THE
      SUBSTITUTE FORM W-9.

             CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER

     I certify under penalty of perjury that a taxpayer identification number
has not been issued to me, and either (a) I have mailed or delivered an
application to receive a taxpayer identification number to the appropriate
Internal Revenue Service Center or Social Security Administration Office or (b)
I intend to mail or deliver an application in the near future. I understand that
if I do not provide a taxpayer identification number within 60 days of the
payment date the withholding amount will be remitted to the IRS.

Signature:
------------------------------------------------------------  Date:
------------------------------, 200
--

                                        11
<PAGE>

            GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
                         NUMBER ON SUBSTITUTE FORM W-9

GUIDELINES FOR DETERMINING THE PROPER IDENTIFICATION NUMBER TO GIVE THE
PAYOR.--Social Security numbers have nine digits separated by two hyphens: i.e.,
000-00-0000. Employer identification numbers have nine digits separated by only
one hyphen: i.e., 00-0000000. The table below will help determine the number to
give the payor.

<Table>
<Caption>
------------------------------------------------------------
                                        GIVE THE NAME AND
                                     TAXPAYER IDENTIFICATION
     FOR THIS TYPE OF ACCOUNT:             NUMBER OF:
------------------------------------------------------------
<C>  <S>                             <C>
 1.  An individual's account         The individual
 2.  Two or more individuals (joint  The actual owner of the
     account)                        account or, if combined
                                     funds, the first
                                     individual on the
                                     account(1)
 3.  Custodian account of a minor    The minor(2)
     (Uniform Gift to Minors Act)
 4.  a. The usual revocable savings  The grantor- trustee(1)
     trust account (grantor is also
     trustee)
     b. So-called trust account      The actual owner(1)
     that is not a legal or valid
     trust under state law
 5.  Sole proprietorship or single-  The owner(3)
     member LLC account
 6.  A valid trust, estate, or       The legal entity(4)
     pension trust
------------------------------------------------------------
</Table>

<Table>
<Caption>
------------------------------------------------------------
                                        GIVE THE NAME AND
                                     TAXPAYER IDENTIFICATION
     FOR THIS TYPE OF ACCOUNT:             NUMBER OF:
------------------------------------------------------------
<C>  <S>                             <C>

 7.  Corporate or LLC electing       The corporation
     corporate status account

 8.  Association, club, religious,   The organization
     charitable, educational or
     other tax-exempt organization

 9.  Partnership or multi-member     The partnership
     LLC account

10.  A broker or registered nominee  The broker or nominee

11.  Account with the Department of  The public entity
     Agriculture in the name of a
     public entity (such as a state
     or local government, school
     district, or prison) that
     receives agricultural program
     payments
------------------------------------------------------------
</Table>

(1) List first and circle the name of the person whose number you furnish. If
    only one person on a joint account has a Social Security number, that
    person's number must be furnished.
(2) Circle the minor's name and furnish the minor's Social Security number.
(3)YOU MUST SHOW YOUR INDIVIDUAL NAME. You may also enter your business or "DBA"
   name. You may use either your Social Security number or your employer
   identification number (if you have one).
(4) List first and circle the name of the legal trust, estate or pension trust.
    (Do not furnish the taxpayer identification number of the personal
    representative or trustee unless the legal entity itself is not designated
    in the account title)

NOTE: If no name is circled when more than one name is listed, the number will
      be considered to be that of the first name listed.

RESIDENT ALIEN INDIVIDUALS: If you are a resident alien individual and you do
                            not have, and are not eligible to get, a Social
                            Security number, your taxpayer identification number
                            is your individual taxpayer identification number
                            ("ITIN") as issued by the Internal Revenue Service.
                            Enter it on the portion of the Substitute Form W-9
                            where the Social Security number would otherwise be
                            entered. If you do not have an ITIN, see "Obtaining
                            a Number" below.

                                        12
<PAGE>

            GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
                         NUMBER ON SUBSTITUTE FORM W-9

                                     PAGE 2

OBTAINING A NUMBER.

     If you do not have a taxpayer identification number, obtain Form SS-5,
Application for a Social Security Number Card (for individuals), or Form SS-4,
Application for Employer Identification Number (for businesses and all other
entities), at the local office of the Social Security Administration or the
Internal Revenue Service (the "IRS") and apply for a number. Resident alien
individuals who are not eligible to get a Social Security number and need an
ITIN should obtain Form W-7, Application for Individual Taxpayer Identification
Number, from the IRS.

PAYEES AND PAYMENTS EXEMPT FROM BACKUP WITHHOLDING.

     The following is a list of payees exempt from backup withholding and for
which no information reporting is required. For interest and dividends, all
listed payees are exempt except the payee in item (9). For broker transactions,
payees listed in items (1) through (13) and a person registered under the
Investment Advisers Act of 1940 who regularly acts as a broker are exempt.
Payments subject to reporting under sections 6041 and 6041A are generally exempt
from backup withholding only if made to payees described in items (1) through
(7). Unless otherwise indicated, all "section" references are to sections of the
Internal Revenue Code of 1986, as amended (the "Code").

     LIST OF EXEMPT PAYEES:  (1) A corporation. (2) An organization exempt from
tax under section 501(a), or an IRA, or a custodial account under section
403(b)(7) if the account satisfies the requirements of section 401(f)(2). (3)
The United States or any of its agencies or instrumentalities. (4) A state, the
District of Columbia, a possession of the United States, or any of their
political subdivisions or instrumentalities. (5) A foreign government or any of
its political subdivisions, agencies or instrumentalities. (6) An international
organization or any of its agencies or instrumentalities. (7) A foreign central
bank of issue. (8) A dealer in securities or commodities required to register in
the United States, the District of Columbia, or a possession of the United
States. (9) A futures commission merchant registered with the Commodity Futures
Trading Commission. (10) A real estate investment trust. (11) An entity
registered at all times during the tax year under the Investment Company Act of
1940. (12) A common trust fund operated by a bank under section 584(a). (13) A
financial institution. (14) A middleman known in the investment community as a
nominee or custodian. (15) A trust exempt from tax under section 664 or
described in section 4947.

     Exempt payees described above should file Substitute Form W-9 to avoid
possible erroneous backup withholding. FILE THIS FORM WITH THE PAYOR; FURNISH
YOUR TAXPAYER IDENTIFICATION NUMBER; CHECK THE "EXEMPT" BOX IN PART 2, SIGN AND
DATE THE FORM AND RETURN IT TO THE PAYOR. IF YOU ARE A NON-RESIDENT ALIEN OR A
FOREIGN ENTITY NOT SUBJECT TO BACKUP WITHHOLDING, FILE WITH PAYOR THE
APPROPRIATE COMPLETED INTERNAL REVENUE SERVICE FORM W-8.

PRIVACY ACT NOTICE -- Section 6109 requires most recipients of dividend,
interest, or other payments to give their correct taxpayer identification
numbers to payors who must report the payments to the IRS. The IRS uses the
numbers for identification purposes and to verify the accuracy of tax returns.
The IRS also may provide this information to the Department of Justice for civil
and criminal litigation and to cities, states, and the District of Columbia to
carry out their tax laws. Payors also may disclose this information to other
countries under a tax treaty, or to Federal and state agencies to enforce
Federal nontax criminal laws and to combat terrorism. Payors must be given the
numbers whether or not recipients are required to file tax returns. Payors must
generally withhold tax from payments of taxable interest, dividend, and certain
other payments to a payee who does not furnish a taxpayer identification number
to a payor. The current rate of such withholding tax is 28%. Certain penalties
may also apply.

            GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
                    NUMBER ON SUBSTITUTE FORM W-9 -- PAGE 3

PENALTIES

(1) PENALTY FOR FAILURE TO FURNISH TAXPAYER IDENTIFICATION NUMBER -- If you fail
to furnish your correct taxpayer identification number to a payor, you are
subject to a penalty of $50 for each such failure unless your failure is due to
reasonable cause and not to willful neglect. (2) CIVIL PENALTY FOR FALSE
INFORMATION WITH RESPECT TO WITHHOLDING -- If you make a false statement with no
reasonable basis which results in no imposition of backup withholding, you are
subject to a penalty of $500. (3) CRIMINAL PENALTY FOR FALSIFYING
INFORMATION -- Willfully falsifying certifications or affirmations may subject
you to criminal penalties including fines and/or imprisonment.

FOR ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE
SERVICE.
                                        13

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>11
<FILENAME>g88158exv99w2.txt
<DESCRIPTION>EX-99.2 NOTICE OF GUARANTEED DELIVERY
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.2

                         NOTICE OF GUARANTEED DELIVERY
                                   TO TENDER
              OUTSTANDING UNREGISTERED 7.5% SENIOR NOTES DUE 2011
                                       OF

                       CORRECTIONS CORPORATION OF AMERICA
                 PURSUANT TO THE EXCHANGE OFFER AND PROSPECTUS
                           DATED               , 2004

     As set forth in the Prospectus, dated          , 2004 (as the same may be
amended or supplemented from time to time, the "Prospectus"), of Corrections
Corporation of America (the "Company") under the caption "Exchange Offer
 -- Guaranteed Delivery Procedures" and in the Letter of Transmittal to tender
7.5% Senior Notes Due 2011 of Corrections Corporation of America, this form or
one substantially equivalent hereto must be used to accept the Exchange Offer
(as defined below) if: (i) certificates for outstanding unregistered 7.5% Senior
Notes Due 2011 (the "Unregistered Notes") of the Company are not immediately
available, (ii) time will not permit all required documents to reach the
Exchange Agent on or prior to the Expiration Date (as defined below), or (iii)
the procedures for book-entry transfer cannot be completed on or prior to the
Expiration Date. This form may be delivered by facsimile transmission, by
registered or certified mail, by hand, or by overnight delivery service to the
Exchange Agent. See "Exchange Offer -- Procedures for Tendering" in the
Prospectus.

THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK
CITY TIME, ON             , 2004 (THE "EXPIRATION DATE"), UNLESS THE EXCHANGE
OFFER IS EXTENDED BY THE COMPANY.

                 The Exchange Agent for the Exchange Offer is:
                         U.S. BANK NATIONAL ASSOCIATION

<Table>
<S>                              <C>                              <C>
           By Mail:                         By Hand:                       By Facsimile:

U.S. Bank National Association   U.S. Bank National Association    (651) 495-8158 (for eligible
     60 Livingston Avenue             60 Livingston Avenue              institutions only)
      St. Paul, MN 55107               St. Paul, MN 55107              Confirm by Telephone:
Attention: Specialized Finance   Attention: Specialized Finance           (800) 934-6802
        (800) 934-6802                   (800) 934-6802
</Table>

     DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE TRANSMISSION TO
A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.
<PAGE>

Ladies and Gentlemen:

     The undersigned hereby tenders to the Company, upon the terms and
conditions set forth in the Prospectus and in the Letter of Transmittal (which
together constitute the "Exchange Offer"), receipt of which is hereby
acknowledged, the principal amount of Unregistered Notes set forth below
pursuant to the guaranteed delivery procedures described in the Prospectus and
in the Letter of Transmittal.

     The undersigned understands and acknowledges that the Exchange Offer will
expire at 12:00 midnight, New York City time, on           , 2004, unless
extended by the Company.

     All authority herein conferred or agreed to be conferred by this Notice of
Guaranteed Delivery shall survive the death or incapacity of the undersigned and
every obligation of the undersigned under this Notice of Guaranteed Delivery
shall be binding upon the heirs, personal representatives, executors,
administrators, successors, assigns, trustees in bankruptcy and other legal
representatives of the undersigned.

<Table>
<Caption>
                              DESCRIPTION OF UNREGISTERED NOTES TENDERED
CERTIFICATE NUMBER(S) (IF KNOWN)
OF UNREGISTERED NOTES OR ACCOUNT          AGGREGATE PRINCIPAL         AGGREGATE PRINCIPAL
NUMBER AT THE BOOK-ENTRY FACILITY         AMOUNT REPRESENTED          AMOUNT TENDERED
<S>                                <C>                                <C>

                                   Total:  ------------------------    Total:  ----------------------
</Table>

<Table>
<S>                                                    <C>
PLEASE SIGN AND COMPLETE

Signature(s):                                          Name(s):
             ---------------------------------------           ---------------------------------------------

Address:                                               Capacity (full title), if signing in a representative
        --------------------------------------------   capacity:
                                                                --------------------------------------------
        --------------------------------------------
                                          (Zip Code)

Area Code and Telephone Number:
                               -----------------------------------------------------------------------------

                                                        Taxpayer Identification or Social Security
Dated:                                                  Number:
      -----------------------------------------------          ---------------------------------------------
</Table>

             THE GUARANTEE ON THE FOLLOWING PAGE MUST BE COMPLETED

                                        2
<PAGE>

                             GUARANTEE OF DELIVERY
                   (NOT TO BE USED FOR SIGNATURE GUARANTEES)

The undersigned, being a member firm of a registered national securities
exchange, a member of the National Association of Securities Dealers, Inc., or a
commercial bank or trust company having an office or correspondent in the United
States, or an "eligible guarantor institution" within the meaning of Rule
17Ad-15 under the Securities Exchange Act of 1934, as amended, hereby guarantees
(a) that the above named person(s) "own(s)" the Unregistered Notes tendered
hereby within the meaning of Rule 14e-4 ("Rule 14e-4") under the Securities
Exchange Act of 1934, as amended, (b) that such tender of such Unregistered
Notes complies with Rule 14e-4, and (c) to deliver to the Exchange Agent the
certificates representing the Unregistered Notes tendered hereby or confirmation
of book-entry transfer of such Unregistered Notes into the Exchange Agent's
account at The Depository Trust Company, in proper form for transfer, together
with the Letter of Transmittal (or facsimile thereof), properly completed and
duly executed, with any required signature guarantees and any other required
documents, within three New York Stock Exchange trading days after the
Expiration Date.


Name of Firm:
--------------------------------------------------------------------------------

Address:
--------------------------------------------------------------------------------

Area Code and Telephone No.:
--------------------------------------------------------------------------------

Authorized Signature:
--------------------------------------------------------------------------------

Name:
--------------------------------------------------------------------------------

Title:
--------------------------------------------------------------------------------

Dated:
--------------------------------------------------------------------------------

NOTE:  DO NOT SEND CERTIFICATES OF UNREGISTERED NOTES WITH THIS FORM.
CERTIFICATES OF UNREGISTERED NOTES SHOULD BE SENT ONLY WITH A LETTER OF
TRANSMITTAL.

                                        3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>12
<FILENAME>g88158exv99w3.txt
<DESCRIPTION>EX-99.3 LETTER TO REGISTERED HOLDERS & DTCP
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.3

                       CORRECTIONS CORPORATION OF AMERICA
     LETTER TO REGISTERED HOLDERS AND DEPOSITORY TRUST COMPANY PARTICIPANTS
                                      FOR
       TENDER OF ALL OUTSTANDING UNREGISTERED 7.5% SENIOR NOTES DUE 2011
                                IN EXCHANGE FOR
                           7.5% SENIOR NOTES DUE 2011
                      THAT HAVE BEEN REGISTERED UNDER THE
                             SECURITIES ACT OF 1933

THE EXCHANGE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON
            , 2004, UNLESS EXTENDED (THE "EXPIRATION DATE").

NOTES TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO 12:00
MIDNIGHT, NEW YORK CITY TIME, ON THE EXPIRATION DATE.

To Registered Holders and Depository Trust Company Participants:

     We are enclosing herewith the material listed below relating to the offer
by Corrections Corporation of America, a Maryland corporation (the "Company"),
to exchange its 7.5% Senior Notes Due 2011 (the "New Notes"), which have been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
for a like principal amount of its issued and outstanding 7.5% Senior Notes Due
2011 (the "Unregistered Notes") upon the terms and subject to the conditions set
forth in the Company's Prospectus, dated          , 2004, and the related Letter
of Transmittal (which together constitute the "Exchange Offer").

     Enclosed herewith are copies of the following documents:

          1. Prospectus, dated          , 2004;

          2. Letter of Transmittal (together with accompanying Substitute Form
     W-9 Guidelines);

          3. Notice of Guaranteed Delivery;

          4. Letter that may be sent to your clients for whose accounts you hold
     Unregistered Notes in your name or in the name of your nominee; and

          5. Letter that may be sent from your clients to you with such client's
     instruction with regard to the Exchange Offer.

     We urge you to contact your clients promptly. Please note that the Exchange
Offer will expire on the Expiration Date unless extended.

     The Exchange Offer is not conditioned upon any minimum number of
Unregistered Notes being tendered.

     Pursuant to the Letter of Transmittal, each holder of Unregistered Notes
will represent to the Company that (i) the New Notes acquired in exchange for
Unregistered Notes pursuant to the Exchange Offer are being acquired in the
ordinary course of business of the person receiving such New Notes, (ii) the
holder is not engaging in and does not intend to engage in a distribution of the
New Notes, (iii) neither the holder nor any such other person has an arrangement
or understanding with any person to participate in the distribution of New
Notes, and (iv) neither the holder nor any such other person is an "affiliate"
(within the meaning of Rule 405 under the Securities Act) of the Company or if
it is an affiliate, such holder will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable. If the
holder is a broker-dealer that will receive New Notes for its own account in
exchange for Unregistered Notes that were acquired as a result of market-making
activities or other trading activities, it must acknowledge that it will deliver
a prospectus in connection with any resale of such New Notes.

     The enclosed Letter to Clients contains an authorization by the beneficial
owners of the Unregistered Notes for you to make the foregoing representations.

     The Company will not pay any fee or commission to any broker or dealer or
to any other person (other than the Exchange Agent) in connection with the
solicitation of tenders of Unregistered Notes pursuant to the Exchange Offer.

     Additional copies of the enclosed material may be obtained from the
undersigned.

                                         Very truly yours,

                                         CORRECTIONS CORPORATION OF AMERICA

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>13
<FILENAME>g88158exv99w4.txt
<DESCRIPTION>EX-99.4 LETTER TO CLIENTS
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.4

                       CORRECTIONS CORPORATION OF AMERICA
                               LETTER TO CLIENTS
                                      FOR
                     TENDER OF ALL OUTSTANDING UNREGISTERED
                           7.5% SENIOR NOTES DUE 2011
                                IN EXCHANGE FOR
                           7.5% SENIOR NOTES DUE 2011
                      THAT HAVE BEEN REGISTERED UNDER THE
                             SECURITIES ACT OF 1933

THE EXCHANGE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON
          , 2004, UNLESS EXTENDED (THE "EXPIRATION DATE").

NOTES TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO 12:00
MIDNIGHT, NEW YORK CITY TIME, ON THE EXPIRATION DATE.

To Our Clients:

     We have enclosed herewith a Prospectus, dated          , 2004, of
Corrections Corporation of America, a Maryland corporation (the "Company"), and
a related Letter of Transmittal, which together constitute the Company's offer
(the "Exchange Offer") to exchange its 7.5% Senior Notes Due 2011 (the "New
Notes"), which have been registered under the Securities Act of 1933, as amended
(the "Securities Act"), for a like principal amount of its issued and
outstanding unregistered 7.5% Senior Notes Due 2011 (the "Unregistered Notes"),
upon the terms and subject to the conditions set forth in the Exchange Offer.

     The Exchange Offer is not conditioned upon any minimum number of
Unregistered Notes being tendered.

     We are the holder of record of Unregistered Notes held by us for your
account. A tender of such Unregistered Notes can be made only by us as the
record holder and pursuant to your instructions. The Letter of Transmittal is
furnished to you for your information only and cannot be used by you to tender
Unregistered Notes held by us for your account.

     We request instructions as to whether you wish to tender any or all of the
Unregistered Notes held by us for your account pursuant to the terms and
conditions of the Exchange Offer. We also request that you confirm that we may,
on your behalf, make the representations and warranties contained in the Letter
of Transmittal.

                                         Very truly yours,

PLEASE RETURN YOUR INSTRUCTIONS TO US IN THE ENCLOSED ENVELOPE WITHIN AMPLE TIME
TO PERMIT US TO SUBMIT A TENDER ON YOUR BEHALF PRIOR TO THE EXPIRATION DATE.
<PAGE>

                    INSTRUCTION TO REGISTERED HOLDER AND/OR
                        BOOK-ENTRY TRANSFER PARTICIPANT

To Registered Holder and/or Participant in the Book-Entry Transfer Facility:

     The undersigned hereby acknowledges receipt of the Prospectus, dated
          , 2004 (the "Prospectus"), of Corrections Corporation of America, a
Maryland corporation (the "Company"), and the accompanying Letter of Transmittal
(the "Letter of Transmittal"), that together constitute the Company's offer (the
"Exchange Offer") to exchange its 7.5% Senior Notes Due 2011 (the "New Notes")
for all of its outstanding 7.5% Senior Notes Due 2011 (the "Unregistered
Notes").

     This will instruct you, the registered holder and/or book-entry transfer
facility participant, as to the action to be taken by you relating to the
Exchange Offer with respect to the Unregistered Notes held by you for the
account of the undersigned.

     The aggregate face amount of the Unregistered Notes held by you for the
account of the undersigned is (FILL IN AMOUNT):

          $          of the 7.5% Senior Notes Due 2011

          With respect to the Exchange Offer, the undersigned hereby instructs
     you (CHECK APPROPRIATE BOX):

          [ ] To TENDER the following Unregistered Notes held by you for the
     account of the undersigned (INSERT PRINCIPAL AMOUNT OF UNREGISTERED NOTES
     TO BE TENDERED) (IF ANY):

          $          of the 7.5% Senior Notes Due 2011

          [ ] NOT to TENDER any Unregistered Notes held by you for the account
     of the undersigned.

     If the undersigned instructs you to tender the Unregistered Notes held by
you for the account of the undersigned, it is understood that you are authorized
to make, on behalf of the undersigned (and the undersigned by its signature
below, hereby makes to you), the representations and warranties contained in the
Letter of Transmittal that are to be made with respect to the undersigned as a
beneficial owner, including, but not limited to, the representations, that (i)
the New Notes acquired in exchange for the Unregistered Notes pursuant to the
Exchange Offer are being acquired in the ordinary course of business of the
person receiving such New Notes, (ii) the undersigned is not engaging in and
does not intend to engage in a distribution of the New Notes, (iii) the
undersigned does not have any arrangement or understanding with any person to
participate in the distribution of New Notes, and (iv) neither the undersigned
nor any such other person is an "affiliate" (within the meaning of Rule 405
under the Securities Act of 1933, as amended (the "Securities Act")) of the
Company or if it is an affiliate, it will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable.
If the undersigned is a broker-dealer that will receive New Notes for its own
account in exchange for Unregistered Notes that were acquired as a result of
market-making or other trading activities, it acknowledges that it will deliver
a prospectus in connection with any resale of such New Notes.

                                   SIGN HERE

Name of beneficial owner(s):
--------------------------------------------------------------------------------
                                  SIGNATURE(S)

Name(s):
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                 (PLEASE PRINT)

Address:
--------------------------------------------------------------------------------

Telephone number:
--------------------------------------------------------------------------------

Taxpayer Identification or Social Security Number:
                ----------------------------------------------------------------

Date:
--------------------------------------------------------------------------------

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