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<CONFORMED-NAME>TRANSCOR AMERICA LLC
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<STREET1>10 BURTON HILLS BLVD
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<STATE>TN
<ZIP>37215
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<FILER>
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<CONFORMED-NAME>PRISON REALTY MANAGEMENT INC
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<CONFORMED-NAME>TECHNICAL & BUSINESS INSTITUTE OF AMERICA
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<STATE>TN
<ZIP>37215
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<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA INTERNATIONAL INC
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<STATE>TN
<ZIP>37215
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<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CORRECTIONS CORP OF AMERICA
<CIK>0001070985
<ASSIGNED-SIC>8744
<IRS-NUMBER>621763875
<STATE-OF-INCORPORATION>MD
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<STREET1>10 BURTON HILLS BLVD
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<STREET1>10 BURTON HILLS BOULEVARD
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<STATE>TN
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<FORMER-CONFORMED-NAME>PRISON REALTY TRUST INC
<DATE-CHANGED>19990517
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<FORMER-CONFORMED-NAME>PRISON REALTY CORP
<DATE-CHANGED>19980924
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<CONFORMED-NAME>CCA OF TENNESSEE LLC
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<STREET1>10 BURTON HILLS BOULEVARD
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<STATE>TN
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<FORMER-CONFORMED-NAME>CCA OF TENNESSEE INC
<DATE-CHANGED>20020717
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<CONFORMED-NAME>CCA PROPERTIES OF AMERICA LLC
<CIK>0001212246
<IRS-NUMBER>431988721
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<STREET1>10 BURTON HILLS BLVD.
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<STATE>TN
<ZIP>37215
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<FILER>
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<CONFORMED-NAME>CCA PROPERTIES OF ARIZONA LLC
<CIK>0001212247
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<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BLVD.
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
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<COMPANY-DATA>
<CONFORMED-NAME>CCA PROPERTIES OF TENNESSEE LLC
<CIK>0001212248
<IRS-NUMBER>431988730
<STATE-OF-INCORPORATION>TN
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<STREET1>10 BURTON HILLS BLVD.
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<STATE>TN
<ZIP>37215
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<CONFORMED-NAME>CCA Western Properties, Inc.
<CIK>0001324580
<IRS-NUMBER>202155016
<STATE-OF-INCORPORATION>DE
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<STREET1>10 BURTON HILLS BOULEVARD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>615-263-3600
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<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BOULEVARD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CCA Health Services, LLC
<CIK>0001464388
<IRS-NUMBER>900432377
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>1231
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<STREET1>10 BURTON HILLS BOULEVARD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>615-263-3000
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<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BOULEVARD
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
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<TEXT>
<HTML>
<HEAD>
<TITLE>424B5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;<BR>
<B>Class of securities offered</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Amount to be<BR>
registered</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Maximum offering<BR>
price per unit</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Maximum aggregate<BR>
offering price</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Amount of<BR>
registration fee</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">7&#190;% Senior Notes due 2017
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$465,000,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">97.116%
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$451,589,400
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$25,199(1)</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Guarantees
of Senior Notes
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">&#151;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">&#151;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">&#151;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">(2)</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated in accordance with Rule 457(r) of the Securities Act of 1933.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 457(n) under the Securities Act of 1933,
no separate registration fee is payable with respect to the guarantees.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">Filed Pursuant to
    Rule&#160;424(b)(5)</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">Registration No.
    333-159329</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><B><FONT style="font-size: 11pt">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>(To Prospectus Dated May 19, 2009)</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="g19154b5g1915400.gif" alt="(CORRECTIONS CORPORATION OF AMERICA LOGO)"><B>
    </B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">$465,000,000</FONT></I></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">7<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2017</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">Issue Price 97.116%</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 11pt">Interest payable June&#160;1
    and December&#160;1.</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes will mature on June&#160;1, 2017. Interest will accrue
    from June&#160;3, 2009, and the first interest payment date will
    be December&#160;1, 2009.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At any time on or after June&#160;1, 2013, we may redeem all or
    part of the notes at the redemption prices specified in this
    prospectus supplement under &#147;Description of
    notes&#151;Optional redemption,&#148; plus accrued and unpaid
    interest, if any, to the date of redemption. In addition, at any
    time before June&#160;1, 2012, we may redeem up to 35% of the
    notes with the proceeds we receive from certain equity
    offerings, as long as at least 65% of the aggregate principal
    amount of the notes remains outstanding after the redemption.
    The redemption prices are more fully described in the prospectus
    supplement under &#147;Description of Notes&#151;Optional
    Redemption.&#148; If we sell certain assets and do not invest
    the proceeds or repay indebtedness or if we experience specific
    kinds of changes of control, we must offer to repurchase the
    notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes will be our general senior unsecured obligations and
    will be equal in right of payment with all of our existing and
    future senior indebtedness, including our $375.0&#160;million
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2013, or the 2013 Notes, and our $150.0&#160;million
    6.75%&#160;Senior Notes due 2014, or the 2014 Notes, which we
    refer to herein together as the Existing Senior Notes, and
    amounts outstanding under our revolving credit facility. The
    notes will be senior to our existing and future subordinated
    indebtedness. The notes will be effectively junior to all of our
    existing and future secured indebtedness, including amounts
    outstanding under our revolving credit facility to the extent of
    the collateral securing such indebtedness. The notes will be
    guaranteed on a senior unsecured basis by substantially all of
    our existing and future domestic subsidiaries that guarantee our
    revolving credit facility or other specified indebtedness. The
    guarantee of any subsidiary will be released when such
    subsidiary no longer guarantees such indebtedness, when such
    subsidiary is no longer a subsidiary of ours or when such
    subsidiary is designated an unrestricted subsidiary under the
    terms of the indenture. The guarantees will be equal in right of
    payment with the existing and future unsecured senior
    indebtedness of the guarantors, including the guarantees of the
    revolving credit facility and the guarantees of the Existing
    Senior Notes, and will rank senior to the future subordinated
    indebtedness of the guarantors. The guarantees will be
    effectively junior to all existing and future secured
    indebtedness of the guarantors, including guarantees of our
    revolving credit facility to the extent of the collateral
    securing such indebtedness. The notes will be structurally
    junior to the indebtedness and other liabilities of our
    non-guarantor subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Investing in the notes involves risks. See &#147;Risk
    factors&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-11.</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
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    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=314 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Proceeds to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Public<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Underwriting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Corrections<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>offering<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>discounts and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Corporation of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>commissions</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>America</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="12" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=314 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Per note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97.116%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.000%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95.116%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    451,589,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    442,289,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes will not be listed on any securities exchange.
    Currently, there is no public market for the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect that delivery of the notes to purchasers will be made
    on or about June&#160;3, 2009 in book entry form through The
    Depository Trust&#160;Company for the account of its
    participants, including Clearstream Banking <I>soci&#233;t&#233;
    anonyme </I>and Euroclear Bank, S.A./N.V.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these notes
    or determined if this prospectus supplement or the accompanying
    prospectus is truthful or complete. Any representation to the
    contrary is a criminal offense.
</DIV>

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

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=84 -->

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Joint Book-Running Managers</I>
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 13pt; font-family: Arial, Helvetica">J.P.
    Morgan</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-size: 13pt; font-family: Arial, Helvetica">
    Banc of America Securities LLC </FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 13pt; font-family: Arial, Helvetica">
    Wachovia Securities</FONT></B></TD>
</TR>

</TABLE>

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 13pt; font-family: Arial, Helvetica">HSBC</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 13pt; font-family: Arial, Helvetica">
    SunTrust Robinson Humphrey</FONT></B></TD>
</TR>

</TABLE>

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>         <!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=02 type=gutter -->
    <TD width="33%">&nbsp;</TD>         <!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>  <!-- colindex=03 type=gutter -->
    <TD width="22%">&nbsp;</TD>         <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
    <B>BB&#038;T Capital Markets</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <B>U.S. Bancorp Investments, Inc.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>Avondale Partners</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B>First Analysis Securities Corporation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Macquarie</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom">
    <B>RBC Capital Markets </B>
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 11pt">May&#160;19, 2009
    </FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained in or
    incorporated by reference in this prospectus supplement, the
    accompanying prospectus and any related free writing prospectus.
    We have not authorized anyone to provide you with different
    information. We are not and the underwriters are not making an
    offer to sell these securities in any jurisdiction where the
    offer or sale is not permitted. You should not assume that the
    information contained in this prospectus supplement or the
    accompanying prospectus is accurate as of any date other than
    the date on the front of this prospectus supplement.</B>
</DIV>

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

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

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

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

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Forward-looking statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Market and industry data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Where you can find more information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Incorporation of information by reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Risk factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Use of proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Description of certain other indebtedness</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Description of notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Book-entry, delivery and form</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-69
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Certain U.S. federal income tax considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-74
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>ERISA considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-80
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-82
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Legal matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-85
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-85
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#150'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#151'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#152'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#153'>Incorporation of Incorporation by Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#154'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#155'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#156'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#157'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#158'>Description of Debt Securities and Guarantees of
    Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#159'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#160'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#161'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus supplement contains statements that are
    forward-looking statements as defined within the meaning of the
    Private Securities Litigation Reform Act of 1995.
    Forward-looking statements give our current expectations of
    forecasts of future events. All statements other than statements
    of current or historical fact contained in this prospectus
    supplement, including statements regarding our future financial
    position, business strategy, budgets, projected costs, and plans
    and objectives of management for future operations, are
    forward-looking statements. The words &#147;anticipate,&#148;
    &#147;believe,&#148; &#147;continue,&#148; &#147;estimate,&#148;
    &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148;
    &#147;plan,&#148; &#147;projects,&#148; &#147;will,&#148; and
    similar expressions, as they relate to us, are intended to
    identify forward-looking statements. These statements are based
    on our current plans and actual future activities, and our
    results of operations may be materially different from those set
    forth in the forward-looking statements. In particular these
    include, among other things, statements relating to:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    general economic and market conditions, including the impact
    governmental budgets can have on our per diem rates and
    occupancy;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    fluctuations in our operating results because of, among other
    things, changes in occupancy levels, competition, increases in
    costs of operations, fluctuations in interest rates and risks of
    operations;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    changes in the privatization of the corrections and detention
    industry and the public acceptance of our services;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to obtain and maintain correctional facility
    management contracts, including as the result of sufficient
    governmental appropriations, inmate disturbances, and the timing
    of the opening of new facilities and the commencement of new
    management contracts as well as our ability to utilize current
    available beds and new capacity as development and expansion
    projects are completed;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    changes in government policy and in legislation and regulation
    of the corrections and detention industry that adversely affect
    our business including, but not limited to, judicial challenges
    regarding the transfer of California inmates to out-of-state
    private correctional facilities; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the availability of debt and equity financing on terms that are
    favorable to us.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All forward-looking statements in this prospectus supplement
    should be considered in the context of these risk factors, some
    of which are more fully described under &#147;Risk
    Factors.&#148; Except as required by law, we undertake no
    obligation to update or revise any forward-looking statements,
    whether as a result of new information, future events or
    otherwise. In light of these risks and uncertainties, the
    forward-looking events and circumstances discussed in this
    prospectus supplement may not occur and actual results could
    differ materially from those anticipated or implied in the
    forward-looking statements. Accordingly, users of this
    prospectus supplement are cautioned not to place undue reliance
    on the forward-looking statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-ii
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain market data contained in or incorporated by reference in
    this prospectus supplement or the accompanying prospectus are
    based on independent industry publications and reports by market
    research firms. Although we believe these sources are reliable,
    we have not independently verified the information and cannot
    guarantee its accuracy and completeness. Some data are also
    based on our good faith estimates, which are derived from our
    review of internal surveys, as well as the independent sources
    referred to above.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: Arial, Helvetica">Where you can
    find more information</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are subject to the informational requirements of the
    Securities Exchange Act of 1934, as amended (the &#147;Exchange
    Act&#148;). Accordingly, we file current, quarterly and annual
    reports, proxy statements and other information with the
    Securities and Exchange Commission (the &#147;SEC&#148;). You
    may read and copy these reports, proxy statements and other
    information at the SEC&#146;s Public Reference Room at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the SEC&#146;s
    Public Reference Room. Our SEC filings also are available to the
    public at the Internet website maintained by the SEC at
    <U>www.sec.gov</U> and from commercial document retrieval
    services.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We also make available free of charge through our website our
    annual reports on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    and amendments to those reports filed or furnished pursuant to
    Section&#160;13(a) or 15(d) of the Exchange Act, our definitive
    proxy statements and Section&#160;16 reports on Forms&#160;3, 4
    and 5 as soon as reasonably practicable after we electronically
    file such reports or amendments with, or furnish them to, the
    SEC. Our Internet website address is
    <U>www.correctionscorp.com.</U> The information located on, or
    hyperlinked or otherwise connected to, our website is not, and
    shall not be deemed to be, a part of this prospectus or
    incorporated into any other filings that we make with the SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our common stock is listed on the New York Stock Exchange
    (&#147;NYSE&#148;) under the symbol &#147;CXW.&#148; You may
    inspect the information that we file with the NYSE, at the
    offices of the NYSE located at 20&#160;Broad Street, New York,
    New York 10005.
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information that we file with the SEC. This means that we can
    disclose important business and financial information to you by
    referring you to information and documents that we have filed
    with the SEC. Any information that we refer to in this manner is
    considered part of this prospectus supplement. Any information
    that we file with the SEC after this prospectus supplement will
    automatically update and supersede the corresponding information
    contained in this prospectus supplement or in documents filed
    earlier with the SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are incorporating by reference into this prospectus
    supplement the following documents that we have previously filed
    with the SEC:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2009;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-iii
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Our Definitive Proxy Statement on Schedule&#160;14A, filed with
    the SEC on April&#160;7, 2009; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    filed with the SEC on February&#160;23, 2009 and May&#160;14,
    2009.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are also incorporating by reference any future filings that
    we make with the SEC under Sections&#160;13(a), 13(c), 14 or
    15(d) of the Exchange Act after this prospectus supplement and
    prior to the completion or termination of any offering pursuant
    to this prospectus supplement. Notwithstanding the foregoing,
    information that we furnish under Items&#160;2.02 and 7.01 of
    any current report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    including the related exhibits under Item&#160;9.01, is not
    incorporated by reference in this prospectus supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each document referred to above is available over the Internet
    on the SEC&#146;s website at <U>www.sec.gov</U> and on our
    website at <U>www.correctionscorp.com.</U> We will also furnish
    without charge to you, upon written or oral request, a copy of
    any or all of the documents described above, except for exhibits
    to those documents, unless the exhibits are specifically
    incorporated by reference into those documents. Requests should
    be directed to:
</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Nashville, Tennessee 37215
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(615)&#160;263-3000</FONT>
</DIV>

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

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In this prospectus supplement and the accompanying prospectus,
    &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and the
    &#147;Company&#148; refer to Corrections Corporation of America
    and its consolidated subsidiaries, unless otherwise expressly
    stated or the context otherwise requires. The symbol
    &#147;$&#148; refers to U.S.&#160;dollars, unless otherwise
    indicated.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect delivery of the notes will be made against payment
    therefor on or about June&#160;3, 2009, which is the tenth
    business day following the date of pricing of the notes (such
    settlement being referred to as &#147;T+10&#148;). Under
    <FONT style="white-space: nowrap">Rule&#160;15(c)6-1</FONT>
    of the Exchange Act, trades in the secondary market generally
    are required to settle in three business days unless the parties
    to any such trade expressly agree otherwise. Accordingly,
    purchasers who wish to trade the notes on the date of pricing of
    the notes and the next six succeeding business days will be
    required, by virtue of the fact that the notes initially will
    settle in T+10, to specify an alternative settlement cycle at
    the time of any such trade to prevent failed settlement and
    should consult their own advisors.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-iv
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>The following summary highlights certain significant aspects
    of our business and this offering, but you should carefully read
    the entire prospectus supplement and the accompanying
    prospectus, including the documents incorporated by reference,
    which are described under &#147;Incorporation of information by
    reference,&#148; before making an investment decision. Because
    this is a summary, it does not contain all the information that
    is important to you. Our actual results could differ materially
    from those anticipated in certain forward-looking statements
    contained in this prospectus supplement as a result of certain
    factors, including those set forth under &#147;Forward-looking
    statements&#148; and &#147;Risk factors.&#148;</I>
</DIV>

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We currently operate 64 correctional and detention facilities,
    including 44 facilities that we own, with a total design
    capacity of approximately 85,000 beds in 19&#160;states and the
    District of Columbia. We also own two additional correctional
    facilities that we lease to third-party operators. For the year
    ended December&#160;31, 2008 and the three months ended
    March&#160;31, 2009, we had revenues of $1,584.2&#160;million
    and $404.2&#160;million, respectively, and operating income of
    $300.6&#160;million and $74.9&#160;million, respectively.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under our management services contracts, government agencies pay
    us at an inmate per diem rate based upon actual or minimum
    guaranteed occupancy levels. Our management services contracts
    typically have terms of three to five years, and contain
    multiple renewal options exercisable at the option of the
    contracting government agency. Most of our facility contracts
    also contain clauses that allow the government agency to
    terminate the contract at any time without cause, and our
    contracts are generally subject to annual or bi-annual
    legislative appropriations of funds.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that we benefit from the following competitive
    strengths:
</DIV>

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    <TD>    &#149;&#160;</TD>
    <TD align="left">
    <I>The Largest and Most Recognized Private Prison
    Operator</I>.&#160;Our recognition as the industry&#146;s
    leading private prison operator provides us with significant
    credibility with our current and prospective clients. We believe
    we manage nearly 50% of all privately managed prison beds in the
    United States. We pioneered
    <FONT style="white-space: nowrap">modern-day</FONT>
    private prisons with a list of notable accomplishments, such as
    being the first company to design, build, and operate a private
    prison and the first company to manage a private
    maximum-security facility under a direct contract with the
    federal government. In addition to providing us with extensive
    experience and institutional
</TD>
</TR>

</TABLE>
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    <TD></TD>
    <TD align="left">
    knowledge, our size also helps us deliver value to our customers
    by providing purchasing power and allowing us to achieve certain
    economies of scale.
</TD>
</TR>

</TABLE>

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

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

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

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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Available Beds within Our Existing Facilities.</I>&#160;As of
    May&#160;1, 2009, as a result of recently completed bed
    expansions and new facility development projects we had eight
    facilities which had vacancies and provided us with
    approximately 7,500 available beds. Further, there were
    approximately 2,400 additional available beds at eight of our
    other facilities as of May&#160;1, 2009.
</TD>
</TR>


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


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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Development and Expansion Opportunities.</I>&#160;As a result
    of persistent demand from both our federal and state customers,
    the utilization of a significant portion of our available beds,
    and the expectation of an environment that continues to be
    constrained by a lack of available supply of prison beds, we
    intensified our efforts to deliver new bed capacity through
    development of new prison facilities and the expansion of
    certain of our existing facilities.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Diverse, High Quality Customer Base.</I>&#160;We provide
    services under management contracts with federal, state, and
    local agencies that generally have credit ratings of single-A or
    better. In addition, a majority of our contracts have terms
    between one and five years which contribute to our relatively
    predictable and stable revenue base.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Proven Senior Management Team.</I>&#160;Our senior management
    team has applied their prior experience and diverse industry
    expertise to significantly improve our operations, related
    financial results, and capital structure. Under our senior
    management team&#146;s leadership, we have created new business
    opportunities with customers that have not previously utilized
    the private corrections sector, expanded relationships with
    existing customers, including all three federal correctional and
    detention agencies, and successfully completed numerous
    recapitalization and refinancing transactions, resulting in
    increases in revenues, operating income, facility operating
    margins, and profitability.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Financial Flexibility.</I>&#160;As of March&#160;31, 2009, we
    had cash on hand of $44.0&#160;million and $119.0&#160;million
    available under our $450.0&#160;million revolving credit
    facility and no debt maturities until May 2011. Further, we
    intend to use the net proceeds of this offering along with cash
    on hand to repurchase, redeem or otherwise acquire all of our
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Senior Notes due 2011 and to pay accrued interest and associated
    fees and expenses. During the year ended December&#160;31, 2008
    and the three months ended March&#160;31, 2009, we generated
    $273.6&#160;million and $82.1&#160;million, respectively, in
    cash through operating activities, and as of March&#160;31,
    2009, we had net working capital of $150.6&#160;million. As of
    March&#160;31, 2009, the interest rates on all our outstanding
    indebtedness were fixed, with the exception of the interest rate
    applicable to $289.5&#160;million outstanding under our
    revolving credit facility, with a total weighted average
    effective interest rate of 6.0%, while our total weighted
    average debt maturity was 3.3&#160;years.
</TD>
</TR>

</TABLE>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our primary business strategy is to provide quality corrections
    services, offer a compelling value, and increase occupancy and
    revenue, while maintaining our position as the leading owner,
    operator, and manager of privatized correctional and detention
    facilities. We will also consider opportunities for growth,
    including potential acquisitions of businesses within our line
    of business and those that provide complementary services,
    provided we believe such opportunities will broaden our market
    <FONT style="white-space: nowrap">and/or</FONT>
    increase the services we can provide to our customers.
</DIV>
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    <BR>
    S-2
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<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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    <TD width="98%"></TD>
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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Own and Operate High Quality Correctional and Detention
    Facilities.&#160;</I>We believe that our customers choose an
    outsourced correctional service provider based primarily on
    availability of beds, price, and the quality services provided.
    Approximately 92% of the facilities we operated as of
    December&#160;31, 2008 are accredited by the American
    Correctional Association (the &#147;ACA&#148;), an independent
    organization of corrections industry professionals that
    establishes standards by which a correctional facility may gain
    accreditation. We believe that this percentage compares
    favorably to the percentage of government-operated adult prisons
    that are accredited by the ACA. We have experienced wardens
    managing our facilities, with an average of over 24&#160;years
    of corrections experience and an average tenure of approximately
    12&#160;years with&#160;us.
</TD>
</TR>


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


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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Offer Compelling Value.</I>&#160;We believe that our
    customers also seek a compelling value and service offering when
    selecting an outsourced correctional services provider. We
    believe that we offer a cost-effective alternative to our
    customers by reducing their correctional services costs and
    allowing them to avoid making large capital investments in new
    prison beds. We attempt to improve operating performance and
    efficiency through the following key operating initiatives:
    (1)&#160;standardizing supply and service purchasing practices
    and usage; (2)&#160;implementing a standard approach to staffing
    and business practices in an effort to reduce our fixed
    expenses; (3)&#160;improving inmate management, resource
    consumption, and reporting procedures through the utilization of
    numerous technological initiatives; and (4)&#160;improving
    productivity and reducing employee turnover. We also intend to
    continue to implement a wide variety of specialized services
    that address the unique needs of various segments of the inmate
    population. Because the facilities we operate differ with
    respect to security levels, ages, genders, and cultures of
    inmates, we focus on the particular needs of an inmate
    population and tailor our services based on local conditions and
    our ability to provide services on a cost-effective basis.
</TD>
</TR>


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


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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Increase Occupancy and Revenue.</I>&#160;Our industry
    benefits from significant economies of scale, resulting in lower
    operating costs per inmate as occupancy rates increase. We
    believe we have been successful in increasing occupancy and
    continue to pursue a number of initiatives intended to further
    increase our revenue. We are focused on renewing and enhancing
    the terms of our existing contracts, and have intensified our
    efforts to create new bed capacity and take advantage of
    additional expansion opportunities that we believe have
    favorable investment returns and increase value to our
    stockholders.
</TD>
</TR>

</TABLE>

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

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

    <B><I><FONT style="font-family: Arial, Helvetica">The
    Corrections and Detention Industry</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe we are well-positioned to capitalize on government
    outsourcing of correctional management services because of our
    competitive strengths, business strategy, and financial
    flexibility. Notwithstanding the effects the current economy
    could have on our customers&#146; demand for prison beds in the
    short term, we believe the long-term trends favor an increase in
    the outsourcing of correctional management services. The key
    reasons for this outsourcing trend include (unless otherwise
    noted, statistical references were obtained from the
    &#147;Bureau of Justice Statistics Bulletin&#148; issued by the
    U.S.&#160;Department of Justice in December 2008):
</DIV>

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

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    <TD width="98%"></TD>
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    <TD>    &#149;&#160;</TD>
    <TD align="left">
    <I>Growing United States Prison Population.</I>&#160;The annual
    growth rate of the federal and state prison population was 1.8%
    for the year ended December&#160;31, 2007, which was slightly
    less than the average annual growth rate of 2.0% from 2000 to
    2006. During 2007, the total number of prisoners under federal
    jurisdiction increased 3.4%, while state prison populations
    increased 1.5%. Federal agencies are collectively our largest
    customer and accounted for 40%
</TD>
</TR>

</TABLE>
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    <BR>
    S-3
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<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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    <TD width="98%"></TD>
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    <TD></TD>
    <TD align="left">
    of our total revenues (when aggregating all of our federal
    contracts) for the year ended December&#160;31, 2008. During
    2007, total prison populations increased more rapidly than the
    U.S.&#160;resident population. The imprisonment rate&#151;the
    number of sentenced prisoners per 100,000
    residents&#151;increased from 501 prisoners per 100,000
    U.S.&#160;residents in 2006 to 506 prisoners per 100,000
    U.S.&#160;residents in 2007. From 2000 through 2007, the
    imprisonment rate increased from 475 per 100,000
    U.S.&#160;residents to 506 per 100,000 U.S.&#160;residents.
    During these seven years, the number of sentenced prisoners
    increased by 15% while the general population increased by 6.4%.
</TD>
</TR>

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

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

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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Prison Overcrowding.</I>&#160;The significant growth of the
    prison population in the United States has led to overcrowding
    in the state and federal prison systems. In 2007, at least
    19&#160;states and the federal prison system reported operating
    at or above their highest capacity measure. The federal prison
    system was operating at 36% above capacity at December&#160;31,
    2007. According to the &#147;Public Safety, Public
    Spending&#148; report issued by Pew Charitable Trusts on
    February&#160;14, 2007, prison populations are expected to grow
    by more than 153,000 inmates by the end of 2011. The
    &#147;Public Safety, Public Spending&#148; report also forecasts
    that inmate populations of the 20&#160;states with which we
    currently do business will grow by nearly 80,000 by 2011, or
    about two-thirds of the projected total state inmate population
    growth. Based on this report, other publicly available data, and
    our own proprietary research, we do not currently believe that
    our customers will be able to develop the capacity needed to
    accommodate their demand for prison beds.
</TD>
</TR>


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


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    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Acceptance of Privatization.</I>&#160;The prisoner population
    housed in privately managed facilities in the United States as
    of December&#160;31, 2007 was approximately 126,000. At
    December&#160;31, 2007, 15.7% of federal inmates and 6.8% of
    state inmates were held in private facilities. Since
    December&#160;31, 2000, the number of federal inmates held in
    private facilities has increased approximately 102%, while the
    number of state inmates held in private facilities has increased
    approximately 32%. Twenty-one states had at least 5% of their
    prison population held in private facilities at
    December&#160;31, 2007. Six states, all of which are our
    customers, housed at least 25% of their prison population in
    private facilities as of December&#160;31, 2007&#151;New Mexico
    (42%), Montana (38%), Hawaii (36%), Wyoming (30%), Alaska (30%),
    and Idaho&#160;(27%).
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <I>Governmental Budgeting Constraints.</I>&#160;We believe the
    outsourcing of prison management services to private operators
    allows governments to manage increasing inmate populations while
    simultaneously controlling correctional costs and improving
    correctional services. The use of facilities owned and managed
    by private operators allows governments to expand prison
    capacity without incurring large capital commitments required to
    increase correctional capacity. In addition, contracting with a
    private operator allows governmental agencies to add beds
    without making significant capital investment or incurring new
    debt. We believe these advantages translate into significant
    cost savings for government agencies.
</TD>
</TR>

</TABLE>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our principal executive offices are located at 10 Burton Hills
    Boulevard, Nashville, Tennessee 37215 and our telephone number
    is
    <FONT style="white-space: nowrap">(615)&#160;263-3000.</FONT>
    We also maintain a website at <U>www.correctionscorp.com</U>.
    The information on our website is not part of this prospectus
    supplement unless such information is specifically incorporated
    herein.
</DIV>
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    <BR>
    S-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following summary contains basic information about the notes
    and is not intended to be complete. For a more complete
    understanding of the notes, please refer to &#147;Description of
    notes.&#148;
</DIV>

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

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

<TR>
    <TD valign="top">
    <B>Issuer</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Corrections Corporation of America</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Securities</B></TD>
    <TD></TD>
    <TD valign="bottom">
    $465,000,000 aggregate principal amount of
    7<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2017.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Maturity</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will mature on June&#160;1, 2017.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Interest Payment Dates</B></TD>
    <TD></TD>
    <TD valign="bottom">
    June&#160;1 and December&#160;1 of each year, commencing
    December&#160;1, 2009.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Optional Redemption</B></TD>
    <TD></TD>
    <TD valign="bottom">
    At any time prior to June&#160;1, 2012, we may redeem up to 35%
    of the notes with the net cash proceeds of certain equity
    offerings at the redemption price set forth under
    &#147;Description of notes&#151;Optional redemption.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    On and after June&#160;1, 2013, we may redeem the notes, in
    whole or in part, at the redemption prices set forth under
    &#147;Description of notes&#151;Optional redemption.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Ranking</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be our general unsecured senior obligations.
    Accordingly, they will be:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;effectively subordinated to all of our existing and
    future secured indebtedness, including indebtedness under our
    revolving credit facility;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;structurally subordinated to all future indebtedness
    and other liabilities of our non-guarantor subsidiaries (other
    than indebtedness and liabilities owed to us);</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;equal in right of payment to all of our existing and
    future senior unsecured indebtedness, including our Existing
    Senior Notes and our revolving credit facility; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;senior in right of payment to all of our existing
    and future subordinated indebtedness.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2009, after giving effect to this offering
    and the use of proceeds therefrom we would have had total
    consolidated indebtedness of approximately
    $1,266.1&#160;million, including approximately
    $289.5&#160;million of secured indebtednesses under our
    revolving credit facility, and an additional approximately
    $32.2&#160;million of outstanding letters of credit.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Guarantees</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes initially will be jointly and severally guaranteed on
    a senior unsecured basis by substantially all of our
    subsidiaries. In the future, </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    the guarantees may be released or terminated under certain
    circumstances. Each subsidiary guarantee will be:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;effectively subordinated to all existing and future
    secured indebtedness of such guarantor subsidiary, including its
    guarantee of indebtedness under our revolving credit facility,
    to the extent of the collateral securing such indebtedness;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;equal in right of payment to all existing and future
    senior unsecured indebtedness of such guarantor subsidiary,
    including its guarantee of our Existing Senior Notes and our
    revolving credit facility; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;senior in right of payment to all existing and
    future subordinated indebtedness of such guarantor subsidiary.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2009, our guarantor subsidiaries had no
    indebtedness outstanding that would have been structurally
    senior to the notes offered hereby and the related guarantees.
    Not all our subsidiaries will guarantee the notes. For the three
    months ended March&#160;31, 2009, the entities that will
    guarantee the notes generated all of our revenues.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Covenants</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We will issue the notes under a base indenture as supplemented
    by a second supplemental indenture containing covenants for your
    benefit. These covenants restrict our ability and the ability of
    our restricted subsidiaries, with exceptions, to among other
    things:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;pay dividends or make other restricted payments;</DIV>
</TD>
</TR>
    <FONT style="font-size: 10pt; font-family: Arial, Helvetica">
    </FONT>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;incur additional debt or issue preferred stock;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;create or permit to exist certain liens;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;incur restrictions on the ability of certain of our
    subsidiaries to pay dividends or other payments;</DIV>
</TD>
</TR>


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

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


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;enter into transactions with affiliates;&#160;and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;sell or dispose of our assets.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    These covenants are subject to a number of important exceptions
    and qualifications. In addition, most of the covenants will no
    longer be applicable if the notes are rated investment grade by
    Moody&#146;s Investor Services, Inc. or Standard&#160;&#038;
    Poor&#146;s Rating Services. See &#147;Description of
    notes&#151;Certain covenants&#151;Changes in covenants when
    notes rated investment grade.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Mandatory Offer to Repurchase</B></TD>
    <TD></TD>
    <TD valign="bottom">
    If a Change of Control occurs, we must offer to repurchase the
    notes at a redemption price equal to 101% of the principal
    amount thereof plus any accrued and unpaid interest.</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<TR>
    <TD valign="top">
    <B>No Public Market</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes are a series of securities for which there is
    currently no established trading market. The underwriters have
    advised us that they presently intend to make a market in the
    notes. However, you should be aware that they are not obligated
    to make a market and may discontinue their market-making
    activities at any time without notice. As a result, a liquid
    market for the notes may not be available if you try to sell
    your notes. We do not intend to apply for a listing of the notes
    on any securities exchange or any automated dealer quotation
    system.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Use of Proceeds</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We intend to use the net proceeds from this offering along with
    cash on hand to purchase, redeem or otherwise acquire all of our
    $450.0&#160;million aggregate principal amount outstanding
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%&#160;Senior
    Notes due 2011 and to pay accrued interest and associated fees
    and expenses. See &#147;Use of proceeds.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Form</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be represented by registered global securities
    registered in the name of Cede&#160;&#038; Co., the nominee of
    the depositary, The Depository Trust&#160;Company, or DTC.
    Beneficial interests in the notes will be shown on, and
    transfers will be effected through, records maintained by DTC
    and its participants.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Risk Factors</B></TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Risk factors&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-11</FONT>
    of this prospectus supplement for important information
    regarding us and an investment in the notes.</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Summary
    historical financial and operating data</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table sets forth certain of our historical
    consolidated financial and operating data as of and for the
    periods indicated. Our summary historical financial data is
    derived from our audited consolidated financial statements as of
    December&#160;31, 2006, 2007 and 2008 and for the years then
    ended and from our unaudited consolidated financial statements
    as of March&#160;31, 2008 and 2009 and for the three months then
    ended. The following data should be read in conjunction with
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and the historical
    consolidated financial statements and the related notes all
    contained in our Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on May&#160;14, 2009 and our Quarterly Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the SEC on May&#160;7, 2009, each of which is
    incorporated by reference into this prospectus supplement and
    the accompanying prospectus.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="20" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=153 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Years ended
    December&#160;31,</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Three months ended
    March&#160;31,</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="20" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=153 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Statements of Operations:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Management and other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,287,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,439,826
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,581,593
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    378,773
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    403,572
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Rental
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,399
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,576
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    582
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,289,515
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,442,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,584,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    379,411
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    404,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Operating
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    937,491
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,025,040
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,112,679
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    268,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,797
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63,593
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,399
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,308
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,553
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Goodwill impairment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,068,234
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,178,389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,283,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    309,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    329,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221,281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    263,836
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,627
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,650
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,942
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Other (income) expense:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Interest expense, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58,783
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,650
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,935
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Expenses associated with debt refinancing and recapitalization
    transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Other (income) expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (260
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (308
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income from continuing operations before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    161,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    210,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240,931
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,906
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,981
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income tax expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (59,455
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (79,367
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (90,933
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,430
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,595
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,001
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,476
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income (loss) from discontinued operations, net of taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,918
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,372
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    943
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (789
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,239
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    133,373
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    150,941
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="21" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="21" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">As of March&#160;31,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=362 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance Sheet Data:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    44,048
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,867,281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,265,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,559,812
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,307,469
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="20" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=165 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(dollars in thousands, <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three months ended March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>except per man-day data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="20" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=165 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Facility Operating and Other Financial Data:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Average compensated population
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,034
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,431
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Average compensated occupancy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94.9%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98.2%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95.5%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97.0%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89.4%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total compensated
    <FONT style="white-space: nowrap">man-days</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,987,375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,927,392
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,438,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,682,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,884,021
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Revenue per compensated
    <FONT style="white-space: nowrap">man-day</FONT><SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    53.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    54.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    57.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    56.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    58.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Margin per compensated
    <FONT style="white-space: nowrap">man-day</FONT><SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Capital expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    166,411
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    373,162
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    482,213
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    167,704
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,827
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    EBITDA<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    287,709
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    343,094
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    390,890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    90,872
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,560
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="21" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="21" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Computed by dividing aggregate
    facility revenue by total compensated
    <FONT style="white-space: nowrap">man-days.</FONT>
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Computed by deducting facility
    operating expense per compensated
    <FONT style="white-space: nowrap">man-day</FONT> from
    revenue per compensated
    <FONT style="white-space: nowrap">man-day.</FONT>
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">EBITDA is a non-GAAP financial
    measure. We calculate EBITDA for the periods presented herein as
    net income plus net interest expense, depreciation and
    amortization, income tax expense, goodwill impairment, and
    (income) loss from discontinued operations. We believe that it
    supplements discussion and analysis of our results of operations
    and it is used to review and assess the operating performance of
    our correctional facilities and our management teams. We believe
    that it is useful to provide investors, lenders and security
    analysts disclosures of our results of operations on the same
    basis as that used by management. However, other companies may
    calculate EBITDA differently than we do. EBITDA is not a measure
    of performance under GAAP and should not be considered as an
    alternative to cash flows from operating activities or as a
    measure of liquidity or an alternative to net income as an
    indicator of our operating performance or any other measure of
    performance derived in accordance with GAAP. This data should be
    read in conjunction with our consolidated financial statements
    and related notes incorporated by reference herein. EBITDA is
    useful as a supplemental measure of the performance of our
    correctional facilities because it does not take into account
    depreciation and amortization or tax provisions. Because the
    historical cost accounting convention used for real estate
    assets requires depreciation (except on land), this accounting
    presentation assumes that the value of real estate assets
    diminishes at a level rate over time. Because of the unique
    structure, design and use of our correctional facilities,
    management believes that assessing performance of our
    correctional facilities without the impact of depreciation or
    amortization is useful. A reconciliation of EBITDA to net income
    computed in accordance with GAAP is as follows:
    </FONT></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="20" nowrap align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=226 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>Three<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>months <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2006<SUP style="font-size: 85%; vertical-align: top">(i)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="20" nowrap align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=226 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,239
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    133,373
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    150,941
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Interest expense, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58,783
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,650
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,935
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income tax expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,455
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,367
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,933
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,430
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,595
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Goodwill impairment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    (Income) loss from discontinued operations, net of taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,918
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,372
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (943
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (522
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    EBITDA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    287,709
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    343,094
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    390,890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    90,872
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,560
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="21" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="21" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    EBITDA for the year ended December&#160;31, 2006 presented above
    reflects $982 of expenses associated with debt refinancing and
    recapitalization transactions.
</TD>
</TR>

</TABLE>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=210 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>For the three<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the years ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2004</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=210 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of Earnings to Fixed
    Charges<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.9x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.2x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.8x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.0x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.0x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">For the purpose of computing the
    ratio of earnings to fixed charges, earnings consist of income
    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.
    </FONT></TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>You should carefully consider the following factors that
    could materially affect our business, as well as the other
    information set forth or incorporated by reference in this
    prospectus supplement and the accompanying prospectus. In
    addition, in our periodic filings with the SEC, press releases
    and other statements, we discuss estimates and projections
    regarding our future performance and business outlook. Such
    &#147;forward-looking statements,&#148; by their nature, involve
    known and unknown risks, uncertainties and other factors that in
    some cases are out of our control. These factors could cause our
    actual results to differ materially from our historical
    experience or our present expectations and projections. The
    following is a non-exclusive discussion of such risks and
    uncertainties.</I>
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Risks related to
    our leveraged capital structure</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Our indebtedness
    could adversely affect our financial health and prevent us from
    fulfilling our obligations under our debt securities.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have a significant amount of indebtedness. As of
    March&#160;31, 2009, after giving pro forma effect to this
    offering and the use of proceeds as contemplated herein, we
    would have had total indebtedness of $1,266.1&#160;million. Our
    indebtedness could have important consequences. For example, it
    could:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    make it more difficult for us to satisfy our obligations with
    respect to our indebtedness, including the notes issued in this
    offering;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    increase our vulnerability to general adverse economic and
    industry conditions;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limit our flexibility in planning for, or reacting to, changes
    in our business and the industry in which we operate;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    place us at a competitive disadvantage compared to our
    competitors that have less debt;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limit our ability to borrow additional funds or refinance
    existing indebtedness on favorable terms.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Our revolving
    credit facility and other debt instruments have restrictive
    covenants that could limit our financial flexibility.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indentures related to our senior notes, including the notes
    offered hereby, and our revolving 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 revolving credit
    facility is subject to compliance with certain financial
    covenants, including leverage and interest coverage ratios. Our
    revolving credit facility includes other restrictions that,
    among other things, limit our ability to incur indebtedness;
    grant liens; engage in mergers, consolidations and liquidations;
    make asset dispositions, restricted payments and investments;
    enter into transactions with affiliates; and amend, modify or
    prepay certain indebtedness. The
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-11
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    indentures related to our senior notes contain limitations on
    our ability to effect mergers and change of control events, as
    well as other limitations, including:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limitations on the declaration and payment of dividends or other
    restricted payments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limitations on incurring additional indebtedness or issuing
    preferred stock;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limitations on the creation or existence of certain liens;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limitations on incurring restrictions on the ability of certain
    of our subsidiaries to pay dividends or other payments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limitations on transactions with affiliates;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limitations on the sale of assets.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    See &#147;Description of certain other indebtedness.&#148; Our
    failure to comply with these covenants could result in an event
    of default that, 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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Servicing our
    indebtedness will require a significant amount of cash. Our
    ability to generate cash depends on many factors beyond our
    control.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our ability to make payments on and to refinance our
    indebtedness 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 revolving credit facility
    in an amount sufficient to enable us to pay our indebtedness,
    including our existing senior notes, 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 senior notes, or
    new debt securities, on or before maturity. We may not, however,
    be able to refinance any of our indebtedness, including our
    revolving credit facility and including our senior notes to be
    issued in this notes offering, or new debt securities on
    commercially reasonable terms or at all.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">We are required
    to repurchase all or a portion of our senior notes, including
    the notes offered hereby, upon a change of control.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon certain change of control events, as that term is defined
    in the indentures for our senior notes and the notes to be
    issued in this offering, 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 revolving credit facility and
</DIV>

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    <BR>
    S-12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    under the terms of our other indebtedness. In addition, our
    revolving credit facility restricts our ability to make any such
    required repurchases. Prior to repurchasing the notes upon a
    change of control event, we must either repay outstanding
    indebtedness under our revolving credit facility or obtain the
    consent of the lenders under our revolving credit facility. If
    we do not obtain the required consents or repay our outstanding
    indebtedness under our revolving credit facility, we would
    remain effectively prohibited from offering to purchase the
    notes. See &#147;Description of notes&#151;Repurchase at the
    option of holders&#151;Change of control.&#148;
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Despite current
    indebtedness levels, we may still incur more debt.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The terms of the indentures for our senior notes and the notes
    to be issued in this offering and our revolving credit facility
    restrict our ability to incur significant additional
    indebtedness. However, in the future we may refinance all or a
    portion of our indebtedness, including our revolving credit
    facility, and may incur additional indebtedness. As of
    March&#160;31, 2009, we had $119.0&#160;million of additional
    borrowing capacity available under our revolving credit
    facility. In addition, we may issue an indeterminate amount of
    debt securities from time to time when we determine that market
    conditions and the opportunity to utilize the proceeds from the
    issuance of such debt securities are favorable. 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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Our access to
    capital may be affected by general macroeconomic
    conditions.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a result of current economic conditions, including turmoil
    and uncertainty in the capital markets, credit markets have
    tightened significantly such that the ability to obtain new
    capital has become more challenging and more expensive. In
    addition, several large financial institutions have either
    recently failed or been dependent on the assistance of the
    federal government to continue to operate as a going concern.
    Lehman Brothers Commercial Bank (&#147;Lehman&#148;), which
    holds a $15.0&#160;million share in our revolving credit
    facility, is a defaulting lender under the terms of the credit
    agreement. As of March&#160;31, 2009, of the $15.0&#160;million
    share of our revolving credit facility, Lehman had funded
    $4.6&#160;million that remained outstanding. This balance will
    be repaid on a pro-rata basis whenever we repay any LIBOR-based
    loans. To the extent that their funding is reduced, it will not
    be replaced. Going forward, we do not expect to have access to
    incremental funding from Lehman. Further, to the extent we
    obtain additional letters of credit under the facility, we will
    be required to provide cash collateral on a pro-rata basis to
    reflect the inability of Lehman to fulfill its commitments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We can provide no assurance that the remaining banks that have
    made commitments under our revolving credit facility will
    continue to operate as a going concern in the future. If any of
    the remaining banks in the lending group were to fail, it is
    possible that the capacity under the revolving credit facility
    would be further reduced. In the event that the availability
    under the revolving credit facility was reduced significantly,
    we could be required to obtain capital from alternate sources in
    order to continue with our business and capital strategies. Our
    options for addressing such capital constraints would include,
    but not be limited to (i)&#160;reducing or suspending the stock
    repurchase program, (ii)&#160;delaying certain capital
    expenditure projects, (iii)&#160;obtaining commitments from the
    remaining banks in the lending group or from new banks to fund
    increased amounts under the terms of the revolving credit
    facility, or (iv)&#160;accessing the public capital markets.
    Such alternatives in the current market could be on terms less
    favorable than under existing terms, which could have a material
    effect on our consolidated financial position, results of
    operations, or cash flows.
</DIV>

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    <BR>
    S-13
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">The notes are
    effectively subordinated to our secured indebtedness and
    structurally subordinated to any future indebtedness of any
    non-guarantor subsidiaries.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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
    March&#160;31, 2009, our total secured indebtedness was
    approximately $289.5&#160;million. The indenture permits us to
    incur additional secured indebtedness provided certain
    conditions are met. See &#147;Description of notes&#151;Certain
    covenants&#151;Incurrence of indebtedness and issuance of
    preferred stock and&#147;&#151;Liens&#148;.&#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 the benefits of
    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
    notes also would be structurally subordinated to all future
    indebtedness and other liabilities of our non-guarantor
    subsidiaries (other than indebtedness and liabilities owed to
    us).
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Federal and state
    statutes allow courts, under specific circumstances, to void
    guarantees and require note holders to return payments received
    from guarantors.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the federal bankruptcy law and comparable provisions of
    state fraudulent transfer laws or state laws prohibiting
    subsidiary guarantees or other shareholder distributions by
    insolvent subsidiaries, 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
    received less than reasonably equivalent value or fair
    consideration for the incurrence of such guarantee&#160;and
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    was insolvent or rendered insolvent by reason of such incurrence;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    was engaged in a business or transaction for which the
    guarantor&#146;s remaining assets constituted unreasonably small
    capital;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    intended to incur, or believed that it would incur, debts beyond
    its ability to pay such debts as they mature.
</TD>
</TR>

</TABLE>

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

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

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the sum of its debts, including contingent liabilities, is
    greater than the fair value of all of its assets;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    it is generally not paying its debts as they become due.
</TD>
</TR>

</TABLE>

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

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

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    <BR>
    S-14
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">If an active
    trading market does not develop for these notes, you may not be
    able to resell them.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prior to this offering, there was no public market for these
    notes. If no active trading market develops, you may not be able
    to resell your notes at their fair market value or at all.
    Future trading prices of the notes will depend on many factors,
    including, among other things, prevailing interest rates, our
    operating results and the market for similar securities. We have
    been informed by the underwriters that they currently intend to
    make a market in these notes after this offering is completed.
    However, the underwriters may cease their market-making at any
    time. We do not intend to apply for listing the notes on any
    securities exchange. Moreover, if a market were to exist, the
    notes could trade at prices that may be lower than their initial
    offering price because of many factors, including, but not
    limited to:
</DIV>

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

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

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

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


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the prospects for other companies in the same industry.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: Arial, Helvetica">The notes may be
    issued with original issue discount for United States federal
    income tax purposes.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes will be issued with original issue discount
    (&#147;OID&#148;) for United States federal income tax purposes
    to the extent that the issue price of the notes is less than
    their stated principal amount by more than a de minimis amount.
    A United States Holder of a note will have to report any OID as
    income as it accrues (prior to the receipt of cash attributable
    thereto), based on a constant yield method and regardless of the
    United States Holder&#146;s regular method of accounting for
    United States federal income tax purposes. See &#147;Certain
    U.S. federal income tax considerations.&#148;
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Risks related to
    our business and industry</FONT></B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>We are subject to fluctuations in occupancy
    levels.</I>&#160;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 2008, 2007, and
    2006 was 95.5%, 98.2%, and 94.9%, respectively. Occupancy rates
    may, however, decrease below these levels in the future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>We are dependent on government appropriations and our results
    of operations may be negatively affected by governmental
    budgetary challenges</I>. 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
</DIV>

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    <BR>
    S-15
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    financial condition. In addition, federal, state and local
    governments are constantly under pressure to control additional
    spending or reduce current levels of spending. These pressures
    have been compounded by the current economic downturn.
    Accordingly, we have been requested and may be requested in the
    future to reduce our existing per diem contract rates or forego
    prospective increases to those rates. Further, our customers
    could reduce inmate population levels in facilities we manage to
    contain their correctional costs. In addition, it may become
    more difficult to renew our existing contracts on favorable
    terms or otherwise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Competition for inmates may adversely affect the
    profitability of our business.</I>&#160;We compete with
    government entities and other private operators on the basis of
    bed availability, 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 that they own and we currently
    manage for them 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Escapes, inmate disturbances, and public resistance to
    privatization of correctional and detention facilities could
    result in our inability to obtain new contracts or the loss of
    existing contracts</I>. 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Moreover, negative publicity about an escape, riot or other
    disturbance or perceived poor conditions at a privately managed
    facility may result in adverse publicity 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>We are subject to termination or non-renewal of our
    government contracts.</I>&#160;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,
    as of March&#160;31, 2009, 25 of our facility management
    contracts with our primary customers have expired (1)&#160;or
    are currently scheduled to expire (24)&#160;on or before
    December&#160;31, 2009. 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
</DIV>

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    <BR>
    S-16
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    operations and liquidity, including our ability to secure new
    facility management contracts from others.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Our ability to secure new contracts to develop and manage
    correctional and detention facilities depends on many factors
    outside our control</I>. 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 or parole standards
    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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 compete for such projects with
    companies that have more financial resources than we have.
    Further, we may not be able to obtain the capital resources when
    needed. A prolonged downturn in the financial credit markets
    could make it more difficult to obtain capital resources at
    favorable rates of return or obtain capital resources at all.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>We may face community opposition to facility location, which
    may adversely affect our ability to obtain new contracts</I>.
    Our success in obtaining new awards and contracts sometimes
    depends, in part, upon our ability to locate land that can be
    leased or acquired, on economically favorable terms, by us or
    other entities working with us in conjunction with our proposal
    to construct
    <FONT style="white-space: nowrap">and/or</FONT>
    manage a facility. Some locations may be in or near populous
    areas and, therefore, may generate legal action or other forms
    of opposition from residents in areas surrounding a proposed
    site. When we select the intended project site, we attempt to
    conduct business in communities where local leaders and
    residents generally support the establishment of a privatized
    correctional or detention facility. Future efforts to find
    suitable host communities may not be successful. We may incur
    substantial costs in evaluating the feasibility of the
    development of a correctional or detention facility. As a
    result, we may report significant charges if we decide to
    abandon efforts to develop a correctional or detention facility
    on a particular site. In many cases, the site selection is made
    by the contracting governmental entity. In such cases, site
    selection may be made for reasons related to political
    <FONT style="white-space: nowrap">and/or</FONT>
    economic development interests and may lead to the selection of
    sites that have less favorable environments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>We may incur significant
    <FONT style="white-space: nowrap">start-up</FONT> and
    operating costs on new contracts before receiving related
    revenues, which may impact our cash flows and not be
    recouped</I>. When we are awarded a contract to manage a
    facility, we may incur significant
    <FONT style="white-space: nowrap">start-up</FONT> 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
</DIV>

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    <BR>
    S-17
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    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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>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</I>. 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, some are
    unique to government contractors and the combination of
    regulations we face is unique. Facility management contracts
    typically include reporting requirements, supervision, and
    <FONT style="white-space: nowrap">on-site</FONT>
    monitoring by representatives of the contracting governmental
    agencies. Corrections officers 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
    certain specific types of businesses, such as small businesses
    and 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. New
    federal regulations also require federal government contractors
    like us to self-report evidence of certain forms of misconduct.
    We may not always successfully comply with these regulations,
    and failure to comply can result in material penalties,
    including financial penalties, non-renewal or termination of
    facility management contracts, and suspension or debarment from
    contracting with certain governmental entities.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our inmate transportation subsidiary, TransCor, is subject to
    regulations promulgated by the Departments of Transportation and
    Justice. TransCor must also comply with the Interstate
    Transportation of Dangerous Criminals Act of 2000, which covers
    operational aspects of transporting prisoners, including, but
    not limited to, background checks and drug testing of employees;
    employee training; employee hours; staff-to-inmate ratios;
    prisoner restraints; communication with local law enforcement;
    and standards to help ensure the safety of prisoners during
    transport. We are subject to changes in such regulations, which
    could result in an increase in the cost of our transportation
    operations.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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. 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.
    Such an outcome could have a material adverse effect on our
    results of operations.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>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
    RFPs</I>.&#160;Certain of the governmental agencies with which
    we contract have
</DIV>

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    <BR>
    S-18
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 government entities. Any adverse
    determination could adversely impact our ability to bid in
    response to RFPs in one or more jurisdictions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>We depend on a limited number of governmental customers for a
    significant portion of our revenues</I>.&#160;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
    Federal Bureau of Prisons (the &#147;BOP&#148;), the
    U.S.&#160;Immigration and Customs Enforcement (&#147;ICE&#148;),
    the United States Marshals Service (&#147;USMS&#148;), or
    various state agencies could seriously harm our financial
    condition and results of operations. The three primary federal
    governmental agencies with correctional and detention
    responsibilities, the BOP, ICE, and USMS, accounted for 40% of
    our total revenues for the fiscal year ended December&#160;31,
    2008 ($629.3&#160;million). The USMS accounted for 14% of our
    total revenues for the fiscal year ended December&#160;31, 2008
    ($221.7&#160;million), ICE accounted for 13% of our total
    revenues for the fiscal year ended December&#160;31, 2008
    ($209.5&#160;million), and the BOP accounted for 13% of our
    total revenues for the fiscal year ended December&#160;31, 2008
    ($198.2&#160;million). Although the revenue generated from each
    of these agencies is derived from numerous management contracts,
    the loss of one or more of such contracts could have a material
    adverse impact in our financial condition and results of
    operations. 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>A decrease in occupancy levels could cause a decrease in
    revenues and profitability</I>.&#160;While a substantial portion
    of our cost structure is generally fixed, a significant portion
    of our revenues are generated under facility management
    contracts which provide for per diem payments based upon daily
    occupancy. We are dependent upon the governmental agencies with
    which we have contracts to provide inmates for our managed
    facilities. We cannot control occupancy levels at our managed
    facilities. Under a per diem rate structure, a decrease in our
    occupancy rates could cause a decrease in revenues and
    profitability. When combined with relatively fixed costs for
    operating each facility, regardless of the occupancy level, a
    decrease in occupancy levels could have a material adverse
    effect on our profitability.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">We are dependent
    upon our senior management and our ability to attract and retain
    sufficient qualified personnel.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The success of our business depends in large part on the ability
    and experience of our senior management. The unexpected loss of
    any of these persons could materially adversely affect our
    business and operations.
</DIV>

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

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

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    <BR>
    S-19
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    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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Adverse
    developments in our relationship with our employees could
    adversely affect our business, financial condition or results of
    operations.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As of March&#160;31, 2009, less than 5% of our workforce was
    represented by labor unions. Increases in organizational
    activity or any future work stoppages could have a material
    adverse effect on our business, financial condition, or results
    of operations.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">We are subject to
    necessary insurance costs.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Workers&#146; compensation, employee health, and general
    liability insurance represent significant costs to us. Because
    we are significantly self-insured for workers&#146;
    compensation, employee health, and general liability risks, the
    amount of our insurance expense is dependent on claims
    experience, our ability to control our claims experience, and in
    the case of workers&#146; compensation and employee health,
    rising health care costs in general. 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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">We may be
    adversely affected by inflation.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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,
    insurance, medical, and food costs, increase at rates faster
    than increases, if any, in our management fees, then our
    profitability would be adversely affected. See
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#151;Inflation&#148;
    contained in our current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on May&#160;14, 2009 and incorporated by
    reference into this prospectus supplement.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">We are subject to
    legal proceedings associated with owning and managing
    correctional and detention facilities.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 covered by
    insurance, our deductible (or self-insured retention) may be
    significant.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><FONT style="font-family: Arial, Helvetica">We are subject to
    risks associated with ownership of real estate.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 have limited or no
    alternative use and thus, 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 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, our focus on facility development and 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. Further, if we are unable to
    utilize this new bed capacity, our financial results could
    deteriorate.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Certain of our
    facilities are subject to options to purchase and
    reversions.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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. Certain of these purchase options are based
    on the depreciated book value of the facility, which essentially
    results in the transfer of ownership of the facility to the
    governmental agency at the end of the life used for accounting
    purposes. See &#147;Business&#151;Facility
    Portfolio&#151;Facilities and Facility Management
    Contracts&#148; contained in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 incorporated by
    reference into this prospectus supplement. 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&#160;31, 2008, the facilities subject to these
    options generated $263.1&#160;million in revenue (16.6% of total
    revenue) and incurred $187.0&#160;million in operating expenses.
    Certain of the options to purchase are exercisable at prices
    below fair market value. See &#147;Business&#151;Facility
    Portfolio&#151;Facilities and Facility Management
    Contracts&#148; in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, incorporated
    by reference into this prospectus supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, ownership of two of our facilities (that are also
    subject to options to purchase) will, upon the expiration of
    certain ground leases with remaining terms generally ranging
    from 8 to 10&#160;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&#160;31, 2008, the facilities
    subject to reversion generated $72.5&#160;million in revenue
    (4.6% of total revenue) and incurred $51.1&#160;million in
    operating expenses.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><FONT style="font-family: Arial, Helvetica">Risks related to
    facility construction and development activities may increase
    our costs related to such activities.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    When we are engaged to perform construction and design services
    for a facility, we typically act as the primary contractor and
    subcontract with other companies who act as the general
    contractors. As primary contractor, we are subject to the
    various risks associated with construction (including, without
    limitation, shortages of labor and materials, work stoppages,
    labor disputes, and weather interference) which could cause
    construction delays. In addition, we are subject to the risk
    that the general contractor will be unable to complete
    construction at the budgeted costs or be unable to fund any
    excess construction costs, even though we require general
    contractors to post construction bonds and insurance. Under such
    contracts, we are ultimately liable for all late delivery
    penalties and cost overruns.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">We may be
    adversely affected by the rising cost and increasing difficulty
    of obtaining adequate levels of surety credit on favorable
    terms.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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. Increases in surety costs could adversely affect
    our operating results if we are unable to effectively pass along
    such increases to our customers. 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 revolving credit
    facility, which could 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.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We estimate that the net proceeds from the sale of the notes
    offered by this prospectus supplement will be approximately
    $441.1&#160;million after deducting the underwriting discounts
    and estimated offering expenses we will pay.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to use the net proceeds of this offering along with
    cash on hand to purchase, redeem or otherwise acquire all of our
    $450.0&#160;million aggregate principal amount outstanding
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Senior Notes due 2011 (the &#147;2011 Notes&#148;), including by
    means of a tender offer and/or redemption of the 2011 Notes, and
    to pay accrued interest and associated fees and expenses.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pending final use, we may invest the net proceeds from this
    offering in short-term, investment grade, interest-bearing
    securities.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table sets forth our consolidated cash and cash
    equivalents and capitalization as of March&#160;31, 2009
    (1)&#160;on an actual basis and (2)&#160;on an as adjusted basis
    to give effect to the offering of the notes, the application of
    estimated net proceeds therefrom, and the payment of accrued
    interest on the notes purchased and the payment of associated
    fees and expenses from cash on hand.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=342 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">As of March&#160;31,
    2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(dollars in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>As adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=342 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cash and cash equivalents</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    44.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.5
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Debt (including current maturities):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Revolving credit
    facility<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%&#160;Senior
    Notes due 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    450.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    6.75%&#160;Senior Notes due 2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    7<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2017 offered hereby
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    451.6
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,265.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,266.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Stockholders&#146; equity:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total stockholders&#146;
    equity<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,307.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,303.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,572.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,569.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Adjusted to reflect use of cash on
    hand to pay accrued interest and estimated fees and expenses
    associated with the offering and the repurchase or redemption of
    all of the 2011&#160;Notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Does not include an additional
    $32.2&#160;million of letters of credit outstanding thereunder.
    </FONT></TD>
</TR>


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


<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">$465.0&#160;million face amount.
    </FONT></TD>
</TR>


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


<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">As adjusted, represents the
    write-off of unamortized deferred financing costs net of
    premium, as well as fees and expenses associated with the
    completion of a tender offer for all of the 2011 Notes.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: Arial, Helvetica">Description of
    certain other indebtedness</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: Arial, Helvetica">Revolving credit
    facility</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    During December 2007, we entered into a $450.0&#160;million
    senior secured revolving credit facility (the &#147;Revolving
    Credit Facility&#148;) arranged by Banc of America Securities
    LLC and Wachovia Capital Markets, LLC. The Revolving Credit
    Facility replaced our previous $250.0&#160;million senior
    secured revolving credit facility. The Revolving Credit Facility
    matures in December 2012. At our option, interest on outstanding
    borrowings will be based on either a base rate plus a margin
    ranging from 0.00% to 0.50% or a London Interbank Offered Rate
    (&#147;LIBOR&#148;) plus a margin ranging from 0.75% to 1.50%.
    The applicable margins are subject to adjustments based on our
    leverage ratio. Based on our current leverage ratio, loans under
    the Revolving Credit Facility currently bear interest at the
    base rate plus a margin of 0.00% or at LIBOR plus a margin of
    0.75%. As of March&#160;31, 2009, we had $289.5&#160;million of
    outstanding borrowings under the Revolving Credit Facility as
    well as $32.2&#160;million in letters of credit outstanding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Revolving Credit Facility has a $20.0&#160;million sublimit
    for swing line loans and a $100.0&#160;million sublimit for the
    issuance of standby letters of credit. We have an option to
    increase the availability under the Revolving Credit Facility by
    up to $300.0&#160;million (consisting of revolving credit loans,
    term loans, or a combination of the two) subject to, among other
    things, the receipt of commitments for the increased amount.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Revolving Credit Facility is secured by a pledge of all of
    the capital stock of our domestic subsidiaries, 65% of the
    capital stock of our foreign subsidiaries, all of our accounts
    receivable, and all of our deposit accounts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Revolving Credit Facility requires us to meet certain
    financial covenants, including, without limitation, a maximum
    total leverage ratio, a maximum secured leverage ratio and a
    minimum interest coverage ratio. As of March&#160;31, 2009, we
    were in compliance with all such covenants. In addition, the
    Revolving Credit Facility contains certain covenants that, among
    other things, limit the incurrence of additional indebtedness,
    investments, acquisitions, payment of dividends and other
    customarily restricted payments, transactions with affiliates,
    asset dispositions, liens and encumbrances, mergers and
    consolidations, liquidations, exchange and issuance of
    &#147;disqualified stock,&#148; prepayments and modifications of
    other indebtedness and other matters customarily restricted in
    such agreements. In addition, the Revolving Credit Facility is
    subject to certain cross-default provisions with terms of our
    other indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Lehman, which had a $15.0&#160;million credit commitment under
    our Revolving Credit Facility, is a defaulting lender under the
    terms of the credit agreement. As of March&#160;31, 2009, of the
    $15.0 million share of our Revolving Credit Facility, Lehman had
    funded $4.6&#160;million that remained outstanding, which will
    be repaid on a pro-rata basis to the extent that LIBOR-based
    loans are repaid. It is our expectation that going forward we
    will not have access to additional incremental funding from
    Lehman, and to the extent that their funding is reduced, it will
    not be replaced.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Other unsecured
    senior notes</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%&#160;senior
    notes due 2011</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Interest on the $450.0&#160;million aggregate principal amount
    of our
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    unsecured senior notes issued in May 2003 and August 2003
    accrues at the stated rate and is payable on May 1 and
</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    November 1 of each year. The 2011 Notes mature on May&#160;1,
    2011. We may currently redeem all or a portion of the 2011 Notes
    at par pursuant to the indenture, as supplemented, governing the
    2011 Notes. We intend to use the net proceeds of this offering
    along with cash on hand to purchase, redeem or otherwise acquire
    all of the 2011 Notes, including by means of a tender offer
    and/or redemption of the 2011 Notes, and to pay accrued interest
    and associated fees and expenses, as described under &#147;Use
    of proceeds.&#148;
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;senior
    notes due 2013</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Interest on the $375.0&#160;million aggregate principal amount
    of our
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%
    unsecured senior notes issued in March 2005 accrues at the
    stated rate and is payable on March 15 and September 15 of each
    year. The 2013 Notes mature on March&#160;15, 2013. We may
    redeem all or a portion of the 2013 Notes at the redemption
    prices set forth in the indenture governing the 2013 Notes.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">6.75%&#160;senior
    notes due 2014</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Interest on the $150.0&#160;million aggregate principal amount
    of our 6.75% unsecured senior notes issued in January 2006
    accrues at the stated rate and is payable on January 31 and July
    31 of each year. The 2014 Notes mature on January&#160;31, 2014.
    We may redeem all or a portion of the 2014 Notes on or after
    January&#160;31, 2010 at the redemption prices set forth in the
    indenture governing the 2014 Notes.
</DIV>

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You can find the definitions of certain terms used in this
    description under the subheading &#147;&#151;Certain
    definitions.&#148; In this description, the word
    &#147;<I>CCA</I>&#148; refers only to Corrections Corporation of
    America and not to any of its Subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    CCA will issue the Notes under a base indenture among itself,
    the Guarantors and U.S.&#160;Bank National Association, as
    trustee (the &#147;<I>trustee</I>&#148;), as amended and
    supplemented by a second supplemental indenture among CCA, the
    Guarantors and the trustee. For convenience, the base indenture,
    as amended and supplemented by the second supplemental
    indenture, is referred to as the &#147;<I>Indenture</I>.&#148;
    The terms of the Notes include those stated in the Indenture and
    those made part of the Indenture by reference to the
    Trust&#160;Indenture Act of 1939, as amended (the
    &#147;<I>Trust&#160;Indenture Act</I>&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following description is a summary of the material
    provisions of the Indenture. It does not restate that agreement
    in its entirety. We urge you to read the Indenture because it,
    and not this description, defines your rights as Holders of the
    Notes. Certain defined terms used in this description but not
    defined below under &#147;&#151;Certain definitions&#148; have
    the meanings assigned to them in the Indenture.
</DIV>

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Brief description
    of the notes and the subsidiary guarantees</FONT></B>
</DIV>

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

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

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

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be general unsecured obligations of CCA;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be equal in right of payment with all existing and future
    unsecured senior Indebtedness of CCA, including the Existing
    Notes;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be senior in right of payment to any future subordinated
    Indebtedness of CCA;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be unconditionally guaranteed by the Guarantors.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, the Notes will be effectively subordinated to all
    borrowings under the Credit Agreement, which is secured by a
    pledge of the Capital Stock of CCA&#146;s Domestic Subsidiaries
    and 65% of the Capital Stock of CCA&#146;s
    &#147;first-tier&#148; foreign subsidiaries and all of the
    accounts receivable and deposit accounts of CCA and its Domestic
    Subsidiaries.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, under the circumstances described below under the
    subheading &#147;&#151;Certain covenants&#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.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-27
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes will be 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&#151;Additional subsidiary
    guarantees.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each Subsidiary Guarantee of the Notes:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be a general senior unsecured obligation of such Guarantor;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be equal in right of payment to all existing and future
    senior unsecured Indebtedness of that Guarantor, including their
    guarantees of the Existing Notes;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    will be senior in right of payment with any future subordinated
    Indebtedness of that Guarantor.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 none of CCA&#146;s consolidated revenues in the fiscal
    year ended December&#160;31, 2008 and for the three months ended
    March&#160;31, 2009 and owned none of CCA&#146;s consolidated
    assets at all times throughout such periods. The non-guarantor
    Subsidiaries have no outstanding third-party debt.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Principal,
    maturity and interest</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    CCA will issue $465.0&#160;million in aggregate principal amount
    of Notes in this offering. CCA may 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;Certain covenants&#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 $2,000 and integral
    multiples of $1,000 in excess thereof. The Notes will mature on
    June&#160;1, 2017.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Interest on the Notes will accrue at the rate of
    7<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%
    per annum and will be payable semi-annually in arrears on
    June&#160;1 and December&#160;1, commencing on December&#160;1,
    2009. We will make each interest payment to the holders of
    record on the close of business on the immediately preceding
    May&#160;15 and November&#160;15.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Interest on the Notes will accrue from the date of original
    issuance or, if interest has already been paid, from the date it
    was most recently paid. Interest will be computed on the basis
    of a <FONT style="white-space: nowrap">360-day</FONT>
    year comprised of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Methods of
    receiving payments on the notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If a holder of Notes has given wire transfer instructions to
    CCA, CCA will pay all principal, interest and premium, 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-28
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    registrar within the City and State of New York unless CCA
    elects to make interest payments by check mailed to the holders
    at their address set forth in the register of holders.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Paying agent and
    registrar for the notes</FONT></B>
</DIV>

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Transfer and
    exchange</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 will not be required to
    transfer or exchange any Note selected for redemption. Also, CCA
    will not be required to transfer or exchange any Note for a
    period of 15&#160;days before a selection of Notes to be
    redeemed.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes will be guaranteed by each of CCA&#146;s current and
    future Domestic Subsidiaries that are guarantors of a Credit
    Facility. These Subsidiary Guarantees will be 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 or a violation of State law
    prohibiting shareholder distributions by an insolvent
    subsidiary. See &#147;Risk factors&#151;Risks related to the
    offering&#151;The notes are effectively subordinated to our
    secured indebtedness and certain indebtedness of our
    subsidiaries.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;immediately after giving effect to that transaction, no
    Default or Event of Default exists;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;either:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;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;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;the Net Proceeds of such sale or other disposition are
    applied in accordance with the applicable provisions of the
    Indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Subsidiary Guarantee of a Guarantor will be released:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-29
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    disposition complies with the &#147;Asset sale&#148; provisions
    of the Indenture described in &#147;&#151;Repurchase at the
    Option of holders&#151;Asset sales&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;Repurchase at the option of
    holders&#151;Asset sales&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;if CCA designates any Restricted Subsidiary that is a
    Guarantor as an Unrestricted Subsidiary in accordance with the
    applicable provisions of the Indenture;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;upon Legal Defeasance or Covenant Defeasance of the
    Notes, as described in &#147;&#151;Legal defeasance and covenant
    defeasance&#148;;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;if such Guarantor is released from its guarantee under
    all of the Credit Facilities.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At any time on or prior to June&#160;1, 2012 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 par plus the stated interest rate, or
    107.750% of the principal amount, <I>plus </I>accrued and unpaid
    interest to the redemption date, with the net cash proceeds of
    one or more Equity Offerings; <I>provided </I>that:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;at least 65% of the aggregate principal amount of Notes
    originally issued under the Indenture remains outstanding
    immediately after the occurrence of such redemption (excluding
    Notes held by CCA and its Subsidiaries);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the redemption occurs within 90&#160;days of the date
    of the closing of such Equity Offering.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except pursuant to the preceding paragraph, the Notes will not
    be redeemable at CCA&#146;s option prior to June&#160;1, 2013.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Beginning June&#160;1, 2013, CCA may, at its option, redeem all
    or a part of the Notes upon not less than 30 nor more than
    60&#160;days&#146; notice, at the redemption prices (expressed
    as percentages of principal amount) set forth below <I>plus
    </I>accrued and unpaid interest on the Notes redeemed, to the
    applicable redemption date, if redeemed during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period beginning on June&#160;1 of the years indicated below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=399 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Percentage</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=399 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103.875%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101.938%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    2015 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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;Selection
    and notice.&#148; Notices of redemption may not be conditional.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    CCA is not required to make mandatory redemption or sinking fund
    payments with respect to the Notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Repurchase at the
    option of holders</FONT></B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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
    $2,000 or an integral multiple of $1,000 in excess thereof) 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 &#147;Change of Control
    Payment&#148; in cash equal to 101% of the aggregate principal
    amount of Notes repurchased <I>plus </I>accrued and unpaid
    interest, if any, on the Notes repurchased, to the date of
    purchase. Within 10 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&#160;days and no later than 60&#160;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
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On the Change of Control Payment Date, CCA will, to the extent
    lawful:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;accept for payment all Notes or portions of Notes
    properly tendered pursuant to the Change of Control Offer;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 $2,000 or an integral multiple of
    $1,000 in excess thereof.
</DIV>

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

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

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

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

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

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

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    <BR>
    S-31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Offer made by CCA and purchases all Notes properly tendered and
    not withdrawn under the Change of Control Offer.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Credit Agreement and the Existing Notes contain, and other
    Indebtedness of CCA may contain, prohibitions on, or an event of
    default arising from, 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 may do so under other Indebtedness even if
    the Change of Control itself does not.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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&#151;Risks related to our leveraged
    capital structure&#151;We are required to repurchase all or a
    portion of our senior notes, including those offered hereby,
    upon a change of control.&#148;
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    CCA will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly, consummate an Asset
    Sale unless:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;CCA (or the Restricted Subsidiary, as the case may be)
    receives consideration at the time of the Asset Sale at least
    equal to (a)&#160;the fair market value of the assets (other
    than Designated Assets) or Equity Interests issued or sold or
    otherwise disposed of and (b)&#160;the Designated Asset Value of
    the Designated Assets sold or otherwise disposed of;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;at least 75% of the consideration received in the Asset
    Sale by CCA or such Restricted Subsidiary is in the form of cash
    or Cash Equivalents. For purposes of this clause&#160;(3) only,
    each of the following will be deemed to be cash:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;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
</DIV>

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    <BR>
    S-32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    assumed by the transferee of any such assets pursuant to a
    customary novation agreement that releases CCA or such
    Restricted Subsidiary from further liability;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;any securities, notes or other obligations received by
    CCA or any such Restricted Subsidiary from such transferee that
    are converted within 90&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (c)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (d)&#160;100% of the Indebtedness actually received by CCA as
    consideration for the sale or other disposition of an Unoccupied
    Facility;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (e)&#160;any Designated Non-Cash Consideration received by CCA
    or any such Restricted Subsidiary in the Asset Sale.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, CCA and its Restricted
    Subsidiaries may engage in Asset Swaps; <I>provided </I>that,
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;Certain covenants&#151;Incurrence
    of indebtedness and issuance of preferred stock&#148;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Within 360&#160;days after the receipt of any Net Proceeds from
    an Asset Sale, CCA may apply those Net Proceeds:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;to repay Indebtedness under a Credit Facility;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;to acquire all or substantially all of the assets of,
    or a majority of the Voting Stock of, another Permitted Business;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;to make a capital expenditure (<I>provided, </I>that
    the completion of (i)&#160;construction of new facilities,
    (ii)&#160;expansions to existing facilities, and
    (iii)&#160;repair or reconstruction of damaged or destroyed
    facilities which commences within 360&#160;days after the
    receipt of any Net Proceeds from an Asset Sale by CCA may extend
    for an additional 360&#160;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&#160;days of their receipt);&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;to acquire other long-term assets that are used or
    useful in a Permitted Business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pending the final application of any Net Proceeds, CCA may
    invest the Net Proceeds in any manner that is not prohibited by
    the Indenture. For avoidance of doubt, prior to being required
</DIV>

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    <BR>
    S-33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    to permanently reduce revolving credit facility commitments CCA
    will have the option of making an Asset Sale Offer in accordance
    with the terms of the Indenture.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    CCA will comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    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.
</DIV>

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Selection and
    notice</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If less than all of the Notes are to be redeemed at any time,
    the trustee will select Notes for redemption as follows:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;if the Notes are not listed on any national securities
    exchange, on a pro rata basis (based on amounts tendered) unless
    otherwise required by law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    No Notes of $2,000 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&#160;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&#160;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.
</DIV>

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    <BR>
    S-34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Changes in
    covenants when notes rated investment grade</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If on any date following the Issue Date:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the Notes are rated Baa3 or better by Moody&#146;s or
    BBB- or better by S&#038;P (or, if either such entity ceases to
    rate the Notes for reasons outside of the control of CCA, the
    equivalent investment grade credit rating from any other
    &#147;nationally recognized statistical rating
    organization&#148; within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;15c3-1(c)(2)(vi)(F)</FONT>
    under the Exchange Act selected by CCA as a replacement
    agency);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;no Default or Event of Default shall have occurred and
    be continuing, then, beginning on that day and continuing at all
    times thereafter regardless of any subsequent changes in the
    rating of the Notes, the covenants specifically described under
    the following captions in this prospectus supplement (the
    &#147;<I>Fall Away Covenants</I>&#148;) will no longer be
    applicable to the Notes:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;&#145;&#145;&#151;Repurchase at the option of
    holders&#151;Asset sales&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;&#145;&#145;&#151;Restricted payments&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;&#145;&#145;&#151;Incurrence of indebtedness and
    issuance of preferred stock&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;&#145;&#145;&#151;Dividend and other payment
    restrictions affecting subsidiaries&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;&#145;&#145;&#151;Designation of restricted and
    unrestricted subsidiaries&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;&#145;&#145;&#151;Transactions with affiliates&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;clause&#160;(4) of the covenant described below under
    the caption &#147;&#151;Merger, consolidation or sale of
    assets&#148;;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;clauses (1)(a) and (3)&#160;of the covenant described
    below under the caption &#147;&#151;Sale and leaseback
    transactions.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a result, if the conditions set forth in clauses&#160;(1) and
    (2)&#160;of the first paragraph of this covenant are satisfied,
    the Notes will be entitled to substantially less covenant
    protection from and after CCA&#146;s receipt of an investment
    grade rating on the Notes. The Fall Away Covenants will not be
    reinstated even if CCA subsequently fails to satisfy the
    conditions described in clauses&#160;(1) and (2)&#160;of the
    first paragraph of this covenant. There can be no assurance that
    the Notes will ever achieve or maintain an investment grade
    rating.
</DIV>

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    <BR>
    S-35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    CCA will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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)&#160;payable in
    Equity Interests (other than Disqualified Stock) of CCA or
    (ii)&#160;payable to CCA
    <FONT style="white-space: nowrap">and/or</FONT> a
    Restricted Subsidiary of CCA);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;make any Restricted Investment (all such payments and
    other actions set forth in these clauses&#160;(1) through
    (4)&#160;above being collectively referred to as
    &#147;<I>Restricted Payments</I>&#148;),
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    unless, at the time of and after giving effect to such
    Restricted Payment:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;no Default or Event of Default has occurred and is
    continuing or would occur as a consequence of such Restricted
    Payment;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;Incurrence of
    Indebtedness and Issuance of Preferred Stock&#148;;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;such Restricted Payment, together with the aggregate
    amount of all other Restricted Payments made by CCA and its
    Restricted Subsidiaries after May&#160;3, 2002 (excluding
    Restricted Payments permitted by clauses (2), (3), (4), (5), and
    (6)&#160;of the next succeeding paragraph and Restricted
    Payments of the type described in Sections&#160;4.08(b)(2), (3),
    (4), (5), (7), (8) and (9)&#160;of the Existing 6.75%&#160;Notes
    Indenture and clauses&#160;(2), (3), (4), (5), (7), (8), and
    (9)&#160;of the second paragraph of Section&#160;4.08 of the
    Existing
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Notes
    Indenture and clauses&#160;(2), (3), (4), (5), (7), (8) and (9)
    of the second paragraph of Section&#160;4.08 of the Existing
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Notes Indenture), is less than the sum, without duplication, of:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;50% of the Consolidated Net Income of CCA, for the
    period (taken as one accounting period) from the beginning of
    the first fiscal quarter commencing after May&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;100% of the aggregate net cash proceeds received by CCA
    (including the fair market value of any Permitted Business or
    assets used or useful in a Permitted Business to the
</DIV>

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    <BR>
    S-36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    extent acquired in consideration of Equity Interests of CCA
    (other than Disqualified Stock)) since May&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (c)&#160;to the extent that any Restricted Investment (other
    than a Restricted Investment permitted by clause&#160;(5) of the
    next succeeding paragraph) that was made after May&#160;3, 2002
    is sold for cash or otherwise liquidated or repaid for cash, the
    lesser of (i)&#160;the cash return of capital with respect to
    such Restricted Investment (less the cost of disposition, if
    any) and (ii)&#160;the initial amount of such Restricted
    Investment, <I>plus</I>
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (d)&#160;to the extent that any Unrestricted Subsidiary of CCA
    is redesignated as a Restricted Subsidiary after May&#160;3,
    2002, the lesser of (i)&#160;the fair market value of CCA&#146;s
    Investment in such Subsidiary as of the date of such
    redesignation or (ii)&#160;such fair market value as of the date
    on which such Subsidiary was originally designated as an
    Unrestricted Subsidiary, <I>plus</I>
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (e)&#160;$25.0&#160;million.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As of March&#160;31, 2009, CCA would have had
    $210.3&#160;million available for Restricted Payments pursuant
    to the preceding clause&#160;(3) of this paragraph.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    So long as no Default has occurred and is continuing or would be
    caused thereby, the preceding provisions will not prohibit:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the payment of any dividend within 60&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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 (3)(b) of the preceding
    paragraph;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;the payment of any dividend by a Restricted Subsidiary
    of CCA to the holders of its Equity Interests on a pro rata
    basis;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;(a)&#160;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
</DIV>

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    <BR>
    S-37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    employees; <I>provided </I>that such redemptions or repurchases
    pursuant to this clause will not exceed $2.5&#160;million in the
    aggregate during any calendar year and $10.0&#160;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)&#160;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 (3)(b) of the preceding paragraph) <I>plus
    </I>(ii)&#160;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)&#160;the amount of
    any Restricted Payments previously made pursuant to
    clause&#160;(i) and (ii)&#160;of this clause (5)(a); and
    (b)&#160;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&#160;million at any one time outstanding;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;Restricted Payments not otherwise permitted in an
    amount not to exceed $40.0&#160;million.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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; 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&#160;million. Except with respect to any
    Restricted Payment permitted pursuant to clauses&#160;(1)
    through (7)&#160;of the immediately preceding paragraph, not
    later than 10&#160;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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Incurrence of
    indebtedness and issuance of preferred stock</FONT></B>
</DIV>

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

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

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    <BR>
    S-38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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;<I>Permitted Debt</I>&#148;):
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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&#160;(1) not to exceed $715.0&#160;million;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the incurrence by CCA and its Restricted Subsidiaries
    of the Existing Indebtedness;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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 (3), not to exceed the greater
    of $25.0&#160;million or 5.0% of Consolidated Tangible Assets at
    any time outstanding;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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 clause
    (2), (3), (4), or (12)&#160;of this paragraph;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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 existing intercompany Indebtedness between or
    among CCA and any of its Restricted Subsidiaries;
    <I>provided</I>, <I>however</I>, that:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;(i)&#160;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)&#160;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 (5);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;Hedging Obligations that are entered into by CCA or a
    Restricted Subsidiary for the purpose of fixing, hedging or
    swapping interest rate risk in the ordinary course of CCA&#146;s
    financial management (but in any event excluding Hedging
    Obligations entered into for speculative purposes);
</DIV>

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    <BR>
    S-39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (9)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (10)&#160;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 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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (11)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (12)&#160;the incurrence by CCA or any Subsidiary 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
    (12), not to exceed $75.0&#160;million.
</DIV>

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

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

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

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

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    <BR>
    S-40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    described in clauses&#160;(1) through (12)&#160;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 the Credit
    Agreement outstanding on the Issue Date will be deemed to have
    been incurred on such date in reliance on clause&#160;(1) of the
    definition of Permitted Debt.
</DIV>

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

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

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

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Dividend and
    other payment restrictions affecting subsidiaries</FONT></B>
</DIV>

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

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

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;make loans or advances to CCA or any of its Restricted
    Subsidiaries;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;transfer any of its properties or assets to CCA or any
    of its Restricted Subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, the preceding restrictions will not apply to
    encumbrances or restrictions existing under or by reason of:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;agreements governing Existing Indebtedness and the
    Credit Agreement 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,
    replacements 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 the Issue Date;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the Indenture, the Notes, and the related Subsidiary
    Guarantees;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;applicable law;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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;
</DIV>

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    <BR>
    S-41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;purchase money obligations for property acquired in the
    ordinary course of business that impose restrictions on that
    property of the nature described in clause&#160;(3) of the
    preceding paragraph;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (9)&#160;Liens securing Indebtedness otherwise permitted to be
    incurred under the provisions of the covenant described above
    under the caption &#147;&#151;Liens&#148; that limit the right
    of the debtor to dispose of the assets subject to such Liens;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (10)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (11)&#160;restrictions on cash or other deposits or net worth
    imposed by customers under contracts entered into in the
    ordinary course of business;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (12)&#160;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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Merger,
    consolidation or sale of assets</FONT></B>
</DIV>

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

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

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;either: (a)&#160;CCA or any Restricted Subsidiary is
    the surviving corporation; or (b)&#160;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;
</DIV>

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    <BR>
    S-42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;immediately after such transaction no Default or Event
    of Default exists;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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, (i)&#160;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;Incurrence of
    indebtedness and issuance of preferred stock&#148; or
    (ii)&#160;have a Fixed Charge Coverage Ratio that exceeds
    CCA&#146;s Fixed Charge Coverage Ratio immediately prior to such
    transaction and any related financing transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The covenant described under this caption &#147;Merger,
    consolidation or sale of assets&#148; will not apply to:
    (i)&#160;a sale, assignment, transfer, conveyance or other
    disposition of assets between or among CCA and any of its
    Restricted Subsidiaries; (ii)&#160;any merger of a Restricted
    Subsidiary into CCA or another Restricted Subsidiary;
    (iii)&#160;any merger of CCA into a wholly-owned Restricted
    Subsidiary created for the purpose of holding the Equity
    Interests of CCA; or (iv)&#160;a merger between CCA and a
    newly-created Affiliate incorporated solely for the purpose of
    reincorporating CCA in another State of the United States.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Transactions with
    affiliates</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 &#147;<I>Affiliate Transaction</I>&#148;), unless:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;CCA delivers to the trustee:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;with respect to any Affiliate Transaction or series of
    related Affiliate Transactions involving aggregate consideration
    in excess of $10.0&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;with respect to any Affiliate Transaction or series of
    related Affiliate Transactions involving aggregate consideration
    in excess of $20.0&#160;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.
</DIV>

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    <BR>
    S-43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following items will not be deemed to be Affiliate
    Transactions and, therefore, will not be subject to the
    provisions of the prior paragraph:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;transactions between or among CCA
    <FONT style="white-space: nowrap">and/or</FONT> its
    Restricted Subsidiaries;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;transactions with a Person that is an Affiliate of CCA
    solely because CCA owns an Equity Interest in, or controls, such
    Person;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;payment of reasonable directors fees to Persons who are
    not otherwise Affiliates of CCA;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;sales of Equity Interests (other than Disqualified
    Stock) to Affiliates of CCA;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;Permitted Investments and Restricted Payments that are
    permitted by the provisions of the Indenture described above
    under the caption &#147;&#151;Restricted payments&#148;;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Additional
    subsidiary guarantees</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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&#160;(1) of the second paragraph of the
    covenant described above under the caption &#147;&#151;Certain
    covenants&#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 ten
    business days of the date on which it was acquired or created.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Designation of
    restricted and unrestricted subsidiaries</FONT></B>
</DIV>

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

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

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    <BR>
    S-44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><FONT style="font-family: Arial, Helvetica">Sale and
    leaseback transactions</FONT></B>
</DIV>

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

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

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;CCA or that Guarantor, as applicable, could have
    (a)&#160;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;Incurrence of indebtedness and issuance of
    preferred stock&#148; and (b)&#160;incurred a Lien to secure
    such Indebtedness pursuant to the covenant described above under
    the caption &#147;&#151;Liens&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;Repurchase at the option of
    holders&#151;Asset sales.&#148;
</DIV>

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

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

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

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Payments for
    consent</FONT></B>
</DIV>

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Whether or not required by the SEC, so long as any Notes are
    outstanding, CCA will furnish to the holders of Notes, within
    5&#160;days of the time periods specified in the SEC&#146;s
    rules and regulations:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;all quarterly and annual financial and other
    information that would be required to be contained in a filing
    with the SEC on
    <FONT style="white-space: nowrap">Forms&#160;10-Q</FONT>
    and <FONT style="white-space: nowrap">10-K</FONT> 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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;all current reports that would be required to be filed
    with the SEC on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    if CCA were required to file such reports.
</DIV>

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    <BR>
    S-45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, whether or not required by the SEC, CCA will file a
    copy of all of the information and reports referred to in
    clauses&#160;(1) and (2)&#160;above with the SEC for public
    availability within the time periods specified in the SEC&#146;s
    rules and regulations (unless the SEC 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&#160;144A(d)(4) under the Securities Act, if any such
    information is required to be delivered.
</DIV>

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Events of default
    and remedies</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each of the following is an Event of Default:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;default for 30&#160;days in the payment when due of
    interest on the Notes;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;default in payment when due of the principal of, or
    premium, if any, on the Notes;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;failure by CCA or any of its Restricted Subsidiaries to
    comply with the provisions described under the captions
    &#147;&#151;Repurchase at the option of holders&#151;Change of
    control,&#148; &#147;&#151;Repurchase at the option of
    holders&#151;Asset sales,&#148; or &#147;&#151;Certain
    covenants&#151;Merger, consolidation or sale of assets&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;failure by CCA or any Guarantor for 60 consecutive days
    after notice to comply with any of the other agreements in the
    Indenture;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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 the Issue Date, if
    that default:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;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;<I>Payment Default</I>&#148;);&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;results in the acceleration of such Indebtedness prior
    to its express maturity, 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&#160;million or more;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;failure by CCA or any of its Restricted Subsidiaries to
    pay final judgments aggregating in excess of $25.0&#160;million,
    which judgments are not paid, discharged or stayed for a period
    of 60&#160;days;
</DIV>

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    <BR>
    S-46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;certain events of bankruptcy or insolvency described in
    the Indenture with respect to CCA or any of its Restricted
    Subsidiaries.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 on, or the principal of, the Notes.
</DIV>

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">No personal
    liability of directors, officers, employees and
    stockholders</FONT></B>
</DIV>

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

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

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

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

    <B><FONT style="font-family: Arial, Helvetica">Legal defeasance
    and covenant defeasance</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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;<I>Legal
    Defeasance</I>&#148;) except for:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the rights of holders of outstanding Notes to receive
    payments in respect of the principal of, or interest or premium,
    if any, on such Notes when such payments are due from the trust
    referred to below;
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-47
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;CCA&#146;s obligations with respect to the Notes
    concerning issuing temporary 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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;the rights, powers, trusts, duties and immunities of
    the trustee, and CCA&#146;s and the Guarantors&#146; obligations
    in connection therewith;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;the Legal Defeasance provisions of the Indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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;<I>Covenant Defeasance</I>&#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;Events of default and remedies&#148; will no longer
    constitute an Event of Default with respect to the Notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In order to exercise either Legal Defeasance or Covenant
    Defeasance:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;CCA must irrevocably deposit with the trustee, in
    trust, for the benefit of the holders of the Notes, cash in
    U.S.&#160;dollars, non-callable Government Securities, or a
    combination of cash in U.S.&#160;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, 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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;in the case of Legal Defeasance, CCA has delivered to
    the trustee an Opinion of Counsel reasonably acceptable to the
    trustee confirming that (a)&#160;CCA has received from, or there
    has been published by, the Internal Revenue Service a ruling or
    (b)&#160;since the Issue Date, 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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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 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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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;
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-48
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;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.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Amendment,
    supplement and waiver</FONT></B>
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Without the consent of each Holder affected, an amendment or
    waiver may not (with respect to any Notes held by a
    non-consenting Holder):
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;reduce the principal amount of Notes whose holders must
    consent to an amendment, supplement or waiver;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;Repurchase at the
    option of holders&#148;);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;reduce the rate of or change the time for payment of
    interest on any Note;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;waive a Default or Event of Default in the payment of
    principal of, or interest or premium, 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);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;make any Note payable in currency other than that
    stated in the Notes;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;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, if any, on the Notes;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;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;Repurchase at the option of
    holders&#148;);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;release any Guarantor from any of its obligations under
    its Subsidiary Guarantee or the Indenture, except in accordance
    with the terms of the Indenture;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (9)&#160;modify or change any provision of the Indenture or the
    related definitions to affect the ranking of the Notes or any
    Subsidiary Guarantee in a manner that adversely affects the
    Holders; <I>provided</I>, <I>however</I>, that any modification
    of the provisions of the Indenture relating to the ability of
    the Company or any Restricted Subsidiary to create, incur,
    assume
</DIV>

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    <BR>
    S-49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    or otherwise suffer to exist or become effective any Lien
    securing Indebtedness shall not constitute a modification or
    change that affects the ranking of the Notes or any Subsidiary
    Guarantee;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (10)&#160;make any change in the preceding amendment and waiver
    provisions.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;to cure any ambiguity, defect or inconsistency;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;to provide for uncertificated Notes in addition to or
    in place of certificated Notes;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;to comply with requirements of the SEC in order to
    effect or maintain the qualification of the Indenture under the
    Trust&#160;Indenture Act;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;to conform the text of the Indenture, the Subsidiary
    Guarantees or the Notes to any provision of this Description of
    Notes to the extent that such provision in this Description of
    Notes was intended to be a verbatim recitation of a provision of
    the Indenture, the Subsidiary Guarantees or the Notes;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;to provide for the issuance of additional Notes in
    accordance with the limitations described herein;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;to allow a Subsidiary to execute a supplemental
    indenture for the purpose of providing a guarantee in accordance
    with the provisions of the Indenture.
</DIV>

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

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

    <B><FONT style="font-family: Arial, Helvetica">Satisfaction and
    discharge</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Indenture will be discharged and will cease to be of further
    effect as to all Notes issued thereunder, when:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;either:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;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;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;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.&#160;dollars, non-callable Government Securities,
    or a combination of cash in U.S.&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    cancellation for principal, premium, if any, and accrued
    interest to the date of maturity or redemption;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;CCA or any Guarantor has paid or caused to be paid all
    sums payable by it under the Indenture;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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.
</DIV>

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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&#160;Indenture Act, it must eliminate such conflict within
    90&#160;days, apply to the SEC for permission to continue or
    resign.
</DIV>

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Acquired Debt</I>&#148; means, with respect to any
    specified Person:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;Indebtedness secured by a Lien encumbering any asset
    acquired by such specified Person.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-51
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Affiliate</I>&#148; of any specified Person means any
    other Person directly or indirectly controlling or controlled by
    or under direct or indirect common control with such specified
    Person. For 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 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Asset Sale&#148; </I>means:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the sale, lease, conveyance or other disposition of any
    assets or rights of CCA
    <FONT style="white-space: nowrap">and/or</FONT> 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;Repurchase at the option of holders&#151;Change of
    control&#148;
    <FONT style="white-space: nowrap">and/or</FONT> the
    provisions described above under the caption &#147;&#151;Certain
    covenants&#151;Merger, consolidation or sale of assets&#148; and
    not by the provisions of the Asset Sale covenant;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the issuance of Equity Interests in any of CCA&#146;s
    Restricted Subsidiaries or the sale of Equity Interests in any
    of its Subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notwithstanding the preceding, the following items will not be
    deemed to be Asset Sales:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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 $10.0&#160;million;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;a transfer of assets between or among CCA and its
    Restricted Subsidiaries;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;an issuance of Equity Interests by a Restricted
    Subsidiary to CCA or to another Restricted Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;the sale or lease of equipment, inventory, accounts
    receivable or other assets in the ordinary course of business;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;the sale or other disposition of cash or Cash
    Equivalents;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;a Permitted Investment or a Restricted Payment that is
    permitted by the covenant described above under the caption
    &#147;&#151;Certain covenants&#151;Restricted payments.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Asset Swap</I>&#148; 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:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;one or more Permitted Businesses;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;a controlling equity interest in any Person whose
    assets consist primarily of one or more Permitted Businesses;
    and/or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;one or more real estate properties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Attributable Debt</I>&#148; 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Auction Rate Securities</I>&#148; means any debt
    instruments with a long-term nominal maturity for which the
    interest rate is reset through a &#147;dutch auction&#148;
    process with interest on such Auction Rate Securities being paid
    at the end of each such auction period; <I>provided, however,
    </I>that such Auction Rate Securities shall have, at the time of
    purchase, one of the two highest rating categories obtainable
    from either Moody&#146;s or S&#038;P.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Beneficial Owner</I>&#148; has the meaning assigned to
    such term in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    and
    <FONT style="white-space: nowrap">Rule&#160;13d-5</FONT>
    under the Exchange Act, except that in calculating the
    beneficial ownership of any particular &#147;person&#148; (as
    that term is used in Section&#160;13(d) (3)&#160;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 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Board of Directors</I>&#148; means:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;with respect to a corporation, the board of directors
    of the corporation;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;with respect to a partnership, the board of directors
    of the general partner of the partnership;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;with respect to any other Person, the board or
    committee of such Person serving a similar function.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Capital Lease Obligation</I>&#148; 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Capital Stock</I>&#148; means:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;in the case of a corporation, corporate stock;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;in the case of an association or business entity, any
    and all shares, interests, participations, rights or other
    equivalents (however designated) of corporate stock;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;in the case of a partnership or limited liability
    company, partnership or membership interests (whether general or
    limited);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Cash Equivalents</I>&#148; means:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;United States dollars;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;<I>Government
    Securities</I>&#148;) having maturities of not more than one
    year from the date of acquisition;
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;readily marketable direct obligations issued by any
    state of the United States of America or any political
    subdivision thereof having one of the two highest rating
    categories obtainable from either Moody&#146;s or S&#038;P with
    maturities of 12&#160;months or less from the date of
    acquisition;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;Auction Rate Securities;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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 surplus in excess of
    $500.0&#160;million and a Thomson Bank Watch Rating of
    &#147;B&#148; or better;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;repurchase obligations with a term of not more than
    seven days for underlying securities of the types described in
    clauses&#160;(2) and (3)&#160;above entered into with any
    financial institution meeting the qualifications specified in
    clause&#160;(3) above;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;commercial paper having the highest rating obtainable
    from Moody&#146;s or S&#038;P and in each case maturing within
    one year after the date of acquisition;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;money market funds at least 95% of the assets of which
    constitute Cash Equivalents of the kinds described in
    clauses&#160;(1) through (7)&#160;of this definition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Change of Control</I>&#148; means the occurrence of any
    of the following:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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 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&#160;13(d)
    (3)&#160;of the Exchange Act);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;the consummation of any transaction (including, without
    limitation, any merger or consolidation) the result of which is
    that any &#147;person&#148; (as that term is used in
    Section&#160;13(d) (3)&#160;of the Exchange Act) becomes the
    Beneficial Owner, directly or indirectly, of more than 50% of
    the Voting Stock of CCA;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;CCA consolidates with, or merges with or into, any
    Person, or any Person consolidates with, or merges 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);&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;the first day on which a majority of the members of the
    Board of Directors of CCA are not Continuing Directors.
</DIV>

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    <BR>
    S-54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Consolidated Cash Flow</I>&#148; means, with respect to
    any specified Person for any period, the Consolidated Net Income
    of such Person for such period <I>plus</I>:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Consolidated Net Income</I>&#148; 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:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;the cumulative effect of a change in accounting
    principles will be excluded;&#160;and
</DIV>

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    <BR>
    S-55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Consolidated Tangible Assets</I>&#148; means the total
    assets, less goodwill and other intangibles, shown on CCA&#146;s
    most recent consolidated balance sheet, determined on a
    consolidated basis in accordance with GAAP less all
    <FONT style="white-space: nowrap">write-ups</FONT>
    (other than
    <FONT style="white-space: nowrap">write-ups</FONT> in
    connection with acquisitions) subsequent to the Issue Date in
    the book value of any asset (except any such intangible assets)
    owned by CCA or any of CCA&#146;s Restricted Subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Continuing Directors</I>&#148; means, as of any date of
    determination, any member of the Board of Directors of CCA who:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;was a member of such Board of Directors on the Issue
    Date;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Credit Agreement</I>&#148; means the credit agreement,
    dated as of December&#160;21, 2007, by and among CCA, Bank of
    America, N.A., as administrative agent, and certain lenders and
    other parties thereto, and 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).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Credit Facilities</I>&#148; 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
    (whether upon or after termination or otherwise) or refinanced
    (including by means of sales of debt securities to institutional
    investors) in whole or in part from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Default</I>&#148; means any event that is, or with the
    passage of time or the giving of notice or both would be, an
    Event of Default.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Designated Assets</I>&#148; means those correctional
    facilities owned by CCA that are located in San&#160;Diego,
    California; Walsenburg, Colorado; Nichols, Georgia; Alamo,
    Georgia; Tutwiler, Mississippi; Shelby, Montana; Cushing,
    Oklahoma; Holdenville, Oklahoma; Washington, DC; and Whiteville,
    Tennessee and such other correctional facilities acquired by CCA
    after March&#160;8, 2005, 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Designated Asset Contract</I>&#148; means each of the
    following contracts pursuant to which CCA has granted
    (a)&#160;an option to purchase a Designated Asset for the
    Designated Asset Value or (b)&#160;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 the Issue Date: Standard
    Form&#160;Lease Agreement, East Mesa Detention Facility, dated
    October&#160;30, 1997, between the County of San&#160;Diego and
    CCA; Lease Agreement, dated
</DIV>

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    <BR>
    S-56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    April&#160;30, 1996, between Huerfano County and CCA; Request
    for Proposal&#160;Number
    <FONT style="white-space: nowrap">0467-019-955259</FONT>
    Issues on Behalf of the Georgia Department of Corrections re:
    Bid of Private Prisons in Coffee and Wheeler Counties; Contract
    <FONT style="white-space: nowrap">No.&#160;467-019-955259-1,</FONT>
    dated July&#160;24, 1997, between the Georgia Department of
    Corrections and CCA; Contract
    <FONT style="white-space: nowrap">No.&#160;467-019-955259-2,</FONT>
    dated July&#160;24, 1997, between the Georgia Department of
    Corrections and CCA; Agreement, dated October&#160;6, 1998,
    between the Tallahatchie County Correctional Authority and CCA,
    as amended by that certain Amendment No.&#160;1 to Agreement
    dated May&#160;18, 2000, between the Tallahatchie County
    Correctional Authority and CCA; Contract for Facility
    Development&#151;Design, Build, dated July&#160;22, 1998,
    between the Montana Department of Corrections and CCA;
    Contractual Agreement, dated July&#160;1, 2004, between the
    State of Oklahoma Department of Corrections and CCA;
    Correctional Services Contract, dated July&#160;1, 2004, between
    the State of Oklahoma Department of Corrections and CCA;
    Contract, dated February&#160;25, 1986, between the Tennessee
    Department of Finance and Administration and CCA; Lease
    Agreement, dated January 1997, between the District of Columbia
    and CCA; Incarceration Agreement, dated October&#160;21, 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&#160;9,
    2002, between Hardeman County, Tennessee and CCA; and any
    contract entered into after March&#160;8, 2005 under which CCA
    has granted (a)&#160;an option to purchase a Designated Asset
    for the Designated Asset Value or (b)&#160;a right of reversion
    of all or a portion of CCA&#146;s ownership in such Designated
    Assets; <I>provided, however, </I>that such contract is entered
    into in the ordinary course of business, is consistent with past
    practices and is preceded by a resolution of the Board of
    Directors set forth in an Officers&#146; Certificate certifying
    that such contract has been approved by a majority of the
    members of the Board of Directors and the option to purchase or
    right to reversion in such contract is on terms the Board of
    Directors has determined to be reasonable and in the best
    interest of the Company.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Designated Asset Value</I>&#148; 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Designated Non-Cash Consideration</I>&#148; means the
    fair market value of total consideration received by CCA or any
    of CCA&#146;s Restricted Subsidiaries in connection with an
    Asset Sale that is so designated as Designated Non-Cash
    Consideration pursuant to an Officers&#146; Certificate, setting
    forth the basis of such valuation, executed by CCA&#146;s
    principal executive Officer or principal financial Officer, less
    the amount of cash or Cash Equivalents received in connection
    with the Asset Sale; <I>provided, however, </I>that if the
    Designated Non-Cash Consideration is in the form of Indebtedness
    the total amount of such Designated Non-Cash Consideration
    outstanding at one time shall not exceed the greater of
    $15.0&#160;million or 2.5% of Consolidated Tangible Assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Disqualified Stock</I>&#148; 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&#160;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
</DIV>

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    <BR>
    S-57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    provisions unless such repurchase or redemption complies with
    the covenant described above under the caption
    &#147;&#151;Certain covenants&#151;Restricted payments.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Domestic Subsidiary</I>&#148; 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Equity Interests</I>&#148; 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).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Equity Offering</I>&#148; 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).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Existing 6.75%&#160;Notes Indenture</I>&#148; means the
    indenture, dated as of January&#160;23, 2006, among the Company,
    the guarantors named therein and U.S.&#160;Bank National
    Association, as trustee, as supplemented by the first
    supplemental indenture, dated as of January&#160;23, 2006, among
    the Company, the guarantors named therein and U.S.&#160;Bank
    National Association, as trustee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Existing
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Notes
    Indenture</I>&#148; means the indenture, dated as of
    March&#160;23, 2005, among the Company, the guarantors named
    therein and U.S.&#160;Bank National Association, as trustee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Existing
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Notes Indenture</I>&#148; means the supplemental indenture,
    dated as of May&#160;7, 2003, among the Company, the guarantors
    named therein and U.S.&#160;Bank National Association, as
    trustee, amending and supplementing an indenture, dated as of
    May&#160;7, 2003, and as amended and supplemented by a first
    supplement, dated as of August&#160;8, 2003, a second
    supplement, dated as of August&#160;8, 2003, a second
    supplemental indenture, dated as of December&#160;31, 2004 and a
    third supplemental indenture, dated as of May&#160;14, 2009.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Existing Indebtedness</I>&#148; means the Indebtedness
    of CCA and its Restricted Subsidiaries (other than Indebtedness
    under the Credit Agreement) in existence on the Issue Date,
    until such amounts are repaid.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Existing Notes</I>&#148; means the Company&#146;s
    $375.0&#160;million aggregate principal amount of
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2013 and $150.0&#160;million aggregate principal
    amount of 6.75%&#160;Senior Notes due 2014.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Event of Default</I>&#148; means any event that is
    described under the caption &#147;&#151;Events of Default and
    Remedies.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Fixed Charge Coverage Ratio</I>&#148; 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;<I>Calculation Date</I>&#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.
</DIV>

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    <BR>
    S-58
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, for purposes of calculating the Fixed Charge
    Coverage Ratio:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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 without giving effect to clause&#160;(3) of the
    proviso set forth in the definition of Consolidated Net Income;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For purposes of making the computations referred to above, the
    pro forma change in Consolidated Cash Flow projected by the
    Company in good faith as a result of reasonably identifiable and
    factually supportable cost savings and costs, as the case may
    be, expected to be realized during the consecutive four-quarter
    period commencing after such acquisition or transaction (the
    &#147;<I>Savings Period</I>&#148;) will be included in such
    calculation for any reference period that includes any of the
    Savings Period; <I>provided </I>that any such pro forma change
    to such Consolidated Cash Flow will be without duplication for
    cost savings and costs actually realized and already included in
    such Consolidated Cash Flow. If since the beginning of such
    period any Person (that subsequently became a Restricted
    Subsidiary or was merged with or into CCA or any Restricted
    Subsidiary since the beginning of such period) will have made
    any Investment, acquisition, disposition, merger, consolidation
    or discontinued operation that would have required adjustment
    pursuant to this definition, then the Fixed Charge Coverage
    Ratio will be calculated giving pro forma effect thereto for
    such period as if such Investment, acquisition, disposition,
    merger, consolidation or discontinued operation had occurred at
    the beginning of the applicable four-quarter period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Fixed Charges</I>&#148; means, with respect to any
    specified Person for any period, the sum, without duplication,
    of:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the consolidated interest of such Person and its
    Restricted Subsidiaries that was capitalized during such period;
    <I>plus</I>
</DIV>

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    <BR>
    S-59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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>
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;the product of (a)&#160;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)&#160;dividends on Equity Interests payable in
    Equity Interests of CCA (other than Disqualified Stock) or
    (ii)&#160;dividends to CCA or a Restricted Subsidiary of CCA,
    times (b)&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>GAAP</I>&#148; 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
    <FONT style="white-space: nowrap">and/or</FONT>
    modified from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Guarantee</I>&#148; 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&#160;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&#160;1, 1997, by
    and between CCA and Hardeman County Correctional Facilities
    Corporation, each as in effect on the Issue Date, <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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Guarantors</I>&#148; means each of:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the Guarantors described under &#147;&#151;Subsidiary
    guarantees&#148; above;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;any other subsidiary that executes a Subsidiary
    Guarantee in accordance with the provisions of the Indenture;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    and their respective successors and assigns.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Hedging Obligations</I>&#148; means, with respect to
    any specified Person, the obligations of such Person under:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;interest rate swap agreements, interest rate cap
    agreements and interest rate collar agreements;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;other agreements or arrangements designed to protect
    such Person against fluctuations in interest rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Holder</I>&#148; means any Person in whose name a Note
    is registered.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Indebtedness</I>&#148; means, with respect to any
    specified Person, any indebtedness of such Person, whether or
    not contingent:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;in respect of borrowed money;
</DIV>

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    <BR>
    S-60
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;evidenced by bonds, notes, debentures or similar
    instruments or letters of credit (or reimbursement agreements in
    respect thereof);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;in respect of banker&#146;s acceptances;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;representing Capital Lease Obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;representing any Hedging Obligations,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The amount of any Indebtedness outstanding as of any date will
    be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the accreted value of the Indebtedness, in the case of
    any Indebtedness issued with original issue discount;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the principal amount of the Indebtedness, together with
    any interest on the Indebtedness that is more than 30&#160;days
    past due, in the case of any other Indebtedness;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;with respect to Hedging Obligations, the amount of
    Indebtedness required to be recorded as a liability in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Investments</I>&#148; 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;Certain covenants&#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;Certain
    covenants&#151;Restricted payments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Issue Date</I>&#148; means the date of the original
    issuance of the Notes.
</DIV>

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    <BR>
    S-61
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Lien</I>&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors
    Service, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Net Income</I>&#148; 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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;any gain or loss, together with any related provision
    for taxes on such gain or loss, realized in connection with:
    (a)&#160;any Asset Sale; or (b)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;any extraordinary gain or loss, together with any
    related provision for taxes on such extraordinary gain or loss;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;any loss resulting from impairment of goodwill recorded
    on the consolidated financial statement of a Person pursuant to
    SFAS&#160;No.&#160;142 &#147;Goodwill and Other Intangible
    Assets&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;any loss resulting from the change in fair value of a
    derivative financial instrument pursuant to
    SFAS&#160;No.&#160;133 &#147;Accounting for Derivative
    Instruments and Hedging Activities&#148;;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;amortization of debt issuance costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Net Proceeds</I>&#148; 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, including Designated
    Non-Cash Consideration, deemed to be cash pursuant to the
    provisions of &#147;Repurchase at the option of
    holders&#151;Asset sales,&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Non-Recourse Debt</I>&#148; means Indebtedness:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;as to which neither CCA nor any of its Restricted
    Subsidiaries (a)&#160;provides credit support of any kind
    (including any undertaking, agreement or instrument that would
    constitute Indebtedness), (b)&#160;is directly or indirectly
    liable as a guarantor or otherwise, or (c)&#160;constitutes the
    lender;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Notes</I>&#148; means the $465.0&#160;million in
    aggregate principal amount of
    CCA&#146;s&#160;7<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%&#160;Senior
    Notes due 2017 offered hereby issued pursuant to the Indenture
    and any additional notes designated by CCA as the same series as
    such senior notes and issued under the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Obligations</I>&#148; means any principal, interest,
    penalties, fees, indemnifications, reimbursements, damages and
    other liabilities payable under the documentation governing any
    Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Permitted Business</I>&#148; means the business
    conducted by CCA and its Restricted Subsidiaries on the Issue
    Date and businesses reasonably related thereto or ancillary or
    incidental thereto or a reasonable extension thereof, including
    the privatization of governmental services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Permitted Investments</I>&#148; means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;any Investment in CCA or in a Restricted Subsidiary of
    CCA;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;any Investment in cash or Cash Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;any Investment by CCA or any Restricted Subsidiary of
    CCA in a Person, if as a result of such Investment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;such Person becomes a Restricted Subsidiary of
    CCA;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;any Investment made as a result of the receipt of
    non-cash consideration (including Designated 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;Repurchase at the option of
    holders&#151;Asset sales&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;any acquisition of assets solely in exchange for the
    issuance of Equity Interests (other than Disqualified Stock) of
    CCA;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;Hedging Obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;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&#160;(8) not to exceed
    $35.0&#160;million;
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (9)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (10)&#160;loans or advances to employees made in the ordinary
    course of business of CCA or any Restricted Subsidiary not to
    exceed $5.0&#160;million outstanding at any one time for all
    loans or advances under this clause (10);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (11)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (12)&#160;Investments in existence on the Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (13)&#160;Guarantees issued in accordance with the covenant
    described above under the caption &#147;&#151;Certain
    covenants&#151;Incurrence of indebtedness and issuance of
    preferred stock&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (14)&#160;Investments that are made with Equity Interests of CCA
    (other than Disqualified Stock of CCA);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (15)&#160;any Investment by CCA or any Restricted Subsidiary of
    CCA in a joint venture in a Permitted Business not to exceed
    $15.0&#160;million outstanding at any one time;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (16)&#160;any Investment in any Person that is not at the time
    of such Investment, or does not thereby become, a Restricted
    Subsidiary in an aggregate amount (measured on the date 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&#160;(16) since the
    date of first issuance of the Notes (but, to the extent that any
    Investment made pursuant to this clause&#160;(16) since the date
    of first issuance of the Notes is sold or otherwise liquidated
    for cash, minus the lesser of (a)&#160;the cash return of
    capital with respect to such Investment (less the cost of
    disposition, if any) and (b)&#160;the initial amount of such
    Investment) not to exceed 10% of Consolidated Tangible Assets;
    <I>provided</I> that, CCA or a Restricted Subsidiary of CCA has
    entered, or concurrently with any such Investment, enters into a
    long-term lease or management contract with respect to assets of
    such Person that are used or useful in a Permitted Business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Permitted Liens</I>&#148; means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;Liens in favor of CCA or the Guarantors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;Liens to secure Indebtedness (including Capital Lease
    Obligations) permitted by clause&#160;(3) of the second
    paragraph of the covenant described above under the caption
    &#147;&#151;Certain covenants&#151;Incurrence of indebtedness
    and issuance of preferred stock&#148; covering only the assets
    acquired with such Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;Liens existing on the Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (9)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (10)&#160;Attachment or judgment Liens not giving rise to a
    Default or an Event of Default;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (11)&#160;Liens on the Capital Stock of Unrestricted
    Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (12)&#160;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&#160;million at any one time outstanding;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (13)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (14)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (15)&#160;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;
</DIV>

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    <BR>
    S-65
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (16)&#160;Liens securing Hedging Obligations so long as the
    related Indebtedness was incurred in compliance with the
    covenant described in &#147;&#151;Certain
    covenants&#151;Incurrence of indebtedness and issuance of
    preferred stock&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (17)&#160;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;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (18)&#160;normal customary rights of setoff upon deposits of
    cash in favor of banks or other depository institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Permitted Refinancing Indebtedness</I>&#148; 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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;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;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Person</I>&#148; means any individual, corporation,
    partnership, joint venture, association, joint-stock company,
    trust, unincorporated organization, limited liability company or
    government or other entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Restricted Investment</I>&#148; means an Investment
    other than a Permitted Investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Restricted Subsidiary</I>&#148; of CCA means any
    Subsidiary of CCA that is not an Unrestricted Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>S&#038;P</I>&#148; means Standard&#160;&#038;
    Poor&#146;s Ratings Group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Sale and Leaseback Transaction</I>&#148; means any
    direct or indirect arrangement relating to property now owned or
    hereafter acquired by CCA or a Restricted Subsidiary 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.
</DIV>

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    <BR>
    S-66
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary
    that would be a &#147;significant subsidiary&#148; as defined in
    Article&#160;1,
    <FONT style="white-space: nowrap">Rule&#160;1-02</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X,</FONT>
    promulgated pursuant to the Securities Act, as such Regulation
    is in effect on the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Stated Maturity</I>&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Subsidiary</I>&#148; means, with respect to any
    specified Person:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;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);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;any partnership (a)&#160;the sole general partner or
    the managing general partner of which is such Person or a
    Subsidiary of such Person or (b)&#160;the only general partners
    of which are that Person or one or more Subsidiaries of that
    Person (or any combination thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Subsidiary Guarantee</I>&#148; 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 prescribed by
    the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Unoccupied Facility</I>&#148; 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%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Unrestricted Subsidiary</I>&#148; 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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;has no Indebtedness other than Non-Recourse Debt;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;is a Person with respect to which neither CCA nor any
    of its Restricted Subsidiaries has any direct or indirect
    obligation (a)&#160;to subscribe for additional Equity Interests
    or (b)&#160;to maintain or preserve such Person&#146;s financial
    condition or to cause such Person to achieve any specified
    levels of operating results;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;has not guaranteed or otherwise directly or indirectly
    provided credit support for any Indebtedness of CCA or any of
    its Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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
</DIV>

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    <BR>
    S-67
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    preceding conditions and was permitted by the covenant described
    above under the caption &#147;&#151;Certain
    covenants&#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;Certain covenants&#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)&#160;such Indebtedness is permitted under the covenant
    described under the caption &#147;&#151;Certain
    covenants&#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)&#160;no Default or Event
    of Default would be in existence following such designation.
    Notwithstanding anything to the contrary herein, the Company
    shall not be permitted to declare any of its subsidiaries as
    Unrestricted Subsidiaries at any time after the Fall Away
    Covenants are no longer applicable in accordance with the
    provisions described under the caption &#147;&#151;Certain
    covenants&#151;Changes in covenants when notes rated investment
    grade.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Voting Stock</I>&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;<I>Weighted Average Life to Maturity</I>&#148; means, when
    applied to any Indebtedness at any date, the number of years
    obtained by dividing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the sum of the products obtained by multiplying
    (a)&#160;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)&#160;the number of years (calculated to the nearest
    one-twelfth) that will elapse between such date and the making
    of such payment; by
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the then outstanding aggregate principal amount or
    liquidation preference, as the case may be, of such Indebtedness.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-68
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Book-entry,
    delivery and form</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have obtained the information in this section concerning The
    Depository Trust&#160;Company (&#147;DTC&#148;), Clearstream
    Banking, S.A., Luxembourg (&#147;Clearstream, Luxembourg&#148;)
    and Euroclear Bank S.A./N.V., as operator of the Euroclear
    System (&#147;Euroclear&#148;) and their book-entry systems and
    procedures from sources that we believe to be reliable. We take
    no responsibility for an accurate portrayal of this information.
    In addition, the description of the clearing systems in this
    section reflects our understanding of the rules and procedures
    of DTC, Clearstream, Luxembourg and Euroclear as they are
    currently in effect. Those systems could change their rules and
    procedures at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes will initially be represented by one or more fully
    registered global notes. Each such global note will be deposited
    with, or on behalf of, DTC or any successor thereto and
    registered in the name of Cede&#160;&#038; Co. (DTC&#146;s
    nominee). You may hold your interests in the global notes in the
    United States through DTC, or in Europe through Clearstream,
    Luxembourg or Euroclear, either as a participant in such systems
    or indirectly through organizations which are participants in
    such systems. Clearstream, Luxembourg and Euroclear will hold
    interests in the global notes on behalf of their respective
    participating organizations or customers through customers&#146;
    securities accounts in Clearstream, Luxembourg&#146;s or
    Euroclear&#146;s names on the books of their respective
    depositaries, which in turn will hold those positions in
    customers&#146; securities accounts in the depositaries&#146;
    names on the books of DTC. Citibank, N.A. will act as depositary
    for Clearstream, Luxembourg and JPMorgan Chase Bank, N.A. will
    act as depositary for Euroclear.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    So long as DTC or its nominee is the registered owner of the
    global securities representing the notes, DTC or such nominee
    will be considered the sole owner and holder of the notes for
    all purposes of the notes, the base indenture and the second
    supplemental indenture. Except as provided below, owners of
    beneficial interests in the notes will not be entitled to have
    the notes registered in their names, will not receive or be
    entitled to receive physical delivery of the notes in definitive
    form and will not be considered the owners or holders of the
    notes under the base indenture or the second supplemental
    indenture, including for purposes of receiving any reports
    delivered by us or the trustee pursuant to the base indenture or
    the second supplemental indenture. Accordingly, each person
    owning a beneficial interest in a note must rely on the
    procedures of DTC or its nominee and, if such person is not a
    participant, on the procedures of the participant through which
    such person owns its interest, in order to exercise any rights
    of a holder of notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless and until we issue the notes in fully certificated,
    registered form under the limited circumstances described below
    under the heading &#147;&#151;Certificated notes&#148;:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    you will not be entitled to receive a certificate representing
    your interest in the notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    all references in this prospectus supplement to actions by
    holders will refer to actions taken by DTC upon instructions
    from its direct participants;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    all references in this prospectus supplement to payments and
    notices to holders will refer to payments and notices to DTC or
    Cede&#160;&#038; Co., as the registered holder of the notes, for
    distribution to you in accordance with DTC procedures.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-69
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The Depository
    Trust&#160;Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>DTC will act as securities depositary for the
    notes.</I>&#160;The notes will be issued as fully registered
    notes registered in the name of Cede&#160;&#038; Co. DTC is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a limited-purpose trust company organized under the New York
    Banking Law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a &#147;banking organization&#148; under the New York Banking
    Law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a member of the Federal Reserve System;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a &#147;clearing corporation&#148; under the New York Uniform
    Commercial Code;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a &#147;clearing agency&#148; registered under the provisions of
    Section 17A of the Securities Exchange Act of 1934.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    DTC holds securities that its direct participants deposit with
    DTC. DTC facilitates the settlement among direct participants of
    securities transactions, such as transfers and pledges, in
    deposited securities through electronic computerized book-entry
    changes in direct participants&#146; accounts, thereby
    eliminating the need for physical movement of securities
    certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Direct participants of DTC include securities brokers and
    dealers (including the underwriters), banks, trust companies,
    clearing corporations and certain other organizations. DTC is
    owned by a number of its direct participants. Indirect
    participants of DTC, such as securities brokers and dealers,
    banks and trust companies, can also access the DTC system if
    they maintain a custodial relationship with a direct participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Purchases of notes under DTC&#146;s system must be made by or
    through direct participants, which will receive a credit for the
    notes on DTC&#146;s records. The ownership interest of each
    beneficial owner is in turn to be recorded on the records of
    direct participants and indirect participants. Beneficial owners
    will not receive written confirmation from DTC of their
    purchase, but beneficial owners are expected to receive written
    confirmations providing details of the transaction, as well as
    periodic statements of their holdings, from the direct
    participants or indirect participants through which such
    beneficial owners entered into the transaction. Transfers of
    ownership interests in the notes are to be accomplished by
    entries made on the books of participants acting on behalf of
    beneficial owners. Beneficial owners will not receive
    certificates representing their ownership interests in notes,
    except as provided below in &#147;&#151;Certificated notes.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To facilitate subsequent transfers, all notes deposited with DTC
    are registered in the name of DTC&#146;s nominee,
    Cede&#160;&#038; Co. The deposit of notes with DTC and their
    registration in the name of Cede&#160;&#038; Co. effect no
    change in beneficial ownership. DTC has no knowledge of the
    actual beneficial owners of the notes. DTC&#146;s records
    reflect only the identity of the direct participants to whose
    accounts such notes are credited, which may or may not be the
    beneficial owners. The participants will remain responsible for
    keeping account of their holdings on behalf of their customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Conveyance of notices and other communications by DTC to direct
    participants, by direct participants to indirect participants
    and by direct participants and indirect participants to
    beneficial owners will be governed by arrangements among them,
    subject to any statutory or regulatory requirements as may be in
    effect from time to time.
</DIV>

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    <BR>
    S-70
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Book-entry
    format</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the book-entry format, the paying agent will pay interest
    or principal payments to Cede&#160;&#038; Co., as nominee of
    DTC. DTC will forward the payment to the direct participants,
    who will then forward the payment to the indirect participants
    (including Clearstream, Luxembourg or Euroclear) or to you as
    the beneficial owner. You may experience some delay in receiving
    your payments under this system. Neither we, the trustee under
    the base indenture and the second supplemental indenture nor any
    paying agent has any direct responsibility or liability for the
    payment of principal or interest on the notes to owners of
    beneficial interests in the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    DTC is required to make book-entry transfers on behalf of its
    direct participants and is required to receive and transmit
    payments of principal, premium, if any, and interest on the
    notes. Any direct participant or indirect participant with which
    you have an account is similarly required to make book-entry
    transfers and to receive and transmit payments with respect to
    the notes on your behalf. We and the trustee under the base
    indenture and the second supplemental indenture have no
    responsibility for any aspect of the actions of DTC,
    Clearstream, Luxembourg or Euroclear or any of their direct or
    indirect participants. In addition, we and the trustee under the
    base indenture and the second supplemental indenture have no
    responsibility or liability for any aspect of the records kept
    by DTC, Clearstream, Luxembourg, Euroclear or any of their
    direct or indirect participants relating to or payments made on
    account of beneficial ownership interests in the notes or for
    maintaining, supervising or reviewing any records relating to
    such beneficial ownership interests. We also do not supervise
    these systems in any way.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The trustee will not recognize you as a holder under the base
    indenture and the second supplemental indenture, and you can
    only <I>exercise </I>the rights of a holder indirectly through
    DTC and its direct participants. DTC has advised us that it will
    only take action regarding a note if one or more of the direct
    participants to whom the note is credited directs DTC to take
    such action and only in respect of the portion of the aggregate
    principal amount of the notes as to which that participant or
    participants has or have given that direction. DTC can only act
    on behalf of its direct participants. Your ability to pledge
    notes to non-direct participants, and to take other actions, may
    be limited because you will not possess a physical certificate
    that represents your notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither DTC nor Cede&#160;&#038; Co. (nor such other DTC
    nominee) will consent or vote with respect to the notes unless
    authorized by a direct participant in accordance with DTC&#146;s
    procedures. Under its usual procedures, DTC will mail an omnibus
    proxy to us as soon as possible after the record date. The
    omnibus proxy assigns Cede&#160;&#038; Co.&#146;s consenting or
    voting rights to those direct participants to whose accounts the
    notes are credited on the record date (identified in a listing
    attached to the omnibus proxy).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Clearstream, Luxembourg or Euroclear will credit payments to the
    cash accounts of Clearstream, Luxembourg customers or Euroclear
    participants in accordance with the relevant system&#146;s rules
    and procedures, to the extent received by its depositary. These
    payments will be subject to tax reporting in accordance with
    relevant United States tax laws and regulations. Clearstream,
    Luxembourg or the Euroclear Operator, as the case may be, will
    take any other action permitted to be taken by a holder under
    the base indenture or the second supplemental indenture on
    behalf of a Clearstream, Luxembourg customer or Euroclear
    participant only in accordance with its relevant rules and
    procedures and subject to its depositary&#146;s ability to
    effect those actions on its behalf through DTC.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-71
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    DTC, Clearstream, Luxembourg and Euroclear have agreed to the
    foregoing procedures in order to facilitate transfers of the
    notes among participants of DTC, Clearstream, Luxembourg and
    Euroclear. However, they are under no obligation to perform or
    continue to perform those procedures, and they may discontinue
    those procedures at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Transfers within
    and among book-entry systems</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Transfers between DTC&#146;s direct participants will occur in
    accordance with DTC rules. Transfers between Clearstream,
    Luxembourg customers and Euroclear participants will occur in
    accordance with its applicable rules and operating procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    DTC will effect cross-market transfers between persons holding
    directly or indirectly through DTC, on the one hand, and
    directly or indirectly through Clearstream, Luxembourg customers
    or Euroclear participants, on the other hand, in accordance with
    DTC rules on behalf of the relevant European international
    clearing system by its depositary. However, cross-market
    transactions will require delivery of instructions to the
    relevant European international clearing system by the
    counterparty in that system in accordance with its rules and
    procedures and within its established deadlines (European time).
    The relevant European international clearing system will, if the
    transaction meets its settlement requirements, instruct its
    depositary to effect final settlement on its behalf by
    delivering or receiving securities in DTC, and making or
    receiving payment in accordance with normal procedures for
    <FONT style="white-space: nowrap">same-day</FONT>
    funds settlement applicable to DTC. Clearstream, Luxembourg
    customers and Euroclear participants may not deliver
    instructions directly to the depositaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Because of time-zone differences, credits of securities received
    in Clearstream, Luxembourg or Euroclear resulting from a
    transaction with a DTC direct participant will be made during
    the subsequent securities settlement processing, dated the
    business day following the DTC settlement date. Those credits or
    any transactions in those securities settled during that
    processing will be reported to the relevant Clearstream,
    Luxembourg customer or Euroclear participant on that business
    day. Cash received in Clearstream, Luxembourg or Euroclear as a
    result of sales of securities by or through a Clearstream,
    Luxembourg customer or a Euroclear participant to a DTC direct
    participant will be received with value on the DTC settlement
    date but will be available in the relevant Clearstream,
    Luxembourg or Euroclear cash amount only as of the business day
    following settlement in DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although DTC, Clearstream, Luxembourg and Euroclear has agreed
    to the foregoing procedures in order to facilitate transfers of
    debt securities among their respective participants, they are
    under no obligation to perform or continue to perform such
    procedures and such procedures may be discontinued at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certificated
    notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless and until they are exchanged, in whole or in part, for
    notes in definitive form in accordance with the terms of the
    notes, the notes may not be transferred except (1)&#160;as a
    whole by DTC to a nominee of DTC or (2)&#160;by a nominee of DTC
    to DTC or another nominee of DTC or (3)&#160;by DTC or any such
    nominee to a successor of DTC or a nominee of such successor.
</DIV>

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    <BR>
    S-72
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will issue notes to you or your nominees, in fully
    certificated registered form, rather than to DTC or its
    nominees, only if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    we advise the trustee in writing that DTC is no longer willing
    or able to discharge its responsibilities properly or that DTC
    is no longer a registered clearing agency under the Securities
    Exchange Act of 1934, and the trustee or we are unable to locate
    a qualified successor within 90&#160;days;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    an event of default has occurred and is continuing under the
    base indenture or the second supplemental indenture;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    we, at our option, elect to terminate the book-entry system
    through DTC.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If any of the three above events occurs, DTC is required to
    notify all direct participants that notes in fully certificated
    registered form are available through DTC. DTC will then
    surrender the global note representing the notes along with
    instructions for re-registration. The trustee will re-issue the
    debt securities in fully certificated registered form and will
    recognize the registered holders of the certificated debt
    securities as holders under the base indenture and the second
    supplemental indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless and until we issue the notes in fully certificated,
    registered form, (1)&#160;you will not be entitled to receive a
    certificate representing your interest in the notes;
    (2)&#160;all references in this prospectus supplement to actions
    by holders will refer to actions taken by the depositary upon
    instructions from their direct participants; and (3)&#160;all
    references in this prospectus supplement to payments and notices
    to holders will refer to payments and notices to the depositary,
    as the registered holder of the notes, for distribution to you
    in accordance with its policies and procedures.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-73
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certain U.S.
    federal income tax considerations</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a general discussion of certain United States
    federal income tax consequences to a holder with respect to the
    purchase, beneficial ownership and disposition of the notes.
    This summary is limited to holders who will hold the notes as
    &#147;capital assets&#148; within the meaning of
    Section&#160;1221 of the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;), and who acquire the notes in
    this offering at the initial offering price. This summary does
    not deal with the United States federal income tax consequences
    to investors subject to special treatment under the United
    States federal income tax laws, such as dealers in securities or
    foreign currency, tax-exempt entities, banks, thrifts, insurance
    companies, retirement plans, regulated investment companies,
    traders in securities that elect to apply a mark-to-market
    method of accounting, persons that hold the notes as part of a
    &#147;straddle,&#148; a &#147;hedge&#148; against currency risk,
    a &#147;conversion transaction&#148; or other integrated
    transaction, holders subject to the alternative minimum tax,
    partnerships or other pass-through entities (or investors in
    such entities), certain financial institutions, expatriates and
    former citizens or long-term residents of the United States and
    holders that have a &#147;functional currency&#148; other than
    the U.S.&#160;dollar, all within the meaning of the Code. In
    addition, this discussion does not describe United
    States&#160;federal gift or estate tax consequences or any tax
    consequences arising out of the tax laws of any state, local or
    foreign jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The federal income tax considerations set forth below are based
    upon the Code, existing and proposed regulations thereunder, and
    current administrative rulings and court decisions, all of which
    are subject to change. Prospective investors should particularly
    note that any such change could have retroactive application so
    as to result in federal income tax consequences different from
    those discussed below.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>We have not and will not seek any rulings from the Internal
    Revenue Service (&#147;IRS&#148;) regarding the matters
    discussed below. There can be no assurance that the IRS will not
    take positions concerning the tax consequences of the purchase,
    ownership or disposition of the notes that are different from
    those discussed below.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Investors considering the purchase of the 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.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As used herein, &#147;United States Holders&#148; are beneficial
    owners of the notes, that are, for United States federal income
    tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    individuals who are citizens or residents of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    corporations or other entities taxable as corporations created
    or organized in, or under the laws of, the United States, any
    state thereof or the District of Columbia;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    estates, the income of which is subject to United States federal
    income taxation regardless of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    trusts if (i) (A)&#160;a court within the United States is able
    to exercise primary supervision over the administration of the
    trust and (B)&#160;one or more U.S.&#160;persons have the
    authority to control all substantial decisions of the trust, or
    (ii)&#160;the trust was in existence to on August&#160;20, 1996,
    was treated as a U.S.&#160;person prior to such date, and
    validly elected to continue to be so treated.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-74
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As used herein, a &#147;non-United States Holder&#148; is a
    beneficial owner of the notes that is an individual,
    corporation, estate or trust for United States federal income
    tax purposes and is not a United States Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If a partnership or other entity taxable as a partnership holds
    notes, the tax treatment of a partner in the partnership or
    other entity will generally depend upon the status of the
    partner and the activities of the partnership or other entity.
    If you are a partner of a partnership or other entity taxable as
    a partnership holding the notes, you should consult your tax
    advisor regarding the tax consequences of the purchase,
    ownership and disposition of the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of
    United States Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This discussion assumes that a United States Holder has not made
    an election to treat stated interest on the notes as original
    issue discount (&#147;OID&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of
    Stated Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Stated interest on the notes will be treated as &#147;qualified
    stated interest&#148; (i.e., stated interest that is
    unconditionally payable at least annually at a single fixed rate
    over the entire term of the note) and will be taxable to United
    States Holders as ordinary interest income as the interest
    accrues or is paid, in accordance with the Holder&#146;s regular
    method of tax accounting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of
    Original Issue Discount</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes will be treated as being issued with OID for United
    States federal income tax purposes to the extent their
    &#147;issue price&#148; is less than their stated principal
    amount by more than a de minimis amount. The issue price of a
    note will equal the first price at which a substantial amount of
    the notes are sold for cash to investors (not including bond
    houses, brokers, or similar persons or organizations acting in
    the capacity of underwriters, placement agents, or wholesalers).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A United States Holder (whether a cash or accrual method
    taxpayer) will be required to include in gross income any OID as
    it accrues on a constant yield to maturity basis, before the
    receipt of cash payments attributable to this income. The amount
    of OID includible in gross income for a taxable year will be the
    sum of the daily portions of OID with respect to the note for
    each day during that taxable year on which the United States
    Holder holds the note. The daily portion is determined by
    allocating to each day in an &#147;accrual period&#148; a pro
    rata portion of the OID allocable to that accrual period. The
    OID allocable to any accrual period will equal (a) the product
    of the &#147;adjusted issue price&#148; of the note as of the
    beginning of such period and the note&#146;s yield to maturity
    (determined on the basis of compounding at the close of each
    accrual period and properly adjusted for the length of the
    accrual period) less (b) the qualified stated interest allocable
    to the accrual period. The &#147;adjusted issue price&#148; of a
    note as of the beginning of any accrual period will equal its
    issue price, increased by previously accrued OID.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A United States Holder will not be required to recognize any
    additional income upon the receipt of any payment on the notes
    that is attributable to previously accrued OID.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Sale, Exchange,
    Retirement or Redemption of the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon the disposition of a note by sale, exchange, retirement or
    redemption, a United States Holder will generally recognize gain
    or loss equal to the difference between (1)&#160;the amount
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-75
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    realized on the disposition of the note (other than amounts
    attributable to accrued and unpaid stated interest on the note,
    which will be treated as ordinary interest income for federal
    income tax purposes if not previously included in income) and
    (2)&#160;the United States Holder&#146;s adjusted tax basis in
    the note. A United States Holder&#146;s adjusted tax basis in a
    note generally will equal the cost of the note to such United
    States Holder, increased by any OID previously includible in
    income by the United States Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Gain or loss from the taxable disposition of a note generally
    will be capital gain or loss and will be long-term capital gain
    or loss if the note was held by the United States Holder for
    more than one year at the time of the disposition. For
    non-corporate holders, certain preferential tax rates may apply
    to gain recognized as long-term capital gain. The deductibility
    of capital losses is subject to certain limitations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Backup
    Withholding and Information Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Where required, information will be reported to both United
    States Holders and the IRS regarding the amount of interest
    (including OID) on, and the proceeds from the disposition
    (including a retirement or redemption) of, the notes in each
    calendar year as well as the corresponding amount of tax
    withheld, if any exists.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the backup withholding provisions of the Code and the
    applicable Treasury Regulations, a holder of notes may be
    subject to backup withholding at a rate currently equal to 28%
    with respect to interest (including OID) on,
    <FONT style="white-space: nowrap">and/or</FONT> the
    proceeds from dispositions (including a retirement or
    redemption) of the notes. Certain holders (including, among
    others, corporations and certain tax-exempt organizations) are
    generally not subject to backup withholding. United States
    Holders will be subject to this backup withholding tax if such
    holder is not otherwise exempt and any of the following
    conditions exist: (1)&#160;such holder fails to furnish its
    taxpayer identification number, or TIN, which, for an
    individual, is ordinarily his or her social security number;
    (2)&#160;the IRS notifies the payor that such holder furnished
    an incorrect TIN; (3)&#160;the payor is notified by the IRS that
    such holder is subject to backup withholding because the holder
    has previously failed to properly report payments of interest or
    dividends; or (4)&#160;such holder fails to certify, under
    penalties of perjury, that it has furnished a correct TIN and
    that the IRS has not notified holder that it is subject to
    backup withholding. Backup withholding is not an additional tax.
    Any amounts withheld under the backup withholding rules from a
    payment to a United States Holder will be allowed as a credit
    against such holder&#146;s United States federal income tax
    liability and may entitle such holder to a refund, provided that
    the required information is timely furnished to the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of
    <FONT style="white-space: nowrap">Non-United</FONT>
    States Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For purposes of the following discussion, interest (including
    OID) and gain on the sale, exchange or other disposition
    (including a retirement or redemption) of a note will be
    considered &#147;U.S.&#160;trade or business income&#148; if the
    income or gain is effectively connected with the conduct of a
    U.S.&#160;trade or business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All references to interest in this discussion also refer to any
    OID.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-76
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Interest income will qualify for the &#147;portfolio
    interest&#148; exception, and therefore will not be subject to
    United States withholding tax, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the interest income (including OID) is not &#147;U.S.&#160;trade
    or business income&#148; of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder does not actually or constructively own 10% or
    more of the total combined voting power of the Company&#146;s
    stock entitled to vote;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not, for United States federal income tax
    purposes, a controlled foreign corporation that is related to
    the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not a bank which acquired the note in
    consideration for an extension of credit made pursuant to a loan
    agreement entered into in the ordinary course of its trade or
    business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    either (A)&#160;the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies, under penalty of perjury, to the
    Company or the Company&#146;s agent that it is not a
    U.S.&#160;person and such
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder provides its name, address and certain other
    information on a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or an applicable substitute form), or (B)&#160;a securities
    clearing organization, bank or other financial institution that
    holds customers&#146; securities in the ordinary course of its
    trade or business holds the note on behalf of the beneficial
    owner and provides a statement to the Company or the
    Company&#146;s agent signed under the penalties of perjury in
    which the organization, bank or financial institution certifies
    that
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute has been received by it from the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder or from another financial institution entity on
    behalf of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder and furnishes the Company or the Company&#146;s
    agent with a copy.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder cannot satisfy the requirements for the portfolio
    interest exception as described above, the gross amount of
    payments of interest to such
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder that is not &#147;U.S.&#160;trade or business
    income&#148; will be subject to United States federal
    withholding tax at the rate of 30%, unless a U.S.&#160;income
    tax treaty applies to reduce or eliminate withholding.
    U.S.&#160;trade or business income will not be subject to United
    States federal withholding tax but will be taxed on a net income
    basis in the same manner as a U.S. Holder (unless an applicable
    income tax treaty provides otherwise), and if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is a foreign corporation, such U.S.&#160;trade or
    business income may be subject to the branch profits tax equal
    to 30% of its effectively connected earnings and profits
    attributable to such interest, or a lower rate provided by an
    applicable treaty. In order to claim the benefit provided by a
    tax treaty or to claim exemption from withholding because the
    income is U.S.&#160;trade or business income, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder must provide either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute form) claiming an exemption from or
    reduction in withholding under the benefit of an applicable tax
    treaty;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or suitable substitute form) stating that interest paid on the
    note is not subject to withholding tax because it is
    &#147;U.S.&#160;trade or business income.&#148;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-77
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Sale, Exchange,
    Retirement or Redemption of Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to the discussion of backup withholding below,
    generally, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder will not be subject to United States federal
    income tax or withholding tax on any gain realized on the sale,
    exchange, retirement or redemption of a note unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the gain is &#147;U.S.&#160;trade or business
    income;&#148;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is an individual who is present in the United
    States for 183&#160;days or more during the taxable year in
    which the disposition of the note is made and certain other
    requirements are met.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A holder described in the first bullet point above will be
    required to pay United States federal income tax on the net gain
    derived from the sale in the same manner as a U.S. Holder,
    except as otherwise required by an applicable tax treaty, and if
    such holder is a foreign corporation, it may also be required to
    pay a branch profits tax equal to 30% of its effectively
    connected earnings and profits attributable to such gain, or a
    lower rate provided by an applicable income tax treaty. A holder
    described in the second bullet point above will be subject to a
    30% United States federal income tax on the gain derived from
    the sale, which may be offset by certain U.S.&#160;source
    capital losses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Information
    Reporting and Backup Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Where required, information will be reported annually to each
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder as well as the IRS regarding any interest that is
    either subject to withholding or exempt from United States
    withholding tax pursuant to a tax treaty or to the portfolio
    interest exception. Copies of these information returns may also
    be made available to the tax authorities of the country in which
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder resides under the provisions of a specific treaty
    or agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the backup withholding provisions of the Code and the
    applicable Treasury Regulations, a holder of notes may be
    subject to backup withholding at a rate currently equal to 28%
    with respect to interest paid on the notes. However, the
    regulations provide that payments of interest to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder will not be subject to backup withholding and
    related information reporting if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    under penalties of perjury or satisfies the requirements of an
    otherwise established exemption, provided that neither the
    Company nor the Company&#146;s paying agent has actual knowledge
    that such holder is a U.S.&#160;person or that the conditions of
    any other exemption are not, in fact, satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The payment of the proceeds from the disposition (including a
    retirement or redemption) of notes to or through the
    U.S.&#160;office of any broker, United States or foreign, will
    be subject to information reporting and possible backup
    withholding unless the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    under penalty of perjury or satisfies the requirements of an
    otherwise established exemption, provided that the broker does
    not have actual knowledge that such holder is a U.S.&#160;person
    or that the conditions of any other exemption are not, in fact,
    satisfied. The payment of the proceeds from the disposition of a
    note to or through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a
    <FONT style="white-space: nowrap">non-U.S.&#160;broker</FONT>
    that does not have certain enumerated relationships with the
    United States will not be subject to information reporting or
    backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    When a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder receives a payment of proceeds from the
    disposition of notes either to or through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a broker that is either a U.S.&#160;person or a person who
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-78
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    has certain enumerated relationships with the United States, the
    regulations require information reporting (but not backup
    withholding) on the payment, unless the broker has documentary
    evidence in its files that the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not a U.S.&#160;person and the broker has no
    knowledge to the contrary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    holder will be allowed as a credit against such holder&#146;s
    United States federal income tax liability and may entitle such
    holder to a refund, provided that the required information is
    timely furnished to the IRS.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-79
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ERISA
    considerations</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Employee Retirement Income Security Act of 1974
    (&#147;ERISA&#148;) imposes requirements on employee benefit
    plans subject to Title&#160;I of ERISA, which we refer to as
    &#147;ERISA plans,&#148; and on those persons who are
    fiduciaries of ERISA plans. Investments by ERISA plans are
    subject to ERISA&#146;s general fiduciary requirements,
    including the requirement of investment prudence and
    diversification and the requirement that an ERISA plan&#146;s
    investments be made in accordance with the documents governing
    such ERISA plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Section&#160;406 of ERISA and Section&#160;4975 of the Code
    prohibit certain transactions involving the assets of an ERISA
    plan, as well as those plans that are not subject to ERISA but
    that are subject to Section&#160;4975 of the Code, such as
    individual retirement accounts, which, together with ERISA
    plans, we refer to as the &#147;plans,&#148; and specified
    persons, referred to as &#147;parties in interest&#148; or
    &#147;disqualified persons,&#148; having specified relationships
    to such plans, unless a statutory or administrative exemption is
    applicable to the transaction. A party in interest or
    disqualified person who engages in a prohibited transaction may
    be subject to excise taxes and to other penalties and
    liabilities under ERISA and the Code. In addition, if a
    prohibited transaction occurs with respect to a plan, the
    fiduciary may be subject to penalties and liabilities under
    ERISA and the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The fiduciary of a plan that proposes to purchase and hold any
    notes should consider, among other things, whether such purchase
    and holding may involve (1)&#160;a direct or indirect extension
    of credit to a party in interest or to a disqualified person,
    (2)&#160;the sale or exchange of any property between a plan and
    a party in interest or disqualified person, or (3)&#160;the
    transfer to, or use by or for the benefit of, a party in
    interest or disqualified person, of any plan assets. Depending
    upon the identity of the plan fiduciary making the decision to
    acquire or hold the notes on behalf of a plan, Prohibited
    Transaction Class Exemption (&#147;PTCE&#148;), as amended,
    <FONT style="white-space: nowrap">91-38,</FONT> as
    amended, (relating to investments by bank collective investment
    funds),
    <FONT style="white-space: nowrap">PTCE&#160;84-14,</FONT>
    as amended, (relating to transactions effected by a
    &#147;qualified professional asset manager&#148;),
    <FONT style="white-space: nowrap">PTCE&#160;95-60,</FONT>
    as amended, (relating to investments by an insurance company
    general account),
    <FONT style="white-space: nowrap">PTCE&#160;96-23,</FONT>
    as amended, (relating to transactions directed by an in-house
    professional asset manager) or
    <FONT style="white-space: nowrap">PTCE&#160;90-1,</FONT>
    as amended, (relating to investments by insurance company pooled
    separate accounts), could provide an exemption from the
    prohibited transaction provisions of ERISA and Section&#160;4975
    of the Code, although there can be no assurance that all of the
    conditions of such exemptions will be satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Federal, state, local or
    <FONT style="white-space: nowrap">non-U.S.&#160;laws</FONT>
    governing the investment and management of the assets of
    governmental plans and other plans which are not subject to
    ERISA or the Code may contain fiduciary and prohibited
    transaction requirements similar to those under Title&#160;I of
    ERISA and Section&#160;4975 of the Code, which we refer to as
    &#147;similar laws.&#148; Accordingly, fiduciaries of such
    plans, in consultation with their counsel, should consider the
    impact of their respective laws on investments in the notes and
    the considerations discussed above, to the extent applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Because of the above, the notes should not be purchased or held
    by any person investing &#147;plan assets&#148; of any plan or
    employee benefit plan subject to similar laws, unless such
    purchase and holding will not be subject to, or will be exempt
    from, the prohibited transactions rules of ERISA and the Code or
    similar violation of any applicable similar laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Accordingly, by acceptance of a note, each purchaser and
    subsequent transferee of a note will be deemed to have
    represented and warranted that either (1)&#160;no portion of the
    assets used by such purchaser or transferee to acquire the notes
    constitutes assets of any employee benefit
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    plan subject to Title&#160;I of ERISA or Section&#160;4975 of
    the Code or the applicable provisions of any similar law or
    (2)&#160;the purchase and holding of the notes by such purchaser
    or transferee will not constitute a non-exempt prohibited
    transaction under Section&#160;406 of ERISA or Section&#160;4975
    of the Code or a violation of any similar laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Due to the complexity of these rules and penalties that may be
    imposed upon persons involved in nonexempt prohibited
    transactions, it is particularly important that fiduciaries, or
    other persons, considering purchasing the notes on behalf of, or
    with the assets of, any plan or employee benefit plan subject to
    ERISA, Section&#160;4975 of the Code or similar laws, consult
    with their counsel regarding the potential applicability of
    ERISA, Section&#160;4975 of the Code and any similar laws
    applicable to such investment and whether an exemption would be
    applicable to the purchase and holding of the notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-81
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Underwriting</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to the terms and conditions in the underwriting
    agreement between us and the underwriters, we have agreed to
    sell to each underwriter, and each underwriter has severally
    agreed to purchase from us, the principal amount of notes that
    appears opposite its name in the table below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=373 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">Underwriters</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Principal amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=373 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.P. Morgan Securities Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,788,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Banc of America Securities LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,788,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Wachovia Capital Markets, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,788,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    HSBC Securities (USA) Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,943,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    SunTrust Robinson Humphrey, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,943,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    BB&#038;T Capital Markets, a division of Scott&#160;&#038;
    Stringfellow, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,275,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    U.S. Bancorp Investments, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,275,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Avondale Partners, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    First Analysis Securities Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Macquarie Capital (USA) Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    RBC Capital Markets Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    465,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriting agreement provides that the obligations of the
    underwriters to purchase the notes included in this offering are
    subject to approval of legal matters by counsel and to other
    conditions. The underwriters have agreed to purchase all of the
    notes if any of them are purchased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriters initially propose to offer the notes to the
    public at the public offering price that appears on the cover
    page of this prospectus supplement. The underwriters may offer
    the notes to selected dealers at the public offering price minus
    a concession of up to 0.375% of the principal amount. In
    addition, the underwriters may allow, and those selected dealers
    may reallow, a concession of up to 0.25% of the principal amount
    to certain other dealers. After the initial offering, the
    underwriters may change the public offering price and any other
    selling terms. The underwriters may offer and sell notes through
    certain of their affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table shows the underwriting discounts and
    commissions to be paid to the underwriters in connection with
    this offering (expressed as a percentage of the principal amount
    of the notes).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=402 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Paid by us</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=402 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the underwriting agreement, we have agreed that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    We will not offer or sell any of our debt securities (other than
    the notes) for a period of 90&#160;days after the date of this
    prospectus supplement without the prior consent of
    J.P.&#160;Morgan Securities Inc.
</TD>
</TR>

</TABLE>

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    <BR>
    S-82
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    We will indemnify the underwriters against certain liabilities,
    including liabilities under the Securities Act, or contribute to
    payments that the underwriters may be required to make in
    respect of those liabilities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The notes are new issues of securities with no established
    trading market. We do not intend to apply for the notes to be
    listed on any securities exchange or to arrange for the notes to
    be quoted on any quotation system. The underwriters have advised
    us that they intend to make a market in the notes. However, they
    are not obligated to do so and they may discontinue any market
    making at any time in their sole discretion. Therefore, we
    cannot assure you that a liquid trading market will develop for
    the notes, that you will be able to sell your notes at a
    particular time or that the prices that you receive when you
    sell will be favorable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a
    &#147;Relevant Member State&#148;), with effect from and
    including the date on which the Prospectus Directive is
    implemented in that Relevant Member State (the &#147;Relevant
    Implementation Date&#148;), each underwriter has not made and
    will not make an offer of notes to the public in that Relevant
    Member State prior to the publication of a prospectus in
    relation to the notes which has been approved by the competent
    authority in that Relevant Member State or, where appropriate,
    approved in another Relevant Member State and notified to the
    competent authority in that Relevant Member State, all in
    accordance with the Prospectus Directive, except that it may,
    with effect from and including the Relevant Implementation Date,
    make an offer of notes to the public in that Relevant Member
    State at any time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to legal entities which are authorized or regulated to operate
    in the financial markets or, if not so authorized or regulated,
    whose corporate purpose is solely to invest in securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to any legal entity which has two or more of (1)&#160;an average
    of at least 250&#160;employees during the last financial year;
    (2)&#160;a total balance sheet of more than &#128;43,000,000;
    and (3)&#160;an annual net turnover of more than
    &#128;50,000,000, as shown in its last annual or consolidated
    accounts;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    in any other circumstances which do not require the publication
    by us of a prospectus pursuant to Article&#160;3 of the
    Prospectus Directive.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For the purposes of this provision, the expression an
    &#147;offer of notes to the public&#148; in relation to any
    notes in any Relevant Member State means the communication in
    any form and by any means of sufficient information on the terms
    of the offer and the notes to be offered so as to enable an
    investor to decide to purchase or subscribe the notes, as the
    same may be varied in that Member State by any measure
    implementing the Prospectus Directive in that Member State and
    the expression &#147;Prospectus Directive&#148; means Directive
    20031711EC and includes any relevant implementing measure in
    each Relevant Member State.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus is only being distributed to, and is only
    directed at, persons in the United Kingdom that are qualified
    investors within the meaning of Article&#160;2(1)(e) of the
    Prospectus Directive (&#147;Qualified Investors&#148;) that are
    also (i)&#160;investment professionals falling within
    Article&#160;19(5) of the Financial Services and Markets Act
    2000 (Financial Promotion) Order 2005 (the &#147;Order&#148;) or
    (ii)&#160;high net worth entities, and other persons to whom it
    may lawfully be communicated, falling within
    Article&#160;49(2)(a) to (d)&#160;of the Order (all such persons
    together being referred to as &#147;relevant persons&#148;).
    This prospectus and its contents are confidential and should not
    be distributed, published or reproduced (in whole or in part) or
    disclosed by recipients to
</DIV>

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    <BR>
    S-83
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    any other persons in the United Kingdom. Any person in the
    United Kingdom that is not a relevant person should not act or
    rely on this document or any of its contents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each institutional purchaser in California who buys a note from
    an underwriter will be deemed to have represented that such
    purchaser is purchasing for its own account (or for an account
    for which it acts as trustee) for investment and not with a view
    to or for sale in connection with any distribution of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with this offering of the notes, the underwriters
    may engage in overallotments, stabilizing transactions and
    syndicate covering transactions in accordance with
    Regulation&#160;M under the Securities Exchange Act of 1934, or
    the Exchange Act. Overallotment involves sales in excess of the
    offering size, which creates a short position for the
    underwriter. Stabilizing transactions involve bids to purchase
    the notes in the open market for the purpose of pegging, fixing
    or maintaining the price of the notes, as applicable. Syndicate
    covering transactions involve purchases of the notes in the open
    market after the distribution has been completed in order to
    cover short positions. Stabilizing transactions and syndicate
    covering transactions may cause the price of the notes to be
    higher than it would otherwise be in the absence of those
    transactions. If any of the underwriters engages in stabilizing
    or syndicate covering transactions, it may discontinue them at
    any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect delivery of the notes will be made against payment
    therefor on or about June&#160;3, 2009, which is the tenth
    business day following the date of pricing of the notes (such
    settlement being referred to as &#147;T+10&#148;). Under
    <FONT style="white-space: nowrap">Rule&#160;15(c)6-1</FONT>
    of the Exchange Act, trades in the secondary market generally
    are required to settle in three business days unless the parties
    to any such trade expressly agree otherwise. Accordingly,
    purchasers who wish to trade the notes on the date of pricing of
    the notes and the next six succeeding business days will be
    required, by virtue of the fact that the notes initially will
    settle in T+10, to specify an alternative settlement cycle at
    the time of any such trade to prevent failed settlement and
    should consult their own advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We estimate that our total expenses of this offering will be
    approximately $1.2&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain of the underwriters and their affiliates perform various
    financial advisory, investment banking and commercial banking
    services from time to time for us and our affiliates. Bank of
    America, N.A., an affiliate of Banc of America Securities LLC,
    currently serves as administrative agent and a lender under our
    revolving credit facility, and each other underwriter or its
    affiliate is a lender under the revolving credit facility. We
    have also retained J.P.&#160;Morgan Securities Inc. to act as
    the exclusive dealer manager for the tender offer of the 2011
    Notes, for which it will receive customary fees and
    reimbursement of reasonable out-of-pocket expenses.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-84
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    matters</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain legal matters relating to the notes will be passed upon
    for us by Bass, Berry&#160;&#038; Sims PLC, Nashville,
    Tennessee. Certain legal matters relating to the notes will be
    passed upon for the underwriters by Cahill Gordon&#160;&#038;
    Reindel <FONT style="font-variant: SMALL-CAPS">llp</FONT>, New
    York, New York. Bass, Berry&#160;&#038; Sims PLC will rely upon
    Miles&#160;&#038; Stockbridge,&#160;P.C., Baltimore, Maryland as
    to all matters of Maryland law.
</DIV>
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Corrections Corporation
    of America and Subsidiaries as of December&#160;31, 2008 and
    2007 and for each of the three years in the period ended
    December&#160;31, 2008 appearing in Corrections Corporation of
    America and Subsidiaries&#146; Current Report
    <FONT style="white-space: nowrap">(Form&#160;8-K)</FONT>
    filed with the Securities and Exchange Commission on
    May&#160;14, 2009 and the effectiveness of Corrections
    Corporation of America and Subsidiaries&#146; internal control
    over financial reporting as of December&#160;31, 2008, appearing
    in Corrections Corporation of America and Subsidiaries&#146;
    Annual Report
    <FONT style="white-space: nowrap">(Form&#160;10-K)</FONT>
    for the year ended December&#160;31, 2008 have been audited by
    Ernst&#160;&#038; Young LLP, independent registered public
    accounting firm, as set forth in their reports thereon, included
    therein, and incorporated herein by reference. Such consolidated
    financial statements are incorporated herein by reference in
    reliance upon such reports given on the authority of such firm
    as experts in accounting and auditing.
</DIV>

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    <BR>
    S-85
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g19154b5g1915505.gif" alt="(CCA LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities<BR>
    Guarantees of Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell from time to time debt securities and
    guarantees of debt securities. This prospectus provides you with
    a general description of the securities we may offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will provide specific terms of securities we offer, and the
    manner in which they are being offered, in supplements to this
    prospectus. Our securities cannot be sold unless this prospectus
    is accompanied by a prospectus supplement. You should read this
    prospectus and any prospectus supplement carefully before you
    invest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will sell these securities on a continuous or delayed basis
    directly, through agents, dealers or underwriters as designated
    from time to time, or through a combination of these methods. If
    our agents or any dealers or underwriters are involved in the
    sale of the securities, the applicable prospectus supplement
    will set forth the names of the agents, dealers or underwriters
    and any applicable commissions or discounts. Our net proceeds
    from any sale of securities will also be set forth in the
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal executive offices are located at 10 Burton Hills
    Boulevard, Nashville, Tennessee 37215. Our telephone number is
    <FONT style="white-space: nowrap">(615)&#160;263-3000.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our securities involves certain risks. Before
    buying our securities, you should refer to the risk factors
    included in our periodic reports, in prospectus supplements and
    in other information filed by us with the Securities and
    Exchange Commission. See &#147;Risk Factors&#148; on page&#160;3
    of this prospectus.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the adequacy or accuracy of
    disclosures in this prospectus. Any representation to the
    contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus is May 19, 2009.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="96%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#150'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#151'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#152'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#153'>Incorporation of Information by Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#154'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#155'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#156'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#157'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#158'>Description of Debt Securities and Guarantees of
    Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#159'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#160'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#161'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus, in any
    accompanying prospectus supplement or in any free writing
    prospectus filed by us with the Securities and Exchange
    Commission. We have not authorized any other person to provide
    you with different information. If anyone provides you with
    different or inconsistent information, you should not rely on
    it. We are not making an offer to sell these securities in any
    jurisdiction where the offer or sale is not permitted. You
    should assume that the information contained or incorporated by
    reference in this prospectus and any prospectus supplement or in
    any such free writing prospectus is accurate only as of the
    respective dates thereof. Our business, financial condition,
    results of operations and prospects may have changed since those
    dates.</B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='150'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a &#147;shelf&#148; registration
    statement that we filed with the Securities and Exchange
    Commission (the &#147;SEC&#148;) under the Securities Act of
    1933, as amended (the &#147;Securities Act&#148;). Under this
    shelf registration, we may sell the securities described in this
    prospectus in one or more offerings. This prospectus only
    provides you with a general description of the securities that
    we may offer. Each time we sell securities, we will provide a
    supplement to this prospectus that contains specific information
    about the terms of the securities being sold. The prospectus
    supplement may also add, update or change information contained
    in this prospectus. Before purchasing any securities, you should
    carefully read both this prospectus and any prospectus
    supplement, together with the additional information described
    under the heading &#147;Where You Can Find More
    Information.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When we refer to &#147;we,&#148; &#147;our&#148; and
    &#147;us&#148; in this prospectus, we mean Corrections
    Corporation of America, including, unless the context otherwise
    requires or as otherwise expressly stated, our subsidiaries.
    When we refer to &#147;you&#148; or &#147;yours,&#148; we mean
    the purchasers of the applicable securities.
</DIV>
<A name='151'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains statements that are forward-looking
    statements as defined within the meaning of the Private
    Securities Litigation Reform Act of 1995. Forward-looking
    statements give our current expectations of forecasts of future
    events. All statements other than statements of current or
    historical fact contained in this prospectus, including
    statements regarding our future financial position, business
    strategy, budgets, projected costs, and plans and objectives of
    management for future operations, are forward-looking
    statements. The words &#147;anticipate,&#148;
    &#147;believe,&#148; &#147;continue,&#148; &#147;estimate,&#148;
    &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148;
    &#147;plan,&#148; &#147;projects,&#148; &#147;will,&#148; and
    similar expressions, as they relate to us, are intended to
    identify forward-looking statements. These statements are based
    on our current plans and actual future activities, and our
    results of operations may be materially different from those set
    forth in the forward-looking statements. In particular these
    include, among other things, statements relating to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic and market conditions, including the impact
    governmental budgets can have on our per diem rates and
    occupancy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fluctuations in our operating results because of, among other
    things, changes in occupancy levels, competition, increases in
    costs of operations, fluctuations in interest rates and risks of
    operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the privatization of the corrections and detention
    industry and the public acceptance of our services;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to obtain and maintain correctional facility
    management contracts, including as the result of sufficient
    governmental appropriations, inmate disturbances, and the timing
    of the opening of new facilities and the commencement of new
    management contracts as well as our ability to utilize current
    available beds and new capacity as development and expansion
    projects are completed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in government policy and in legislation and regulation
    of the corrections and detention industry that adversely affect
    our business including, but not limited to, judicial challenges
    regarding the transfer of California inmates to out-of-state
    private correctional facilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability of debt and equity financing on terms that are
    favorable to us;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other factors detailed in the section entitled &#147;Risk
    Factors&#148; incorporated by reference to our most recent
    annual report on Form
    <FONT style="white-space: nowrap">10-K,</FONT> any
    subsequent quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    or any current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    we file after the date of this prospectus.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All forward-looking statements in this prospectus should be
    considered in the context of these risk factors. Except as
    required by law, we undertake no obligation to update or revise
    any forward-looking statements, whether as a result of new
    information, future events or otherwise. In light of these risks
    and uncertainties, the forward-looking events and circumstances
    discussed in this prospectus may not occur and actual results
    could differ materially from those anticipated or implied in the
    forward-looking statements. Accordingly, users of this
    prospectus are cautioned not to place undue reliance on the
    forward-looking statements.
</DIV>
<A name='152'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to the informational requirements of the
    Securities Exchange Act of 1934, as amended (the &#147;Exchange
    Act&#148;). Accordingly, we file current, quarterly and annual
    reports, proxy statements and other information with the SEC.
    You may read and copy these reports, proxy statements and other
    information at the SEC&#146;s Public Reference Room at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the SEC&#146;s
    Public Reference Room. Our SEC filings also are available to the
    public at the Internet website maintained by the SEC at
    <U>www.sec.gov</U> and from commercial document retrieval
    services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also make available free of charge through our website our
    annual reports on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    and amendments to those reports filed or furnished pursuant to
    Section&#160;13(a) or 15(d) of the Exchange Act, our definitive
    proxy statements and Section&#160;16 reports on Forms&#160;3, 4
    and 5, as soon as reasonably practicable after we electronically
    file such reports or amendments with, or furnish them to, the
    SEC. Our Internet website address is
    <U>www.correctionscorp.com</U>. The information located on, or
    hyperlinked or otherwise connected to, our website is not, and
    shall not be deemed to be, a part of this prospectus or
    incorporated into any other filings that we make with the SEC.
    You may also inspect the information that we file with the New
    York Stock Exchange (the &#147;NYSE&#148;), at the offices of
    the NYSE located at 20&#160;Broad Street, New York, New York
    10005.
</DIV>
<A name='153'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF INFORMATION BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information that we file with the SEC. This means that we can
    disclose important business and financial information to you by
    referring you to information and documents that we have filed
    with the SEC. Any information that we refer to in this manner is
    considered part of this prospectus. Any information that we file
    with the SEC after this prospectus will automatically update and
    supersede the corresponding information contained in this
    prospectus or in documents filed earlier with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are incorporating by reference the following documents that
    we have previously filed with the SEC:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Definitive Proxy Statement on Schedule&#160;14A, filed with
    the SEC on April&#160;7, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    filed with the SEC on February&#160;23, 2009 and May&#160;14,
    2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also incorporating by reference any future filings that
    we make with the SEC under Sections&#160;13(a), 13(c), 14 or
    15(d) of the Securities Exchange Act of 1934 after this
    prospectus. Notwithstanding the foregoing, information that we
    furnish under Items&#160;2.02 and 7.01 of any current report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    including the related exhibits under Item&#160;9.01, is not
    incorporated by reference in this prospectus, the registration
    statement of which this prospectus is a part, or any prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each document referred to above is available over the Internet
    on the SEC&#146;s website at <U>www.sec.gov</U> and on our
    website at <U>www.correctionscorp.com</U>. We will also furnish
    without charge to you, upon written or oral
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    request, a copy of any or all of the documents described above,
    except for exhibits to those documents, unless the exhibits are
    specifically incorporated by reference into those documents.
    Requests should be directed to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Corrections Corporation of America<BR>
    10 Burton Hills Boulevard<BR>
    Nashville, Tennessee 37215<BR>
    <FONT style="white-space: nowrap">(615)&#160;263-3000</FONT><BR>
    Attention: Investor Relations
</DIV>
<A name='154'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 three states. 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. Our customers consist of federal, state,
    and local correctional and detention authorities.
</DIV>
<A name='155'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investment in any securities offered pursuant to this prospectus
    involves risks. You should carefully consider the risk factors
    incorporated by reference to our most recent annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    any subsequent quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    or any current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    we file after the date of this prospectus, and all other
    information contained or incorporated by reference into this
    prospectus, as updated by our subsequent filings under the
    Exchange Act, and the risk factors and other information
    contained in the applicable prospectus supplement before
    acquiring any of such securities. The occurrence of any of these
    risks might cause you to lose all or part of your investment in
    the offered securities. Please also refer to the section above
    entitled &#147;Forward-Looking Statements.&#148;
</DIV>
<A name='156'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided in the applicable prospectus
    supplement, we intend to use the net proceeds from the sale of
    the securities offered hereby for general corporate purposes,
    including repaying, redeeming or repurchasing outstanding debt
    and for working capital, capital expenditures, stock repurchases
    and acquisitions. We may invest funds not required immediately
    for such purposes in short-term, interest-bearing and other
    investment-grade securities.
</DIV>
<A name='157'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our historical ratio of earnings
    to fixed charges for the periods indicated. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended&#160;March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of Earnings to Fixed Charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.2
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.8
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.0
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.0x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='158'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES AND GUARANTEES OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section describes the general terms and provisions of debt
    securities to be issued by us and guarantees of debt securities
    to be issued by our subsidiaries, as applicable. When we refer
    to &#147;we,&#148; &#147;our&#148; and &#147;us&#148; in this
    section, we mean Corrections Corporation of America, as the
    applicable issuer, excluding, unless the context otherwise
    requires or as otherwise expressly stated, our subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When we offer to sell a particular series of debt securities, we
    will describe the specific terms of the series in a supplement
    to this prospectus. We will also indicate in the prospectus
    supplement whether the general terms and provisions described in
    this prospectus apply to a particular series of debt securities.
    To the extent the information contained in the prospectus
    supplement differs from this summary description, you should
    rely on the information in the prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in a supplement to this prospectus,
    the debt securities and the guarantees will be the direct,
    unsecured obligations of the issuer thereof and will rank
    equally with all of the issuer&#146;s other unsecured and
    unsubordinated indebtedness. The debt securities may be fully
    and unconditionally guaranteed on a secured or unsecured senior
    or subordinated basis, jointly and severally, by guarantors, if
    any. The obligations of each guarantor, if any, under its
    guarantee will be limited as necessary to prevent that guarantee
    from constituting a fraudulent conveyance under applicable law.
    In the event that any series of debt securities and guarantees
    will be subordinated to other indebtedness that we have
    outstanding or may incur, the terms of the subordination will be
    set forth in the prospectus supplement relating to the
    subordinated debt securities or guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities will be issued under an indenture dated as
    of January&#160;23, 2006, as supplemented, between us, certain
    of our subsidiaries and U.S.&#160;Bank National Association, as
    trustee. The indenture, as supplemented, is referred to in this
    prospectus as the &#147;indenture.&#148; The indenture describes
    the terms of the debt securities and does not limit the amount
    of debt securities we may issue under the indenture. We have
    summarized the general features of the debt securities to be
    governed by the indenture below. The summary is not complete and
    does not contain all information that may be important to you.
    The indenture, as supplemented, has been incorporated by
    reference as an exhibit to the registration statement that we
    have filed with the SEC, of which this prospectus forms a part.
    We encourage you to read the indenture and any supplemental
    indentures thereto or officers&#146; certificates related
    thereto that we file with the SEC.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of each series of debt securities will be established
    by our board of directors or a committee thereof and set forth
    or determined in the manner provided in a board resolution, an
    officers&#146; certificate or by a supplemental indenture. We
    will set forth in a prospectus supplement the aggregate
    principal amount of any series of debt securities being offered
    and the terms of such debt securities, including, but not
    limited to, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices at which the debt securities will be offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit on the aggregate principal amount of the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates or the method by which such date or dates will
    be determined on which we will pay the principal on the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates (which may be fixed or variable) per annum or
    the method used to determine the rate or rates at which the debt
    securities will bear interest, the date or dates from which such
    interest will accrue, the date or dates on which such interest
    will commence and be payable and any regular record date for the
    interest payable on any interest payment date and the basis upon
    which interest shall be calculated if other than that of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the principal of and interest on, the
    debt securities will be payable, or the method of such payment,
    if by wire transfer, mail or other means;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms and conditions upon which we may redeem the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any obligation we have to redeem or purchase the debt securities
    pursuant to any sinking fund or analogous provision or at the
    option of a holder of debt securities and the terms and
    conditions upon which the debt securities will be redeemed or
    purchased, in whole or in part, pursuant to such obligation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dates on which and the price or prices at which we will
    repurchase the debt securities at the option of the holders of
    debt securities and other detailed terms and provisions of such
    repurchase obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the denominations in which the debt securities will be issued,
    if other than denominations of $1,000 and any integral multiple
    thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the forms of the debt securities and whether the debt securities
    will be issuable as global securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the portion of principal amount of the debt securities payable
    upon declaration of acceleration of the maturity date, if other
    than the entire principal amount;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than U.S.&#160;dollars, the currency of denomination of
    the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than U.S.&#160;dollars, the designation of the
    currency, currencies or currency units in which payment of
    principal and interest on the debt securities will be made;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if payments of principal or interest on the debt securities will
    be made in one or more currencies or currency units other than
    that or those in which the debt securities are denominated, the
    manner in which the exchange rate with respect to these payments
    will be determined;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the manner in which the amounts of payment of principal of or
    interest on the debt securities will be determined, if such
    amounts may be determined by reference to an index based on a
    currency or currencies or by reference to a commodity, commodity
    index, stock exchange index or financial index;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions relating to any security provided for the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions relating to any guarantees of the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any addition to or change in the events of default described
    below under the heading &#147;Events of Default&#148; with
    respect to the debt securities and any change in the
    acceleration provisions described in the indenture with respect
    to the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any addition to or change in the covenants set forth in the
    indenture with respect to the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any trustees, depositories, interest rate calculation agents,
    exchange rate calculation agents or other agents with respect to
    the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date of any temporary global security representing the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the applicability of provisions relating to the defeasance of
    the debt securities set forth in the indenture and any
    provisions in modification of, in addition to or in lieu of any
    such provisions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the debt securities are to be issuable in definitive form
    only upon receipt of certain certificates or other documents or
    satisfaction of other conditions, then the form
    <FONT style="white-space: nowrap">and/or</FONT> terms
    of such certificates, documents or conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the debt securities are to be issued upon the exercise of
    debt warrants, the time, manner and place for such debt
    securities to be authenticated and delivered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether and under what circumstances we will pay additional
    amounts on the debt securities to any holder who is not a
    U.S.&#160;person in respect of any tax, assessment or
    governmental charge and, if so, whether we will have the option
    to redeem such debt securities rather than pay such additional
    amounts (and the terms of any such option);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the obligation, if any, of the Company to permit the debt
    securities to be converted into or exchanged for common stock of
    the Company or other securities or property of the Company and
    the terms and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    conditions upon which such conversion or exchange will be
    effected (including, without limitation, the initial conversion
    or exchange price or rate, the conversion or exchange period,
    any adjustment of the applicable conversion or exchange price or
    rate and any requirements relative to the reservation of such
    shares for purposes of conversion or exchange);
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if convertible or exchangeable, any applicable limitations on
    the ownership or transferability of the debt securities or
    property into which such debt securities are convertible or
    exchangeable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the applicability of the guarantee provisions set forth in the
    indenture to the debt securities and any provisions in
    modification, in addition to or in lieu of any such
    provisions;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the debt securities, which may modify or
    delete any provision of the indenture as it applies to that
    series.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking
    Senior Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our senior debt securities will rank equally with all our other
    unsecured and unsubordinated indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Subordination</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any subordination provisions for a series of subordinated debt
    securities will be set forth in the applicable prospectus
    supplement and in the subordinated debt securities themselves or
    a resolution of our board of directors, a supplemental indenture
    or an officers&#146; certificate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will set forth in the applicable prospectus supplement any
    restrictive covenants applicable to any issue of debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consolidation,
    Merger or Sale of Assets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may not consolidate with or merge into, or convey, transfer
    or lease all or substantially all of our properties and assets
    to, any person (a &#147;successor person&#148;), and may not
    permit any person to merge into, or convey, transfer or lease
    its properties and assets substantially as an entirety to us
    unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the successor person (if any) is a corporation, partnership,
    trust or other entity organized and validly existing under the
    laws of any U.S.&#160;domestic jurisdiction and expressly
    assumes our obligations on the debt securities and under the
    indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    immediately after giving effect to the transaction, no default
    or event of default (including any event that with the passage
    of time or the giving of notice or both would be an event of
    default) shall have occurred and be continuing under the
    indenture;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain other conditions are met.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An &#147;event of default&#148; means with respect to any series
    of debt securities, any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;default in the payment of any interest upon any debt
    security of that series when it becomes due, and continuance of
    that default for a period of 30&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;default in the payment of principal of, or premium, if
    any, on any debt security of that series when due;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;default in the performance or breach of any other
    covenant or warranty by us in the indenture or any debt security
    (other than a covenant or warranty that has been included in the
    indenture solely for the benefit of a series of debt securities
    other than that series), which default continues uncured for a
    period
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of 60&#160;days after we receive notice from the trustee or from
    the holders of at least 25% in aggregate principal amount of the
    outstanding debt securities of that series as provided in the
    indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;a default occurs 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
    us or any of our subsidiaries (or the payment of which is
    guaranteed by us or any of our subsidiaries) pursuant to which
    the principal amount of such indebtedness aggregates
    $25.0&#160;million or more and (a)&#160;is caused by a failure
    to pay principal of, or interest or premium, if any, on such
    indebtedness prior to the expiration of the applicable grace
    period or (b)&#160;results in the acceleration of such
    indebtedness prior to its express maturity;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;certain events of bankruptcy, insolvency,
    reorganization or similar proceedings of us or our significant
    subsidiaries, as applicable;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;any other event of default with respect to debt
    securities of that series described in a board resolution,
    supplemental indenture or an officers&#146; certificate in
    accordance with the terms of the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an event of default (other than an event of default specified
    in clause&#160;(5) with respect to us) under the indenture
    occurs with respect to the debt securities of any series and is
    continuing, then the trustee or the holders of at least 25% in
    principal amount of the outstanding debt securities of that
    series may require us to repay immediately the entire principal
    amount of the outstanding debt securities of that series (or
    such lesser amount as may be provided in the terms of the
    securities), together with all accrued and unpaid interest and
    premium, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an event of default under the indenture specified in
    clause&#160;(5) occurs and is continuing, then all outstanding
    debt securities (or such lesser amount as may be provided in the
    terms of the securities) will automatically become due and
    payable immediately without any declaration or other act on the
    part of the trustee or any holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After a declaration of acceleration, the holders of a majority
    in aggregate principal amount of outstanding debt securities of
    such series may rescind the accelerated payment requirement if
    all existing events of default, except for nonpayment of the
    principal, interest or premium on the debt securities of that
    series that has become due solely as a result of the accelerated
    payment requirement, have been cured or waived and if the
    rescission of acceleration would not conflict with any judgment
    or decree. Under certain circumstances, the holders of a
    majority in aggregate principal amount of the outstanding debt
    securities of any series also have the right to waive past
    defaults, except a default in paying principal, interest or
    premium, if any, on any outstanding debt security of such series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of at least 25% in principal amount of the outstanding
    debt securities of a series may seek to institute a proceeding
    only after they have notified the trustee of a continuing event
    of default in writing and made a written request, and offered
    indemnity, to the trustee to institute a proceeding and the
    trustee has failed to do so within 60&#160;days after it
    received this notice. In addition, within this
    <FONT style="white-space: nowrap">60-day</FONT>
    period the trustee must not have received directions
    inconsistent with this written request by holders of a majority
    in principal amount of the outstanding debt securities of that
    series. These limitations do not apply, however, to a suit
    instituted by a holder of a debt security for the enforcement of
    the payment of principal, interest or any premium on or after
    the due dates for such payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the existence of an event of default, the trustee is
    required to exercise the rights and powers vested in it under
    the indenture and use the same degree of care and skill in its
    exercise as a prudent person would under the circumstances in
    the conduct of that person&#146;s own affairs. If an event of
    default has occurred and is continuing, the trustee is not under
    any obligation to exercise any of its rights or powers at the
    request or direction of any of the holders unless the holders
    have offered to the trustee satisfactory security or indemnity.
    Subject to certain provisions, the holders of a majority in
    principal amount of the outstanding debt securities of any
    series have the right to direct the time, method and place of
    conducting any proceeding for any remedy available to the
    trustee or exercising any trust or power conferred on the
    trustee.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trustee will, within 90&#160;days after any default occurs,
    give notice of the default to the holders of the debt securities
    of that series, unless the default was already cured or waived.
    Unless there is a default in paying principal, interest or any
    premium when due, the trustee can withhold giving notice to the
    holders if it determines in good faith that the withholding of
    notice is in the interest of the holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture may be amended or supplemented without the consent
    of any holder of debt securities in order to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evidence the succession of another person to us or any guarantor
    and the assumption by any such successor of all applicable
    covenants, provided such succession is otherwise in compliance
    with the indenture and applicable law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    add covenants for the benefit of the holders of debt securities
    of any series or surrender any right or power conferred upon us
    or any guarantor;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    add additional events of default with respect to the debt
    securities of any series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    permit or facilitate the issuance of debt securities in
    uncertificated form or provide for uncertificated debt
    securities in addition to or in place of certificated debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    add to, change or eliminate provisions, provided that any such
    addition, change or elimination shall (i)&#160;neither
    (a)&#160;apply to any debt security of any series created prior
    to the execution of such supplemental indenture and entitled to
    the benefit of such provision, nor (b)&#160;modify the rights of
    a holder of any debt security of any series with respect to such
    provision, or (ii)&#160;become effective only when there is no
    debt security outstanding;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    secure the debt securities of a series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish the form or terms of debt securities of any series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evidence the succession of another person to the trustee and to
    add or change provisions reasonable and necessary to provide for
    the administration of trusts created pursuant to the indenture
    by more than one trustee, provided such succession is otherwise
    in compliance with the indenture and applicable law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cure any ambiguity, defect or inconsistency;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make changes to certain provisions of the indenture that do not
    materially adversely affect any holder of debt securities of any
    series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provide for the assumption of our obligations by a successor
    that complies with the provisions of the indenture described
    above under &#147;&#151;&#160;Consolidation, Merger or Sale of
    Assets&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any change that would provide any additional rights or
    benefits to the holders of the debt securities of a series or
    that does not adversely affect the legal rights of any holder of
    debt securities of any series;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    comply with the requirements of the SEC to effect or maintain
    the qualification of the indenture under the
    Trust&#160;Indenture Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other modifications and amendments to the indenture may be made
    with the consent of the holders of at least a majority in
    principal amount of the outstanding debt securities of each
    series affected by the modifications or amendments. We may not
    make any modification or amendment without the consent of the
    holders of each affected debt security then outstanding if that
    amendment will:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the principal amount of debt securities whose holders
    must consent to an amendment, supplement or waiver;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the principal of or change the fixed maturity of any debt
    security or alter or waive any provisions with respect to the
    redemption of any debt security;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the rate of or change the time for payment of interest
    (including default interest) on any debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive a default or event of default in the payment of the
    principal, interest or premium, if any, on any debt security
    (except a rescission of acceleration of the debt securities of
    any series by the holders of at least a majority in aggregate
    principal amount of the then outstanding debt securities of that
    series and a waiver of the payment default that resulted from
    such acceleration);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any debt security payable in currency other than that
    stated in the debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any change to the provisions of the indenture relating to
    waivers of past defaults or the rights of holders of debt
    securities to receive payment of the principal, interest or
    premium, if any, on those debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive a redemption payment with respect to any debt security or
    change any provisions of the indenture relating to the
    redemption of debt securities;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any change to the foregoing amendment and waiver provisions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Satisfaction,
    Discharge and Covenant Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may terminate our obligations under the indenture with
    respect to the outstanding debt securities of any series, when:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all debt securities of any series issued that have been
    authenticated have been delivered to the trustee for
    cancellation;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all the debt securities of any series issued that have not been
    delivered to the trustee for cancellation have become due and
    payable by reason of the making of a notice of redemption or
    otherwise will become due and payable within one year and we
    have irrevocably deposited or caused to be deposited with the
    trustee sufficient funds to pay and discharge the entire
    indebtedness on the series of debt securities;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no default or event of default under the indenture are
    continuing on the date of any such deposit with the trustee and
    such deposit will not result in a default under the indenture or
    result in a breach or violation of, or constitute a default
    under, any other instrument to which we are a party or by which
    we are bound;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have paid or caused to be paid all other sums then due and
    payable under the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have delivered irrevocable instructions to the trustee to
    apply any deposit towards the payment of the debt securities at
    maturity or the redemption date, as the case may be;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have delivered to the trustee an officers&#146; certificate
    and an opinion of counsel, each stating that all conditions
    precedent under the indenture relating to the satisfaction and
    discharge of the indenture have been complied with.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may elect to have our obligations under the indenture
    discharged with respect to the outstanding debt securities of
    any series (&#147;legal defeasance&#148;). Legal defeasance
    means that we will be deemed to have paid and discharged the
    entire indebtedness represented by the outstanding debt
    securities of such series under the indenture, except for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rights of holders of the outstanding debt securities to
    receive principal, interest or any premium when due;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain of our obligations with respect to the debt securities,
    including those concerning issuing temporary debt securities,
    registration of transfer of debt securities, mutilated,
    destroyed, lost or stolen debt securities and the maintenance of
    an office or agency for payment for security payments held in
    trust;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rights, powers, trusts, duties and immunities of the
    trustee;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the defeasance provisions of the indenture.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may elect to have our obligations released with
    respect to certain covenants in the indenture (&#147;covenant
    defeasance&#148;). If we so elect, any failure to comply with
    these obligations will not constitute a default or an event of
    default with respect to the debt securities of any series. In
    the event covenant defeasance occurs, certain events described
    above under &#147;&#151;&#160;Events of Default&#148; will no
    longer constitute an event of default for that series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to exercise either legal defeasance or covenant
    defeasance with respect to outstanding debt securities of any
    series:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we must irrevocably have deposited with the trustee for the
    benefit of the holders of the debt securities of such series:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cash in such currency, currencies or currency units in which
    such debt securities are specified as being payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    U.S.&#160;government securities (or equivalent government
    securities in the case of debt securities denominated in other
    than U.S.&#160;dollars);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a combination of cash and U.S.&#160;government securities (or
    equivalent government securities, as applicable),
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in each case sufficient, in the opinion of a nationally
    recognized firm of independent public accountants to pay all of
    the principal, interest and any premium on the outstanding debt
    securities of such series on the stated date for payment thereof
    or on the applicable redemption date, as applicable, and we must
    specify whether the debt securities of such series are being
    defeased to maturity or to a particular redemption date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of legal defeasance, we have delivered to the
    trustee an opinion of counsel stating that, under then
    applicable Federal income tax law, the holders of the debt
    securities of that series will not recognize income, gain or
    loss for Federal income tax purposes as a result of the legal
    defeasance to be effected and will be subject to the same
    Federal income tax as would be the case if the legal defeasance
    did not occur;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of covenant defeasance, we have delivered to the
    trustee an opinion of counsel to the effect that the holders of
    the debt securities of that series will not recognize income,
    gain or loss for Federal income tax purposes as a result of the
    covenant defeasance to be effected and will be subject to the
    same Federal income tax as would be the case if the deposit and
    covenant defeasance did not occur;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no event of default or default with respect to the outstanding
    debt securities of that series has occurred and is continuing at
    the time of such deposit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the 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) with
    respect to such debt securities to which we or any of our
    subsidiaries are a party or by which we or any of our
    subsidiaries are bound;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have delivered to the trustee an officers&#146; certificate
    stating that such deposit was not made by us with the intent of
    preferring the holders of such debt securities over our other
    creditors or with the intent of defeating, hindering, delaying
    or defrauding any of our other creditors or others;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have delivered to the trustee an officers&#146; certificate
    and an opinion of counsel stating that all conditions precedent
    with respect to the legal defeasance or covenant defeasance have
    been complied with.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Paying
    Agent and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise appointed by us, the trustee will initially act
    as paying agent and registrar for all debt securities. We may
    change the paying agent or registrar for any series of debt
    securities without prior notice, and we or any of our
    subsidiaries may act as paying agent or registrar.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Forms of
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each debt security will be represented either by a certificate
    issued in definitive form to a particular investor or by one or
    more global securities representing the entire issuance of the
    series of debt securities. Certificated securities will be
    issued in definitive form and global securities will be issued
    in registered form. Definitive securities name you or your
    nominee as the owner of the security, and in order to transfer
    or exchange these securities or to receive payments other than
    interest or other interim payments, you or your nominee must
    physically deliver the securities to the trustee, registrar,
    paying agent or other agent, as applicable. Global securities
    name a depositary or its nominee as the owner of the debt
    securities represented by these global securities. The
    depositary maintains a computerized system that will reflect
    each investor&#146;s beneficial ownership of the securities
    through an account maintained by the investor with its
    broker/dealer, bank, trust company or other representative, as
    we explain more fully below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue the registered debt securities in the form of one
    or more fully registered global securities that will be
    deposited with a depositary or its custodian identified in the
    applicable prospectus supplement and registered in the name of
    that depositary or its nominee. In those cases, one or more
    registered global securities will be issued in a denomination or
    aggregate denominations equal to the portion of the aggregate
    principal or face amount of the securities to be represented by
    registered global securities. Unless and until it is exchanged
    in whole for securities in definitive registered form, a
    registered global security may not be transferred except as a
    whole by and among the depositary for the registered global
    security, the nominees of the depositary or any successors of
    the depositary or those nominees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If not described below, any specific terms of the depositary
    arrangement with respect to any securities to be represented by
    a registered global security will be described in the prospectus
    supplement relating to those securities. We anticipate that the
    following provisions will apply to all depositary arrangements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ownership of beneficial interests in a registered global
    security will be limited to persons, called participants, that
    have accounts with the depositary or persons that may hold
    interests through participants. Upon the issuance of a
    registered global security, the depositary will credit, on its
    book-entry registration and transfer system, the
    participants&#146; accounts with the respective principal or
    face amounts of the securities beneficially owned by the
    participants. Any dealers, underwriters or agents participating
    in the distribution of the securities will designate the
    accounts to be credited. Ownership of beneficial interests in a
    registered global security will be shown on, and the transfer of
    ownership interests will be effected only through, records
    maintained by the depositary, with respect to interests of
    participants, and on the records of participants, with respect
    to interests of persons holding through participants. The laws
    of some states may require that some purchasers of securities
    take physical delivery of these securities in definitive form.
    These laws may impair your ability to own, transfer or pledge
    beneficial interests in registered global securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as the depositary, or its nominee, is the registered
    owner of a registered global security, that depositary or its
    nominee, as the case may be, will be considered the sole owner
    or holder of the securities represented by the registered global
    security for all purposes under the indenture. Except as
    described below, owners of beneficial interests in a registered
    global security will not be entitled to have the securities
    represented by the registered global security registered in
    their names, will not receive or be entitled to receive physical
    delivery of the securities in definitive form and will not be
    considered the owners or holders of the securities under the
    indenture. Accordingly, each person owning a beneficial interest
    in a registered global security must rely on the procedures of
    the depositary for that registered global security and, if that
    person is not a participant, on the procedures of the
    participant through which the person owns its interest, to
    exercise any rights of a holder under the indenture. We
    understand that under existing industry practices, if we request
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    any action of holders or if an owner of a beneficial interest in
    a registered global security desires to give or take any action
    that a holder is entitled to give or take under the indenture,
    the depositary for the registered global security would
    authorize the participants holding the relevant beneficial
    interests to give or take that action, and the participants
    would authorize beneficial owners owning through them to give or
    take that action or would otherwise act upon the instructions of
    beneficial owners holding through them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principal, premium, if any, and interest payments on debt
    securities represented by a registered global security
    registered in the name of a depositary or its nominee will be
    made to the depositary or its nominee, as the case may be, as
    the registered owner of the registered global security. Neither
    we nor the trustee or any other agent of ours or the trustee
    will have any responsibility or liability for any aspect of the
    records relating to payments made on account of beneficial
    ownership interests in the registered global security or for
    maintaining, supervising or reviewing any records relating to
    those beneficial ownership interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that the depositary for any of the securities
    represented by a registered global security, upon receipt of any
    payment of principal, premium, interest or other distribution of
    underlying securities or other property to holders on that
    registered global security, will immediately credit
    participants&#146; accounts in amounts proportionate to their
    respective beneficial interests in that registered global
    security as shown on the records of the depositary. We also
    expect that payments by participants to owners of beneficial
    interests in a registered global security held through
    participants will be governed by standing customer instructions
    and customary practices, as is now the case with the securities
    held for the accounts of customers in bearer form or registered
    in &#147;street name,&#148; and will be the responsibility of
    those participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the depositary for any of these securities represented by a
    registered global security is at any time unwilling or unable to
    continue as depositary or ceases to be a clearing agency
    registered under the Exchange Act, and a successor depositary
    registered as a clearing agency under the Exchange Act is not
    appointed by us within 90&#160;days, we will issue securities in
    definitive form in exchange for the registered global security
    that had been held by the depositary. Any securities issued in
    definitive form in exchange for a registered global security
    will be registered in the name or names that the depositary
    gives to the trustee or other relevant agent of ours or theirs.
    It is expected that the depositary&#146;s instructions will be
    based upon directions received by the depositary from
    participants with respect to ownership of beneficial interests
    in the registered global security that had been held by the
    depositary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless we state otherwise in a prospectus supplement, the
    Depository Trust&#160;Company (&#147;DTC&#148;) will act as
    depositary for each series of debt securities issued as global
    securities. DTC has advised us 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, 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 the
    Indirect Participants.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture and the debt securities will be governed by, and
    construed in accordance with, the internal laws of the State of
    New York.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='159'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the securities offered pursuant to this prospectus
    in any of the following ways:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to one or more purchasers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through underwriters, brokers or dealers;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of the foregoing methods of sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will identify the specific plan of distribution, including
    any underwriters, brokers, dealers, agents or direct purchasers
    and their compensation in a prospectus supplement.
</DIV>
<A name='160'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the securities offered by this prospectus and
    any prospectus supplement will be passed upon for us by Bass,
    Berry&#160;&#038; Sims PLC, Nashville, Tennessee. Bass,
    Berry&#160;&#038; Sims PLC will rely upon Miles&#160;&#038;
    Stockbridge P.C., Baltimore, Maryland, as to matters of Maryland
    law. Legal counsel to any underwriters may pass upon legal
    matters for such underwriters.
</DIV>
<A name='161'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Corrections Corporation
    of America and Subsidiaries as of December&#160;31, 2008 and
    2007 and for each of the three years in the period ended
    December&#160;31, 2008 appearing in Corrections Corporation of
    America and Subsidiaries&#146; Current Report
    <FONT style="white-space: nowrap">(Form&#160;8-K)</FONT>
    filed with the Securities and Exchange Commission on
    May&#160;14, 2009 and the effectiveness of Corrections
    Corporation of America and Subsidiaries&#146; internal control
    over financial reporting as of December&#160;31, 2008, appearing
    in Corrections Corporation of America and Subsidiaries&#146;
    Annual Report
    <FONT style="white-space: nowrap">(Form&#160;10-K)</FONT>
    for the year ended December&#160;31, 2008 have been audited by
    Ernst&#160;&#038; Young LLP, independent registered public
    accounting firm, as set forth in their reports thereon, included
    therein, and incorporated herein by reference. Such consolidated
    financial statements are incorporated herein by reference in
    reliance upon such reports given on the authority of such firm
    as experts in accounting and auditing.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="g19154b5g1915400.gif" alt="(CORRECTIONS CORPORATION OF AMERICA LOGO)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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