<SEC-DOCUMENT>0000950123-11-065159.txt : 20110712
<SEC-HEADER>0000950123-11-065159.hdr.sgml : 20110712
<ACCEPTANCE-DATETIME>20110712142344
ACCESSION NUMBER:		0000950123-11-065159
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20110712
DATE AS OF CHANGE:		20110712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-174932
		FILM NUMBER:		11963684

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			E.A. Viner International Co.
		CENTRAL INDEX KEY:			0001521911
		IRS NUMBER:				760148280
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-174932-02
		FILM NUMBER:		11963686

	BUSINESS ADDRESS:	
		STREET 1:		125 BROAD STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-668-8000

	MAIL ADDRESS:	
		STREET 1:		125 BROAD STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Viner Finance Inc.
		CENTRAL INDEX KEY:			0001521912
		IRS NUMBER:				980100459
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-174932-01
		FILM NUMBER:		11963685

	BUSINESS ADDRESS:	
		STREET 1:		125 BROAD STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-668-8000

	MAIL ADDRESS:	
		STREET 1:		125 BROAD STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>y91656b3e424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Filed
    pursuant to Rule&#160;424(b)(3)<BR>
    Registration No. 333-174932</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: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS</B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$200,000,000</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y91656b3y9165600.gif" alt="(OPPENHEIMER LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">OPPENHEIMER HOLDINGS
    INC.</FONT></B>
</DIV>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">8.75% SENIOR SECURED
    NOTES&#160;DUE 2018</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Offer to exchange $200.0&#160;million aggregate principal
    amount of 8.75%&#160;Senior Secured Notes Due 2018 (which we
    refer to as the old notes) for $200.0&#160;million aggregate
    principal amount of 8.75%&#160;Senior Secured Notes Due 2018
    (which we refer to as the new notes) which have been registered
    under the Securities Act of 1933, as amended (the
    &#147;Securities Act&#148;).</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange offer will expire at 5:00&#160;p.m., New York City
    time, on August&#160;9, 2011, unless we extend the exchange
    offer in our sole and absolute discretion.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Terms of the exchange offer:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will exchange new notes for all outstanding old notes that
    are validly tendered and not withdrawn prior to the expiration
    or termination of the exchange offer.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You may withdraw tenders of old notes at any time prior to the
    expiration or termination of the exchange offer.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The terms of the new notes are substantially identical to those
    of the outstanding old notes, except that the transfer
    restrictions and registration rights relating to the old notes
    do not apply to the new notes.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange of old notes for new notes will not be a taxable
    transaction for U.S.&#160;federal income tax purposes. You
    should see the discussion under the caption &#147;Certain
    U.S.&#160;Federal Income Tax Considerations&#148; for more
    information.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will not receive any proceeds from the exchange offer.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We issued the old notes in a transaction not requiring
    registration under the Securities Act, and as a result, their
    transfer is restricted. We are making the exchange offer to
    satisfy your registration rights, as a holder of the old notes.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no established trading market for the new notes or the
    old notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives new notes for its own account
    pursuant to the exchange offer must acknowledge that it will
    deliver a prospectus in connection with any resale of such new
    notes. The letter of transmittal states that by so acknowledging
    and by delivering a prospectus, a broker-dealer will not be
    deemed to admit that it is an &#147;underwriter&#148; within the
    meaning of the Securities Act. This prospectus, as it may be
    amended or supplemented from time to time, may be used by a
    broker-dealer in connection with resales of new notes received
    in exchange for old notes where such old notes were acquired by
    such broker-dealer as a result of market-making activities or
    other trading activities. We have agreed that, for a period
    ending on the earlier of (i)&#160;90&#160;days from the date on
    which this registration statement is declared effective and
    (ii)&#160;the date on which a broker-dealer is no longer
    required to deliver a prospectus in connection with
    market-making or other trading activities., we will make this
    prospectus available to any broker-dealer for use in connection
    with any such resale. See &#147;Plan of Distribution.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>See &#147;Risk Factors&#148; beginning on page&#160;19 for a
    discussion of risks you should consider prior to tendering your
    outstanding old notes for exchange.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the adequacy or accuracy of this
    prospectus. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this prospectus is July&#160;12, 2011.
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

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

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

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

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

<DIV align="left">
<A name="Y91656tocpage"></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: transparent">
<!-- 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 -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656101'>Cautionary Notice Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656102'>Summary</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='#Y91656103'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656105'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656106'>The Exchange Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656107'>Description of the New Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656108'>Book-Entry Delivery and Form</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656109'>Certain U.S. Federal Income Tax Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656110'>Certain ERISA Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656111'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656112'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656113'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656114'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91656115'>Incorporation of Certain Documents by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<A name='Y91656101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    NOTICE REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The statements contained in or incorporated by reference in this
    prospectus include certain forward-looking statements within the
    meaning of the Private Securities Litigation Reform Act of 1995.
    Statements contained in this prospectus or incorporated by
    reference that are not historical facts are identified as
    &#147;forward-looking statements&#148; for the purpose of the
    safe harbor provided by Section&#160;21E of the Securities and
    Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
    and Section&#160;27A of the Securities Act of 1933, as amended
    (the &#147;Securities Act&#148;). Forward-looking statements are
    subject to uncertainties that could cause actual future events
    and results to differ materially from those expressed in the
    forward-looking statements. These forward-looking statements are
    based on estimates, projections, beliefs, and assumptions that
    we believe are reasonable but are not guarantees of future
    events and results. Actual future events and our results may
    differ materially from those expressed in these forward-looking
    statements as a result of a number of important factors. Factors
    that could cause actual results to differ materially from those
    contemplated in our forward-looking statements include, among
    others:
</DIV>

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

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

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

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


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in regulatory requirements which could affect the cost
    and method of doing business and reduce returns;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic conditions, both domestic and international;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the rate of inflation and the related impact on the
    securities markets;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition from existing financial institutions and other
    participants in the securities markets;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    legal developments affecting the litigation experience of the
    securities industry and us, including developments arising from
    the failure of the Auction Rate Securities markets and the
    results of pending litigation involving us;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in federal and state tax laws which could affect the
    popularity of products sold by us or impose taxes on securities
    transactions;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effectiveness of efforts to reduce costs and eliminate
    overlap;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    war and nuclear confrontation as well as political unrest and
    regime changes;
</TD>
</TR>


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of the credit crisis and tight credit markets on
    business 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effect of bailout, financial reform and related legislation,
    including, without limitation, the Dodd-Frank Act;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consolidation of the banking and financial services industry;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effects of the economy on our ability to find and maintain
    financing options and liquidity;
</TD>
</TR>


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the factors set forth under &#147;Risk Factors&#148; in this
    prospectus and other factors described in our filings with the
    Securities and Exchange Commission (the &#147;SEC&#148;).
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We undertake no obligation to publicly update or review any
    forward-looking statements, whether as a result of new
    information, future developments or otherwise.
</DIV>
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    <BR>
    ii
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<A name='Y91656102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This summary highlights selected information contained
    elsewhere or incorporated by reference in this prospectus. This
    summary may not contain all of the information that you should
    consider before buying any of the notes. You should read the
    following summary together with the more detailed information
    and consolidated financial statements and the notes to those
    statements incorporated into this prospectus by reference.</I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>In this prospectus, except as otherwise indicated or as the
    content otherwise requires, the terms &#147;Company,&#148;
    &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to
    Oppenheimer Holdings Inc. and its consolidated subsidiaries. We
    refer to the directly and indirectly owned subsidiaries of
    Oppenheimer Holdings Inc. collectively as the &#147;Operating
    Subsidiaries.&#148;</I>
</DIV>

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a leading middle-market investment bank and full service
    broker-dealer that provides financial services and advice to
    high net worth individuals, families, businesses and
    institutions. With roots tracing back to 1881 and a storied
    brand name, we are engaged in a broad range of activities in the
    securities industry, including retail securities brokerage,
    institutional sales and trading, investment banking (both
    corporate and public finance), research, market making, trust
    services, and investment advisory and asset management services.
    We own, directly or through subsidiaries,
    Oppenheimer&#160;&#038; Co. Inc. (&#147;Oppenheimer&#148;), a
    New York-based securities broker-dealer, Oppenheimer Asset
    Management (&#147;OAM&#148;), a New York-based investment
    advisor, Freedom Investments Inc. (&#147;Freedom&#148;), a
    discount securities broker-dealer based in New Jersey,
    Oppenheimer Trust&#160;Company (&#147;Oppenheimer Trust&#148;),
    a New Jersey limited purpose bank, OPY Credit Corp., a New York
    corporation, organized to trade and clear syndicated corporate
    loans, and Oppenheimer Multifamily Housing&#160;&#038;
    Healthcare Finance, Inc. (formerly known as Evanston Financial
    Corporation) (&#147;OMHHF&#148;), a Federal Housing
    Administration (&#147;FHA&#148;)-approved mortgage company based
    in Pennsylvania. Our international businesses are carried on
    through Oppenheimer E.U. Ltd. (United Kingdom), Oppenheimer
    Investments Asia Ltd. (Hong Kong), and Oppenheimer Israel (OPCO)
    Ltd. (Israel).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the fiscal year 2010, our revenues and net income were
    $1,035.0&#160;million and $38.3&#160;million, respectively,
    compared with revenues and net income of $991.4&#160;million and
    $19.5&#160;million, respectively, for the fiscal year 2009. For
    the first quarter of 2011, our revenues and net income were
    $253.4&#160;million and $5.1&#160;million, respectively,
    compared with revenues and net income of $246.2&#160;million and
    $9.2&#160;million, respectively, for the first quarter of 2010.
    For the fiscal year 2010, our Consolidated Adjusted EBITDA and
    Consolidated Adjusted EBITDA margin were $108.2&#160;million and
    10.5%, respectively, compared with Consolidated Adjusted EBITDA
    and Consolidated Adjusted EBITDA margin of $84.9&#160;million
    and 8.6%, respectively, for the fiscal year 2009. For the first
    quarter of 2011, our Consolidated Adjusted EBITDA and
    Consolidated Adjusted EBITDA margin were $17.3&#160;million and
    6.8%, respectively, compared with Consolidated Adjusted EBITDA
    and Consolidated Adjusted EBITDA margin of $26.9&#160;million
    and 10.9%, respectively, for the first quarter of 2010. For the
    fiscal year 2010, our client assets and assets under management
    were $73.2&#160;billion and $18.8&#160;billion, respectively,
    compared with client assets and assets under management
    $66.0&#160;billion and $16.4&#160;billion, respectively, for the
    fiscal year 2009. For the first quarter of 2011, our client
    assets and assets under management were $74.8&#160;billion and
    $19.9&#160;billion, respectively, compared with client assets
    and assets under management $69.6&#160;billion and
    $17.0&#160;billion, respectively, for the first quarter of 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At March&#160;31, 2011, we employed 3,643&#160;employees, of
    whom approximately 1,434 were financial advisors. We are
    headquartered in New York, New York and incorporated under the
    laws of the state of Delaware.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Private
    Client</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Through its Private Client division, Oppenheimer provides a
    comprehensive array of financial services through a network of
    approximately 1,430 financial advisors in 96 offices located
    throughout the United States and in two offices in Latin America
    through locally incorporated and independently owned businesses.
    Clients include
</DIV>
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    <BR>
    1
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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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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">high-net-worth</FONT>
    individuals and families, corporate executives, and small and
    mid-sized businesses. Clients may choose a variety of ways to
    establish a relationship and conduct business including
    brokerage accounts with transaction-based pricing
    <FONT style="white-space: nowrap">and/or</FONT> with
    investment advisory accounts with asset-based fee pricing.
    Oppenheimer provides the following private client services:
    Full-Service Brokerage, Wealth Planning, Margin Lending and
    Securities Lending. The Private Client division generated
    revenues of $597.3&#160;million and $145.4&#160;million in the
    fiscal year 2010 and in the first quarter of 2011, respectively,
    and at March&#160;31, 2011, we held client assets of
    approximately $74.8&#160;billion.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Oppenheimer Trust offers a wide variety of trust services to the
    clients of Oppenheimer. This includes custody services, advisory
    services and specialized servicing options for clients. At
    March&#160;31, 2011, Oppenheimer Trust held custodial assets of
    approximately $2.7&#160;billion.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Asset
    Management</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We offer a wide range of investment advisory services to our
    retail and institutional clients through proprietary and third
    party distribution channels. Clients include
    <FONT style="white-space: nowrap">high-net-worth</FONT>
    individuals and families, foundations and endowments, and trust
    and pension funds. Asset management capabilities include equity,
    fixed income, large-cap balanced and alternative investments,
    which are offered through vehicles such as privately managed
    accounts, and retail and institutional separate accounts. Our
    asset management services include: Separate Managed Accounts,
    Uniform Managed Accounts, Other Managed Accounts, Investment
    Advisory Services, Discretionary Portfolio Management, Fee-Based
    Non-Discretionary Accounts, Institutional Investment Management
    and Alternative Investments. The Asset Management division
    generated $69.2&#160;million and $18.3&#160;million of revenues
    in the fiscal year 2010 and in the first quarter of 2011,
    respectively, and at March&#160;31, 2011, we had
    $19.9&#160;billion of client assets under fee-based management
    programs.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Capital
    Markets</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Capital Markets division generated revenues of
    $359.2&#160;million and $89.8&#160;million in the fiscal year
    2010 and in the first fiscal quarter of 2011, respectively.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Banking.</I>&#160;&#160;Oppenheimer employs over
    130 investment banking professionals throughout the United
    States, the United Kingdom, Israel and Asia. The investment
    banking department provides strategic advisory services and
    capital markets products to emerging growth and middle market
    businesses. The investment banking business has industry
    coverage groups that focus on each of consumer and business
    services, energy, financial institutions, healthcare, industrial
    growth and services, media and entertainment, technology,
    telecom and financial sponsors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Equities Capital Markets.</I>&#160;&#160;In our Equities
    Capital Markets division we provide institutional sales and
    trading in Equities, Options and Derivatives, and Convertible
    Bonds, offering a wide range of trading products and strategies,
    market making and access to global capital markets for a diverse
    set of domestic and international investors. Oppenheimer
    provides listed block trades, NASDAQ market making, bulletin
    board trading, capital markets/origination, risk arbitrage,
    statistical arbitrage, special situations, pair trades, relative
    value, and portfolio and electronic trading. In addition,
    Oppenheimer offers a suite of quantitative and algorithmic
    trading solutions as well as access to liquidity in order to
    access the global markets. Oppenheimer also has a dedicated team
    for Event Driven Sales and Trading. Oppenheimer&#146;s Equity
    Research group employs over 33 senior analysts covering over 550
    equity securities worldwide, and over 70 dedicated equity
    research sales professionals. In addition to providing regular
    research pieces, Oppenheimer sponsors numerous conferences,
    connecting investors and the management of covered companies.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Debt Capital Markets.</I>&#160;&#160;In our Debt Capital
    Markets division, we provide institutional sales and trading in
    Fixed Income, High Yield and Securitized products. Since June
    2009, Oppenheimer has participated in auctions for
    U.S.&#160;Government securities conducted by the Federal Reserve
    Bank of New York. We also provide Fixed Income Research and
    operate a Public Finance department that advises and raises
    capital for state and local governments. Through OPY Credit
    Corp., we participate in loan syndications and operate as
    underwriting agent in leveraged financing transactions as well
    as trade syndicated corporate loans in the secondary market.
</DIV>
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    <BR>
    2
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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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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Oppenheimer
    Multifamily Housing&#160;&#038; Healthcare Finance,
    Inc.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    OMHHF is a leading company in the FHA-insured mortgage industry,
    providing origination, underwriting, closing and servicing on
    commercial mortgage loans throughout the United States, focusing
    on the multifamily, affordable housing and healthcare industries
    using FHA programs. These programs provide certain categories of
    loans with a government guarantee prior to becoming securities
    and being sold off to investors. OMHHF, through Oppenheimer,
    immediately hedges its principal risk with a broad set of
    counterparties until the loans have been securitized and
    provided with a government guarantee. OMHHF also maintains a
    mortgage servicing portfolio in which it collects mortgage
    payments from mortgagees and passes these payments on to
    mortgage holders, charging a fee for its services. The Company
    owns 67.0% of OMHHF and the remaining 33.0% is owned by two key
    employees.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strong
    Track Record of Paying Down Debt</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have consistently paid down our debt, reducing our long-term
    indebtedness related to a 2003 acquisition by
    $202.5&#160;million, from $225.0&#160;million in 2003 to
    $22.5&#160;million in 2010. We also significantly deleveraged
    through the credit crisis even as we were integrating a major
    acquisition, reducing our Debt to Last-Twelve-Months
    (&#147;LTM&#148;) Consolidated Adjusted EBITDA leverage ratio
    from 3.0x at the end of 2008 to 1.1x at the end of 2010. On an
    as adjusted basis to give effect to this offering, our LTM
    Consolidated Adjusted EBITDA leverage ratio would have been 1.8x
    at the end of 2010 (for the calculation of this ratio, the 2010
    Consolidated Adjusted EBITDA represents historical Consolidated
    Adjusted EBITDA and has not been adjusted for the interest
    expense on long-term debt giving effect to this offering).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Robust
    Performance Across a Challenging Cycle</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Despite the financial crisis of 2008 and its impact on the
    broader financial services sector, from the fiscal year 2005 to
    2010, we grew revenue by 52.3% from $679.7&#160;million to
    $1,035.0&#160;million, we grew assets under management by 83%
    from $10.3&#160;billion to $18.8&#160;billion, and we grew book
    value per share from $24.46 to $37.02.
</DIV>

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

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    <IMG src="y91656b3y9165601.gif" alt="(BAR CHART)"><B> </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <IMG src="y91656b3y9165602.gif" alt="(BAR CHART)">
</TD>
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</DIV>

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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Primarily
    an Agency Business Model</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our business strategy is built on an agency model. We derive our
    revenues mainly by charging our clients commissions and fees on
    transactions we execute and assets we manage on their behalf. We
    take little principal risk, and when we do so, it is generally
    in order to facilitate our client facing business. In addition,
    we are not a bank holding company, therefore our operations will
    not be impacted by the limits on principal risk adopted in the
    recently enacted legislation aimed at financial institutions.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strong
    Strategic Position</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our business model combines the full service capabilities of our
    larger competitors while maintaining the flexibility and
    independence of a boutique investment firm. We are one of the
    few full service firms that continues to consistently service
    middle market companies across the United States and
    internationally. We have a long-standing
</DIV>
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    <BR>
    3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    history in the private client business dating back to 1881 and
    have a focus on the attractive segment of clients with assets of
    $3&#160;million to $15&#160;million. We have a strong reputation
    in equity research and have an attractive niche position in
    middle-market banking and financial sponsor sectors. Oppenheimer
    is a leading market maker, making markets in over 550 stocks,
    with access to all international trading markets. Our full
    service boutique model positions us to compete for a broad range
    of business as the broader financial markets recover and retail
    and capital markets activity returns. Our independent and
    entrepreneurial culture is an advantage in recruiting financial
    advisors and other financial professionals. Our size allows us
    to adapt quickly in the changing market place and seek an
    attractive risk-adjusted return on capital, while being able to
    provide a full service offering. The loss of corporate
    independence by some of our competitors has improved our
    competitive position within middle market financial services and
    benefits our platforms for experienced financial advisors.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Diversified
    and Synergistic Business Model</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We generate profits across three differentiated business
    segments. Our Private Client division earns revenues based on
    transaction volumes and assets under administration, our Asset
    Management division earns revenue based on assets under
    management and our Capital Markets division earns revenues based
    on transaction and trading volumes. The different drivers of
    revenues for the three divisions provides us with a diversified
    revenue stream. The Capital Markets division benefits from
    leads, distribution capabilities and brand recognition from the
    Private Client division, while providing additional
    opportunities for the Private Client division. The Asset
    Management division provides opportunities for us to monetize
    further fee streams from our Private Client division while
    providing more stable non-transactional revenues. Oppenheimer
    serves clients from 96 offices located in major cities and local
    communities in the United States, which limits our reliance on
    any one regional economy and provides clients with local high
    quality service with the benefits of a national full service
    business.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y91656b3y9165603.gif" alt="(PIE CHART)">
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Proven
    Track Record of Profitable Growth with Attractive Future
    Prospects</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have a successful track-record of executing on both our
    organic and acquisition strategies. We have grown our revenues
    from $283.3&#160;million in 2002 to $1,035.0&#160;million in
    2010, or 265.0%, organically and through acquisitions, including
    the 2003 acquisition of the U.S.&#160;Private Client and Asset
    Management Divisions of CIBC World Markets Corp. Our client
    assets under administration grew from $17.8&#160;billion in 2002
    to $73.2&#160;billion in 2010, or 311.2%. Assuming the economy
    continues to recover, we are well positioned to benefit from the
    recovery of the broader financial services industry. We believe
    rebounding markets will likely increase trading activity by
    retail investors driving transactional revenues and increase
    asset values, which drive asset management fees. Increases in
    interest rates are expected to have a significant positive
    impact on the margin lending business and fees earned on cash
    products. We believe our Capital Markets division will also
    benefit from increasing activity in the financing and mergers
    and acquisitions markets. In addition, those financial services
    firms that survived the financial crisis will benefit from the
    greater stability and credibility provided by the recent
    regulatory reforms. We believe our strategic initiatives across
    our business segments, such as our application to become a New
    York Federal Reserve Primary Dealer and our investment in OMHHF,
    will provide new opportunities for growth. In addition we
    believe we have the business platform and meet the regulatory
    requirements to benefit from growth in international markets,
    particularly in Asia.
</DIV>
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    <BR>
    4
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Well
    Recognized Brand</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have an internationally recognized brand name. Our history
    dates back to 1881, successfully navigating two World Wars and
    numerous financial crises. We are in the top eight
    U.S.&#160;full service securities brokerage firms by the number
    of financial advisors and are able to leverage our name
    recognition across all our divisions to generate new client
    business. Our Private Client division supports our middle market
    banking efforts, while our well recognized equity research
    increases awareness across private client, capital markets and
    asset management clients.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Experienced
    Management Team</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have a strong and experienced senior management team with
    extensive securities industry experience and significant tenure
    of working together. Our top twelve senior managers have, on
    average, more than 13&#160;years of experience at Oppenheimer
    and, on average, more than 24&#160;years of overall industry
    experience.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conservative
    Risk Position and Robust Risk Management Culture</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We believe we maintain a conservative risk position with an
    average value at risk, or VaR, for the fiscal year 2010 of
    $1.0&#160;million and a year end VaR of $1.4&#160;million. Our
    assets consist primarily of cash and assets which can be readily
    converted into cash, to give us a strong liquidity position if
    it becomes necessary. We also have significant additional
    liquidity available through short-term funding sources such as
    bank loans, stock loans and repurchase agreements. We believe we
    have a robust risk management culture with a focus on managing
    market risk, credit risk, liquidity risk and operational risk.
    We have risk management policies and procedures overseen by our
    risk management committee, which is made up of many of our most
    senior officers. Oppenheimer seeks to manage its assets and the
    maturity profile of its obligations in order to be able to
    liquidate its assets prior to its obligations coming due, even
    in times of severe market dislocation. We seek to accomplish
    this by a strict balance sheet and regulatory capital management
    and staying focused on our core business. Oppenheimer had
    $170.8&#160;million in Regulatory Net Capital (pursuant to
    <FONT style="white-space: nowrap">Rule&#160;15c3-1</FONT>
    of the Exchange Act) and $146.3&#160;million of Regulatory
    Excess Net Capital as of December&#160;31, 2010. Oppenheimer
    maintains Regulatory Net Capital in excess of $150&#160;million,
    the minimum amount required by the Federal Reserve Bank of New
    York for primary dealers.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have a number of strategic efforts in place to increase
    revenue and profitability in our Private Client, Asset
    Management and Capital Markets divisions. We continue to execute
    on our near-term strategies of new business and product
    development, streamlining our infrastructure, and investing in
    our technology. In the longer term, we plan to grow our business
    both organically and with opportunistic acquisitions within our
    areas of expertise, including branch acquisitions. We also see
    significant opportunities to expand our international operations
    in our Private Client and Capital Markets divisions.
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Private Client.</I>&#160;&#160;We intend to increase average
    production per financial advisor by leveraging the existing
    product platform through a greater percentage of our sales
    force, marketing and cross-selling our product offerings among
    our branch locations and enhancing our financial advisor
    technology. We will expand our sales force incrementally through
    efforts to recruit and retain top talent. We manage our
    recruitment costs and retention payments relative to competitors
    by taking advantage of our distinct culture and our favorable
    reputation with financial advisors frustrated with the large
    wire houses. We also intend to develop more products and
    services which target high net worth clients to attract new
    clients and leverage our existing relationships to increase our
    share of customer spending on financial services. We believe our
    earnings from this segment of our business will improve
    significantly in a higher interest rate environment.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Asset Management.</I>&#160;&#160;Our clients have access to a
    team of specialists with expertise across many disciplines, from
    hedge funds to mutual funds, from domestic investments to
    offshore opportunities. We integrate traditional and
    non-traditional portfolios into a unified solution while
    offering ready access to the best managers in the investment
    management universe, both within and outside the firm. We intend
    to deepen and broaden our product offerings and penetration in
    asset management. One of our strategic advantages is our
    diligence process for identifying new asset managers and asset
    management strategies. Our diligence analysts are directly
    available for clients, which differentiates us from our
    competitors when working with
</TD>
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    <BR>
    5
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    <TD width="94%"></TD>
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    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    high net worth individuals and family offices. We are also
    looking at additional opportunities to bring successful hedge
    fund and private equity investments to our clients. In addition,
    we are expanding our sales and marketing team in asset
    management in an effort to increase growth in client assets
    through new clients and increasing share of managed assets from
    existing clients.
</TD>
</TR>

</TABLE>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Capital Markets.</I>&#160;&#160;We intend to utilize our
    strong brand name to continue to develop our investment banking
    and research capabilities. Our institutional equities business
    is looking to grow through expansion of market share with
    existing clients by efficiently allocating resources across
    different products to focus on key targeted small to medium
    capitalization corporate clients. The increased penetration of
    institutional accounts will allow us to leverage our
    distribution capabilities. In investment banking, we intend to
    utilize our Private Client division for leads and continue to
    grow our middle-market banking and financial sponsor franchises,
    including our leveraged finance business. Longer term, we seek
    to increase our business footprint and reputation by hiring
    experienced bankers with diverse product and industry knowledge.
    In the taxable fixed income sector, we continue to expand our
    product line and selectively grow our recently established
    middle markets desk. We have also applied to be designated as a
    Primary Dealer with the U.S.&#160;Federal Reserve Bank of New
    York, which would give us access to bid directly in
    U.S.&#160;Treasury security auctions and provide new client
    service opportunities as more parties will be able to trade with
    us.
</TD>
</TR>

</TABLE>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y91656b3y9165604.gif" alt="(FLOW CHART)"><B> </B>
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    <BR>
    6
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    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    DESCRIPTION OF THE EXCHANGE OFFER</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>On April&#160;12, 2011, we completed the private placement of
    $200.0&#160;million aggregate principal amount of
    8.75%&#160;Senior Secured Notes due 2018. As part of that
    offering, we entered into a registration rights agreement with
    the initial purchasers of the old notes, dated as of
    April&#160;12, 2011, in which we agreed, among other things, to
    deliver this prospectus to you and to use commercially
    reasonable efforts to complete an exchange offer for the old
    notes. Below is a summary of the exchange offer.</I>
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Old Notes</B></TD>
    <TD></TD>
    <TD valign="bottom">
    8.75%&#160;Senior Secured Notes due 2018, which were issued on
    April&#160;12, 2011.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>New Notes</B></TD>
    <TD></TD>
    <TD valign="bottom">
    8.75%&#160;Senior Secured Notes due 2018, the issuance of which
    has been registered under the Securities Act. The form and terms
    of the new notes are identical in all material respects to those
    of the old notes, except that the transfer restrictions and
    registration rights relating to the old notes do not apply to
    the new notes.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Exchange Offer</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We are offering to issue up to $200.0&#160;million aggregate
    principal amount of the new notes in exchange for a like
    principal amount of the old notes to satisfy our obligations
    under the registration rights agreement that was executed when
    the old notes were issued in a transaction in reliance upon the
    exemption from registration provided by Rule&#160;144A and
    Regulation&#160;S of the Securities Act.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Expiration Date; Tenders</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer will expire at 5:00&#160;p.m., New York City
    time, on August&#160;9, 2011, unless extended in our sole and
    absolute discretion. By tendering your old notes, you represent
    to us that:</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: -9pt; margin-left: 9pt">
    &#149;&#160;you are not our &#147;affiliate,&#148; as defined in
    Rule&#160;405 under the Securities Act;</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: -9pt; margin-left: 9pt">
    &#149;&#160;any new notes you receive in the exchange offer are
    being acquired by you in the ordinary course of your business;</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: -9pt; margin-left: 9pt">
    &#149;&#160;neither you nor anyone receiving new notes from you,
    has any arrangement or understanding with any person to
    participate in a distribution of the new notes, as defined in
    the Securities Act;</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: -9pt; margin-left: 9pt">
    &#149;&#160;if you are not a participating broker dealer, you
    are not engaged in, and do not intend to engage in, the
    distribution of the new notes, as defined in the Securities Act;
    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: -9pt; margin-left: 9pt">
    &#149;&#160;if you are a broker-dealer that will receive new
    notes for your own account in exchange for old notes that were
    acquired by you as a result of your market-making or other
    trading activities, you will deliver a prospectus in connection
    with any resale of the new notes you receive.</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">
    For further information regarding resales of the new notes by
    participating broker-dealers, see the discussion under the
    caption &#147;Plan of Distribution.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Withdrawal; Non-Acceptance</B></TD>
    <TD></TD>
    <TD valign="bottom">
    You may withdraw any old notes tendered in the exchange offer at
    any time prior to 5:00&#160;p.m., New York City time, on
    August&#160;9, 2011. If we decide for any reason not to accept
    any old notes tendered for exchange, the old notes will be
    returned to the registered holder at our expense promptly after
    the expiration or termination of the exchange offer. In the case
    of the old notes tendered by book-entry transfer into the
    exchange agent&#146;s account at The Depository </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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    <BR>
    7
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Trust&#160;Company (&#147;DTC&#148;), any withdrawn or
    unaccepted old notes will be credited to the tendering
    holder&#146;s account at DTC. For further information regarding
    the withdrawal of tendered old notes, see &#147;The Exchange
    Offer&#160;&#151; Terms of the Exchange Offer; Period for
    Tendering Old Notes&#148; and the &#147;The Exchange
    Offer&#160;&#151; Withdrawal Rights.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Conditions to the Exchange Offer</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer is subject to customary conditions, which we
    may waive. See the discussion below under the caption &#147;The
    Exchange Offer&#160;&#151; Conditions to the Exchange
    Offer&#148; for more information regarding the conditions to the
    exchange offer.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Procedures for Tendering the Old Notes</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    You must do one of the following on or prior to the expiration
    or termination of the exchange offer to participate in the
    exchange offer:</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;tender your old notes by sending the certificates
    for your old notes, in proper form for transfer, a properly
    completed and duly executed letter of transmittal, with any
    required signature guarantees, and all other documents required
    by the letter of transmittal, to The Bank of New York Mellon
    Trust&#160;Company, N.A., as exchange agent, at one of the
    addresses listed below under the caption &#147;The Exchange
    Offer&#160;&#151; Exchange Agent,&#148; or</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;tender your old notes by using the book-entry
    transfer procedures described below and transmitting a properly
    completed and duly executed letter of transmittal, with any
    required signature guarantees, or an agent&#146;s message
    instead of the letter of transmittal, to the exchange agent. In
    order for a book-entry transfer to constitute a valid tender of
    your old notes in the exchange offer, The Bank of New York
    Mellon Trust&#160;Company, N.A., as exchange agent, must receive
    a confirmation of book-entry transfer of your old notes into the
    exchange agent&#146;s account at DTC prior to the expiration or
    termination of the exchange offer. For more information
    regarding the use of book-entry transfer procedures, including a
    description of the required agent&#146;s message, see the
    discussion below under the caption &#147;The Exchange
    Offer&#160;&#151; Book-Entry Transfers.&#148;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Special Procedures for Beneficial Owners</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    If you are a beneficial owner whose old notes are registered in
    the name of the broker, dealer, commercial bank, trust company
    or other nominee and you wish to tender your old notes in the
    exchange offer, you should promptly contact the person in whose
    name the old notes are registered and instruct that person to
    tender on your behalf. If you wish to tender in the exchange
    offer on your own behalf, prior to completing and executing the
    letter of transmittal and delivering your old notes, you must
    either make appropriate arrangements to register ownership of
    the old notes in your name or obtain a properly completed bond
    power from the person in whose name the old notes are registered.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Certain U.S. Federal Income Tax Considerations</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange of the old notes for new notes in the exchange
    offer will not be a taxable transaction for United States
    federal income tax purposes. See the discussion under the
    caption &#147;Certain U.S. Federal Income Tax
    Considerations&#148; for more information regarding the tax
    consequences to you of the exchange offer.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Use of Proceeds</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any proceeds from the exchange offer.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Exchange Agent</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Bank of New York Mellon Trust&#160;Company, N.A. is the
    exchange agent for the exchange offer. You can find the address
    and telephone number of the exchange agent below under the
    caption &#147;The Exchange Offer&#160;&#151; Exchange
    Agent.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Resales</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Based on interpretations by the staff of the SEC, as set forth
    in no-action letters issued to the third parties, we believe
    that the new notes you receive in the exchange offer may be
    offered for resale, resold or otherwise transferred without
    compliance with the registration and prospectus delivery
    provisions of the Securities Act. However, you will not be able
    to freely transfer the new notes if:</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are our &#147;affiliate,&#148; as defined in
    Rule&#160;405 under the Securities Act;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not acquiring the new notes in the exchange
    offer in the ordinary course of your business;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you have an arrangement or understanding with any
    person to participate in the distribution, as defined in the
    Securities Act, of the new notes, you will receive in the
    exchange offer;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are holding old notes that have or are
    reasonably likely to have the status of an unsold allotment in
    the initial offering; or</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are a participating broker-dealer that received
    new notes for its own account in the exchange offer in exchange
    for old notes that were acquired as a result of market-making or
    other trading activities.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    If you fall within one of the exceptions listed above, you must
    comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with any resale
    transaction involving the new notes. See the discussion below
    under the caption &#147;The Exchange Offer&#160;&#151;
    Procedures for Tendering Old Notes&#148; for more information.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Broker-Dealer</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Each broker-dealer that receives new notes for its own account
    pursuant to the exchange offer must acknowledge that it will
    deliver a prospectus in connection with any resale of new notes.
    The letter of transmittal states that by so acknowledging and
    delivering a prospectus, a broker-dealer will not be deemed to
    admit that it is an &#147;underwriter&#148; within the meaning
    of the Securities Act. This prospectus, as it may be amended or
    supplemented from time to time, may be used by a broker-dealer
    in connection with resales of new notes received in exchange for
    old notes which were acquired by such broker-dealer as a result
    of market making activities or other trading activities. We have
    agreed that for a period of up to 90&#160;days after the
    completion of this exchange offer, we will make this prospectus
    available to any broker-dealer for use in connection with any
    such resale. See &#147;Plan of Distribution&#148; for more
    information.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
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    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Furthermore, a broker-dealer that acquired any of its old notes
    directly from us:</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;may not rely on the applicable interpretations of
    the staff or the SEC&#146;s position contained in Exxon Capital
    Holdings Corp., SEC no-action letter (Apr. 13, 1988); Morgan
    Stanley&#160;&#038; Co. Inc., SEC no-action letter (June&#160;5,
    1991); or Shearman&#160;&#038; Sterling, SEC no-Action Letter
    (July&#160;2, 1993); and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;must also be named as a selling security holder in
    connection with the registration and prospectus delivery
    requirements of the Securities Act relating to any resale
    transaction.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Registration Rights Agreement</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    When the old notes were issued, we entered into a registration
    rights agreement with the initial purchasers of the old notes.
    Under the terms of the registration rights agreement, we agreed
    to use our commercially reasonable efforts to file with the SEC
    and cause to become effective, a registration statement relating
    to an offer to exchange the old notes for the new notes.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    In the event that the exchange offer is not consummated within
    360&#160;days of the date of issuance of the old notes (i.e. by
    April&#160;6, 2012), the interest rate borne by the old notes
    will be increased by 0.25% per annum for the first 90&#160;days
    beginning after April&#160;6, 2012, and 0.50% per annum
    thereafter.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under some circumstances set forth in the registration rights
    agreement, holders of old notes, including holders who are not
    permitted to participate in the exchange offer or who may not
    freely sell new notes received in the exchange offer, may
    require us to file and cause to become effective, a shelf
    registration statement covering resales of the old notes by
    these holders.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    A copy of the registration rights agreement is incorporated by
    reference as an exhibit to the registration statement of which
    this prospectus is a part. See &#147;Description of the New
    Notes&#160;&#151; Registration Rights and Additional
    Interest.&#148;</TD>
</TR>

</TABLE>
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    <BR>
    10
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

    <B><FONT style="font-family: 'Times New Roman', Times">CONSEQUENCES
    OF NOT EXCHANGING OLD 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not exchange your old notes in the exchange offer,
    your old notes will continue to be subject to the restrictions
    on transfer described in the legend on the certificate for your
    old notes. In general, you may offer or sell your old notes only:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if they are registered under the Securities Act and applicable
    state securities laws;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if they are offered or sold under an exemption from registration
    under the Securities Act and applicable state securities
    laws;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if they are offered or sold in a transaction not subject to the
    Securities Act and applicable state securities laws.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not currently intend to register the old notes under the
    Securities Act. Under some circumstances, however, holders of
    the old notes, including holders who are not permitted to
    participate in the exchange offer or who may not freely resell
    new notes received in the exchange offer, may require us to
    file, and to cause to become effective, a shelf registration
    statement covering resales of old notes by these holders. For
    more information regarding the consequences of not tendering
    your old notes and our obligation to file a shelf registration
    statement, see &#147;The Exchange Offer&#160;&#151; Consequences
    of Exchanging or Failing to Exchange Old Notes.&#148;
</DIV>
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</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    DESCRIPTION OF THE NEW 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The terms of the new notes and those of the outstanding old
    notes are substantially identical, except that the transfer
    restrictions and registration rights relating to the old notes
    do not apply to the new notes. For a more complete understanding
    of the new notes, see &#147;Description of the new
    notes.&#148;</I>
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Issuer</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Oppenheimer Holdings Inc.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Securities</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Up to $200.0&#160;million aggregate principal amount of
    8.75%&#160;Senior Secured Notes due 2018.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Maturity</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    April&#160;15, 2018.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Interest</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    8.75% per annum, payable semi-annually in arrears on April 15
    and October 15 of each year, beginning on October&#160;15, 2011.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Subsidiary Guarantors</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    All payments on the new notes, including principal and interest,
    will be jointly and severally and fully and unconditionally
    guaranteed on a senior secured basis by E.A. Viner International
    Co. and Viner Finance Inc. and future subsidiaries required to
    guarantee the new notes pursuant to the &#147;Future Subsidiary
    Guarantees&#148; covenant (the &#147;Subsidiary
    Guarantors&#148;). See &#147;Description of the new
    notes&#160;&#151; Covenants&#160;&#151; Future subsidiary
    guarantees.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Collateral</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    The new notes and the subsidiary guarantees will be secured by a
    first-priority security interest in substantially all of the
    Company&#146;s and the Subsidiary Guarantors&#146; existing and
    future tangible and intangible assets, subject to certain
    exceptions and permitted liens. See &#147;Description of the new
    notes&#160;&#151; Security.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Optional Redemption</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    We may redeem the new notes at any time on or after
    April&#160;15, 2014. The redemption price for the new notes
    (expressed as a percentage of principal amount), will be as
    follows, plus accrued and unpaid interest and additional
    interest, if any, to, but not including, the redemption date:</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: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>If Redeemed During the 12-Month<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Period Commencing April 15,</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Redemption Price</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106.563
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104.375
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2016
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102.188
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2017 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, at any time prior to April&#160;15, 2014, we may
    redeem the new notes at our option, in whole at any time or in
    part from time to time, at a redemption price equal to 100% of
    the principal amount of the new notes redeemed plus a
    &#147;make-whole&#148; premium and accrued and unpaid interest
    and additional interest, if any.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, at any time prior to April&#160;15, 2014, we may
    redeem up to 35% of the principal amount of the new notes with
    the net cash proceeds of one or more sales of our capital stock
    (other than disqualified stock) at a redemption price of 108.75%
    of their principal amount, plus accrued and unpaid interest and
    additional interest, if any; provided that at least 65% of the
    original aggregate principal amount of new notes issued on the
    closing date remains outstanding after each such redemption and
    notice of any such redemption is mailed within 90&#160;days of
    each such sale of capital stock.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Change in Control</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Upon a change of control we may be required to make an offer to
    purchase the new notes. The purchase price will equal 101% of
    the principal amount of the new notes on the date of purchase,
    plus accrued and unpaid interest and additional interest, if
    any. We may not have sufficient funds available at the time of a
    change of control to make any required debt payment (including
    repurchases of the new notes).</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Ranking</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    The new notes will be our general senior obligations and will
    rank effectively senior in right of payment to all unsecured and
    unsubordinated obligations of the Company or the relevant
    Subsidiary Guarantor, to the extent of the value of the
    collateral owned by the Company or such Subsidiary Guarantor
    (and, to the extent of any unsecured remainder after payment of
    the value of the collateral, rank equally in right of payment
    with such unsecured and unsubordinated indebtedness of the
    Company). The new notes will also rank senior in right of
    payment to any subordinated debt of the Company or such
    Subsidiary Guarantor. The new notes will be secured on a
    first-priority basis by the collateral, subject to certain
    exceptions and permitted liens and it is intended that pari
    passu lien indebtedness, if any, will be secured on an equal and
    ratable basis. The new notes will be effectively junior in right
    of payment to all existing and future indebtedness, claims of
    holders of preferred stock and other liabilities (including
    trade payables) of subsidiaries of the Company that are not
    guarantors, including all Regulated Subsidiaries (as defined
    below) and unrestricted subsidiaries.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2011, on an as adjusted basis after giving
    effect to the sale of the new notes and the use of proceeds
    thereof, we would have had approximately $200&#160;million of
    senior debt, $200&#160;million of which was secured, and no
    subordinated debt</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    We currently derive the majority of our revenue from the
    operations of our Regulated Subsidiaries. As our obligations
    under the new notes are not guaranteed by our Regulated
    Subsidiaries, creditors of a Regulated Subsidiary, including
    trade creditors, customers, and preferred stockholders, if any,
    of such Regulated Subsidiary generally will have priority with
    respect to the assets and earnings of such Regulated Subsidiary
    over the claims of the holders. The new notes, therefore, will
    be effectively subordinated to the claims of creditors,
    including trade creditors, customers and preferred stockholders,
    if any, of our Regulated Subsidiaries. As of March&#160;31,
    2011, our Regulated Subsidiaries had $2.6&#160;billion
    outstanding in such liabilities.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Certain Covenants</B></DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Company will agree to covenants that limit the ability of
    the Company and its restricted subsidiaries and, in certain
    limited cases, its Regulated Subsidiaries, among other things,
    to:</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;incur additional debt and issue preferred stock;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;pay dividends, acquire shares of capital stock, make
    payments on subordinated debt or make investments;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;place limitations on distributions from Regulated
    Subsidiaries or restricted subsidiaries;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;issue guarantees;</DIV>
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;sell or exchange assets;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;enter into transactions with shareholders and
    affiliates;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create liens; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;effect mergers.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    These covenants are subject to important exceptions and
    qualifications, which are described under the heading
    &#147;Description of the new notes&#160;&#151; Covenants&#148;
    in this prospectus. These exceptions and qualifications include,
    among other things, a variety of provisions that are intended to
    allow us to continue to conduct our brokerage operations in the
    ordinary course of business. In addition, if and for so long as
    the new notes have an investment grade debt rating from both
    Standard&#160;&#038; Poor&#146;s, a division of The McGraw-Hill
    Companies, Inc. and Moody&#146;s Investors Service, Inc. and no
    default has occurred and is continuing under the indenture, we
    will not be subject to certain of the covenants listed above.
    See &#147;Description of the new notes.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to the indenture, the following covenants apply to us
    and our restricted subsidiaries, but generally do not apply, or
    apply only in part, to our Regulated Subsidiaries:</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;limitation on indebtedness and issuances of
    preferred stock, which restricts our ability to incur additional
    indebtedness or to issue preferred stock;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;limitations on restricted payments, which generally
    restricts our ability to declare certain dividends or
    distributions or to make certain investments;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;limitation on dividend and other payment
    restrictions affecting restricted subsidiaries or Regulated
    Subsidiaries, which generally prohibits restrictions on the
    ability of certain of our subsidiaries to pay dividends or make
    other transfers;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;future Subsidiary Guarantors, which prohibits
    certain of our subsidiaries from guaranteeing our indebtedness
    or indebtedness of any restricted subsidiary unless the new
    notes are comparably guaranteed;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;limitation on transactions with shareholders and
    affiliates, which generally requires transactions among our
    affiliated entities to be conducted on an arm&#146;s-length
    basis;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;limitation on liens, which generally prohibits us
    and our restricted subsidiaries from granting liens unless the
    new notes are comparably secured; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;limitation on asset sales, which generally prohibits
    us and certain of our subsidiaries from selling assets or
    certain securities or property of significant subsidiaries.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under certain circumstances, however, the covenants under
    &#147;Description of the new notes&#160;&#151;
    Covenants&#160;&#151; Limitation on indebtedness and issuances
    of preferred stock,&#148; &#147;&#151;&#160;Limitation on
    restricted payments,&#148; &#147;&#151;&#160;Limitation on
    dividend and other payment restrictions affecting restricted
    subsidiaries or regulated subsidiaries,&#148;
    &#147;&#151;&#160;Future </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    subsidiary guarantees,&#148; &#147;&#151;&#160;Limitation on
    transactions with shareholders and affiliates,&#148; and
    &#147;&#151;&#160;Limitation on asset sales&#148; may apply to
    our Regulated Subsidiaries, depending on the nature of the
    transaction in question, whether a Regulated Subsidiary is
    incurring any Indebtedness (as defined in the indenture) and a
    variety of other factors.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For purposes of the covenants, Regulated Subsidiaries refers to
    any direct or indirect subsidiary of the Company that is
    registered as (i)&#160;a broker dealer pursuant to
    Section&#160;15 of the Exchange Act, (ii)&#160;a broker dealer
    or underwriter under any foreign securities law or (iii)&#160;a
    banking or insurance subsidiary regulated under state, federal
    or foreign laws. Restricted subsidiaries generally include any
    of our subsidiaries that are not Regulated Subsidiaries and that
    have not been designated by our board of directors as
    unrestricted.</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, 2011, our Regulated Subsidiaries
    represented 93% of our total assets. For the quarter ended
    March&#160;31, 2011 and the year ended December&#160;31, 2010,
    our Regulated Subsidiaries represented 90% and 90% of our total
    revenues, respectively, and 44% and 54% of our net income,
    respectively.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>No Established Trading Market</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The new notes generally will be freely transferable but will
    also be new securities for which there is no established market.
    Accordingly, a liquid market for the new notes may not develop
    or be maintained. We have not applied, and do not intend to
    apply, for the listing of the new notes on any exchange or
    automated dealer quotation system.</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">
    Tendering your old notes in the exchange offer involves risks.
    You should carefully consider the information set forth in this
    prospectus and, in particular, should evaluate the specific
    factors set forth in the section entitled &#147;Risk
    Factors&#148; for an explanation of certain risks of investing
    in the new notes before tendering any old notes. For a
    description of risks related to our industry and business, you
    should also evaluate the specific risk factors set forth in the
    section entitled &#147;Risk Factors&#148; in our annual report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010, which is incorporated
    herein by reference.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    CONSOLIDATED HISTORICAL FINANCIAL DATA</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The summary consolidated historical financial data set forth
    below for each of the years ended December&#160;31, 2010, 2009
    and 2008 has been primarily derived from our audited
    consolidated financial statements. The summary consolidated
    historical financial data set forth below for the quarter ended
    March&#160;31, 2011 has been primarily derived from our
    unaudited consolidated financial statements. 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 consolidated historical financial
    statements and the related notes contained in our annual report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010, and our quarterly
    report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2011, which are
    incorporated by reference into this 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: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&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="7%" 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="6%" 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="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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">
    <B>Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
&nbsp;
</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">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
&nbsp;
</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>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</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>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(Dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Statements of Operation:</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>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    136,855
</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">
    537,730
</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">
    555,574
</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">
    532,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Principal transactions, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,991
</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">
    77,183
</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">
    107,094
</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">
    20,651
</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: -10pt; margin-left: 30pt">
    Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,789
</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">
    45,871
</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">
    35,960
</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">
    61,793
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Investment banking
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,441
</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">
    134,906
</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">
    90,960
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83,541
</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: -10pt; margin-left: 30pt">
    Advisory fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,449
</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">
    187,888
</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">
    160,705
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    198,960
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,892
</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">
    51,494
</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">
    41,140
</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">
    22,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    253,417
</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">
    1,035,072
</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">
    991,433
</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">
    920,070
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Compensation and related expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    170,415
</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">
    972,244
</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">
    672,325
</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">
    626,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Clearing and exchange fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,313
</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">
    25,754
</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">
    26,748
</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">
    31,007
</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: -10pt; margin-left: 30pt">
    Communications and technology
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,939
</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">
    64,700
</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">
    62,724
</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">
    75,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Occupancy and equipment costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,546
</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">
    74,389
</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">
    74,372
</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">
    69,945
</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: -10pt; margin-left: 30pt">
    Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,774
</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">
    25,914
</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">
    21,050
</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">
    38,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,601
</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">
    101,305
</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">
    99,401
</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">
    114,774
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    243,588
</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">
    964,306
</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">
    956,620
</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">
    956,113
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Profit (loss) before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,829
</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">
    70,766
</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">
    34,318
</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">
    (36,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income tax provision (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,068
</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">
    30,187
</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">
    15,326
</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">
    (15,273
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net profit (loss) for the year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,761
</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">
    40,579
</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">
    19,487
</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">
    (20,770
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less net profit attributable to non-controlling interest, net of
    tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    675
</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">
    2,248
</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>
<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="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net profit attributable to Oppenheimer Holdings Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,086
</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">
    38,331
</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">
    19,487
</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">
    (20,770
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net profit (loss) for the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,579
</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">
    19,487
</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">
    (20,770
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other comprehensive income (loss):
</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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    239
</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">
    1,597
</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">
    (99
</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">
    31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Change in cash flow hedges, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (847
</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">
    884
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (388
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Comprehensive income (loss) for the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,072
</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">
    41,329
</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">
    20,272
</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">
    (21,127
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As at</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&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="3" nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As at December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom">
    <B>(Dollars in thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" 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="right" 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="right" 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="right" 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: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,940
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,854
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,918
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46,685
</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: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,156,668
</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">
    2,620,034
</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">
    2,203,383
</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">
    1,526,559
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,657,832
</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">
    2,122,438
</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">
    1,751,936
</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">
    1,100,833
</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: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    498,836
</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">
    497,596
</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">
    451,447
</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">
    425,726
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&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="3" nowrap align="center" valign="bottom">
    <B>As of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&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="3" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom">
    <B>(Dollars in thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Financial Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" 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="right" 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="right" 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="right" 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="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Adjusted EBITDA(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108,201
</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">
    84,870
</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">
    49,621
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term Debt to Consolidated Adjusted EBITDA(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.8
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.1
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.6
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.0
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Consolidated Adjusted EBITDA is a measure of operating
    performance that is not defined under GAAP. We define
    Consolidated Adjusted EBITDA as net profit (loss) attributable
    to Oppenheimer Holdings Inc. before interest expense, income
    taxes, depreciation expense and amortization expense, adjusted
    to exclude share-based compensation expense which is not settled
    in cash and other non-cash charges. Our definitions and
    calculations of Consolidated Adjusted EBITDA may differ from the
    Consolidated Adjusted EBITDA or analogous calculations of other
    companies in our industry, and may limit is usefulness as a
    comparative measure.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Consolidated Adjusted EBITDA has limitations as an analytical
    tool. Consolidated Adjusted EBITDA is not a measurement of net
    income (loss), and should not be considered as an alternative to
    net income (loss) as a measure of operating performance. Rather,
    Consolidated Adjusted EBITDA should be considered as
    supplementary information to our GAAP results, shown here in
    order to provide a more complete understanding of our operating
    performance.</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    We use Consolidated Adjusted EBITDAin a number of ways to assess
    our consolidated operating performance, and we believe this
    measure is helpful to management and investors in identifying
    trends in our operating results. We use Consolidated Adjusted
    EBITDA as a measure of our consolidated operating performance
    exclusive of income and expenses that relate to the financing,
    income taxes and capitalization of the business. We believe this
    metric measures our financial performance based on operational
    factors that management can impact in the short-term, namely the
    cost structure and expenses of the organization. In addition,
    Consolidated Adjusted EBITDA as used in this prospectus
    corresponds to the definition of &#147;Consolidated EBITDA&#148;
    that will be used in the indenture related to the notes.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    For the as adjusted calculation, the 2010 Consolidated Adjusted
    EBITDA represents historical Consolidated Adjusted EBITDA and
    has not been adjusted for the interest expense on long-term debt
    giving effect to this offering.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows the reconciliation of our Consolidated
    Adjusted EBITDA from GAAP net profit attributable to Oppenheimer
    Holdings Inc.:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&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="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="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the<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="22" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Three<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="22" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Month<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="22" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period<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="22" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<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="22" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Twelve Month Period 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>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>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>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</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="22" align="center" valign="bottom">
    <B>(Dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Net Profit Attributable to Oppenheimer Holdings
    Inc.:</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,916
</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">
    44,577
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    75,367
</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">
    (20,770
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,487
</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">
    38,331
</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">
    5,086
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Add:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest Expense(a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,005
</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">
    8,742
</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">
    8,097
</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">
    15,540
</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">
    13,925
</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">
    11,539
</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">
    2,471
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Income Taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,773
</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">
    35,873
</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">
    52,027
</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">
    (15,274
</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">
    15,326
</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">
    28,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,590
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation Expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,347
</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">
    9,583
</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">
    9,695
</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">
    44,474
</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">
    12,630
</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">
    12,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Amortization Expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,081
</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">
    12,520
</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">
    9,772
</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">
    8,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,065
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,885
</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">
    1,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated EBITDA</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,122
</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">
    111,295
</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">
    154,957
</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">
    (460
</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">
    68,433
</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">
    96,781
</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">
    16,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Share-Based Compensation Expense(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</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">
    2,537
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,334
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,002
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,611
</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">
    1,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other Non-Cash Charges(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,093
</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">
    (17,822
</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">
    (2,578
</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">
    42,747
</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">
    9,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,809
</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="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Adjusted EBITDA</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>82,254</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>96,009</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>156,562</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>49,621</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>84,870</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>108,201</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>17,271</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<TR>
    <TD valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Interest expense on long-term debt.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (b) </TD>
    <TD></TD>
    <TD valign="bottom">
    Charges associated with Employee Share Plan restricted stock
    award program and Equity Incentive Plan stock option award
    program.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (c) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes gains on extinguishment of debt ($4.1&#160;million and
    $2.5&#160;million in 2006 and 2007, respectively), gains/losses
    related to the exchange of three stock exchange seats for shares
    of the NYSE Group, resulting from the merger between NYSE and
    Archipelago, ($13.7&#160;million gain and $2.6&#160;million loss
    in 2006 and 2008, respectively), and charges related to deferred
    compensation and benefit arrangements in conjunction with
    acquisitions made in 2003 and 2008 ($5.1&#160;million,
    $40.2&#160;million, $9.4&#160;million, and $3.8&#160;million in
    2005, 2008, 2009, and 2010, respectively).</TD>
</TR>

</TABLE>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<A name='Y91656103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: transparent">
    <I>Any investment in the notes involves a high degree of risk.
    You should consider carefully the following information about
    these risks, together with the other information contained or
    incorporated by reference in this prospectus, including risks
    contained in our most recent annual report on Form&#160;10-K,
    any subsequent quarterly or annual reports on Form&#160;10-Q or
    Form 10-K or any current reports on Form 8-K, before buying any
    of the notes. If any of the following risks actually occur, our
    business, financial condition, prospects, results of operations
    or cash flow could be materially and adversely affected.
    Additional risks or uncertainties not currently known to us, or
    that we currently deem immaterial, may also impair our business
    operations. We cannot assure you that any of the events
    discussed in the risk factors below will not occur. If any of
    such events does occur, you may lose all or part of your
    original investment in the notes.</I>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Holders
    who Fail to Exchange their Old Notes will Continue to be Subject
    to Restrictions on Transfer.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not exchange your old notes for new notes in the
    exchange offer, you will continue to be subject to the
    restrictions on transfer of your old notes described in the
    legend on the certificates for your old notes. The restrictions
    on transfer of your old notes arise because we issued the old
    notes under exemptions from, or in transactions not subject to,
    the registration requirements of the Securities Act and
    applicable state securities laws. In general, you may only offer
    or sell the old notes if they are registered under the
    Securities Act and applicable state securities laws, or offered
    and sold under an exemption from these requirements. We do not
    plan to register the old notes under the Securities Act. For
    further information regarding the consequences of tendering your
    old notes in the exchange offer, see the discussions below under
    the captions &#147;The Exchange Offer&#160;&#151; Consequences
    of Exchanging or Failing to Exchange Old Notes&#148; and
    &#147;Certain U.S.&#160;Federal Income Tax Considerations.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    Must Comply with the Exchange Offer Procedures in Order to
    Receive New, Freely Tradable New Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Delivery of new notes in exchange for old notes tendered and
    accepted for exchange pursuant to the exchange offer will be
    made only after timely receipt by the exchange agent of 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certificates for old notes or a book-entry confirmation of a
    book-entry transfer of old notes into the Exchange Agent&#146;s
    account at DTC, New York, New York as depository, including an
    Agent&#146;s Message (as defined herein) if the tendering holder
    does not deliver a letter of transmittal;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a completed and signed letter of transmittal (or facsimile
    thereof), with any required signature guarantees, or an
    Agent&#146;s Message in lieu of the letter of
    transmittal;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other documents required by the letter of transmittal.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Therefore, holders of old notes who would like to tender old
    notes in exchange for new notes should be sure to allow enough
    time for the old notes to be delivered on time. We are not
    required to notify you of defects or irregularities in tenders
    of old notes for exchange. Old notes that are not tendered or
    that are tendered but we do not accept for exchange will,
    following consummation of the exchange offer, continue to be
    subject to the existing transfer restrictions under the
    Securities Act and, upon consummation of the exchange offer,
    certain registration and other rights under the registration
    rights agreement will terminate. <I>See </I>&#147;The Exchange
    Offer&#160;&#151; Procedures for Tendering Old Notes&#148; and
    &#147;The Exchange Offer&#160;&#151; Consequences of Exchanging
    or Failing to Exchange Old Notes.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Some
    Holders who Exchange their Old Notes May be Deemed to be
    Underwriters and These Holders will be Required to Comply with
    the Registration and Prospectus Delivery Requirements in
    Connection with Any Resale Transaction.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you exchange your old notes in the exchange offer for the
    purpose of participating in a distribution of the new notes, you
    may be deemed to have received restricted securities and, if so,
    will be required to comply with the registration and prospectus
    delivery requirements of the Securities Act in connection with
    any resale transaction.
</DIV>
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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Your
    Ability to Transfer the Notes may be Limited by the Absence of
    an Active Trading Market, and There is no Assurance That any
    Active Trading Market Will Develop for the Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes are new issues of securities for which there is no
    established public market. We do not intend to have the notes
    listed on a national securities exchange or included in any
    automated quotation system.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The initial purchasers advised us that Morgan
    Stanley&#160;&#038; Co. Incorporated currently intends to make a
    market in the notes and Oppenheimer&#160;&#038; Co. Inc. may
    make a market in the notes, each as permitted by applicable laws
    and regulations. However, the initial purchasers are not
    obligated to do so, and the may discontinue any market-making
    activities with respect to the notes at any time without notice.
    Oppenheimer&#160;&#038; Co. Inc agreed not to make a market in
    the notes so long as the notes constitute &#147;restricted
    securities&#148; under Rule&#160;144 under the Securities Act.
    The liquidity of any market for the notes will depend upon the
    number of holders of the notes, our performance, the market for
    similar securities, the interest of securities dealers in making
    a market in the notes and other factors. If a market develops,
    the notes could trade at prices that may be lower than the
    initial offering price of the notes. If an active market does
    not develop or is not maintained, the price and liquidity of the
    notes may be adversely affected. Historically, the market for
    non-investment grade debt has been subject to disruptions that
    have caused substantial volatility in the prices of securities
    similar to the notes. The market, if any, for any of the notes
    may not be free from similar disruptions and any such
    disruptions may adversely affect the prices at which you may
    sell your notes. In addition, subsequent to their initial
    issuance, the notes may trade at a discount from their initial
    offering price, depending upon prevailing interest rates, the
    market for similar notes, our performance and other factors.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    of Our Subsidiaries, Which Generate Substantially all of Our
    Revenues and Own Substantially all of Our Assets, are not
    subject to Many of the Restrictive Covenants in the Indenture
    Governing the Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of our subsidiaries (which will be defined in the
    indenture as the Regulated Subsidiaries) including, among
    others, Oppenheimer&#160;&#038; Co. Inc., and Freedom
    Investments Inc., are generally not subject to the restrictive
    covenants in the indenture that place limitations on our
    actions, and where they are subject to covenants there are
    numerous exceptions and limitations. As of March&#160;31, 2011,
    our Regulated Subsidiaries represented 93% of our total assets.
    For the quarter ended March&#160;31, 2011 and the year ended
    December&#160;31, 2010, our Regulated Subsidiaries represented
    90% and 90% of our total revenues, respectively, and 44% and 54%
    of our net income, respectively. The indenture does not restrict
    our Regulated Subsidiaries from incurring debt, which would be
    structurally senior to the notes. Our Regulated Subsidiaries are
    also not subject to restrictions relating to making investments
    and are generally not subject to the restrictions on the sale of
    assets. The incurrence of debt, the sale of assets or the making
    of investments, without, or with limited, indenture
    restrictions, by our Regulated Subsidiaries may impair our
    ability to make payments on principal and interest on 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Regulated Subsidiaries are subject to regulation by
    U.S.&#160;Federal and state regulatory agencies and securities
    exchanges and by various
    <FONT style="white-space: nowrap">non-U.S.&#160;governmental</FONT>
    agencies or regulatory bodies and securities exchanges, each of
    which has been charged with the protection of the financial
    markets and seek to protect the interests of our broker-dealer
    clients. Such regulations may not serve, and you should not rely
    on them, to protect your interests as a holder of the notes.
    Depending on these circumstances, these regulations may prevent
    our Regulated Subsidiaries from paying dividends or other
    distributions to us without which we cannot make payments of
    interest or principal on the notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    Depend Almost Entirely on the Cash Flow From Our Regulated
    Subsidiaries to Meet Our Obligations, and Your Right to Receive
    Payment on the Notes Will be Structurally Subordinate to the
    Obligations of These Subsidiaries.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Regulated Subsidiaries are separate and distinct legal
    entities with no obligation to pay any amounts due pursuant to
    the notes or to provide us with funds for our payment
    obligations. Our cash flow and our ability to service our debt,
    including the notes, will depend in part on the earnings of our
    Regulated Subsidiaries and on the distribution of earnings,
    loans or other payments to us by these subsidiaries. Our
    Regulated Subsidiaries represented substantially all of our
    revenues and more than a majority of our net income in 2010. As
    of March&#160;31, 2011, our Regulated Subsidiaries represented
    substantially all of our assets. In addition, the ability of our
    Regulated
</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subsidiaries to make any dividend, distribution, loan or other
    payment to us could be subject to statutory or contractual
    restrictions. Oppenheimer&#160;&#038; Co. Inc. and Freedom
    Investments, Inc. both require permission from the Financial
    Industry Regulatory Authority prior to declaring dividends.
    Payments to us by these subsidiaries will also be contingent
    upon their earnings and their business considerations. Because
    we may depend in part on the cash flow of these subsidiaries to
    meet our obligations, these types of restrictions may impair our
    ability to make scheduled interest and principal payments on the
    notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If the
    Company is Unable to Repay its Outstanding Indebtedness When
    Due, its Operations May be Materially, Adversely
    Affected.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At March&#160;31, 2011, the Company had liabilities of
    approximately $2.6&#160;billion, a significant portion of which
    is collateralized by highly liquid and marketable government
    securities as well as marketable securities owned by customers.
    The Company cannot assure that its operations will generate
    funds sufficient to repay its existing debt obligations as they
    come due. The Company&#146;s failure to repay its indebtedness
    and make interest payments as required by its debt obligations
    could have a material adverse affect on its results of
    operations and financial condition, including the acceleration
    of the payment of the debt.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We May
    not be Able to Generate Sufficient Cash to Service the Notes or
    Our Other Indebtedness, and May be Forced to Take Other Actions
    to Satisfy Our Obligations Under Our Indebtedness, Which May not
    be Successful.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our ability to make scheduled payments on or to refinance our
    debt obligations depends on our financial condition and
    operating performance, which is subject to prevailing economic
    and competitive conditions and to certain financial, business
    and other factors beyond our control. We may not be able to
    maintain a level of cash flows from operating activities
    sufficient to permit us to pay the principal, premium, if any,
    and interest on the notes or 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If our cash flows and capital resources are insufficient to fund
    our debt service obligations, we may be forced to reduce or
    delay investments and capital expenditures, or to sell assets,
    seek additional capital or restructure or refinance the notes or
    our other indebtedness. Our ability to restructure or refinance
    our debt will depend on the condition of the capital markets and
    our financial condition at such time. Any refinancing of our
    debt could be at higher interest rates and may require us to
    comply with more onerous covenants, which could further restrict
    our business operations. The terms of the indenture governing
    the notes and existing or future debt instruments may restrict
    us from adopting some of these alternatives. These alternative
    measures may not be successful and may not permit us to meet our
    scheduled debt service obligations.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    Debt Agreements Will Contain Restrictions that Will Limit Our
    Flexibility in Operating Our Business.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture governing the notes will contain various covenants
    that will limit the ability of the Company and its restricted
    subsidiaries and, in certain limited cases, its Regulated
    Subsidiaries, among other things, 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incur additional indebtedness;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay dividends on, repurchase or make distributions in respect of
    our capital stock or make 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: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make certain investments;
</TD>
</TR>


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consolidate, merge, sell or otherwise dispose of all or
    substantially all of our assets;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into certain transactions with our affiliates.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of the covenants and restrictions contained in the
    indenture, we are limited in how we conduct our business and we
    may be unable to raise additional debt or equity financing to
    compete effectively or to take
</DIV>
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    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    advantage of new business opportunities. The terms of any future
    indebtedness we may incur could include more restrictive
    covenants and may further limit our ability to enter into
    certain types of transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We cannot assure you that we will be able to remain in
    compliance with these covenants in the future and, if we fail to
    do so, that we will be able to obtain waivers from the
    appropriate parties
    <FONT style="white-space: nowrap">and/or</FONT> amend
    the covenants.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Value of the Collateral Securing the Notes and the Note
    Guarantees May not be Sufficient to Satisfy Our Obligations
    Under the Notes and the Note 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No appraisal of the value of the collateral has been made in
    connection with the offering of the notes, and the fair market
    value of the collateral is subject to fluctuations based on
    factors that include general economic conditions and similar
    factors. The book value of the collateral should not be relied
    on as a measure of realizable value for such assets. In
    addition, the indenture allows us to incur additional secured
    debt, including under certain circumstances secured debt that is
    intended to share in the collateral that will secure the notes
    and the note guarantees. The amount to be received upon a sale
    of the collateral would be dependent on numerous factors,
    including the actual fair market value of the collateral at such
    time, the timing and the manner of the sale and the availability
    of buyers. Portions of the collateral may become illiquid and
    may have no readily ascertainable market value. Likewise, we
    cannot assure holders of the notes that the collateral will be
    saleable or, if saleable, that there will not be substantial
    delays in its liquidation. In the event of a foreclosure,
    liquidation, bankruptcy or similar proceeding, the value of the
    collateral and the amount that may be received upon a sale of
    collateral will depend upon many factors including, among
    others, the condition of the collateral and our industry, the
    ability to sell the collateral in an orderly sale, market and
    economic conditions, the availability of buyers and other
    factors. In addition, courts could limit recoverability with
    respect to the collateral if they deem a portion of the interest
    claim usurious in violation of applicable public policy.
    Accordingly, in the event of a foreclosure, liquidation,
    bankruptcy or similar proceeding, the collateral may not be sold
    in a timely or orderly manner, and the proceeds from any sale or
    liquidation of the collateral may not be sufficient to satisfy
    our obligations under the notes, the note guarantees and any
    future debt that is secured by the collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, under the terms of the indenture governing the
    notes we also will be permitted in the future to incur
    additional indebtedness and other obligations that may share in
    the liens on the collateral securing the notes. Any additional
    obligations secured by a lien on the collateral (whether senior
    to or equal with the lien of the notes) will dilute the value of
    the collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We cannot assure holders of the notes that the proceeds of any
    sale of the collateral following an acceleration of maturity
    with respect to the notes would be sufficient to satisfy, or
    would not be substantially less than, amounts due on the notes
    and the other debt secured thereby. If the proceeds of any sale
    of the collateral were not sufficient to repay all amounts due
    on the notes, holders of the notes (to the extent their notes
    were not repaid from the proceeds of the sale of the collateral)
    would have only an unsecured claim against the remaining assets
    of the Company and the Subsidiary Guarantors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that liens, rights and easements granted to or
    obtained by third parties encumber assets located on property
    owned by us or constitute subordinate liens on the collateral,
    those third parties may have or may exercise rights and remedies
    with respect to the property subject to such encumbrances
    (including rights to require marshalling of assets) that could
    adversely affect the value of such collateral and the ability of
    the collateral agent to realize or foreclose on such collateral.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Imposition of Certain Permitted Liens Could Adversely Affect the
    Value of the Collateral.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The collateral securing the notes will be subject to liens
    permitted under the terms of the indenture governing the notes,
    whether arising prior to or on or after the date the notes are
    issued. The existence of any permitted liens could adversely
    affect the value of the collateral securing the notes as well as
    the ability of the collateral agent to realize or foreclose on
    such collateral. The collateral that will secure the notes may
    also secure future indebtedness and other obligations of the
    Company and the Subsidiary Guarantors to the extent permitted by
    the indenture and the security documents. Your rights to the
    collateral would be diluted by any increase in the indebtedness
    secured by this collateral.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    are Certain Categories of Property that are Excluded From the
    Collateral.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain categories of assets are excluded from the collateral
    securing the notes and the note guarantees. Excluded assets
    include certain items of property, including without limitation
    items as to which a security interest cannot be granted without
    violating contract rights or applicable law, certain equity
    interests of our first-tier foreign subsidiaries, capital stock
    of certain of our subsidiaries, certain promissory notes or
    other instruments payable by certain of our subsidiaries,
    foreign intellectual property and assets outside the United
    States to the extent a lien on such assets cannot be perfected
    by the filing of Uniform Commercial Code financing statements,
    certain applications for trademarks or service marks filed in
    the United States Patent and Trademark Office, deposit and
    securities accounts which consist of certain withheld income
    taxes, federal, state or local employment taxes, or amounts
    required to be paid over to an employee benefit plan pursuant to
    applicable law, all segregated deposit accounts constituting tax
    accounts, payroll accounts and trust accounts, cash and cash
    equivalents maintained in certain accounts of a Subsidiary
    Guarantor that is an investment advisor, deposit and securities
    accounts, to the extent the aggregate value of assets therein
    does not exceed a certain amount, motor vehicles and other
    similar assets in which a lien may be perfected only through
    compliance with a non-UCC certificate of title statute, letter
    of credit rights and commercial tort claims, equipment leased by
    us or our subsidiaries under a lease that does not permit the
    granting of a lien on such equipment, any leasehold improvements
    to the extent that the grant of security interest therein would
    violate the related lease, assets subject to a purchase money
    lien, capitalized lease obligation or similar arrangement, in
    each case to the extent the agreement governing such lease,
    obligation or arrangement prohibits such assets from being used
    as collateral, capital stock of or equity interest in any person
    other than wholly-owned subsidiaries to the extent not permitted
    by the terms of such person&#146;s organizational documents, any
    property and assets the pledge of which would require
    governmental consent, approval, license or authorization,
    Excluded Real Property (as defined in &#147;Description of the
    new notes&#160;&#151; Definitions&#148;), proceeds and any
    products in the aforementioned (to the extent such proceeds or
    products would constitute excluded assets described above), and
    certain other items agreed to by the parties and as more fully
    set forth in the security documents. <I>See
    </I>&#147;Description of the new notes&#148; included elsewhere
    in this prospectus. In addition, the assets of our broker-dealer
    and certain of our other subsidiaries will not be part of the
    collateral securing the notes and note guarantees. If an event
    of default occurs and the notes are accelerated, the notes and
    the note guarantees will rank equally with the holders of other
    unsubordinated and unsecured indebtedness of the relevant entity
    with respect to such excluded property.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the claims of the holders of the notes and
    the holders of the other indebtedness and obligations secured by
    the collateral exceed the value of the assets securing the notes
    and such other indebtedness and obligations, those claims will
    rank equally with the claims of the holders of unsecured and
    unsubordinated creditors. As a result, if such proceeds were not
    sufficient to repay amounts outstanding under the notes, then
    holders of the notes (to the extent not repaid from the proceeds
    of the sale of the collateral) would only have an unsecured
    claim against our remaining assets.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Notes will be Structurally Subordinated to Claims of Creditors
    of Non-Guarantor Subsidiaries.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be structurally subordinated to indebtedness and
    other liabilities of subsidiaries that are not guarantors under
    the notes including our Regulated Subsidiaries. Our
    non-guarantor subsidiaries had, before intercompany
    eliminations, $2.8&#160;billion of total liabilities, including
    trade payables and $3.1&#160;billion of total assets as of
    March&#160;31, 2011, and had operating revenue, before
    intercompany eliminations, of $254.0&#160;million and
    $1.0&#160;billion for the quarter ended March&#160;31, 2011 and
    the year ended December&#160;31, 2010, respectively. Any right
    that we or the Subsidiary Guarantors have to receive any assets
    of any of the non-guarantor subsidiaries upon the liquidation or
    reorganization of those subsidiaries, and the consequent rights
    of holders of the notes to realize proceeds from the sale of any
    of those subsidiaries&#146; assets, will be effectively
    subordinated to the claims of those subsidiaries&#146;
    creditors, including trade creditors and holders of preferred
    equity interests of those subsidiaries. Accordingly, in the
    event of a bankruptcy, liquidation or reorganization of any
    future non-guarantor subsidiaries, such non-guarantor
    subsidiaries will pay the holders of their debts, holders of
    their preferred equity interests and their trade creditors
    before they will be able to distribute any of their assets to us.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Because
    Each Subsidiary Guarantor&#146;s Liability Under its Note
    Guarantee May be Reduced to Zero, Avoided or Released Under
    Certain Circumstances, You May not Receive Any Payments From
    Some or all of the Subsidiary Guarantors.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although you have the benefit of the note guarantees, a note
    guarantee is limited to the maximum amount that the applicable
    Subsidiary Guarantor is permitted to guarantee under applicable
    law. As a result, a Subsidiary Guarantor&#146;s liability under
    its note guarantee could be reduced to zero, depending upon the
    amount of other obligations of such Subsidiary Guarantor.
    Further, under the circumstances discussed more fully below, a
    court under federal and state fraudulent conveyance and transfer
    statutes could void the obligations under a note guarantee or
    further subordinate it to all other obligations of the
    Subsidiary Guarantor. <I>See </I>&#147;&#151;&#160;Federal and
    state fraudulent transfer laws may permit a court to void the
    notes and the note guarantees, subordinate claims in respect of
    the notes and any guarantees and require noteholders to return
    payments received and, if that occurs, you may not receive any
    payments on the notes&#148; included elsewhere in this
    prospectus. In addition, you will lose the benefit of a
    particular note guarantee if it is released under certain
    circumstances described under &#147;Description of the new
    notes&#160;&#151; Use and Release of Collateral&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    May not be Sufficient Collateral to Pay all or Any of the Notes,
    Especially if We Incur Additional Secured Indebtedness as
    Permitted Under the Notes, Which Will Dilute the Value of the
    Collateral Securing the Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms of the indenture governing the notes we also
    will be permitted in the future to incur additional indebtedness
    and other obligations that may share in the liens on the
    collateral securing the notes. Any additional obligations
    secured by a lien on the collateral (whether senior to or equal
    with the lien of the notes) will dilute the value of the
    collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The proceeds from the sale of all such collateral may not be
    sufficient to satisfy the amounts outstanding under the notes
    and all other indebtedness and obligations secured by such
    liens. If such proceeds were not sufficient to repay amounts
    outstanding under the notes, then holders of the notes (to the
    extent not repaid from the proceeds of the sale of the
    collateral) would only have an unsecured claim against our
    remaining assets.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    May Have Limited Rights to Enforce Remedies Under the Security
    Documents, and the Collateral may be Released Without Your
    Consent in Certain Circumstances.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we issue additional pari passu lien indebtedness, subject to
    our compliance with the restrictive covenants in the indenture
    governing the notes at the time we issue such additional senior
    secured indebtedness, the collateral agent will enter into an
    intercreditor agreement with the collateral agent for the
    holders of such additional pari passu lien indebtedness. Under
    the terms of the intercreditor agreement, the collateral agent
    will pursue remedies and take other action related to the
    collateral, including the release thereof, pursuant to the
    direction of the authorized representative for the holders of
    the largest class of outstanding obligations secured by liens on
    the collateral, including the notes. There can be no assurance
    that the notes will always represent the largest class of
    obligations secured by liens on the collateral. Accordingly,
    note holders may not always have the right to control the
    remedies and the taking of other actions related to the
    collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, all collateral sold or otherwise disposed of in
    accordance with the terms of the documents governing the pari
    passu lien obligations will automatically be released from the
    lien securing the notes and the lien securing the other pari
    passu lien obligations. Accordingly, any such sale or other
    disposition in a transaction that does not violate the asset
    disposition covenant of the indenture governing the notes may
    result in a release of the collateral subject to such sale or
    disposition. <I>See </I>&#147;Description of the new
    notes&#160;&#151; Limitation on asset sales.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the intercreditor agreement, the collateral agent may not
    object following the filing of a bankruptcy petition to any
    <FONT style="white-space: nowrap">debtor-in-possession</FONT>
    financing or to the use of the collateral to secure that
    financing, subject to conditions and limited exceptions, if at
    such time the notes are not the largest class of outstanding
    obligations secured by liens on the collateral. After such a
    filing, the value of the collateral could materially
    deteriorate, and the note holders would be unable to raise an
    objection.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Rights
    of Holders of the Notes in the Collateral may be Adversely
    Affected by the Failure to Perfect Security Interests in
    Collateral.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Applicable law requires that a security interest in certain
    tangible and intangible assets can only be properly perfected
    and its priority retained through certain actions undertaken by
    the secured party. The liens on the collateral securing the
    notes and the note guarantees may not be perfected with respect
    to the claims of the notes and the note guarantees if the
    collateral agent is not able to take the actions necessary to
    perfect any of these liens on or prior to the date 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: transparent">
    The Company and the Subsidiary Guarantors have limited
    obligations to perfect the security interest for the benefit of
    the holders of the notes in specified collateral. There can be
    no assurance that the trustee or the collateral agent for the
    notes will monitor, or that we will inform such trustee or
    collateral agent of, the future acquisition of assets and rights
    that constitute collateral, and that the necessary action will
    be taken to properly perfect the security interest in such
    after-acquired collateral. Neither the trustee nor the
    collateral agent for the notes has an obligation to monitor the
    acquisition of additional assets or rights that constitute
    collateral or the perfection of any security interest. Such
    failure to monitor may result in the loss of the security
    interest in the collateral or the priority of the security
    interest in favor of the notes and the note guarantees against
    third parties.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Security
    Over Certain Collateral May not be in Place by the Closing Date
    of this Offering or May not be Perfected on the Closing Date of
    this Offering, Which Means that the Notes Will not be Secured to
    that Extent.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain recordations, notices, filings and other actions to
    create, perfect or protect the priority of the liens securing
    the notes and the note guarantees will be taken subsequent to
    the issuance of the notes. Any delay in such recordations,
    notices, filings and other actions increase the risk that the
    liens could be voided or subject to the liens of intervening
    creditors. To the extent any security interest in the collateral
    securing the notes cannot be perfected or a valid lien created
    with respect thereto on or prior to the closing date, we will be
    required to have all such security interests perfected
    <FONT style="white-space: nowrap">and/or</FONT> valid
    liens created, to the extent required by the indenture and the
    security documents, promptly following the closing date, but in
    any event no later than 60&#160;days after such date and no
    later than 90&#160;days after such date for deposit accounts. We
    cannot assure you that we will be able to perfect
    <FONT style="white-space: nowrap">and/or</FONT>
    create a valid lien with respect to any such security interests
    on or prior to that date, and our failure to do so may result in
    a default under the indenture. To the extent a security interest
    in any of the collateral is created or perfected following the
    issuance date of the notes, the security interest would remain
    at risk of being voided as a preferential transfer by a trustee
    in bankruptcy or being subject to the liens of intervening
    creditors.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We May
    not be Able to Repurchase the Notes Upon a Change of
    Control.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the occurrence of specific kinds of change of control
    events, we will be required to offer to repurchase all
    outstanding notes at 101% of their principal amount plus accrued
    and unpaid interest. The source of funds for any such purchase
    of the notes will be our available cash or cash generated from
    our and our subsidiaries&#146; operations or other sources,
    including borrowings, sales of assets or sales of equity. We may
    not be able to repurchase the notes upon a change of control
    because we may not have sufficient financial resources to
    purchase all of the notes that are tendered upon a change of
    control. Accordingly, we may not be able to satisfy our
    obligations to purchase the notes unless we are able to obtain
    financing. Our failure to repurchase the notes upon a change of
    control would cause a default under the indenture governing 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the change of control provisions in the indenture
    may not protect you from certain important corporate events,
    such as a leveraged recapitalization (which would increase the
    level of our indebtedness), reorganization, restructuring,
    merger or other similar transaction, unless such transaction
    constitutes a &#147;Change of Control&#148; under the indenture.
    Such a transaction may not involve a change in voting power or
    beneficial ownership or, even if it does, may not involve a
    change that constitutes a &#147;Change of Control&#148; as
    defined in the indenture that would trigger our obligation to
    repurchase the notes. Therefore, if an event occurs that does
    not constitute a &#147;Change of Control&#148; as defined in the
    indenture, we will not be required to make an offer to
    repurchase the notes and you may be required to continue to hold
    your notes despite the event. <I>See </I>&#147;Description of
    the new notes&#160;&#151; Repurchase of the Notes upon a Change
    of Control&#148;.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In the
    Event of a Bankruptcy of the Company or any of the Subsidiary
    Guarantors, Holders of the Notes May be Deemed to Have an
    Unsecured Claim to the Extent that Obligations in Respect of the
    Notes Exceed the Fair Market Value of the Collateral Securing
    the Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In any bankruptcy case under Title&#160;11 of the United States
    Code, as amended, or the Bankruptcy Code, with respect to the
    Company or any of the Subsidiary Guarantors, it is possible that
    the bankruptcy trustee, the
    <FONT style="white-space: nowrap">debtor-in-possession</FONT>
    or competing creditors will assert that the value of the
    collateral with respect to the notes on the date of such
    valuation is less than the then-current principal amount of the
    notes and all other obligations with equal and ratable security
    interests in the collateral. Upon a finding by the bankruptcy
    court that the notes are under-collateralized, the claims in the
    bankruptcy case with respect to the notes would be bifurcated
    between a secured claim and an unsecured claim, and the
    unsecured claim would not be entitled to the benefits of
    security in the collateral. Other consequences of a finding of
    under-collateralization would be, among other things, a lack of
    entitlement on the part of the notes to receive post-petition
    interest and a lack of entitlement on the part of the unsecured
    portion of the notes to receive &#147;adequate protection&#148;
    under the Bankruptcy Code. In addition, if any payments of
    post-petition interest had been made prior to the time of such a
    finding of under-collateralization, those payments could be
    recharacterized by the bankruptcy court as a reduction of the
    principal amount of the secured claim with respect to the notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Bankruptcy
    Laws May Limit the Ability of Holders of the Notes to Realize
    Value From the Collateral.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The right of the collateral agent to repossess and dispose of
    the collateral upon the occurrence of an event of default under
    the indenture is likely to be significantly impaired by
    applicable bankruptcy law if a bankruptcy case were to be
    commenced by or against the Company or any of the Subsidiary
    Guarantors before the collateral agent repossessed and disposed
    of the collateral. For example, under the Bankruptcy Code,
    pursuant to the automatic stay imposed upon the bankruptcy
    filing, a secured creditor is prohibited from repossessing its
    collateral from a debtor in a bankruptcy case, or from disposing
    of collateral repossessed from such debtor, or taking other
    actions to levy against a debtor, without bankruptcy court
    approval after notice and a hearing. Moreover, the Bankruptcy
    Code permits the debtor to continue to retain and to use
    collateral even though the debtor is in default under the
    applicable debt instruments, provided that the secured creditor
    is given &#147;adequate protection.&#148; The meaning of the
    term &#147;adequate protection&#148; is undefined in the
    Bankruptcy Code and may vary according to circumstances (and is
    within the discretion of the bankruptcy court), but it is
    intended in general to protect the secured creditor&#146;s
    interest in the collateral from diminishing in value during the
    pending of the bankruptcy case and may include periodic payments
    or the granting of additional security, if and at such times as
    the court in its discretion determines, for any diminution in
    the value of the collateral as a result of the automatic stay or
    any use of the collateral by the debtor during the pendency of
    the bankruptcy case. A bankruptcy court could conclude that the
    secured creditor&#146;s interest in its collateral is
    &#147;adequately protected&#148; against any diminution in value
    during the bankruptcy case without the need of providing any
    additional adequate protection. Due to the imposition of the
    automatic stay, the lack of a precise definition of the term
    &#147;adequate protection&#148; and the broad discretionary
    powers of a bankruptcy court, it is impossible to predict
    (i)&#160;how long payments under the notes could be delayed, or,
    if made at all, following commencement of a bankruptcy case,
    (ii)&#160;whether or when the collateral agent could repossess
    or dispose of the collateral or (iii)&#160;whether or to what
    extent holders of the notes would be compensated for any delay
    in payment or loss of value of the collateral through the
    requirement of &#147;adequate protection.&#148; The note holders
    may receive in exchange for their claims a recovery that could
    be substantially less than the amount of their claims
    (potentially even nothing) and any such recovery could be in the
    form of cash, new debt instruments or some other security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the limitations described above, the collateral
    agent&#146;s ability to exercise remedies with respect to the
    collateral on behalf of the note holders may also be challenged
    on the basis of the collateral agent&#146;s security interest
    not being perfected (or in the case of equity interests in
    foreign subsidiaries or their obligations, if any, included in
    the collateral, on grounds that such security interests are not
    created or perfected in accordance with applicable foreign law),
    the consent of third parties, contractual restrictions, priority
    issues, state law requirements and practical problems associated
    with the realization of the collateral agent&#146;s security
    interest in the collateral securing the notes, including cure
    rights, foreclosing on the collateral within the time periods
    permitted by third parties or prescribed by laws, statutory
    rights of redemption and the effect of the order of foreclosure.
    For example, the collateral agent may need to obtain the consent
    of a third party to obtain or enforce a security interest in a
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    contract. We cannot assure you that the collateral agent will be
    able to obtain any such consent, transfer or maintain in effect
    any such contracts. Accordingly, the collateral agent may not
    have the ability to foreclose upon those assets and the value of
    the collateral may significantly decrease.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Any
    Future Pledge of Collateral or Guarantee in Favor of the Holders
    of the Notes Might be Voidable in Bankruptcy.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any future pledge of collateral or guarantee in favor of the
    holders of the notes might be voidable (that is, cancelled) in a
    bankruptcy case of the pledgor or Subsidiary Guarantor if
    certain events or circumstances exist or occur, including, under
    the Bankruptcy Code, if the pledgor or Subsidiary Guarantor is
    insolvent at the time of the pledge or guarantee, the pledge or
    guarantee enables the holders of the notes to receive more than
    they would if the pledge or guarantee had not been made and the
    debtor were liquidated under chapter&#160;7 of the Bankruptcy
    Code, and a bankruptcy case in respect of the pledgor is
    commenced within 90&#160;days following the pledge (or one year
    before commencement of a bankruptcy case if the creditor that
    benefited from the lien or guarantee is an &#147;insider&#148;
    under the Bankruptcy Code).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Notes Could be Wholly or Partially Voided as a Preferential
    transfer.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we become the subject of a bankruptcy proceeding within
    90&#160;days after the date of the indenture (or, with respect
    to any insiders specified in bankruptcy law who are holders of
    the notes, within one year after we issue the notes), and the
    court determines that we were insolvent at the time of the
    closing (under the preference laws, we would be presumed to have
    been insolvent on and during the 90&#160;days immediately
    preceding the date of filing of any bankruptcy petition), the
    court could find that the incurrence of the obligations under
    the notes involved a preferential transfer. In addition, to the
    extent that certain of our collateral is not perfected until
    after closing, such
    <FONT style="white-space: nowrap">90-day</FONT>
    preferential transfer period would begin on the date of
    perfection. If the court determined that the granting of the
    security interest was therefore a preferential transfer, which
    did not qualify for any defense under bankruptcy law, then
    holders of the notes would be unsecured creditors with claims
    that ranked pari passu with all other unsecured creditors of the
    applicable obligor, including trade creditors. In addition,
    under such circumstances, the value of any consideration holders
    received pursuant to the notes, including upon foreclosure of
    the collateral securing the notes and the note guarantees, could
    also be subject to recovery from such holders and possibly from
    subsequent assignees, or such holders might be returned to the
    same position they held as holders of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    and State Fraudulent Transfer Laws May Permit a Court to Void
    the Notes and the Note Guarantees, Subordinate Claims in Respect
    of the Notes and Any Guarantees and Require Noteholders to
    Return Payments Received and, if That Occurs, You May not
    Receive any Payments on the Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Federal and state fraudulent transfer and conveyance statutes
    may apply to the issuance of the notes, the incurrence of any
    guarantees of the notes entered into upon issuance of the notes
    and subsidiary guarantees that may be entered into thereafter
    under the terms of the indenture governing the notes and the
    granting of liens to secure the notes and the guarantees. Under
    federal bankruptcy law and comparable provisions of state
    fraudulent transfer or conveyance laws, which may vary from
    state to state, the notes, any guarantee or any of the liens
    securing the notes and the guarantees could be voided as a
    fraudulent transfer or conveyance if (1)&#160;we or any of the
    guarantors, as applicable, issued the notes, incurred its
    guarantee or granted the liens with the intent of hindering,
    delaying or defrauding creditors or (2)&#160;we or any of the
    guarantors, as applicable, received less than reasonably
    equivalent value or fair consideration in return for issuing the
    notes, incurring its guarantee or granting the liens and, in the
    case of (2)&#160;only, one of the following is also true at the
    time thereof:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we or any of the guarantors, as applicable, were insolvent or
    rendered insolvent by reason of the issuance of the notes or the
    incurrence of the guarantees;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issuance of the notes or the incurrence of the guarantees
    left us or any of the guarantors, as applicable, with an
    unreasonably small amount of capital to carry on the
    business;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we or any of the guarantors intended to, or believed that we or
    such guarantor would, incur debts beyond our or such
    guarantor&#146;s ability to pay such debts as they mature.
</TD>
</TR>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A court would likely find that we or a guarantor did not receive
    reasonably equivalent value or fair consideration for the notes
    or such guarantee if we or such guarantor did not substantially
    benefit directly or indirectly from the issuance of the notes or
    the applicable guarantee. As a general matter, value is given
    for a transfer or an obligation if, in exchange for the transfer
    or obligation, property is transferred or new or antecedent debt
    is secured or satisfied.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We cannot be certain as to the standards a court would use to
    determine whether or not we or the guarantors were solvent at
    the relevant time or, regardless of the standard that a court
    uses, that the issuance of the guarantees would not be further
    subordinated to our or any of our guarantors&#146; other debt.
    Generally, however, an entity would be considered solvent if, at
    the time it incurred indebtedness:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of its debts, including contingent liabilities, was
    greater than the fair saleable value of all 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: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the present fair saleable value of its assets was less than the
    amount that would be required to pay its probable liability on
    its existing debts, including contingent liabilities, as they
    become absolute and mature;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it could not pay 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a court were to find that the issuance of the notes or the
    incurrence of the guarantee was a fraudulent transfer or
    conveyance, the court could void the payment obligations under
    the notes or such guarantee or subordinate the notes or such
    guarantee to presently existing and future indebtedness of ours
    or of the related guarantor, or require the holders of the notes
    to repay any amounts received with respect to such guarantee. In
    addition, the court may avoid and set aside the liens securing
    the collateral. In the event of a finding that a fraudulent
    transfer or conveyance occurred, you may not receive any
    repayment on 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although each guarantee entered into by a subsidiary will
    contain a provision intended to limit that guarantor&#146;s
    liability to the maximum amount that it could incur without
    causing the incurrence of obligations under its guarantee to be
    a fraudulent transfer, this provision may not be effective to
    protect those guarantees from being voided under fraudulent
    transfer law, or may reduce that guarantor&#146;s obligation to
    an amount that effectively makes its guarantee worthless.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    Lowering or Withdrawal of the Ratings Assigned to Our Debt
    Securities by Rating Agencies May Increase Our Future Borrowing
    Costs and Reduce Our Access to Capital.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our debt currently has a non-investment grade rating, and there
    can be no assurance that any rating assigned by the rating
    agencies will remain for any given period of time or that a
    rating will not be lowered or withdrawn entirely by a rating
    agency if, in that rating agency&#146;s judgment, future
    circumstances relating to the basis of the rating, such as
    adverse changes, so warrant. A lowering or withdrawal of the
    ratings assigned to our debt securities by rating agencies may
    increase our future borrowing costs and reduce our access to
    capital, which could have a material adverse impact on our
    financial condition and results of operations.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Market Price for the Notes May be Volatile.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Historically, the market for noninvestment grade debt has been
    subject to disruptions that have caused substantial fluctuations
    in the price of the securities. Even if a trading market for the
    notes develops, it may be subject to disruptions and price
    volatility. Any disruptions may have a negative effect on note
    holders, regardless of our prospects and financial performance.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">An
    Increase in Market Interest Rates Could Result in a Decrease in
    the Value of the Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, the market value of already outstanding debt
    instruments similar to the notes bearing interest at a fixed
    rate will decline if and as market interest rates for similar
    instruments of issuers generally rise. Consequently, if you
    purchase the notes and market interest rates increase, the
    market value of your notes may decline. We cannot predict the
    future level of market interest rates.
</DIV>
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    <BR>
    28
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    Covenants Contained in the Indenture Will not be Applicable
    During Any Period in Which the Notes are Rated Investment
    Grade.</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture governing the notes will provide that certain
    covenants will not apply to us during any period in which the
    notes are rated investment grade by either Standard&#160;&#038;
    Poor&#146;s or Moody&#146;s and no default has otherwise
    occurred and is continuing under the indenture. The covenants
    that would be suspended include, among others, restrictions on
    our ability to pay dividends, incur indebtedness, sell certain
    assets, enter into transactions with affiliates and to enter
    into certain other transactions. Any actions that we take while
    these covenants are not in force will be permitted even if the
    notes are subsequently downgraded below investment grade and
    such covenants are subsequently reinstated. There can be no
    assurance that the notes will ever be rated investment grade, or
    that if they are rated investment grade, the notes will maintain
    such ratings. Holders of notes will have no recourse against us
    or any other parties in the event of a change in or suspension
    or withdrawal of such ratings. Any lowering, suspension or
    withdrawal of such ratings may have an adverse effect on the
    market price or marketability of the notes.
</DIV>
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    <BR>
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<A name='Y91656104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not receive any proceeds from the exchange offer. Any
    old notes that are properly tendered and exchanged pursuant to
    the exchange offer will be retired and cancelled.
</DIV>
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    <BR>
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<A name='Y91656105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: transparent">
    We present below our ratio of earnings to fixed charges, which
    is computed by dividing earnings, which is the sum of profit
    (loss) before income taxes and fixed charges, by fixed charges.
    Fixed charges represent interest expense, amortization of debt
    issuance costs, and an appropriate portion of rentals
    representative of the interest factor.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
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    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&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="3" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" align="center" valign="bottom">
    <B>(Dollars in millions)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Profit (Loss) Before Income Taxes</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,829
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,766
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (36,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    127,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,450
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Add Fixed Charges:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" 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="right" 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="right" 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="right" 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="right" 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="right" 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: -10pt; margin-left: 20pt">
    <B>Interest Expense(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,774
</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">
    25,914
</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">
    21,050
</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">
    38,998
</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">
    56,643
</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">
    62,867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Amortization of Debt Issuance Costs</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92
</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">
    643
</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">
    1,164
</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">
    1,227
</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">
    1,218
</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">
    352
</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: -10pt; margin-left: 20pt">
    <B>Appropriate Portion of Rentals Representative of the Interest
    Factor(2)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,971
</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">
    16,793
</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">
    16,853
</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">
    15,687
</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">
    11,036
</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">
    11,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Fixed Charges</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,837
</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">
    43,450
</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">
    39,067
</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">
    55,912
</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">
    68,897
</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">
    74,309
</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: -10pt; margin-left: 10pt">
    <B>Earnings</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,666
</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">
    114,116
</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">
    73,880
</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">
    19,869
</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">
    196,291
</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">
    154,759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratio of Earnings to Fixed Charges(3)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.8
</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">
    2.6
</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">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.8
</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">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes interest expenses on short-term borrowings including
    bank call loans, securities lending, and repurchase agreements
    which generally have a corresponding asset that generates
    interest income that substantially offsets or exceeds the
    aforementioned interest expense.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The percent of rent included in the computation is a reasonable
    approximation of the interest factor.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Due to the Company&#146;s pre-tax loss in the year ended
    December&#160;31, 2008 the ratio coverage was less than 1:1 in
    this period. The Company would have needed to generate
    additional earnings of $36&#160;million to achieve a coverage of
    1:1.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

<A name='Y91656106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXCHANGE OFFER</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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Exchange Offer; Period for Tendering Old 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to terms and conditions detailed in this prospectus, we
    will accept for exchange old notes which are properly tendered
    on or prior to the expiration date and not withdrawn as
    permitted below. As used herein, the term &#147;<I>expiration
    date</I>&#148; means 5:00&#160;p.m., New York City time, on
    August&#160;9, 2011. We may, however, in our sole discretion,
    extend the period of time during which the exchange offer is
    open. The term &#147;<I>expiration date</I>&#148; means the
    latest time and date to which the exchange offer is extended.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the date of this prospectus, $200.0&#160;million aggregate
    principal amount of old notes are outstanding. This prospectus,
    together with the letter of transmittal, is first being sent on
    or about the date hereof, to all holders of old notes known to
    us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expressly reserve the right, at any time, to extend the
    period of time during which the exchange offer is open, and
    delay acceptance for exchange of any old notes, by giving oral
    or written notice of such extension to the holders thereof as
    described below. During any such extension, all old notes
    previously tendered will remain subject to the exchange offer
    and may be accepted for exchange by us. Any old notes not
    accepted for exchange for any reason will be returned without
    expense to the tendering holder as promptly as practicable after
    the expiration or termination of the exchange offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Old notes tendered in the exchange offer must be in
    denominations of principal amount of $2,000 and integral
    multiples of $1,000.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expressly reserve the right to amend or terminate the
    exchange offer, and not to accept for exchange any old notes,
    upon the occurrence of any of the conditions of the exchange
    offer specified under &#147;&#151;&#160;Conditions to the
    exchange offer.&#148; We will give oral or written notice of any
    extension, amendment, non-acceptance or termination to the
    holders of the old notes as promptly as practicable. Such
    notice, in the case of any extension, will be issued by means of
    a press release or other public announcement no later than
    9:00&#160;a.m., New York City time, on the next business day
    after the previously scheduled expiration date.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Procedures
    for Tendering Old 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The tender to us of old notes by you as set forth below and our
    acceptance of the old notes will constitute a binding agreement
    between us and you upon the terms and subject to the conditions
    set forth in this prospectus and in the accompanying letter of
    transmittal. Except as set forth below, to tender old notes for
    exchange pursuant to the exchange offer, you must transmit a
    properly completed and duly executed letter of transmittal,
    including all other documents required by such letter of
    transmittal or, in the case of a book-entry transfer, an
    agent&#146;s message in lieu of such letter of transmittal, to
    The Bank of New York Mellon Trust&#160;Company, N.A., as
    exchange agent, at the address set forth below under
    &#147;&#151;&#160;Exchange Agent&#148; on or prior to the
    expiration date. In addition, either:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certificates for such old notes must be received by the exchange
    agent along with the letter of transmittal;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a timely confirmation of a book-entry transfer (a
    &#147;<I>book-entry confirmation</I>&#148;) of such old notes,
    if such procedure is available, into the exchange agent&#146;s
    account at DTC pursuant to the procedure for book-entry transfer
    must be received by the exchange agent, prior to the expiration
    date, with the letter of transmittal or an agent&#146;s message
    in lieu of such letter of transmittal.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;<I>agent&#146;s message</I>&#148; means a
    message, transmitted by DTC to and received by the exchange
    agent and forming a part of a book-entry confirmation, which
    states that DTC has received an express acknowledgment from the
    tendering participant stating that such participant has received
    and agrees to be bound by the letter of transmittal and that we
    may enforce such letter of transmittal against such participant.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The method of delivery of old notes, letters of transmittal and
    all other required documents is at your election and risk. If
    such delivery is by mail, it is recommended that you use
    registered mail, properly insured, with return receipt
    requested. In all cases, you should allow sufficient time to
    assure timely delivery. No letter of transmittal or old notes
    should be sent to us.
</DIV>
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    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Signatures on a letter of transmittal or a notice of withdrawal,
    as the case may be, must be guaranteed unless the old notes
    surrendered for exchange are tendered:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by a holder of the old notes who has not completed the box
    entitled &#147;Special Issuance Instructions&#148; or
    &#147;Special Delivery Instructions&#148; on the letter of
    transmittal,&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the account of an eligible institution (as defined below).
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that signatures on a letter of transmittal or a
    notice of withdrawal are required to be guaranteed, such
    guarantees must be by a firm which is a member of the Securities
    Transfer Agent Medallion Program, the Stock Exchanges Medallion
    Program or the New York Stock Exchange Medallion Program (each
    such entity being hereinafter referred to as an &#147;eligible
    institution&#148;). If old notes are registered in the name of a
    person other than the signer of the letter of transmittal, the
    old notes surrendered for exchange must be endorsed by, or be
    accompanied by a written instrument or instruments of transfer
    or exchange, in satisfactory form as we or the exchange agent
    determine in our sole discretion, duly executed by the
    registered holders with the signature thereon guaranteed by an
    eligible institution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We or the exchange agent in our sole discretion will make a
    final and binding determination on all questions as to the
    validity, form, eligibility (including time of receipt) and
    acceptance of old notes tendered for exchange. We reserve the
    absolute right to reject any and all tenders of any particular
    old note not properly tendered or to not accept any particular
    old note which acceptance might, in our judgment or our
    counsel&#146;s, be unlawful. We also reserve the absolute right
    to waive any defects or irregularities or conditions of the
    exchange offer as to any particular old note either before or
    after the expiration date (including the right to waive the
    ineligibility of any holder who seeks to tender old notes in the
    exchange offer). Our or the exchange agent&#146;s interpretation
    of the term and conditions of the exchange offer as to any
    particular old note either before or after the expiration date
    (including the letter of transmittal and the instructions
    thereto) will be final and binding on all parties. Unless
    waived, any defects or irregularities in connection with tenders
    of old notes for exchange must be cured within a reasonable
    period of time, as we determine. We are not, nor is the exchange
    agent or any other person, under any duty to notify you of any
    defect or irregularity with respect to your tender of old notes
    for exchange, and no one will be liable for failing to provide
    such notification.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the letter of transmittal is signed by a person or persons
    other than the registered holder or holders of old notes, such
    old notes must be endorsed or accompanied by powers of attorney
    signed exactly as the name(s) of the registered holder(s) that
    appear on the old notes and the signatures must be guaranteed by
    an eligible institution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the letter of transmittal or any old notes or powers of
    attorney are signed by trustees, executors, administrators,
    guardians, attorneys-in-fact, officers of corporations or others
    acting in a fiduciary or representative capacity, such persons
    should so indicate when signing. Unless waived by us or the
    exchange agent, proper evidence satisfactory to us of their
    authority to so act must be submitted with the letter of
    transmittal.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By tendering old notes, you represent to us that, among other
    things, the new notes acquired pursuant to the exchange offer
    are being obtained in the ordinary course of business of the
    person receiving such new notes, whether or not such person is
    the holder, that neither the holder nor such other person has
    any arrangement or understanding with any person, to participate
    in the distribution of the new notes, and that you are not
    holding old notes that have, or are reasonably likely to have,
    the status of an unsold allotment in the initial offering. If
    you are our &#147;affiliate,&#148; as defined under
    Rule&#160;405 under the Securities Act, and engage in or intend
    to engage in or have an arrangement or understanding with any
    person to participate in a distribution of such new notes to be
    acquired pursuant to the exchange offer, you or any such other
    person:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cannot rely on the applicable interpretations of the staff of
    the SEC;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    must comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with any resale
    transaction.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives new notes for its own account
    in exchange for old notes, where such old notes were acquired by
    such broker-dealer as a result of market-making activities or
    other trading activities, must acknowledge that it will deliver
    a prospectus in connection with any resale of such new notes.
    <I>See </I>&#147;Plan of
</DIV>
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    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distribution.&#148; The letter of transmittal states that by so
    acknowledging and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Furthermore, any broker-dealer that acquired any of its old
    notes directly from us:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    may not rely on the applicable interpretation of the staff of
    the SEC contained in Exxon Capital Holdings Corp., SEC no-action
    letter (Apr. 13, 1988), Morgan, Stanley&#160;&#038; Co. Inc.,
    SEC no-action letter (June&#160;5, 1991)&#160;and
    Shearman&#160;&#038; Sterling, SEC no-action letter
    (July&#160;2, 1993);&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    must also be named as a selling security holder in connection
    with the registration and prospectus delivery requirements of
    the Securities Act relating to any resale transaction.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Acceptance
    of Old Notes for Exchange; Delivery of New 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon satisfaction or waiver of all of the conditions to the
    exchange offer, we will accept, promptly after the expiration
    date, all old notes properly tendered and will issue the new
    notes promptly after acceptance of the old notes. <I>See
    </I>&#147;&#151;&#160;Conditions to the Exchange Offer.&#148;
    For purposes of the exchange offer, we will be deemed to have
    accepted properly tendered old notes for exchange if and when we
    give oral (confirmed in writing) or written notice to the
    exchange agent.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holder of each old note accepted for exchange will receive a
    new note in the amount equal to the surrendered old note.
    Holders of new notes on the relevant record date for the first
    interest payment date following the consummation of the exchange
    offer will receive interest accruing from the most recent date
    to which interest has been paid on the old notes. Holders of new
    notes will not receive any payment in respect of accrued
    interest on old notes otherwise payable on any interest payment
    date, the record date for which occurs on or after the
    consummation of the exchange offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In all cases, issuance of new notes for old notes that are
    accepted for exchange will be made only after timely receipt by
    the exchange agent of:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a timely book-entry confirmation of such old notes into the
    exchange agent&#146;s account at DTC,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly completed and duly executed letter of transmittal or
    an agent&#146;s message in lieu thereof,&#160;and
</TD>
</TR>


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any tendered old notes are not accepted for any reason set
    forth in the terms and conditions of the exchange offer or if
    old notes are submitted for a greater principal amount than the
    holder desires to exchange, such unaccepted or non-exchanged old
    notes will be returned without expense to the tendering holder
    (or, in the case of old notes tendered by book entry transfer
    into the exchange agent&#146;s account at DTC pursuant to the
    book-entry procedures described below, such non-exchanged old
    notes will be credited to an account maintained with DTC as
    promptly as practicable after the expiration or termination of
    the exchange offer.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the exchange offer, the exchange agent will
    request that an account be established with respect to the old
    notes at DTC within two business days after the date of this
    prospectus, unless the exchange agent has already established an
    account with DTC suitable for the exchange offer. Any financial
    institution that is a participant in DTC may make book-entry
    delivery of old notes by causing DTC to transfer such old notes
    into the exchange agent&#146;s account at DTC in accordance with
    DTC&#146;s procedures for transfer. Although delivery of old
    notes may be effected through book-entry transfer at DTC, the
    letter of transmittal or facsimile thereof or an agent&#146;s
    message in lieu thereof, with any required signature guarantees
    and any other required documents, must, in any case, be
    transmitted to and received by the exchange agent at the address
    set forth under &#147;&#151;&#160;Exchange Agent&#148; on or
    prior to the expiration date.
</DIV>
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    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may withdraw your tender of old notes at any time prior to
    the expiration date. To be effective, a written notice of
    withdrawal must be received by the exchange agent at one of the
    addresses set forth under &#147;&#151;&#160;Exchange
    Agent.&#148; This notice must specify:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the name of the person having tendered the old notes to be
    withdrawn,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the old notes to be withdrawn (including the principal amount of
    such old 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: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    where certificates for old notes have been transmitted, the name
    in which such old notes are registered, if different from that
    of the withdrawing holder.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If certificates for old notes have been delivered or otherwise
    identified to the exchange agent, then, prior to the release of
    such certificates, the withdrawing holder must also submit the
    serial numbers of the particular certificates to be withdrawn
    and a signed notice of withdrawal with signatures guaranteed by
    an eligible institution, unless such holder is an eligible
    institution. If old notes have been tendered pursuant to the
    procedure for book-entry transfer described above, any notice of
    withdrawal must specify the name and number of the account at
    DTC to be credited with the withdrawn old notes and otherwise
    comply with the procedures of DTC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We or the exchange agent will make a final and binding
    determination on all questions as to the validity, form and
    eligibility (including time of receipt) of such notices. Any old
    notes so withdrawn will be deemed not to have been validly
    tendered for exchange for purposes of the exchange offer. Any
    old notes tendered for exchange but not exchanged for any reason
    will be returned to the holder without cost to such holder (or,
    in the case of old notes tendered by book-entry transfer into
    the exchange agent&#146;s account at DTC pursuant to the
    book-entry transfer procedures described above, such old notes
    will be credited to an account maintained with DTC for the old
    notes as soon as practicable after withdrawal, rejection of
    tender or termination of the exchange offer. Properly withdrawn
    old notes may be retendered by following one of the procedures
    described under &#147;&#151;&#160;Procedures for Tendering Old
    Notes&#148; above at any time on or prior to the expiration date.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Conditions
    to the Exchange Offer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding any other provision of the exchange offer, we
    are not required to accept for exchange, or to issue new notes
    in exchange for, any old notes and may terminate or amend the
    exchange offer, if any of the following events occur prior to
    acceptance of such old notes:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer violates any applicable law or applicable
    interpretation of the staff of the SEC;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there is threatened, instituted or pending any action or
    proceeding before, or any injunction, order or decree has been
    issued by, any court or governmental agency or other
    governmental regulatory or administrative agency or commission,
</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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    seeking to restrain or prohibit the making or consummation of
    the exchange offer or any other transaction contemplated by the
    exchange offer, or assessing or seeking any damages as a result
    thereof,&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    resulting in a material delay in our ability to accept for
    exchange or exchange some or all of the old notes pursuant to
    the exchange offer,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    or any statute, rule, regulation, order or injunction has been
    sought, proposed, introduced, enacted, promulgated or deemed
    applicable to the exchange offer or any of the transactions
    contemplated by the exchange offer by any government or
    governmental authority, domestic or foreign, or any action has
    been taken, proposed or threatened, by any government,
    governmental authority, agency or court, domestic or foreign,
    that in our sole judgment might, directly or indirectly, result
    in any of the consequences referred to in clauses&#160;(1) or
    (2)&#160;above or, in our reasonable judgment, might result in
    the holders of new notes having obligations with respect to
    resales and transfers of new notes which are greater than those
    described in the interpretation of the SEC referred to on the
    cover page of this prospectus, or would otherwise make it
    inadvisable to proceed with the exchange offer;&#160;or
</TD>
</TR>

</TABLE>
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    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91656tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there has occurred:
</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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any general suspension of or general limitation on prices for,
    or trading in, our securities on any national securities
    exchange or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limitation by a governmental agency or authority which may
    adversely affect our ability to complete the transactions
    contemplated by the exchange offer,
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a declaration of a banking moratorium or any suspension of
    payments in respect of banks in the United States or any
    limitation by any governmental agency or authority which
    adversely affects the extension of credit,&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a commencement of a war, armed hostilities or other similar
    international calamity directly or indirectly involving the
    United States, or, in the case of any of the foregoing existing
    at the time of the commencement of the exchange offer, a
    material acceleration or worsening thereof;
</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: 'Times New Roman', Times; color: #000000; background: transparent">
    which in our reasonable judgment in any case, and regardless of
    the circumstances (including any action by us) giving rise to
    any such condition, makes it inadvisable to proceed with the
    exchange offer
    <FONT style="white-space: nowrap">and/or</FONT> with
    such acceptance for exchange or with such exchange.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing conditions are for our sole benefit and may be
    asserted by us regardless of the circumstances giving rise to
    any condition or may be waived by us in whole or in part at any
    time in our reasonable discretion. Our failure at any time to
    exercise any of the foregoing rights will not be deemed a waiver
    of any such right and each such right will be deemed an ongoing
    right which may be asserted at any time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we will not accept for exchange any old notes
    tendered, and no new notes will be issued in exchange for any
    such old notes, if at such time any stop order is threatened or
    in effect with respect to the Registration Statement, of which
    this prospectus constitutes a part, or the qualification of the
    indenture under the Trust&#160;Indenture Act.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have appointed The Bank of New York Mellon
    Trust&#160;Company, N.A. as the exchange agent for the exchange
    offer. All executed letters of transmittal should be directed to
    the exchange agent at the address set forth below. Questions and
    requests for assistance, requests for additional copies of this
    prospectus or of the letter of transmittal should be directed to
    the exchange agent addressed as follows:
</DIV>

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

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

    <FONT style="font-family: 'Times New Roman', Times">The Bank of
    New York Mellon Trust&#160;Company, N.A., <I>Exchange Agent<BR>
    By Registered or Certified Mail, Overnight Delivery after<BR>
    4:30&#160;p.m. on the Expiration Date:<BR>
    </I>c/o The Bank of New York Mellon Corporation
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Corporate Trust&#160;&#151;&#160;Reorganization Unit
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    101 Barclay Street&#160;&#151;&#160;7 East
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, NY 10286
</DIV>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>For Information Call: (212) 815-2742</I>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By Facsimile Transmission (for Eligible Institutions only):
    (212) 298-1915
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Confirm by Telephone: (212) 815-2742</I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DELIVERY OF THE LETTER OF TRANSMITTAL TO AN ADDRESS OTHER
    THAN AS SET FORTH ABOVE OR TRANSMISSION OF SUCH LETTER OF
    TRANSMITTAL VIA FACSIMILE OTHER THAN AS SET FORTH ABOVE DOES NOT
    CONSTITUTE A VALID DELIVERY OF THE LETTER OF TRANSMITTAL.</B>
</DIV>
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    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The principal solicitation is being made by mail by The Bank of
    New York Mellon Trust&#160;Company, N.A., as exchange agent. We
    will pay the exchange agent customary fees for its services,
    reimburse the exchange agent for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred in connection with the provision of these
    services and pay other registration expenses, including fees and
    expenses of the trustee under the indenture relating to the new
    notes, filing fees, blue sky fees and printing and distribution
    expenses. We will not make any payment to brokers, dealers or
    others soliciting acceptances of the exchange offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additional solicitation may be made by telephone, facsimile or
    in person by our and our affiliates&#146; officers and regular
    employees and by persons so engaged by the exchange agent.
</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will record the new notes at the same carrying value as the
    old notes, as reflected in our accounting records on the date of
    the exchange. Accordingly, we will not recognize any gain or
    loss for accounting purposes. The expenses of the exchange offer
    will be amortized over the term of the new notes.
</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders who tender their old notes for exchange will not be
    obligated to pay any related transfer taxes, except that holders
    who instruct us to register new notes in the name of, or request
    that old notes not tendered or not accepted in the exchange
    offer be returned to, a person other than the registered
    tendering holder will be responsible for the payment of any
    applicable transfer taxes.
</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Consequences
    of Exchanging or Failing to Exchange Old Notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not exchange your old notes for new notes in the
    exchange offer, your old notes will continue to be subject to
    the provisions of the indenture relating to the notes regarding
    transfer and exchange of the old notes and the restrictions on
    transfer of the old notes described in the legend on your
    certificates. These transfer restrictions are required because
    the old notes were issued under an exemption from, or in
    transactions not subject to, the registration requirements of
    the Securities Act and applicable state securities laws. In
    general, the old notes may not be offered or sold unless
    registered under the Securities Act, except under an exemption
    from, or in a transaction not subject to, the Securities Act and
    applicable state securities laws. We do not plan to register the
    old notes under the Securities Act. Based on interpretations by
    the staff of the SEC, as set forth in no-action letters issued
    to third parties, we believe that the new notes you receive in
    the exchange offer may be offered for resale, resold or
    otherwise transferred without compliance with the registration
    and prospectus delivery provisions of the Securities Act.
    However, you will not be able to freely transfer the new notes
    if:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are our &#147;affiliate,&#148; as defined in Rule&#160;405
    under the Securities Act,
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not acquiring the new notes in the exchange offer in the
    ordinary course of your business,
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you have an arrangement or understanding with any person to
    participate in the distribution, as defined in the Securities
    Act, of the new notes you will receive in the exchange offer,
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are holding old notes that have, or are reasonably likely to
    have, the status of an unsold allotment in the initial
    offering,&#160;or
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are a participating broker-dealer.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not intend to request the SEC to consider, and the SEC has
    not considered, the exchange offer in the context of a similar
    no-action letter. As a result, we cannot guarantee that the
    staff of the SEC would make a similar determination with respect
    to the exchange offer as in the circumstances described in the
    no action letters discussed
</DIV>
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    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    above. Each holder, other than a broker-dealer, must acknowledge
    that it is not engaged in, and does not intend to engage in, a
    distribution of new notes and has no arrangement or
    understanding to participate in a distribution of new notes. If
    you are our affiliate, are engaged in or intend to engage in a
    distribution of the new notes or have any arrangement or
    understanding with respect to the distribution of the new notes
    you will receive in the exchange offer, you may not rely on the
    applicable interpretations of the staff of the SEC and you must
    comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with any resale
    transaction involving the new notes. If you are a participating
    broker-dealer, you must acknowledge that you will deliver a
    prospectus in connection with any resale of the new notes. In
    addition, to comply with state securities laws, you may not
    offer or sell the new notes in any state unless they have been
    registered or qualified for sale in that state or an exemption
    from registration or qualification is available and is complied
    with. The offer and sale of the new notes to &#147;qualified
    institutional buyers&#148; (as defined in Rule&#160;144A of the
    Securities Act) is generally exempt from registration or
    qualification under state securities laws. We do not plan to
    register or qualify the sale of the new notes in any state where
    an exemption from registration or qualification is required and
    not available.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91656107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE NEW 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will issue the new notes under the indenture, dated as of
    April&#160;12, 2011 (the <B>&#147;Indenture&#148;</B>) among us,
    as issuer, the Subsidiary Guarantors party thereto and The Bank
    of New York Mellon Trust&#160;Company, N.A., as trustee (in such
    capacity, the <B>&#147;Trustee&#148;</B>), and as collateral
    agent (in such capacity, the <B>&#147;Collateral
    Agent&#148;</B>). This is the same Indenture under which the old
    notes were issued. The form and terms of the new notes are
    identical in all material respects to those of the old notes,
    except that the transfer restrictions and registration rights
    relating to the old notes do not apply to the new notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of certain of the material provisions
    of the Indenture, the Registration Rights Agreement and the
    Security Documents but does not restate such documents in their
    entirety. We urge you to read the Indenture, the Registration
    Rights Agreement and the Security Documents because they, and
    not this description, define your rights as holders of the notes
    (the <B>&#147;Holders&#148;</B>). We will provide you with
    copies of the Indenture and the Security Documents upon request.
    Copies of the Registration Rights Agreement referred to herein
    are available as described in &#147;&#151;&#160;Registration
    Rights; Additional Interest.&#148; The terms of the notes
    include those stated in the Indenture and the Security Documents
    and those made part of the Indenture by reference to the
    Trust&#160;Indenture Act of 1939, as amended (the
    <B>&#147;TIA&#148;</B>). For purposes of this &#147;Description
    of the new notes,&#148; the terms &#147;we,&#148;
    &#147;us&#148;, &#147;our&#148; or &#147;the Company&#148; means
    Oppenheimer Holdings, Inc. and its successors under the
    Indenture, in each case excluding 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of our subsidiaries, which we refer to as our Regulated
    Subsidiaries, are not subject to all of the restrictive
    covenants in the Indenture which place limitations on our
    actions, and where they are subject to covenants, there are
    numerous exceptions and limitations. As of March&#160;31, 2011,
    Regulated Subsidiaries represented 93% of our total assets. For
    the quarter ended March&#160;31, 2011 and the year ended
    December&#160;31, 2010, Regulated Subsidiaries represented 90%
    and 90% of our total revenues, respectively, and 44% and 54% of
    our net income, respectively.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be our senior secured obligations, initially
    limited to $200,000,000 aggregate principal amount. The notes
    will mature on April&#160;15, 2018. Subject to the covenants
    described below under &#147;&#151;&#160;Covenants&#148; and
    applicable law, the Company may issue additional notes
    (<B>&#147;Additional Notes&#148;</B>) under the Indenture.
    References to notes means the notes initially issued and any
    Additional Notes <I>provided </I>that the Company Incurred such
    Additional Notes in compliance with the covenant described under
    the caption &#147;&#151;&#160;Covenants&#160;&#151; Limitation
    on Indebtedness and Issuances of Preferred Stock&#148; below.
    The notes offered hereby, the old notes and any Additional Notes
    are treated as a single class for all purposes under the
    Indenture; <I>provided </I>that if the Additional Notes are not
    fungible with the notes and any exchange notes for
    U.S.&#160;federal income tax purposes, the Additional Notes will
    have a separate CUSIP number.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on the notes will accrue, from the Closing Date, at the
    rate per annum shown on the cover page hereof and will be
    payable semiannually in cash on each April 15 and
    October&#160;15, commencing October&#160;15, 2011. We will make
    interest payments on the notes to the persons who are registered
    holders at the close of business on the April 1 and October 1
    immediately preceding the applicable interest payment date.
    Interest on the notes will accrue from the most recent date on
    which interest on the notes was paid or, if no interest has been
    paid, from and including the date on which the notes were
    originally issued. Interest will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. We will be required to pay Additional Interest in those
    circumstances described in &#147;&#151;&#160;Registration
    Rights; Additional Interest.&#148;
</DIV>
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    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may redeem the notes at any time on or after April&#160;15,
    2014. The redemption price for the notes (expressed as a
    percentage of principal amount), will be as follows, plus
    accrued interest and Additional Interest (if any) to, but not
    including, the redemption date:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>If Redeemed During the 12-Month Period Commencing April
    15,</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Redemption Price</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106.563
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104.375
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2016
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102.188
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2017 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, prior to April&#160;15, 2014, the Company may
    redeem the notes at its option, in whole at any time or in part
    from time to time, at a redemption price equal to 100% of the
    principal amount of the notes redeemed plus the Applicable
    Premium as of, and accrued and unpaid interest and Additional
    Interest (if any) to, but not including, the applicable
    redemption date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, at any time prior to April&#160;15, 2014, we may
    redeem up to 35% of the principal amount of the notes with the
    Net Cash Proceeds of one or more sales of our Capital Stock
    (other than Disqualified Stock) at a redemption price of 108.75%
    of their principal amount, plus accrued interest and Additional
    Interest (if any) to, but not including, the redemption date;
    <I>provided </I>that at least 65% of the original aggregate
    principal amount of notes (calculated after giving effect to any
    issuance of Additional Notes) remains outstanding after each
    such redemption and notice of any such redemption is mailed
    within 90&#160;days of each such sale of 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will give not less than 30&#160;days&#146; nor more than
    90&#160;days&#146; notice of any redemption. If less than all of
    the notes are to be redeemed, selection of the notes for
    redemption will be made by the Trustee:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in compliance with the requirements of the principal national
    securities exchange, if any, on which the notes are
    listed,&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the notes are not listed on a national securities exchange,
    by lot or by such other method as the Trustee in its sole
    discretion shall deem to be fair and appropriate.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, no note of $2,000 in principal amount or less shall be
    redeemed in part. If any note is to be redeemed in part only,
    the notice of redemption relating to such note will state the
    portion of the principal amount to be redeemed. A new note in
    principal amount equal to the unredeemed portion will be issued
    upon cancellation of the original note.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The payment of the principal of, premium, if any, and interest
    and Additional Interest on the notes and the payment of any
    Subsidiary Guarantee 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rank effectively senior in right of payment to all unsecured and
    unsubordinated obligations of the Company or the relevant
    Subsidiary Guarantor, to the extent of the value of the
    Collateral owned by the Company or such Subsidiary Guarantor
    (and, to the extent of any unsecured remainder after payment of
    the value of the Collateral, rank equally in right of payment
    with such unsecured and unsubordinated Indebtedness of 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: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be secured on a first-priority basis by the Collateral, subject
    to certain Permitted Liens and it is intended that Pari Passu
    Lien Indebtedness will be secured on an equal and ratable basis;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rank senior in right of payment to any subordinated debt of the
    Company or such Subsidiary Guarantor;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rank effectively junior in right of payment to all existing and
    future indebtedness, claims of holders of Preferred Stock and
    other liabilities (including trade payables) of Subsidiaries of
    the Company that are not guarantors, including all Regulated
    Subsidiaries and Unrestricted Subsidiaries.
</TD>
</TR>

</TABLE>
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    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of March&#160;31, 2011, on an as adjusted basis after giving
    effect to the sale of the old notes and the use of proceeds
    therefrom, we would have had approximately $200&#160;million of
    senior debt, $200&#160;million of which was secured, and no
    subordinated debt. Although the Indenture contains limitations
    on the amount of additional Indebtedness and secured
    Indebtedness that the Company and its Restricted Subsidiaries
    may incur, the amount of additional Indebtedness, including
    secured Indebtedness, could be substantial. In addition, the
    Company and its Restricted Subsidiaries may, subject to certain
    conditions, incur Indebtedness (including Additional Notes) in
    addition to the notes that is entitled to be secured by the
    Collateral on a ratable basis with the notes. See
    &#147;&#151;&#160;Limitation on Indebtedness and Issuances of
    Preferred Stock.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We currently derive the majority of our revenue from the
    operations of our Regulated Subsidiaries. As our obligations
    under the notes are not guaranteed by our Regulated
    Subsidiaries, creditors of a Regulated Subsidiary, including
    trade creditors, customers, and preferred stockholders, if any,
    of such Regulated Subsidiary generally will have priority with
    respect to the assets and earnings of such Regulated Subsidiary
    over the claims of the Holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes, therefore, will be effectively subordinated to the
    claims of creditors, including trade creditors, customers and
    preferred stockholders, if any, of our Regulated Subsidiaries.
    As of March&#160;31, 2011, our Regulated Subsidiaries had
    $2.6&#160;billion outstanding in such liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture will not treat (1)&#160;unsecured Indebtedness as
    subordinated or junior to Secured Indebtedness merely because it
    is unsecured, (2)&#160;Indebtedness as subordinated or junior to
    any other Indebtedness merely because it has a junior priority
    with respect to the same collateral or (3)&#160;Indebtedness
    that is not guaranteed as subordinated or junior to Indebtedness
    that is guaranteed merely because of such guarantee.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Subsidiary Guarantors will, jointly and severally, fully and
    unconditionally guarantee, on a senior secured basis, the
    Company&#146;s obligations under the notes and the Indenture
    (each such guarantee, a <B>&#147;Subsidiary
    Guarantee&#148;</B>). Each Subsidiary Guarantee will be secured
    on a first-priority basis, subject to Permitted Liens, together
    with all other Pari Passu Lien Indebtedness of the Subsidiary
    Guarantors, by the Collateral owned by such Subsidiary Guarantor
    to the extent set forth under &#147;&#151;&#160;Security&#148;.
    The obligations of each Subsidiary Guarantor under its
    Subsidiary Guarantee will include a limitation intended to
    prevent that Subsidiary Guarantee from constituting a fraudulent
    conveyance or fraudulent transfer under applicable law. It is
    uncertain, however, whether such provisions would be effective
    to prevent the Subsidiary Guarantees from constituting a
    fraudulent conveyance or fraudulent transfer under applicable
    law. See &#147;Risk factors&#160;&#151; Risk related to the
    Notes&#160;&#151; Under certain circumstances a court could
    cancel the notes or the related guarantees and the security
    interests that secure the notes and any Subsidiary Guarantees
    under fraudulent conveyance laws&#148;. Most of the
    Company&#146;s Subsidiaries will not Guarantee the notes
    including, without limitation, Regulated Subsidiaries. As of and
    for the quarter ended March&#160;31, 2011, the Company&#146;s
    Subsidiaries that will not Guarantee the notes represented 97%
    of our total assets. For the quarter ended March&#160;31, 2011
    and for the year ended December&#160;31, 2010, the
    Company&#146;s Subsidiaries that will not Guarantee the notes
    represented, before intercompany eliminations, 100% and 100% our
    revenue, respectively.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Subsidiary Guarantee by a Subsidiary Guarantor under the
    Indenture and the obligations of such Subsidiary Guarantor under
    the Security Agreement and other Security Documents to which it
    is a party, will be automatically and unconditionally released
    and discharged upon:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;any sale, exchange or transfer (by merger or otherwise)
    of the Capital Stock of such Subsidiary Guarantor, following
    which such Subsidiary Guarantor ceases to be a direct or
    indirect Subsidiary of the Company if such sale or disposition
    either does not constitute an Asset Sale or does constitute an
    Asset Sale effected in compliance with the covenants set forth
    under &#147;&#151;&#160;Limitation on Asset Sales&#148; and
    &#147;&#151;&#160;Consolidation, Merger and Sale of Assets&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;if such Subsidiary Guarantor is dissolved or
    liquidated;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;the designation of any Restricted Subsidiary that is
    a Subsidiary Guarantor as an Unrestricted Subsidiary in
    compliance with the applicable provisions of the
    Indenture;&#160;or
</DIV>
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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;the exercise by the Company of its legal defeasance
    option or covenant defeasance option as described under
    &#147;&#151;&#160;Defeasance&#148; or the discharge of the
    Company&#146;s obligations under the Indenture in accordance
    with the terms 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The obligations of the Company with respect to the notes and the
    obligations of the Subsidiary Guarantors under the Subsidiary
    Guarantees will be secured by a first-priority security
    interest, subject to Permitted Liens, in substantially all of
    the Company&#146;s and the Subsidiary Guarantors&#146; existing
    and future tangible and intangible assets, including (without
    limitation):
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;100% of the Capital Stock of or Equity Interests in
    direct Domestic Subsidiaries owned by the Company and the
    Subsidiary Guarantors and 65% of the voting stock and 100% of
    the non-voting stock of direct Subsidiaries that are not
    Domestic Subsidiaries owned by the Company and the Subsidiary
    Guarantors;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;accounts;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;equipment, goods, inventory and fixtures;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;documents, instruments and chattel paper;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;investment property;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;general intangibles (including intellectual property);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;deposit accounts;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;money;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;supporting obligations;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;books and records;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;present and future real estate (other than any leased
    real property and any owned real property having a purchase
    price of less than $5.0&#160;million (<B>&#147;Excluded Real
    Property&#148;</B>));&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;proceeds of each of the foregoing (collectively, the
    <B>&#147;Collateral&#148;</B>).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the Collateral will not include
    any of the following assets (collectively, the <B>&#147;Excluded
    Property&#148;</B>):
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any asset or property right of the Company or any
    Subsidiary Guarantor of any nature:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;if the grant of a security interest shall constitute or
    result in (i)&#160;the abandonment, invalidation or
    unenforceability of such asset or property right or the Company
    or any Subsidiary Guarantor loss of use of such asset or
    property right or (ii)&#160;a breach, termination or default
    under any lease, license, contract, property right, permit or
    agreement (other than to the extent that any such term would be
    rendered ineffective pursuant to
    <FONT style="white-space: nowrap">Sections&#160;9-406,</FONT>
    9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any
    successor provision or provisions) of any relevant jurisdiction
    or any other applicable law (including the U.S.&#160;Bankruptcy
    Code) or principles of equity) to which the Company or such
    Subsidiary Guarantor is party;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;to the extent that any applicable law or regulation
    prohibits the creation of a security interest thereon (other
    than to the extent that any such term would be rendered
    ineffective pursuant to
    <FONT style="white-space: nowrap">Sections&#160;9-406,</FONT>
    9-407, 9-408 or 9-409 of the UCC (or any successor provision or
    provisions) of any relevant jurisdiction or any other applicable
    law or principles of equity);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Equity Interests of each class of voting equity
    interests issued by any first-tier Subsidiary that is not a
    Domestic Subsidiary in excess of 65% of such class of voting
    Equity Interests issued by such first-tier&#160;Subsidiary and
    all the Equity Interests in Oppenheimer Cooperative U.A., an
    entity formed under the laws of the Netherlands;
</DIV>
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    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Capital Stock of (i)&#160;Oppenheimer
    Trust&#160;Company, a corporation formed under the laws of New
    Jersey and Oppenheimer Cooperative U.A., an entity formed under
    the laws of the Netherlands, (ii)&#160;any Foreign Subsidiary
    that is not a first-tier&#160;Foreign Subsidiary and
    (iii)&#160;in the case of Capital Stock of any Subsidiary, only
    to the extent that the value thereof, together with the value of
    all promissory notes or other instruments payable by such
    Subsidiary constituting Collateral, equals 20% or more of the
    notes plus the principal amount at maturity of any other
    collateral permitted to be taken into consideration in
    determining whether separate financial information with respect
    to the issuer thereof would be required to be filed pursuant to
    <FONT style="white-space: nowrap">Rule&#160;3-16</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X;</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;promissory notes or other instruments payable by any
    Subsidiary, to the extent that the value thereof, together with
    the value of all Capital Stock of such Subsidiary constituting
    Collateral, equals 20% or more of the notes plus the principal
    amount at maturity of any other collateral permitted to be taken
    into consideration in determining whether separate financial
    information with respect to the issuer thereof would be required
    to be filed pursuant to
    <FONT style="white-space: nowrap">Rule&#160;3-16</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X;</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any foreign intellectual property and any assets
    located outside the United States to the extent a Lien on such
    assets cannot be perfected by the filing of Uniform Commercial
    Code financing statements;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;any applications for trademarks or service marks filed
    in the United States Patent and Trademark Office (the
    <B>&#147;PTO&#148;</B>) pursuant to 15&#160;U.S.C.
    &#167;&#160;1051 Section&#160;1(b) unless and until evidence of
    use of the mark in interstate commerce is submitted to the PTO
    pursuant to 15&#160;U.S.C. &#167;&#160;1051 Section&#160;1(c) or
    Section&#160;1(d);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;(i)&#160;deposit and securities accounts the balance of
    which consists exclusively of (a)&#160;withheld income taxes and
    federal, state or local employment taxes in such amounts as are
    required to be paid to the IRS or state or local government
    agencies within the following two months with respect to
    employees of the Company or any of the Subsidiary Guarantors,
    and (b)&#160;amounts required to be paid over to an employee
    benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of
    or for the benefit of employees of the Company or any Subsidiary
    Guarantor, and (ii)&#160;all segregated deposit accounts
    constituting (and the balance of which consists solely of funds
    set aside in connection with) tax accounts, payroll accounts and
    trust accounts;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;cash and Cash Equivalents maintained in any account of
    any Subsidiary Guarantor that is an investment adviser
    registered under the Investment Advisers Act of 1940 so long as
    such account is maintained to satisfy qualified professional
    asset manager requirements under ERISA;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;deposit and securities accounts to the extent the
    aggregate value of assets therein does not exceed
    $2.0&#160;million;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;motor vehicles and other similar assets in which a
    Lien may be perfected only through compliance with a non-UCC
    certificate of title statute of any state of the United States
    of America or the District of Columbia, letter of credit rights
    and commercial tort claims;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;equipment leased by the Company or any of its
    Subsidiaries under a lease that prohibits the granting of a Lien
    on such equipment;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;any leasehold improvements to the extent that the
    grant of a security interest therein would violate the related
    lease;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;assets subject to a purchase money lien, capitalized
    lease obligation or similar arrangement, in each case as
    permitted by the Indenture, to the extent that the contract or
    other agreement in which such Lien is granted (or the
    documentation providing for such capitalized lease obligation or
    similar arrangement) prohibits such assets from being Collateral
    and only for so long as such Lien remains outstanding;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;capital stock of or Equity Interests in any Person
    other than Wholly Owned Subsidiaries to the extent not permitted
    by the terms of such Person&#146;s organizational documents;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;any property and assets the pledge of which would
    require governmental consent, approval, license or authorization;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;Excluded Real Property;&#160;and
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;proceeds and products of any and all of the foregoing
    excluded assets described in clauses&#160;(1) through
    (16)&#160;above only to the extent such proceeds and products
    would constitute property or assets of the type described in
    clauses&#160;(1) through (16)&#160;above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain security interests in the Collateral will not be in
    place on the date of the issuance of the new notes or will not
    be perfected on the date of the issuance of the new notes. The
    Company and the Subsidiary Guarantors will use commercially
    reasonable efforts to perfect the security interests in the
    Collateral for the benefit of the holders of the notes that are
    created on the date of the issuance of the new notes, but to the
    extent any such security interest cannot be perfected by such
    date, the Company and the Subsidiary Guarantors will agree to do
    or cause to be done all acts and things that may be reasonably
    required to have all security interests in the Collateral duly
    created and enforceable and perfected, to the extent required by
    the Security Documents, promptly following the date of the
    issuance of the new notes, but in any event no later than
    60&#160;days thereafter (or 90&#160;days thereafter in the case
    of perfecting security interests in 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is intended that the obligations of the Company and the
    Subsidiary Guarantors under the Additional Notes and other
    Permitted Pari Passu Lien Obligations will be secured on an
    equal and ratable basis with the obligations of the Company with
    respect to the notes and the obligations of the Subsidiary
    Guarantors under the Subsidiary Guarantees by a first-priority
    security interest, subject to Permitted Liens, in the
    Collateral. The respective rights in respect of the Collateral
    of the Collateral Agent, the Trustee, the holders, any Pari
    Passu Debt Collateral Agent and the other Pari Passu Secured
    Parties will be subject to the terms of the Intercreditor
    Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Equity Interests or intercompany note of a Restricted
    Subsidiary that are included in the Collateral will constitute
    Collateral only to the extent that such Equity Interests or
    intercompany note can secure the notes without
    <FONT style="white-space: nowrap">Rule&#160;3-16</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act (or any other law, rule or regulation)
    requiring separate financial statements of such Restricted
    Subsidiary to be filed with the SEC. In the event that
    <FONT style="white-space: nowrap">Rule&#160;3-16</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act requires or is amended, modified or
    interpreted by the SEC to require (or is replaced with another
    rule or regulation, or any other law, rule or regulation is
    adopted, that would require) the filing with the SEC of separate
    financial statements of any Restricted Subsidiary due to the
    fact that such Restricted Subsidiary&#146;s Equity Interests or
    intercompany note secures the notes, then the Equity Interests
    or intercompany note of such Restricted Subsidiary shall
    automatically be deemed not to be part of the Collateral. In
    such event, the Security Documents may be amended or modified,
    without the consent of any Holder of notes, to the extent
    necessary to release the Liens on the Equity Interests or
    intercompany note that is so deemed to no longer constitute part
    of the Collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that
    <FONT style="white-space: nowrap">Rule&#160;3-16</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act is amended, modified or interpreted by
    the SEC to permit (or is replaced with another rule or
    regulation, or any other law, rule or regulation is adopted,
    which would permit) such Restricted Subsidiary&#146;s Equity
    Interests or intercompany note to secure the notes without the
    filing with the SEC of separate financial statements of such
    Restricted Subsidiary, then the Equity Interests or intercompany
    note of such Restricted Subsidiary shall automatically be deemed
    to be a part of the Collateral. In such event, the Security
    Documents may be amended or modified, without the consent of any
    Holder of notes, to the extent necessary to subject such Equity
    Interests or intercompany note to the Liens under the Security
    Documents.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In accordance with the limitations set forth in the immediately
    two preceding paragraphs as in effect on the date hereof, the
    Collateral will include Equity Interests or intercompany note of
    any Restricted Subsidiaries, only to the extent that the
    applicable value of such Equity Interests or intercompany note
    (on a Restricted
    <FONT style="white-space: nowrap">Subsidiary-by-Restricted</FONT>
    Subsidiary basis) is less than 20% of the aggregate principal
    amount of the notes outstanding. Accordingly, the portion of the
    Equity Interests or intercompany note of Restricted Subsidiaries
    constituting Collateral in the future may decrease or increase
    as described above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless and until all of the Equity Interests of and intercompany
    notes issued by Oppenheimer&#160;&#038; Co., Inc. are pledged as
    Collateral without regard to this limitation,
    Oppenheimer&#160;&#038; Co., Inc. will remain a direct
    Wholly-Owned Subsidiary of Viner Finance Inc. and the Company
    shall not permit such Equity Interests or intercompany loans to
    be subject to other Liens.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Collateral will be pledged pursuant to a security agreement
    (as amended, supplemented or otherwise modified from time to
    time, the <B>&#147;Security Agreement&#148;</B>) and other
    security documents, in each case by and among
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Company, the Subsidiary Guarantors party thereto and the
    Collateral Agent. For the avoidance of doubt, no assets of any
    Subsidiary that is not a Subsidiary Guarantor (including any
    Capital Stock owned by any such Subsidiary) shall constitute
    Collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No appraisals of any of the Collateral have been prepared by or
    on behalf of the Company in connection with the issuance and
    sale of the notes. The value of the Collateral is subject to
    fluctuations based on factors that include, among others, the
    condition of the particular assets and availability of competing
    assets, general economic conditions, and the ability to realize
    on the Collateral as part of a going concern and in an orderly
    fashion to available and willing buyers and not under distressed
    circumstances. By its nature, large portions of the Collateral
    may be illiquid and may have no readily ascertainable market
    value. Likewise, there can be no assurance that the Collateral
    will be saleable, or, if saleable, that there will not be
    substantial delays in its liquidation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that third parties establish Liens on the
    Collateral, such third parties could have rights and remedies
    with respect to the assets subject to such Liens that, if
    exercised, could adversely affect the value of the Collateral or
    the ability of the Trustee or the Holders of the notes to
    realize or foreclose on the Collateral. The Company may also
    issue Additional Notes as described above or additional Pari
    Passu Lien Indebtedness, which would be secured by the
    Collateral, the effect of which will be to increase the amount
    of Indebtedness secured by the Collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the fact that the Collateral may be shared with
    holders of Pari Passu Lien Indebtedness, that the Collateral
    excludes certain property, and that certain creditors secured by
    Permitted Liens may be entitled to a prior claim on certain
    Collateral, there is no assurance that, in a foreclosure or
    other exercise of remedies after an Event of Default will result
    in proceeds of Collateral that are sufficient to repay the
    notes, or that the amount of such proceeds so available would
    not be substantially less than amounts owing under the notes.
    Moreover, the ability of the holders to realize on the
    Collateral may be subject to certain bankruptcy law limitations
    in the event of a bankruptcy. If the proceeds of any of the
    Collateral were not sufficient to repay all amounts due on the
    notes, the Holders of the notes (to the extent not repaid from
    the proceeds of the sale of the Collateral) would have only an
    unsecured claim against the remaining assets of the Company and
    the Subsidiary Guarantors.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Intercreditor
    Agreement</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If additional secured Indebtedness intended to constitute Pari
    Passu Lien Indebtedness is issued or incurred in the future, the
    Company, the Subsidiary Guarantors, the Collateral Agent, and
    the Authorized Representative for the lenders and other persons
    holding such additional secured debt (the <B>&#147;Pari Passu
    Debt Collateral Agent&#148;</B>) will enter into an
    Intercreditor Agreement (as the same may be amended,
    supplemented or otherwise modified from time to time, the
    <B>&#147;Intercreditor Agreement&#148;</B>), with respect to the
    Collateral, which Intercreditor Agreement may be amended,
    supplemented or modified from time to time without the consent
    of the Holders of the notes to add additional lenders or other
    persons holding Pari Passu Obligations permitted to be incurred
    under the indenture, the Intercreditor Agreement and any Pari
    Passu Agreements then in effect.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Collateral
    Agent</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By accepting the notes, each Holder will be deemed to have
    irrevocably appointed The Bank of New York Mellon
    Trust&#160;Company, N.A., as the Collateral Agent, to act as its
    agent under the Intercreditor Agreement, the Security Agreement
    and the other Security Documents, and to have irrevocably
    authorized the Collateral Agent to perform the duties and
    exercise the rights powers and discretions that are specifically
    given to it under the indenture, the Intercreditor Agreement,
    the Security Agreement and the other Security Documents,
    together with any other incidental rights power and discretion.
    Under the terms of the indenture, the Collateral Agent may
    resign on 30&#160;days prior written notice, and the Collateral
    Agent may also be removed for cause and replaced by a
    replacement collateral agent selected by the Trustee, in
    consultation with 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Collateral Agent will hold (directly or through co-trustees,
    co-agents, agents or sub agents), and will be entitled to
    enforce, all Liens on the Collateral created by the Security
    Documents in accordance with the following.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Enforcement
    of Security Interests</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Intercreditor Agreement, the Applicable Authorized
    Representative has the right, under certain circumstances, to
    direct the Collateral Agent and each Pari Passu Debt Collateral
    Agent to foreclose or take other actions with respect to the
    Collateral, and no other party to the Intercreditor Agreement
    will have the right to direct any action with respect to the
    Collateral. Except as described below, the Applicable Authorized
    Representative will be the Authorized Representative of the
    Series of Pari Passu Obligations that constitutes the largest
    Outstanding Amount of all then outstanding Pari Passu
    Obligations (the <B>&#147;Controlling Authorized
    Representative&#148;</B>). Upon the occurrence of the
    Non-Controlling Authorized Representative Enforcement Date (as
    defined below), the then Applicable Authorized Representative
    will be replaced as Applicable Authorized Representative by the
    Authorized Representative of the Series of Pari Passu
    Obligations that then constitutes the next largest Outstanding
    Amount of all then outstanding Pari Passu Obligations with
    respect to the Collateral (the <B>&#147;Major Non-Controlling
    Authorized Representative&#148;</B>).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;Non-Controlling Authorized Representative Enforcement
    Date,&#148; with respect to which a Non-Controlling Authorized
    Representative becomes the Applicable Authorized Representative
    is the date that is 90&#160;days (throughout which
    <FONT style="white-space: nowrap">90-day</FONT>
    period the applicable Non-Controlling Authorized Representative
    was the Major Non-Controlling Authorized Representative) after
    the occurrence of both (a)&#160;an event of default that has
    occurred and is continuing, as defined in the indenture or any
    other applicable Pari Passu Agreement for that Series of Pari
    Passu Obligations, and (b)&#160;the Collateral Agent&#146;s and
    each other Authorized Representative&#146;s receipt of written
    notice from that Authorized Representative certifying that
    (i)&#160;such Authorized Representative is the Major
    Non-Controlling Authorized Representative and that an event of
    default, as defined in the indenture or any other Pari Passu
    Agreement for that Series of Pari Passu Obligations, has
    occurred and is continuing and (ii)&#160;the Pari Passu
    Obligations of that Series are currently due and payable in full
    (whether as a result of acceleration thereof or otherwise) in
    accordance with the indenture or other applicable Pari Passu
    Agreement, as applicable, for that Series of Pari Passu
    Obligations; <I>provided </I>that the Non-Controlling Authorized
    Representative Enforcement Date will be stayed and shall not
    occur and shall be deemed not to have occurred with respect to
    any Collateral if (1)&#160;at any time the Applicable Authorized
    Representative has commenced and is diligently pursuing any
    enforcement action with respect to such Collateral or
    (2)&#160;at any time the Company or any Subsidiary Guarantor
    that has granted a security interest in such Collateral is then
    a debtor under or with respect to (or otherwise subject to) any
    insolvency or liquidation proceeding. If no such stay occurs, or
    is deemed to occur, then the Major Non-Controlling Authorized
    Representative will become the Applicable Authorized
    Representative from and after the occurrence of the
    Non-Controlling Authorized Representative Enforcement Date.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Enforcement of Priority Liens</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms of the Intercreditor Agreement, the
    Applicable Authorized Representative will have the sole right to
    instruct the Collateral Agent and each Pari Passu Debt
    Collateral Agent to act or refrain from acting with respect to
    the Collateral, and (a)&#160;neither Collateral Agent nor any
    Pari Passu Debt Collateral Agent will follow any instructions
    (other than certain types of instructions to exercise rights
    other than enforcement rights) with respect to the Collateral
    from any representative of any Non-Controlling Secured Party or
    other Pari Passu Secured Party (other than the Applicable
    Authorized Representative), and (b)&#160;no Authorized
    Representative of any Non-Controlling Secured Party or other
    Pari Passu Secured Party (other than the Applicable Authorized
    Representative) will instruct the Collateral Agent or any Pari
    Passu Debt Collateral Agent to commence any judicial or
    non-judicial foreclosure proceedings with respect to, seek to
    have a trustee, receiver, liquidator or similar official
    appointed for or over, attempt any action to take possession of,
    exercise any right, remedy or power with respect to, or
    otherwise take any action to enforce its interests in or realize
    upon, or take any other action available to it in respect of,
    the Collateral.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No representative of any Non-Controlling Secured Party may
    contest, protest or object to any foreclosure proceeding or
    action brought by or at the direction of the Controlling
    Authorized Representative in connection with the Intercreditor
    Agreement or the exercise of remedies against the Collateral in
    accordance with the terms of the Intercreditor Agreement. Each
    Authorized Representative will agree that it will not accept any
    Lien on any Collateral for the benefit of any series of Pari
    Passu Obligations (other than funds deposited for the discharge
    or defeasance of the indenture or any Pari Passu Agreement and
    other exceptions set forth in the Intercreditor
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Agreement) unless each other series of Pari Passu Obligations is
    also secured by a Lien on such Collateral. Each of the Pari
    Passu Secured Parties will also agree that it will not contest
    or support any other person in contesting, in any proceeding
    (including any insolvency or liquidation proceeding), the
    perfection, priority, validity or enforceability of a Lien held
    by or on behalf of any of the Pari Passu Secured Parties in all
    or any part of the Collateral, or the provisions of the
    Intercreditor Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None of the Pari Passu Secured Parties may institute any suit or
    assert in any suit, bankruptcy, insolvency or other proceeding
    any claim against the Collateral Agent or any other Pari Passu
    Secured Party seeking damages from or other relief by way of
    specific performance, instructions or otherwise with respect to
    any Collateral, except to the extent expressly permitted by the
    terms of the Intercreditor Agreement. In addition, none of the
    Pari Passu Secured Parties may seek to have any Collateral or
    any part thereof marshaled upon any foreclosure or other
    disposition of such Collateral. If any Pari Passu Secured Party
    obtains possession of any Collateral or realizes any proceeds or
    payment in respect thereof, at any time prior to the discharge
    of each of the Pari Passu Obligations, then it must hold such
    Collateral, proceeds or payment in trust for the other Pari
    Passu Secured Parties and promptly transfer such Collateral,
    proceeds or payment to the Applicable Authorized Representative
    to be distributed in accordance with the Intercreditor Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Pari Passu Secured Parties acknowledge that the Pari Passu
    Obligations may, subject to the limitations set forth in the
    indenture, the Security Documents, the applicable Pari Passu
    Agreement or Pari Passu Security Documents, as the case may be,
    be increased, extended, renewed, replaced, restated,
    supplemented, restructured, repaid, refunded, refinanced or
    otherwise amended or modified from time to time, all without
    affecting the priorities set forth in the Intercreditor
    Agreement defining the relative rights of the Pari Passu Secured
    Parties; <I>provided </I>that the authorized representative of
    the holders of such Pari Passu Obligations, if not a party to
    the Intercreditor Agreement, shall have executed a Joinder
    Agreement to the Intercreditor Agreement on behalf of the
    holders of such Pari Passu Obligations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, with respect to any Collateral
    for which a third party (other than a Pari Passu Secured Party)
    has a lien or security interest that is junior in priority to
    the security interest of any Series of Pari Passu Obligations
    but senior (as determined by appropriate legal proceedings in
    the case of any dispute) to the security interest of any other
    Series of Pari Passu Obligations (such third party, an
    <B>&#147;Intervening Creditor&#148;</B>), the value of any
    Collateral or proceeds which are allocated to such Intervening
    Creditor will be deducted on a ratable basis solely from the
    Collateral or proceeds to be distributed in respect of the
    Series of Pari Passu Obligations with respect to which such
    impairment exists. In addition, the Pari Passu Secured Parties
    of each Series bear the risk that a court may deem that the Pari
    Passu Obligations of such Series (and not of any other Series)
    (i)&#160;are unenforceable under applicable law, (ii)&#160;are
    equitably subordinated to any other obligations or (iii)&#160;do
    not have an enforceable security interest in any of the
    Collateral that secures any other Series of Pari Passu
    Obligations. In the event of any such impairment, the rights of
    the holders of Pari Passu Obligations of the impaired Series
    under the Intercreditor Agreement will be modified to the extent
    necessary so that the effects of the impairment are borne solely
    by such impaired holders and not the holders of any other Series
    of Pari Passu Obligations.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Amendment
    of Security Documents</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Applicable Authorized Representative may enter into any
    amendment to any Pari Passu Security Document, so long as the
    Applicable Authorized Representative receives a certificate of
    the Company stating that such amendment is permitted by the
    terms of the indenture and each Pari Passu Agreement then in
    effect. The Applicable Authorized Representative will give
    notice to each other Authorized Representative of any release of
    Collateral and of any amendment to any Pari Passu Security
    Document. The Applicable Authorized Representative may not enter
    into any amendment that releases all or substantially all of the
    Collateral from the Liens under any Pari Passu Security Document
    without the written consent of each Authorized Representative;
    <I>provided </I>that, to the extent the release of all or
    substantially all of the Collateral from the Liens under the
    applicable Pari Passu Security Documents relates solely to one
    or more (but not all) Series of Pari Passu Obligations (and such
    release is permitted under, and in accordance with, the
    indenture, the Security Documents, the Pari Passu Agreement or
    Pari Passu Security Documents, as the case may be, applicable to
    such Series), such release shall not require the prior written
    consent of any Authorized Representative of any other Series of
    Pari Passu Obligations (it being understood that the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Liens securing such other Series of Pari Passu Obligations shall
    not be affected by such release and shall remain in effect).
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Use and
    Release of Collateral</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms of the Security Documents, the Company and
    the Subsidiary Guarantors will have the right to remain in
    possession and retain exclusive control of the Collateral,
    subject to certain exceptions, to freely operate the Collateral
    and to collect, invest and dispose of any income thereon. The
    indenture will require the Company to comply with
    Section&#160;313(b) of the Trust&#160;Indenture Act (the
    <B>&#147;TIA&#148;</B>) relating to reports, and
    Section&#160;314(d) of the TIA, relating to the release of
    property and to the substitution therefor of any property to be
    pledged as Collateral for the notes. Any certificate or opinion
    required by Section&#160;314(d) of the TIA may be made by an
    Officer of the Company except in cases where Section&#160;314(d)
    requires that such certificate or opinion be made by an
    independent engineer, appraiser or other expert, who shall be
    reasonably satisfactory to the Trustee. Notwithstanding anything
    to the contrary herein, the Company and the Subsidiary
    Guarantors will not be required to comply with all or any
    portion of Section&#160;314(d) of the TIA if they determine, in
    good faith based on advice of counsel (which may be internal
    counsel), that under the terms of that section
    <FONT style="white-space: nowrap">and/or</FONT> any
    interpretation or guidance as to the meaning thereof of the SEC
    and its staff, including &#147;no action&#148; letters or
    exemptive orders, all or any portion of Section&#160;314(d) of
    the TIA is inapplicable to the released Collateral. Without
    limiting the generality of the foregoing, certain no-action
    letters issued by the SEC have permitted an indenture qualified
    under the TIA to contain provisions permitting the release of
    collateral from Liens under such indenture in the ordinary
    course of the issuer&#146;s business without requiring the
    issuer to provide certificates and other documents under
    Section&#160;314(d) of the TIA.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Release of Collateral.</I>&#160;&#160;The Indenture provides
    that the Liens on the Collateral securing the notes will
    automatically and without the need for any further action by any
    Person be released (and the Collateral Agent will execute and
    deliver such documents and instruments as the Company and the
    Subsidiary Guarantors may request to evidence such release
    without the consent of the Holders):
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;in whole or in part, as applicable, as to all or any
    portion of property subject to such Liens which has been taken
    by eminent domain, condemnation or other similar circumstances;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in whole upon:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;satisfaction and discharge of the Indenture as set
    forth below under &#147;&#151;&#160;Satisfaction and
    Discharge&#148;;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;a Legal Defeasance or Covenant Defeasance of the
    Indenture as described below under
    &#147;&#151;&#160;Defeasance&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in part, as to any property that (a)&#160;is sold,
    transferred or otherwise disposed of by the Company or any
    Subsidiary Guarantor (other than to the Company or another
    Subsidiary Guarantor) in a transaction not prohibited by the
    Indenture at the time of such sale, transfer or disposition or
    (b)&#160;is owned or at any time acquired by a Subsidiary
    Guarantor that has been released from its Subsidiary Guarantee
    in accordance with the Indenture, concurrently with the release
    of such Subsidiary Guarantee (including in connection with the
    designation of a Subsidiary Guarantor as an Unrestricted
    Subsidiary);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;in part, in accordance with the applicable provisions
    of the Security Documents.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Certain Limitations on the Collateral.</I>&#160;&#160;The
    right of the Collateral Agent to take possession and dispose of
    the Collateral following an Event of Default is likely to be
    significantly impaired by applicable bankruptcy law if a
    bankruptcy proceeding were to be commenced by or against the
    Company or the Subsidiary Guarantors prior to the Collateral
    Agent having taken possession and disposed of the Collateral.
    Under the U.S.&#160;Bankruptcy Code, a secured creditor is
    prohibited from taking its security from a debtor in a
    bankruptcy case, or from disposing of security taken from such
    debtor, without bankruptcy court approval. Moreover, the
    U.S.&#160;Bankruptcy Code permits the debtor in certain
    circumstances to continue to retain and to use collateral owned
    as of the date of the bankruptcy filing (and the proceeds,
    products, offspring, rents or profits of such Collateral) even
    though the debtor is in default under the applicable debt
    instruments <I>provided </I>that the secured creditor is given
    &#147;adequate protection&#148;. The
</DIV>
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    48
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    meaning of the term &#147;adequate protection&#148; may vary
    according to circumstances. In view of the lack of a precise
    definition of the term &#147;adequate protection&#148; and the
    broad discretionary powers of a bankruptcy court, it is
    impossible to predict how long payments under the notes could be
    delayed following commencement of a bankruptcy case, whether or
    when the Collateral Agent could repossess or dispose of the
    Collateral, or whether or to what extent Holders would be
    compensated for any delay in payment or loss of value of the
    Collateral through the requirement of &#147;adequate
    protection&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Furthermore, in the event a U.S.&#160;bankruptcy court
    determines the value of the Collateral (after giving effect to
    any prior Liens) is not sufficient to repay all amounts due on
    the notes and any other Pari Passu Lien Indebtedness, the
    Holders of the notes and such other Pari Passu Lien Indebtedness
    would hold secured claims to the extent of the value of the
    Collateral, and would hold unsecured claims with respect to any
    shortfall. Applicable U.S.&#160;bankruptcy laws permit the
    payment
    <FONT style="white-space: nowrap">and/or</FONT>
    accrual of post-petition interest, costs and attorneys&#146;
    fees during a debtor&#146;s bankruptcy case only to the extent
    the claims are oversecured or the debtor is solvent at the time
    of reorganization. In addition, if the Company or the Subsidiary
    Guarantors were to become the subject of a bankruptcy case, the
    bankruptcy court, among other things, may avoid certain
    prepetition transfers made by the entity that is the subject of
    the bankruptcy filing, including, without limitation, transfers
    held to be preferences or fraudulent conveyances.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There will be no sinking fund payments for the notes.
</DIV>

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

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

    <B><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: transparent">
    The Indenture, the notes, the Intercreditor Agreement and the
    Security Agreement will be governed by, and construed in
    accordance with, the laws of the State of New York.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    Rights; Additional 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have filed the registration statement of which this
    prospectus forms a part and are conducting the exchange offer in
    accordance with our obligations under the Registration Rights
    Agreement between us and the initial purchasers of the old
    notes. Holders of the new notes will not be entitled to any
    registration rights with respect to the new notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under some circumstances set forth in the registration rights
    agreement, holders of old notes, including holders who are not
    permitted to participate in the exchange offer or who may not
    freely sell new notes received in the exchange offer, may
    require us to file and cause to become effective, a shelf
    registration statement covering resales of the old notes by
    these holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that the exchange offer is not consummated within
    360&#160;days of the date of issuance of the old notes (i.e. by
    April&#160;6, 2012), the interest rate borne by the notes will
    be increased by 0.25% per annum for the first 90&#160;days
    beginning after April&#160;6, 2012, and 0.50% per annum
    thereafter.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Overview</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the Indenture, the Company will agree to covenants that limit
    the ability of the Company and its Restricted Subsidiaries and,
    in certain cases, Regulated Subsidiaries, among other things, 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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incur additional debt and issue Preferred Stock;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay dividends, acquire shares of capital stock, make payments on
    subordinated debt or make investments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    place limitations on distributions from Regulated Subsidiaries
    or Restricted Subsidiaries;
</TD>
</TR>


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into transactions with shareholders and affiliates;
</TD>
</TR>

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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

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


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the Indenture, the covenants under
    &#147;&#160;&#151; Limitation on Indebtedness and Issuances of
    Preferred Stock,&#148; &#147;&#160;&#151; Limitation on
    Restricted Payments,&#148; &#147;&#160;&#151; Limitation on
    Dividend and Other Payment Restrictions Affecting Restricted
    Subsidiaries or Regulated Subsidiaries&#148; &#147;&#160;&#151;
    Future Subsidiary Guarantees,&#148; &#147;&#160;&#151;
    Limitation on Transactions with Shareholders and
    Affiliates,&#148; &#147;&#160;&#151; Limitation on Liens&#148;
    and &#147;&#160;&#151; Limitation on Asset Sales,&#148; apply to
    the Company and the Restricted Subsidiaries, but generally do
    not apply, or apply only in part, to Regulated 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: transparent">
    If a Change of Control occurs, each Holder of notes will have
    the right to require the Company to repurchase all or a part of
    the Holder&#146;s notes at a price equal to 101% of their
    principal amount, plus any accrued interest and Additional
    Interest (if any) to, but not including, the date of repurchase.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Indebtedness and Issuances of Preferred Stock</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Company will not, and will not permit any of its
    Restricted Subsidiaries to, Incur any Indebtedness, including
    Disqualified Stock, and the Company will not permit any
    Restricted Subsidiary to issue Preferred Stock; <I>provided
    </I>that the Company may Incur Indebtedness, including
    Disqualified Stock, any Subsidiary Guarantor may Incur
    Indebtedness, including Disqualified Stock, or issue Preferred
    Stock if, after giving effect to the Incurrence of such
    Indebtedness and the receipt and application of the proceeds
    therefrom, the Consolidated Fixed Charge Coverage Ratio would be
    greater than 2.0:1.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the Company and any Restricted
    Subsidiary (except as specified below) may Incur each and all 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: transparent">
    (1)&#160;Indebtedness of the Company under any Credit Facility
    in an aggregate principal amount at any one time outstanding
    (with letters of credit, without duplication, being deemed to
    have a principal amount equal to the face amount and outstanding
    reimbursement amount thereunder) not to exceed
    $30.0&#160;million;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Indebtedness represented by the notes and the related
    Subsidiary Guarantees to be issued on the date of the indenture
    and the exchange notes and the related Subsidiary Guarantees to
    be issued pursuant to the registration rights agreement and
    exchange notes and related Subsidiary Guarantees issued in
    exchange for Additional Notes issued under 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: transparent">
    (3)&#160;Indebtedness of Company and its Restricted Subsidiaries
    existing on the Closing Date;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;purchase money Indebtedness (including Capitalized
    Lease Obligations) incurred after the Closing Date to acquire
    equipment or real property in the ordinary course of business;
    <I>provided </I>that (A)&#160;the aggregate amount of all such
    Indebtedness at any time outstanding does not exceed the greater
    of (i)&#160;$20.0&#160;million or (ii)&#160;5% of Consolidated
    Net Worth and (B)&#160;such Indebtedness is issued within
    365&#160;days after the acquisition of the asset financed;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Indebtedness owed (A)&#160;to the Company or any
    Subsidiary Guarantor evidenced by an unsubordinated promissory
    note or (B)&#160;to any Restricted Subsidiary or Regulated
    Subsidiary; <I>provided </I>that (x)&#160;any event which
    results in any such Restricted Subsidiary or Regulated
    Subsidiary ceasing to be a Restricted Subsidiary or Regulated
    Subsidiary or any subsequent transfer of such Indebtedness
    (other than to the Company or another Restricted Subsidiary or
    Regulated Subsidiary) shall be deemed, in each case, to
    constitute an Incurrence of such Indebtedness not permitted by
    this clause&#160;(5) and (y)&#160;if the Company (or any
    Subsidiary that is a Subsidiary Guarantor at the time such
    Indebtedness is Incurred) is the obligor on such Indebtedness,
    such Indebtedness must be expressly contractually subordinated
    in right of payment to the notes, in the case of the Company, or
    the Subsidiary Guarantee, in the case of a Subsidiary Guarantor;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Indebtedness issued in exchange for, or the net
    proceeds of which are used to refinance or refund, then
    outstanding Indebtedness (other than Indebtedness outstanding
    under clause&#160;(1) or (5)) and any refinancings thereof in an
    amount up to the amount so refinanced or refunded (plus premiums
    (including tender premiums), accrued interest, Additional
    Interest, fees and expenses); <I>provided </I>that
    (a)&#160;Indebtedness the proceeds of which
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    are used to refinance or refund the notes or Indebtedness that
    is subordinated in right of payment to, the notes or a
    Subsidiary Guarantee shall only be permitted under this
    clause&#160;(6) if such new Indebtedness, by its terms or by the
    terms of any agreement or instrument pursuant to which such new
    Indebtedness is issued or remains outstanding, is expressly made
    subordinate in right of payment to the notes or the Subsidiary
    Guarantee at least to the extent that the Indebtedness to be
    refinanced is subordinated to the notes or the Subsidiary
    Guarantee, (b)&#160;such new Indebtedness, determined as of the
    date of Incurrence of such new Indebtedness, does not mature
    prior to the Stated Maturity of the Indebtedness to be
    refinanced or refunded, and the Average Life of such new
    Indebtedness is at least equal to the remaining Average Life of
    the Indebtedness to be refinanced or refunded and (c)&#160;such
    new Indebtedness is Incurred by the Company or a Subsidiary
    Guarantor or by the Restricted Subsidiary that is the obligor on
    the Indebtedness to be refinanced or refunded;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the guarantee by the Company or any of the Subsidiary
    Guarantors of Indebtedness of the Company or any of its
    Restricted Subsidiaries that was permitted to be incurred by
    another provision of this &#147;Limitation on Indebtedness and
    Issuances of Preferred Stock&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Indebtedness, Disqualified Stock or Preferred Stock of
    (x)&#160;the Company or any of the Restricted Subsidiaries
    Incurred to finance an acquisition or (y)&#160;Persons that are
    acquired by the Company or any of the Restricted Subsidiaries or
    merged or amalgamated with or into the Company or a Restricted
    Subsidiary in accordance with the terms of the Indenture;
    <I>provided</I>, <I>however</I>, that after giving effect to
    such acquisition, merger or amalgamation and the Incurrence of
    such Indebtedness either:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;the Company would be permitted to Incur at least $1.00
    of additional Indebtedness pursuant to the Consolidated Fixed
    Charge Coverage Ratio test set forth in the first sentence of
    this covenant;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;the Consolidated Fixed Charge Coverage Ratio of the
    Company would be equal to or greater than immediately prior to
    such acquisition, merger or amalgamation;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;Indebtedness issued by the Company or a Restricted
    Subsidiary to current or former officers, directors and
    employees thereof or any direct or indirect parent thereof, or
    their respective estates, spouses or former spouses, in each
    case to finance the purchase or redemption of Capital Stock of
    the Company to the extent permitted under clause&#160;(8) of the
    fourth paragraph of the covenant described under
    &#147;&#151;&#160;Limitation on Restricted Payments&#148;,
    <I>provided </I>that such Indebtedness does not exceed
    $30.0&#160;million;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;Indebtedness of the Company or any Restricted
    Subsidiary supported by a letter of credit or bank guarantee
    issued pursuant to a Credit Facility incurred pursuant to
    clause&#160;(1) above, in a principal amount not in excess of
    the stated amount of such letter of credit or bank guarantee;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;Indebtedness of Foreign Subsidiaries in an aggregate
    amount at any time outstanding not to exceed
    $5.0&#160;million;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Indebtedness not otherwise permitted hereunder, not to
    exceed $50.0&#160;million in the aggregate for the Company and
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Notwithstanding any other provision of this
    &#147;Limitation on Indebtedness and Issuances of Preferred
    Stock&#148; covenant, the maximum amount of Indebtedness that
    may be Incurred pursuant to this &#147;Limitation on
    Indebtedness and Issuances of Preferred Stock&#148; covenant
    will not be deemed to be exceeded, with respect to any
    outstanding Indebtedness due solely to the result of
    fluctuations in the exchange rates of currencies or due to
    fluctuations in the value of commodities or securities which
    underlie such Indebtedness. For the purposes of determining
    compliance with any restriction on the Incurrence of
    Indebtedness (x), the U.S dollar equivalent principal amount of
    any Indebtedness denominated in a foreign currency shall be
    calculated based on the relevant currency exchange rate in
    effect on the date such Indebtedness was Incurred, in the case
    of term debt, or first committed, in the case of revolving
    credit debt and (y)&#160;the principal amount of any
    Indebtedness which is calculated by reference to any underlying
    security or commodity shall be calculated based on the relevant
    closing price of such commodity or security on the date such
    Indebtedness was Incurred.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;For purposes of determining any particular amount of
    Indebtedness under this &#147;Limitation on Indebtedness and
    Issuances of Preferred Stock&#148; covenant,
    (x)&#160;Guarantees, Liens or obligations with respect to
    letters of credit supporting Indebtedness otherwise included in
    the determination of such particular amount shall not be
    included
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and (y)&#160;any Liens granted pursuant to the equal and ratable
    provisions referred to in the &#147;Limitation on Liens&#148;
    covenant shall not be treated as Indebtedness. For purposes of
    determining compliance with this &#147;Limitation on
    Indebtedness and Issuances of Preferred Stock&#148; covenant, if
    an item of Indebtedness meets the criteria of more than one of
    the types of Indebtedness described above, including under the
    first paragraph of part (a), the Company, in its sole
    discretion, shall classify, and from time to time may
    reclassify, such item of Indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Neither the Company nor any Subsidiary Guarantor will
    Incur any Indebtedness if such Indebtedness is subordinate in
    right of payment to any other Indebtedness unless such
    Indebtedness is also subordinate in right of payment to the
    notes or the applicable Subsidiary Guarantee to the same extent.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;The Company will not permit any Regulated Subsidiary
    (x)&#160;to Incur any Indebtedness the proceeds of which are not
    invested in the business of such Regulated Subsidiary (or any
    Subsidiary of such Regulated Subsidiary which is also a
    Regulated Subsidiary), and (y)&#160;to Incur any Indebtedness
    for the purpose, directly or indirectly, of dividending or
    distributing the proceeds of such Indebtedness to the Company or
    any Restricted Subsidiary; except that the Incurrence of
    Indebtedness by a Regulated Subsidiary that does not comply with
    (x)&#160;and (y)&#160;above shall be permitted <I>provided
    </I>that such Incurrence complies with paragraph (a)&#160;of
    this &#147;&#151;&#160;Limitation on Indebtedness and Issuances
    of Preferred Stock&#148; covenant as if such paragraph applied
    to such Regulated Subsidiary.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Restricted Payments</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Company will not, and will not permit any
    Restricted Subsidiary or Regulated Subsidiary to, directly or
    indirectly,
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;declare or pay any dividend or make any distribution on
    or with respect to its Capital Stock held by Persons other than
    the Company or any of its Restricted Subsidiaries or Regulated
    Subsidiaries (other than (w)&#160;dividends or distributions
    payable solely in shares of its Capital Stock (other than
    Disqualified Stock) or in options, warrants or other rights to
    acquire shares of such Capital Stock, (x)&#160;pro rata
    dividends or distributions on Common Stock of Restricted
    Subsidiaries or Regulated Subsidiaries held by minority
    stockholders and (y)&#160;dividends or distributions on
    non-voting Preferred Stock the proceeds from the sale of which
    were invested in the business of such Subsidiary (or any
    Subsidiary of such Subsidiary);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;purchase, call for redemption or redeem, retire or
    otherwise acquire for value any shares of Capital Stock of the
    Company or any Restricted Subsidiary or Regulated Subsidiary
    (including options, warrants or other rights to acquire such
    shares of Capital Stock) held by any Person (other than the
    Company, any Restricted Subsidiary or any Regulated Subsidiary);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;make any voluntary or optional principal payment, or
    voluntary or optional redemption, repurchase, defeasance, or
    other acquisition or retirement for value, of Indebtedness of
    the Company that is subordinated in right of payment to the
    notes or any Indebtedness of a Subsidiary Guarantor that is
    subordinated in right of payment to a Subsidiary Guarantee
    (other than the payment, redemption, repurchase, defeasance,
    acquisition or retirement of (a)&#160;Indebtedness of the
    Company that is subordinated in right of payment to the notes or
    any Indebtedness of a Subsidiary Guarantor that is subordinated
    in right of payment to a Subsidiary Guarantee in anticipation of
    satisfying a sinking fund obligation, principal installment or
    final maturity, in each case due within one year of the date of
    such payment, redemption, repurchase, defeasance, acquisition or
    retirement and (b)&#160;Indebtedness permitted under
    clause&#160;(5) of the second paragraph of the covenant
    described under &#147;&#151;&#160;Limitation on Indebtedness and
    Issuances of Preferred Stock&#148;);&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;with respect to the Company and any Restricted
    Subsidiary only, make any Investment, other than a Permitted
    Investment, in any Person,&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;with respect to any Regulated Subsidiary, make any
    Investment in an Unrestricted Subsidiary (such payments or any
    other actions described in clauses (a)(1) through (a)(4) above
    and this clause&#160;(b) being collectively <B>&#147;Restricted
    Payments&#148;</B>);
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    if,&#160;at the time of, and after giving effect to, the
    proposed Restricted Payment:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (A)&#160;a Default or Event of Default shall have occurred and
    be continuing;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (B)&#160;the Company could not Incur at least $1.00 of
    Indebtedness under the first paragraph of part (a)&#160;of the
    &#147;Limitation on Indebtedness and Issuances of Preferred
    Stock&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (C)&#160;the subsidiary subject to the Restricted Payment, if
    any, is a Regulated Subsidiary that is not in compliance with
    applicable regulatory capital or other material requirements of
    its regulators, such as the SEC, the CFTC, or any applicable
    state, federal or self regulatory organization, or would fail to
    be in compliance with applicable regulatory requirements as a
    consequence of the payment;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (D)&#160;the aggregate amount of all Restricted Payments made
    after the Closing Date shall exceed the sum of
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;50% of the aggregate amount of the Adjusted
    Consolidated Net Income (or, if the Adjusted Consolidated Net
    Income is a loss, minus 100% of the amount of such loss) accrued
    on a cumulative basis during the period (taken as one accounting
    period) beginning on the first day of the fiscal quarter in
    which the Closing Date falls and ending on the last day of such
    fiscal quarter preceding the Transaction Date for which internal
    financial statements are available <I>plus</I>
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the aggregate Net Cash Proceeds received by the Company
    after the Closing Date as a capital contribution or from the
    issuance and sale of its Capital Stock (other than Disqualified
    Stock) to a Person who is not a Subsidiary of the Company,
    including an issuance or sale permitted by the Indenture of
    Indebtedness of the Company for cash subsequent to the Closing
    Date upon the conversion of such Indebtedness into Capital Stock
    (other than Disqualified Stock) of the Company, or from the
    issuance to a Person who is not a Subsidiary of the Company of
    any options, warrants or other rights to acquire Capital Stock
    of the Company (in each case, exclusive of any Disqualified
    Stock or any options, warrants or other rights that are
    redeemable at the option of the holder, or are required to be
    redeemed, prior to the Stated Maturity of the notes) <I>plus</I>
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;an amount equal to the return on any Investment
    previously made as a Restricted Payment after the Issue Date
    (including any such return from repayments of principal on
    Indebtedness, dividends, or other transfers of assets, in each
    case to the Company or any Restricted Subsidiary or Regulated
    Subsidiary or from the Net Cash Proceeds from the sale of any
    such Investment (except, in each case, to the extent any such
    payment or proceeds are included in the calculation of Adjusted
    Consolidated Net Income)), from the release of any Guarantee or
    from redesignations of Unrestricted Subsidiaries as Restricted
    Subsidiaries (valued in each case as provided in the definition
    of <B>&#147;Investments&#148;</B>), not to exceed, in each case,
    the amount of Restricted Investments previously made or deemed
    made by the Company or any Restricted Subsidiary or Regulated
    Subsidiary in such Person or Unrestricted Subsidiary after 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The foregoing provision shall not be violated by reason
    of:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the payment of any dividend or redemption of any
    Capital Stock or redemption of the Indebtedness of the Company
    that is subordinated in right of payment within 60&#160;days
    after the related date of declaration or call for redemption if,
    at said date of declaration or call for redemption, such payment
    or redemption 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the redemption, repurchase, defeasance or other
    acquisition or retirement for value of Indebtedness that is
    subordinated in right of payment to the notes or any Subsidiary
    Guarantee including premiums (including tender premiums),
    accrued interest, Additional Interest, fees and expenses, with
    the proceeds of, or in exchange for, Indebtedness Incurred under
    clause&#160;(5) of the second paragraph of part (a)&#160;of the
    &#147;Limitation on Indebtedness and Issuances of Preferred
    Stock&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the repurchase, redemption or other acquisition of
    Capital Stock of the Company, a Subsidiary Guarantor, a
    Restricted Subsidiary or a Regulated Subsidiary (or options,
    warrants or other rights to acquire such Capital Stock) or a
    dividend on such Capital Stock in exchange for, or out of the
    proceeds of a capital contribution or a substantially concurrent
    offering of, shares of Capital Stock (other than Disqualified
    Stock) of the Company (or options, warrants or other rights to
    acquire such Capital Stock); <I>provided </I>that such options,
    warrants or other rights are not redeemable at the option of the
    holder, or required to be redeemed, in each case other than in
    connection with a Change of Control of the Company (<I>provided
    </I>that prior to any such repurchase,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    redemption or other acquisition in connection with a Change of
    Control, the Company has made an Offer to Purchase and purchased
    all notes validly tendered for payment in accordance with the
    &#147;Repurchase of the Notes Upon a Change of Control&#148;
    covenant), prior to the Stated Maturity of the notes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the making of any principal payment or the repurchase,
    redemption, retirement, defeasance or other acquisition for
    value of Indebtedness which is subordinated in right of payment
    to the notes or any Subsidiary Guarantee in exchange for, or out
    of the proceeds of a capital contribution or a substantially
    concurrent offering of, shares of the Capital Stock (other than
    Disqualified Stock) of the Company (or options, warrants or
    other rights to acquire such Capital Stock); <I>provided
    </I>that such options, warrants or other rights are not
    redeemable at the option of the holder, or required to be
    redeemed, in each case other than in connection with a Change of
    Control of the Company (<I>provided </I>that prior to any such
    repurchase, redemption or other acquisition in connection with a
    Change of Control, the Company has made an Offer to Purchase and
    purchased all notes validly tendered for payment in accordance
    with the &#147;Repurchase of the Notes Upon a Change of
    Control&#148; covenant), prior to the Stated Maturity of the
    notes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;payments or distributions to dissenting stockholders
    pursuant to applicable law, pursuant to or in connection with a
    consolidation, merger or transfer of assets of the Company, any
    Restricted Subsidiary or any Regulated Subsidiary and that, in
    the case of the Company, comply with the provisions of the
    Indenture applicable to mergers, consolidations and transfers of
    all or substantially all of the property and assets of the
    Company;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Investments acquired as a capital contribution to, or
    in exchange for, or out of the proceeds of a substantially
    concurrent offering of, Capital Stock (other than Disqualified
    Stock) of the Company;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;repurchases of Capital Stock deemed to occur upon
    exercise of stock options or warrants if such Capital Stock
    represent a portion of the exercise price of such options or
    warrants and repurchases of Capital Stock or options to purchase
    Capital Stock in connection with the exercise of stock options
    to the extent necessary to pay applicable withholding taxes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the repurchase, redemption or other acquisition of the
    Company&#146;s Capital Stock (or options, warrants or other
    rights to acquire such Capital Stock) from Persons who are or
    were formerly officers, directors or employees of the Company
    and their Affiliates, heirs and executors; <I>provided</I>,
    <I>however</I>, that the aggregate amounts paid under this
    clause&#160;(8) do not exceed $5.0&#160;million in any calendar
    year (with unused amounts in any calendar year being permitted
    to be carried over for the three succeeding calendar years
    subject to a maximum payment (without giving effect to the
    following proviso) of $15.0&#160;million in any calendar year);
    <I>provided</I>, <I>further</I>, <I>however</I>, that such
    amount in any calendar year may be increased by an amount not to
    exceed:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;the cash proceeds received by the Company or any of the
    Restricted Subsidiaries or Regulated Subsidiaries from the sale
    of Capital Stock (other than Disqualified Stock) of the Company
    to members of management, directors or consultants of the
    Company and the Restricted Subsidiaries and Regulated
    Subsidiaries that occurs after the Closing Date; <I>plus</I>
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;the cash proceeds of key man life insurance policies
    received by the Company or any direct or indirect parent of the
    Company (to the extent contributed to the Company) or the
    Restricted Subsidiaries after the Issue Date; <I>less</I>
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;the amount of any Restricted Payments previously made
    pursuant to subclauses&#160;(i) and (ii)&#160;of this second
    proviso of clause (8);
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided </I>that the Company may elect to apply all or any
    portion of the aggregate increase contemplated by
    subclauses&#160;(i) and (ii)&#160;above in any calendar year;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;the repurchase of Common Stock of the Company, or the
    declaration or payment of dividends on Common Stock (other than
    Disqualified Stock) of the Company; <I>provided </I>that the
    aggregate amount of all such declarations, payments or
    repurchases pursuant to this clause&#160;(9) shall not exceed
    $15.0&#160;million in any fiscal year;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;the declaration and payment of dividends or
    distributions to holders of any class or series of Disqualified
    Stock of the Company or any of the Restricted Subsidiaries
    issued or Incurred in accordance with the covenant described
    under &#147;&#151;&#160;Limitation on Indebtedness and Issuances
    of Preferred Stock&#148;, but only to the extent that such
    dividend or distribution is included in the determination of
    Consolidated Fixed Charges for such period;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;the repurchase, redemption or other acquisition or
    retirement for value of any Indebtedness subordinated in right
    of payment to the notes required pursuant to the provisions
    similar to those described under the captions &#147;Change of
    Control&#148; and &#147;Asset Sales&#148;; <I>provided </I>there
    is a concurrent or prior made offer made to Holders of the notes
    and all notes tendered by Holders of the notes in connection
    with such offer, as applicable, have been repurchased, redeemed
    or acquired for value.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Restricted Payments by the Company or any Restricted
    Subsidiary to allow the payment of cash in lieu of the issuance
    of fractional shares upon the exercise of options or warrants or
    upon the conversion or exchange of Capital Stock or debt
    securities that are convertible into, or exchangeable for,
    Capital Stock of any such Person;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;the repurchase, redemption or other acquisition of
    Oppenheimer Multifamily&#160;&#038; Housing Healthcare Finance,
    Inc.&#146;s Capital Stock (or options, warrants or other rights
    to acquire such Capital Stock) by the Company or any of its
    Subsidiaries;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;other Restricted Payments in an aggregate amount taken
    together with all other Restricted Payments made pursuant to
    this clause&#160;(14) not to exceed $10.0&#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: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided</I>, <I>however</I>, that at the time of, and after
    giving effect to, any Restricted Payment permitted under clauses
    (9), (10)&#160;or (14), no Default shall have occurred and be
    continuing or would occur as a consequence thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Each Restricted Payment permitted pursuant to the
    preceding paragraph (other than a Restricted Payment referred to
    in clauses&#160;(2) and (12)&#160;thereof, an exchange of
    Capital Stock for Capital Stock or Indebtedness referred to in
    clause&#160;(3) or (4)&#160;thereof, an Investment acquired as a
    capital contribution or in exchange for Capital Stock referred
    to in clause&#160;(6) thereof, the repurchase of Capital Stock
    referred to in clause&#160;(7) thereof, the repurchase of Common
    Stock referred to in clause&#160;(9) thereof), and the Net Cash
    Proceeds from any issuance of Capital Stock referred to in
    clause (3), (4)&#160;or (6), shall be included in calculating
    whether the conditions of clause&#160;(D) of the first paragraph
    of this &#147;Limitation on Restricted Payments&#148; covenant
    have been met with respect to any subsequent Restricted Payments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;For purposes of determining compliance with this
    &#147;Limitation on Restricted Payments&#148; covenant,
    (x)&#160;the amount, if other than in cash, of any Restricted
    Payment shall be shall be determined in good faith by the
    Company, and (1)&#160;in the case of property with a fair market
    value in excess of $5.0&#160;million, shall be set forth in an
    Officer&#146;s Certificate or (2)&#160;in the case of property
    with a fair market value in excess of $20.0&#160;million, shall
    be set forth in a resolution approved by at least a majority of
    the Board of Directors of the Company and (y)&#160;if a
    Restricted Payment meets the criteria of more than one of the
    types of Restricted Payments described in the above clauses,
    including the first paragraph of this &#147;Limitation on
    Restricted Payments&#148; covenant, the Company, in its sole
    discretion, may order and classify, and from time to time may
    reclassify, such Restricted Payment if it would have been
    permitted at the time such Restricted Payment was made and at
    the time of such reclassification.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Dividend and Other Payment Restrictions Affecting Restricted
    Subsidiaries or Regulated Subsidiaries</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not, and will not permit any Restricted
    Subsidiary or Regulated Subsidiary to, create or otherwise cause
    or suffer to exist or become effective any consensual
    encumbrance or restriction of any kind on the ability of any
    Restricted Subsidiary or Regulated Subsidiary (other than any
    Subsidiary Guarantor) to:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;pay dividends or make any other distributions permitted
    by applicable law on any Capital Stock of such Restricted
    Subsidiary or Regulated Subsidiary owned by the Company or any
    other Restricted Subsidiary or Regulated Subsidiary;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;pay any Indebtedness owed to the Company or any other
    Restricted Subsidiary or Regulated Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;make loans or advances to the Company or any other
    Restricted Subsidiary or Regulated Subsidiary;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;transfer any of its property or assets to the Company
    or any other Restricted Subsidiary or Regulated Subsidiary.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing provisions shall not restrict any encumbrances or
    restrictions:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;existing on the Closing Date, the Indenture or any
    other indentures or agreements in effect on the Closing Date,
    and any amendments, supplements, extensions, refinancings,
    renewals or replacements of such indentures or agreements;
    <I>provided </I>that the encumbrances and restrictions in any
    such amendments, supplements, extensions, refinancings, renewals
    or replacements taken as a whole are no less favorable in any
    material respect to the Holders (as determined in good faith by
    Senior Management or the Board of Directors of the Company) than
    those encumbrances or restrictions that are then in effect and
    that are being amended, supplemented, extended, refinanced,
    renewed or replaced;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;existing under or by reason of applicable law, rule,
    regulation or order, including rules and regulations of and
    agreements with any regulatory authority having jurisdiction
    over the Company, any Restricted Subsidiary, or any Regulated
    Subsidiary, including, but not limited to the SEC, the CFTC and
    any self regulatory organization of which such Regulated
    Subsidiary is a member, or the imposition of conditions or
    requirements pursuant to the enforcement authority of any such
    regulatory authority;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;existing (i)&#160;with respect to any Person or the
    property or assets of such Person acquired by the Company or any
    Restricted Subsidiary or any Regulated Subsidiary, existing at
    the time of such acquisition and not incurred in contemplation
    thereof or (ii)&#160;with respect to any Unrestricted Subsidiary
    at the time it is designated or is deemed to become a Restricted
    Subsidiary, which encumbrances or restrictions are not
    applicable to any Person or the property or assets of any Person
    other than such Person or the property or assets of such Person
    so acquired or designated, as the case may be, and any
    amendments, supplements, extensions, refinancings, renewals or
    replacements of thereof; <I>provided </I>that the encumbrances
    and restrictions in any such amendments, supplements,
    extensions, refinancings, renewals or replacements taken as a
    whole are no less favorable in any material respect to the
    Holders (as determined in good faith by Senior Management or the
    Board of Directors of the Company) than those encumbrances or
    restrictions that are then in effect and that are being amended,
    supplemented, extended, refinanced, renewed or replaced;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;in the case of clause&#160;(4) of the first paragraph
    of this &#147;Limitation on Dividend and Other Payment
    Restrictions Affecting Restricted Subsidiaries or Regulated
    Subsidiaries&#148; covenant:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (A)&#160;that restrict in a customary manner the subletting,
    assignment or transfer of any property or asset that is a lease,
    license, conveyance or contract or similar property or asset;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (B)&#160;existing by virtue of any transfer of, agreement to
    transfer, option or right with respect to, or Lien on, any
    property or assets of the Company, any Restricted Subsidiary or
    any Regulated Subsidiary not otherwise prohibited by the
    Indenture;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (C)&#160;arising or agreed to in the ordinary course of
    business, not relating to any Indebtedness, and that do not,
    individually or in the aggregate, detract from the value of
    property or assets of the Company or any Restricted Subsidiary
    or Regulated Subsidiary in any manner material to the Company or
    any Restricted Subsidiary or Regulated Subsidiary taken as a
    whole;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;with respect to a Restricted Subsidiary or Regulated
    Subsidiary and imposed pursuant to an agreement that has been
    entered into for the sale or disposition of all or substantially
    all of the Capital Stock of, or property and assets of, such
    Restricted Subsidiary or Regulated Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;customary provisions in joint venture agreements and
    other similar agreements, relating solely to the relevant joint
    venture or other similar arrangement;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;restrictions on cash or other deposits imposed by
    customers under contracts 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;restrictions in other Indebtedness, Disqualified Stock
    or Preferred Stock of a Foreign Subsidiary permitted to be
    incurred subsequent to the Closing Date pursuant to
    clause&#160;(11) of the covenant described under
    &#147;Limitation on Indebtedness and Issuance of Preferred
    Stock&#148; that are imposed solely on the Foreign Subsidiary
    party thereto;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;customary financial covenants, minimum net worth
    requirements or collateral coverage requirements in Securities
    Facilities that in the reasonable judgment of the Company do not
    impair its ability to comply with its obligations 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Nothing contained in this &#147;Limitation on Dividend and Other
    Payment Restrictions Affecting Restricted Subsidiaries or
    Regulated Subsidiaries&#148; covenant shall prevent the Company,
    any Restricted Subsidiary or any Regulated Subsidiary from
    (1)&#160;creating, incurring, assuming or suffering to exist any
    Liens otherwise permitted in the &#147;Limitation on Liens&#148;
    covenant or (2)&#160;restricting the sale or other disposition
    of property or assets of the Company or any of its Restricted
    Subsidiaries or Regulated Subsidiaries that secure Indebtedness
    of the Company or any of its Restricted Subsidiaries or
    Regulated 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: transparent">
    For purposes of determining compliance with this covenant,
    (1)&#160;the priority of any Preferred Stock in receiving
    dividends or liquidating distributions prior to dividends or
    liquidating distributions being paid on Common Stock shall not
    be deemed a restriction on the ability to make distributions on
    Capital Stock and (2)&#160;the subordination of loans or
    advances made to the Company or a Restricted Subsidiary to other
    Indebtedness Incurred by the Company or any such Restricted
    Subsidiary shall not be deemed a restriction on the ability to
    make loans or advances.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not permit any Restricted Subsidiary that is
    not a Subsidiary Guarantor, directly or indirectly, to Guarantee
    any Indebtedness (<B>&#147;Guaranteed Indebtedness&#148;</B>) of
    the Company or any Restricted Subsidiary (other than a Foreign
    Subsidiary), unless (a)&#160;such Restricted Subsidiary, to the
    extent permitted by law, simultaneously executes and delivers a
    Subsidiary Guarantee, becomes a party to the applicable Security
    Documents and, to the extent required by the Security Agreement,
    promptly executes and delivers such security instruments,
    financing statements and certificates as may be necessary to
    vest in the Collateral Agent a perfected first priority security
    interest on a pari passu basis with the Liens securing any Pari
    Passu Lien Indebtedness (subject to Permitted Liens) in
    properties and assets that constitute Collateral as security for
    the notes or the Subsidiary Guarantees and as may be necessary
    to have such property or asset added to the applicable
    Collateral as required under the Security Documents and the
    Indenture, and thereupon all provisions of the Indenture
    relating to the Collateral shall be deemed to relate to such
    properties and assets to the same extent and with the same force
    and effect and (b)&#160;such Restricted Subsidiary waives and
    will not in any manner whatsoever claim or take the benefit or
    advantage of, any rights of reimbursement, indemnity or
    subrogation or any other rights against the Company or any other
    Restricted Subsidiary as a result of any payment by such
    Restricted Subsidiary under its Subsidiary Guarantee until the
    notes have been paid in full. The obligations of any such future
    Subsidiary Guarantor will be limited so as not to constitute a
    fraudulent conveyance or fraudulent transfer under applicable
    federal or state laws.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Guaranteed Indebtedness is (A)&#160;pari passu in right
    of payment with the notes or any Subsidiary Guarantee, then the
    Guarantee of such Guaranteed Indebtedness shall be pari passu in
    right of payment with, or subordinated to, the Subsidiary
    Guarantee or (B)&#160;subordinated in right of payment to the
    notes or any Subsidiary Guarantee, then the Guarantee of such
    Guaranteed Indebtedness shall be subordinated in right of
    payment to the Subsidiary Guarantee at least to the extent that
    the Guaranteed Indebtedness is subordinated to the notes or the
    Subsidiary Guarantee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, any future Subsidiary Guarantee
    by a Restricted Subsidiary may provide by its terms that it
    shall be automatically and unconditionally released and
    discharged:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;as set forth under &#147;&#151;&#160;Subsidiary
    Guarantees&#148;;&#160;or
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;upon the release or discharge of the Guarantee which
    resulted in the creation of such Subsidiary Guarantee, except a
    discharge or release by or as a result of payment under such
    Guarantee.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Transactions with Shareholders and Affiliates</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not, and will not permit any Restricted
    Subsidiary or Regulated Subsidiary to, directly or indirectly,
    enter into, renew or extend any transaction (including, without
    limitation, the purchase, sale, lease or exchange of property or
    assets, or the rendering of any service) with any Affiliate of
    the Company or any Affiliates of any Restricted Subsidiary or
    Regulated Subsidiary, except (1)&#160;upon fair and reasonable
    terms not materially less favorable to the Company or such
    Restricted Subsidiary or Regulated Subsidiary than could be
    obtained, at the time of such transaction or, if such
    transaction is pursuant to a written agreement, at the time of
    the execution of the agreement providing therefor, in a
    comparable arm&#146;s-length transaction with a Person that is
    not an Affiliate and (2)&#160;if the transaction involves
    aggregate consideration in excess of $20.0&#160;million, the
    Company delivers to the Trustee a resolution adopted in good
    faith by the majority of the Board of Directors of the Company
    approving such transaction and set forth in an Officer&#146;s
    Certificate certifying that such transaction complies with
    clause&#160;(1) above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing limitation does not limit, and shall not apply to:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;transactions (A)&#160;approved by a majority of the
    disinterested members of the Board of Directors or (B)&#160;for
    which the Company, a Restricted Subsidiary or a Regulated
    Subsidiary delivers to the Trustee a written opinion of a
    nationally recognized investment banking, accounting, valuation
    or appraisal firm stating that the transaction is fair to the
    Company or such Restricted Subsidiary or Regulated Subsidiary
    from a financial point of view;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any transaction solely among the Company, its
    Restricted Subsidiaries or its Regulated Subsidiaries or any
    combination thereof;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;transactions or payments pursuant to any employee,
    officer or director compensation or benefit plans, employment
    agreements, indemnification agreements or any similar
    arrangements entered into in the ordinary course of business or
    approved in good faith by the Board of Directors of the Company;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any payments or other transactions pursuant to any
    tax-sharing agreement between the Company and any other Person
    with which the Company files a consolidated tax return or with
    which the Company is part of a consolidated group for tax
    purposes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any sale of shares of Capital Stock (other than
    Disqualified Stock) of the Company;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the granting or performance of registration rights
    under a written agreement and approved by the Board of Directors
    of the Company, containing customary terms, taken as a whole;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;loans to an Affiliate who is an officer, director or
    employee of the Company, a Restricted Subsidiary or a Regulated
    Subsidiary by a Regulated Subsidiary in the ordinary course of
    business in accordance with Sections&#160;7 and 13(k) of the
    Exchange Act;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;brokerage products and services typically offered to
    our customers on substantially the same terms and conditions as
    those offered to our customers;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;any Permitted Investments or any Restricted Payments
    not prohibited by the &#147;Limitation on Restricted
    Payments&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;any agreement as in effect as of the Closing Date, or
    any amendment thereto (so long as any such amendment, taken as a
    whole, is not materially less favorable to the Company, the
    Restricted Subsidiaries and Regulated Subsidiaries, as
    applicable than the agreement in effect on the date of the
    Indenture (as determined by the Board of Directors of the
    Company in good faith));
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;transactions in the ordinary course with entities in
    which the Company or a Subsidiary of the Company is the general
    partner or managing member pursuant to Investments contemplated
    by paragraph&#160;16 of the definition of Permitted Investments;
</DIV>
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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;transactions with a Person (other than an Unrestricted
    Subsidiary of the Company) that is an Affiliate of the Company
    solely because the Company owns, directly or through a
    Restricted Subsidiary, Capital Stock in, or controls, such
    Person;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;pledges of Equity Interests of Unrestricted
    Subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Liens</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company 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 on any
    asset now owned or hereafter acquired, except (x)&#160;Permitted
    Liens and (y)&#160;any other Lien on any asset or property that
    is not required to constitute Collateral if the notes and
    Subsidiary Guarantees are equally and ratably secured with (or
    on a senior basis to, if such Lien in this clause&#160;(y)
    secures any Indebtedness that is subordinated in right of
    payment to the notes or such Subsidiary Guarantee) the
    Obligations secured by such Lien.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any Lien created for the benefit of the Holders of the notes
    pursuant to clause&#160;(y) of the preceding paragraph shall
    provide by its terms that such Lien shall be automatically and
    unconditionally released and discharged upon the release and
    discharge of the initial Lien which release and discharge in the
    case of any sale of any such asset or property shall not affect
    any Lien that the trustee may have on the proceeds from such
    sale.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Asset Sales</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not, and will not permit any Restricted
    Subsidiary to, consummate any Asset Sale, unless (1)&#160;the
    consideration received by the Company or such Restricted
    Subsidiary is at least equal to the fair market value of the
    assets sold or disposed of, (2)&#160;at least 75% of the
    consideration received consists of (a)&#160;Cash or Temporary
    Cash Investments, (b)&#160;Replacement Assets or (c)&#160;to the
    extent that any consideration received by the Company or any
    Restricted Subsidiary in such Asset Sale constitutes securities
    or other assets that are of a type or class that constitutes
    Collateral, such securities or other assets are added to the
    Collateral securing the notes in the manner and to the extent
    required by the Indenture or any of the Security Documents;
    <I>provided </I>that the amount of:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (x)&#160;any liabilities (as shown on the Company&#146;s or such
    Restricted Subsidiary&#146;s most recent balance sheet or in the
    notes thereto) of the Company or any Restricted Subsidiary
    (other than liabilities that are by their terms subordinated to
    the notes or any Subsidiary Guarantee) (i)&#160;that are assumed
    by the transferee of any such assets and from which the Company
    and all of its Restricted Subsidiaries have been validly
    released by all creditors in writing or (ii)&#160;in respect of
    which neither the Company nor any Restricted Subsidiary
    following such Asset Sale has any obligation,
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (y)&#160;any notes or other obligations or other securities or
    assets received by the Company or such Restricted Subsidiary
    from such transferee that are converted by the Company or such
    Restricted Subsidiary into cash within 180&#160;days of the
    receipt thereof (to the extent of the cash received),&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (z)&#160;any Designated Non-cash Consideration received by the
    Company or any of the Restricted Subsidiaries in such Asset Sale
    having an aggregate fair market value, taken together with all
    other Designated Non-cash Consideration received pursuant to
    this clause&#160;(z) that is at that time outstanding, not to
    exceed the greater of 1.0% of Total Assets and
    $25.0&#160;million at the time of the receipt of such Designated
    Non-cash Consideration (with the fair market value of each item
    of Designated Non-cash Consideration being measured at the time
    received and without giving effect to subsequent changes in
    value),
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    shall be deemed to be Temporary Cash Investments for the
    purposes of this provision.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not, and will not permit any Restricted
    Subsidiary or Regulated Subsidiary to, consummate any Regulated
    Sale, unless (1)&#160;the consideration received by the Company,
    such Restricted Subsidiary or such Regulated Subsidiary is at
    least equal to the fair market value of the assets sold or
    disposed of, (2)&#160;at least 75% of the consideration received
    consists of (a)&#160;Cash or Temporary Cash Investments or
    (b)&#160;Replacement Assets; <I>provided </I>that the amount of:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (x)&#160;any liabilities (as shown on the Company&#146;s, such
    Restricted Subsidiary&#146;s or such Regulated Subsidiary&#146;s
    most recent balance sheet or in the notes thereto) of the
    Company, any Restricted Subsidiary
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or any Regulated Subsidiary (other than liabilities that are by
    their terms subordinated to the notes or any Subsidiary
    Guarantee) (i)&#160;that are assumed by the transferee of any
    such assets and from which the Company, all of its Restricted
    Subsidiaries and all of its Regulated Subsidiaries have been
    validly released by all creditors in writing or (ii)&#160;in
    respect of which neither the Company nor any Restricted
    Subsidiary or Regulated Subsidiary following such Asset Sale has
    any obligation,
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (y)&#160;any notes or other obligations or other securities or
    assets received by the Company, such Restricted Subsidiary or
    such Regulated Subsidiary from such transferee that are
    converted by the Company, such Restricted Subsidiary or
    Regulated Subsidiary into cash within 180&#160;days of the
    receipt thereof (to the extent of the cash received),&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (z)&#160;any Designated Non-cash Consideration received by the
    Company, any of its Restricted Subsidiaries or any of its
    Regulated Subsidiaries in such Asset Sale having an aggregate
    fair market value, taken together with all other Designated
    Non-cash Consideration received pursuant to this clause&#160;(z)
    that is at that time outstanding, not to exceed the greater of
    1.0% of Total Assets and $25.0&#160;million at the time of the
    receipt of such Designated Non-cash Consideration (with the fair
    market value of each item of Designated Non-cash Consideration
    being measured at the time received and without giving effect to
    subsequent changes in value),
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    shall be deemed to the Temporary Cash Investments for the
    purposes of this provision.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company shall or shall cause the relevant Restricted
    Subsidiary or Regulated Subsidiary to:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;within twelve months after receipt of such Net Cash
    Proceeds,
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (A)&#160;apply an amount equal to such excess Net Cash Proceeds
    (i)&#160;to the extent such Net Cash Proceeds are from Asset
    Sales of Collateral, to permanently repay, repurchase (and
    retire) or redeem the notes or Pari Passu Lien Indebtedness and
    (ii)&#160;to the extent such Net Cash Proceeds are not from
    Asset Sales or Regulated Sales of Collateral, to permanently
    repay, repurchase (and retire) or redeem unsubordinated
    Indebtedness of the Company or any Restricted Subsidiary, or to
    redeem or repurchase Capital Stock of any Restricted Subsidiary
    or Regulated Subsidiary (in each case to the extent permitted by
    the Indenture), in each case owing to or owned by a Person other
    than the Company or any Affiliate of the Company;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (B)&#160;invest an equal amount, or the amount not so applied
    pursuant to clause (A) (or enter into a definitive agreement
    committing to so invest within 12&#160;months after the date of
    such agreement), in Replacement Assets; <I>provided </I>that, to
    the extent the assets subject to such Asset Sale were
    Collateral, such Replacement Assets shall also be
    Collateral;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;apply, not later than the end of such
    <FONT style="white-space: nowrap">12-month</FONT>
    period referred to in clause&#160;(1) above, such Net Cash
    Proceeds (to the extent not applied pursuant to clause&#160;(1)
    above) as provided in the following paragraphs of this
    &#147;Limitation on Asset Sales&#148; covenant.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of such excess Net Cash Proceeds required to be
    applied (or to be committed to be applied) during such
    <FONT style="white-space: nowrap">12-month</FONT>
    period as set forth in clause&#160;(1) of the preceding sentence
    and not applied as so required by the end of such period shall
    constitute <B>&#147;Excess Proceeds</B>.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, as of the first day of any calendar month, the aggregate
    amount of Excess Proceeds not theretofore subject to an Offer to
    Purchase pursuant to this &#147;Limitation on Asset Sales&#148;
    covenant totals at least $15.0&#160;million, the Company must
    commence, not later than the fifteenth Business Day of such
    month, and consummate an Offer to Purchase from the Holders
    (and, if required by the terms of any Pari Passu Lien
    Indebtedness, from the holders of such Pari Passu Lien
    Indebtedness) on a pro rata basis an aggregate principal amount
    of notes (and Pari Passu Lien Indebtedness) equal to the Excess
    Proceeds on such date, at a purchase price equal to 100% of
    their principal amount, plus, in each case, accrued interest (if
    any) and Additional Interest (if any) to, but not including, the
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the aggregate amount of notes and Pari Passu
    Lien Indebtedness so validly tendered and not properly withdrawn
    pursuant to an Offer to Purchase is less than the Excess
    Proceeds, the Company may use any remaining Excess Proceeds for
    any other purpose which is permitted by the Indenture.
</DIV>
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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the aggregate principal amount of notes surrendered by
    Holders thereof and other Pari Passu Lien Indebtedness
    surrendered by holders or lenders, collectively, exceeds the
    amount of Excess Proceeds, the Trustee shall select the notes
    and Pari Passu Lien Indebtedness to be purchased on a pro rata
    basis on the basis of the aggregate principal amount of tendered
    notes and Pari Passu Lien Indebtedness. Upon completion of such
    Offer to Purchase, the amount of Excess Proceeds shall be reset
    to zero.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Lines of Business</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not, and will not permit any Restricted
    Subsidiary or Regulated Subsidiary to, engage in any business
    other than a Related Business, except to an extent that so doing
    would not be material to the Company 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Repurchase
    of the Notes 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company must commence, within 30&#160;days of the occurrence
    of a Change of Control, and consummate an Offer to Purchase for
    all notes then outstanding, at a purchase price equal to 101% of
    their principal amount, plus accrued interest (if any) and
    Additional Interest (if any) to, but not including, the 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There can be no assurance that the Company will have sufficient
    funds available at the time of any Change of Control to make any
    payment required by the foregoing covenant (as well as may be
    contained in other Indebtedness of the Company which might be
    outstanding at the time).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The above covenant requiring the Company to repurchase the notes
    will, unless consents are obtained, require the Company to repay
    all indebtedness then outstanding which by its terms would
    prohibit such note repurchase, either prior to or concurrently
    with such note repurchase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Change of Control purchase feature of the notes may in
    certain circumstances make more difficult or discourage a sale
    or takeover of us and, thus, the removal of incumbent
    management. The Change of Control purchase feature is a result
    of negotiations between the initial purchasers of the notes and
    us. After the Closing Date, we have no present intention to
    engage in a transaction involving a Change of Control, although
    it is possible that we could decide to do so in the future.
    Subject to the limitations discussed below, we could, in the
    future, enter into certain transactions, including acquisitions,
    refinancings or other recapitalizations, that would not
    constitute a Change of Control under the Indenture, but that
    could increase the amount of Indebtedness outstanding at such
    time or otherwise affect our capital structure or credit
    ratings. Restrictions on our ability to incur additional
    Indebtedness are contained in the covenants described under
    &#147;Covenants&#160;&#151; Limitation on Indebtedness and
    Issuances of Preferred Stock&#148; and
    &#147;Covenants&#160;&#151; Limitation on Liens.&#148; Such
    restrictions in the Indenture can be waived only with the
    consent of the Holders of a majority in principal amount of the
    notes then outstanding. Except for the limitations contained in
    such covenants, however, the Indenture will not contain any
    covenants or provisions that may afford Holders of the notes
    protection in a highly levered transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not be required to make an Offer to Purchase
    upon the occurrence of a Change of Control, if (1)&#160;a third
    party makes an offer to purchase the notes in the manner, at the
    times and price and otherwise in compliance with the
    requirements of the Indenture applicable to an Offer to Purchase
    for a Change of Control and purchases all notes validly tendered
    and not withdrawn in such offer to purchase or (2)&#160;notice
    of redemption has been given pursuant to the indenture as
    described under the caption &#147;&#151;&#160;Optional
    Redemption,&#148; unless and until there is a default in payment
    of the applicable redemption price. Notwithstanding anything to
    the contrary herein, a Change of Control Offer may be made in
    advance of a Change of Control, conditional upon such Change of
    Control.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">SEC
    Reports and Reports to 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will deliver to the Trustee within 30&#160;days
    after the filing of the same with the Securities and Exchange
    Commission, copies of the quarterly and annual reports and of
    the information, documents and other reports, if any, which the
    Company is required to file with the Securities and Exchange
    Commission pursuant to Section&#160;13 or 15(d) of the Exchange
    Act. Notwithstanding that the Company may not be subject to the
    reporting requirements of Section&#160;13 or 15(d) of the
    Exchange Act, the Company will file with the Securities and
    Exchange Commission, to the extent permitted, and provide the
    Trustee and Holders with such annual reports and such
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    information, documents and other reports specified in
    Sections&#160;13 and 15(d) of the Exchange Act, <I>provided
    </I>that the Company need not file such reports or other
    information if, and so long as, it would not be required to do
    so pursuant to
    <FONT style="white-space: nowrap">Rule&#160;12h-5</FONT>
    under the Exchange Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the Company will be deemed to
    have furnished such reports referred to above to the Trustee and
    the Holders if the Company has filed such reports with the SEC
    via the EDGAR filing system and such reports are publicly
    available.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding anything herein to the contrary, the Company
    will not be deemed to have failed to comply with any of its
    agreements hereunder for purposes of clause&#160;(d) under
    &#147;Events of Default&#148; until 120&#160;days after the date
    any report hereunder is required to be filed with the SEC (or
    otherwise made available to holders or the Trustee) pursuant to
    this covenant.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The covenants described under &#147;&#151;&#160;Limitation on
    Indebtedness and Issuances of Preferred Stock,&#148;
    &#147;&#151;&#160;Limitation on Restricted Payments,&#148;
    &#147;&#151;&#160;Limitation on Dividend and Other Payment
    Restrictions Affecting Restricted Subsidiaries or Regulated
    Subsidiaries&#148;, &#147;&#151;&#160;Future Subsidiary
    Guarantees,&#148; &#145;&#145;&#151;&#160;Limitation on
    Transactions with Shareholders and Affiliates,&#148;
    &#147;&#151;&#160;Limitation on Asset Sales,&#148;
    &#145;&#145;&#151;&#160;SEC reports,&#148;
    &#147;&#151;&#160;Limitation on Lines of Business,&#148; (the
    <B>&#147;Suspended Covenants&#148;</B>) will be suspended upon
    the Company attaining Investment Grade Status. The Suspended
    Covenants will not be reinstated regardless of whether the
    Company&#146;s credit rating is subsequently downgraded from
    Investment Grade Status.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If at any time the Company is downgraded from Investment Grade
    Status, then the Suspended Covenants will thereafter be
    reinstated as if such covenants had never been suspended (the
    <B>&#147;Reinstatement Date&#148;</B>) and be applicable
    pursuant to the terms of the Indenture (including in connection
    with performing any calculation or assessment to determine
    compliance with the terms of the Indenture), unless and until
    the Company subsequently attains Investment Grade Status and no
    Default or Event of Default is in existence (in which event the
    Suspended Covenants shall no longer be in effect for such time
    that the Company maintains Investment Grade Status);
    <I>provided</I>, <I>however</I>, that no Default, Event of
    Default or breach of any kind shall be deemed to exist or have
    occurred under the Indenture, the notes, the Subsidiary
    Guarantees or any of the Security Documents with respect to the
    Suspended Covenants based on, and none of the Company or any of
    its Subsidiaries shall bear any liability for, any actions taken
    or events occurring during the Suspension Period (as defined
    below), or any actions taken at any time pursuant to any
    contractual obligation arising prior to the Reinstatement Date,
    regardless of whether such actions or events would have been
    permitted if the applicable Suspended Covenants remained in
    effect during such period. The period of time between the date
    of suspension of the covenants and the Reinstatement Date is
    referred to as the <B>&#147;Suspension Period&#148;</B>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the Reinstatement Date, all Indebtedness Incurred during the
    Suspension Period will be deemed to have been outstanding on the
    Closing Date, so that it is classified as permitted under
    clause&#160;(3) of the second paragraph of part (a)&#160;of the
    &#147;Limitation on Indebtedness and Issuances of Preferred
    Stock&#148; covenant. Calculations made after the Reinstatement
    Date of the amount available to be made as Restricted Payments
    under the &#147;Limitation on Restricted Payments&#148; covenant
    will be made as though the &#147;Limitation on Restricted
    Payments&#148; covenant had been in effect since the Closing
    Date and throughout the Suspension Period. Accordingly,
    Restricted Payments made during the Suspension Period will
    reduce the amount available to be made as Restricted Payments
    under the &#147;Limitation on Restricted Payments&#148; covenant
    to the extent such Restricted Payments were not otherwise
    permitted to be made pursuant to clauses&#160;(1) through
    (14)&#160;of part (c)&#160;of the &#147;Limitation on Restricted
    Payments&#148; covenant; <I>provided </I>that the amount
    available to be made as Restricted Payments on the Reinstatement
    Date under the &#147;Limitation on Restricted Payments&#148;
    covenant shall not be reduced below zero solely as a result of
    such Restricted Payments made during a Suspension Period. The
    Company will provide the Trustee with written notice of the
    commencement of any Suspension Period or Reinstatement Date.
    Until the Trustee receives such notice, it shall be entitled to
    assume no such Suspension Period or Reinstatement Date, as
    applicable, has occurred.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following events will be defined as &#147;Events of
    Default&#148; 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: transparent">
    (a)&#160;default in the payment of principal of (or premium, if
    any, on) any note when the same becomes due and payable at
    maturity, upon acceleration, redemption or otherwise;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;default in the payment of interest or Additional
    Interest (as required by the Registration Rights Agreement) on
    any note when the same becomes due and payable, and such default
    continues for a period of 30&#160;days;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;default in the performance or breach of the provisions
    of the Indenture applicable to mergers, consolidations and
    transfers of all or substantially all of the assets of the
    Company or the failure by the Company to make or consummate an
    Offer to Purchase in accordance with the &#147;Limitation on
    Asset Sales&#148; or &#147;Repurchase of the Notes upon a Change
    of Control&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;the Company or any Subsidiary Guarantor defaults in the
    performance of or breaches any other covenant or agreement in
    the Indenture, under the notes (other than a default specified
    in clause (a), (b)&#160;or (c)&#160;above) or under the Security
    Documents and such default or breach continues for a period of
    60 consecutive days after written notice by the Trustee or the
    Holders of 25% or more in aggregate principal amount of the
    notes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;there occurs with respect to any issue or issues of
    Indebtedness of the Company or any Significant Subsidiary having
    an outstanding principal amount of $25.0&#160;million or more in
    the aggregate for all such issues of all such Persons, whether
    such Indebtedness now exists or shall hereafter be created,
    (I)&#160;an event of default that has caused the holder thereof
    to declare such Indebtedness to be due and payable prior to its
    Stated Maturity and such Indebtedness has not been discharged in
    full or such acceleration has not been rescinded or annulled
    within 60&#160;days of such acceleration or (II)&#160;the
    failure to make a principal payment at the final (but not any
    interim) fixed maturity and such defaulted payment shall not
    have been made, waived or extended within applicable grace
    periods;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;any final judgment or order (not covered by insurance),
    that is non-appealable, for the payment of money in excess of
    $25.0&#160;million in the aggregate for all such final judgments
    or orders against all such Persons (treating any deductibles,
    self-insurance or retention as not so covered) shall be rendered
    against the Company or any Significant Subsidiary and shall not
    be paid or discharged, and there shall be any period of 45
    consecutive days following entry of the final judgment or order
    that causes the aggregate amount for all such final judgments or
    orders outstanding and not paid or discharged against all such
    Persons to exceed $25.0&#160;million during which a stay of
    enforcement of such final judgment or order, by reason of a
    pending appeal or otherwise, shall not be in effect;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;a court having jurisdiction in the premises enters a
    decree or order for (A)&#160;relief in respect of the Company or
    any Significant Subsidiary in an involuntary case under any
    applicable bankruptcy, insolvency or other similar law now or
    hereafter in effect, (B)&#160;appointment of a receiver,
    liquidator, assignee, custodian, trustee, sequestrator or
    similar official of the Company or any Significant Subsidiary or
    for all or substantially all of the property and assets of the
    Company or any Significant Subsidiary or (C)&#160;the winding up
    or liquidation of the affairs of the Company or any Significant
    Subsidiary and, in each case, such decree or order shall remain
    unstayed and in effect for a period of 30 consecutive days;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;the Company or any Significant Subsidiary
    (A)&#160;commences a voluntary case under any applicable
    bankruptcy, insolvency or other similar law now or hereafter in
    effect, or consents to the entry of an order for relief in an
    involuntary case under any such law, (B)&#160;consents to the
    appointment of or taking possession by a receiver, liquidator,
    assignee, custodian, trustee, sequestrator or similar official
    of the Company or any Significant Subsidiary or for all or
    substantially all of the property and assets of the Company or
    any Significant Subsidiary or (C)&#160;effects any general
    assignment for the benefit of creditors;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;failure by any Regulated Significant Subsidiary to meet
    the minimum capital requirements imposed by applicable
    regulatory authorities, and such condition continues for a
    period of 30&#160;days after the Company or such Regulated
    Subsidiary first becomes aware of such failure;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;the Company or any Subsidiary that holds Capital Stock
    of a Regulated Significant Subsidiary shall become ineligible to
    hold such Capital Stock by reason of a statutory
    disqualification or otherwise;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;the Commission shall revoke the registration of any
    Regulated Significant Subsidiary as a broker-dealer under the
    Exchange Act or any such Regulated Subsidiary shall fail to
    maintain such registration;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;the Examining Authority (as defined in
    <FONT style="white-space: nowrap">Rule&#160;15c3-1)</FONT>
    for any Regulated Significant Subsidiary shall suspend (and
    shall not reinstate within 10&#160;days) or shall revoke such
    Regulated Subsidiary&#146;s status as a member organization
    thereof;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (m)&#160;the occurrence of any event of acceleration in a
    subordination agreement, as defined in Appendix&#160;D to
    <FONT style="white-space: nowrap">Rule&#160;15c3-1</FONT>
    of the Exchange Act, to which the Company or any Regulated
    Significant Subsidiary is a party;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (n)&#160;any Subsidiary Guarantor repudiates its obligations
    under its Subsidiary Guarantee or, except as permitted by the
    Indenture, any Subsidiary Guarantee is determined to be
    unenforceable or invalid or shall for any reason cease to be in
    full force and effect;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (o)&#160;with respect to any Collateral having a fair market
    value in excess of $10.0&#160;million, individually or in the
    aggregate, the failure of the security interest with respect to
    such Collateral under the Security Documents, at any time, to be
    in full force and effect for any reason other than in accordance
    with the terms of the Security Documents and the terms of the
    Indenture and other than the satisfaction in full of all
    obligations under the Indenture and discharge of the Indenture
    if such failure continues for 30&#160;days, except in each case
    for the failure or loss of perfection resulting from the failure
    of the Collateral Agent to maintain possession of certificates
    actually delivered to it representing securities pledged under
    the Security Documents.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms of the Security Documents, if an Event of
    Default (other than an Event of Default specified in
    clause&#160;(g) or (h)&#160;above that occurs with respect to
    the Company or any Subsidiary Guarantor) occurs and is
    continuing under the Indenture, the Trustee or the Holders of at
    least 25% in aggregate principal amount of the notes, then
    outstanding, by written notice to the Company (and to the
    Trustee if such notice is given by the Holders), may, and the
    Trustee at the request of such Holders shall, declare the
    principal of, premium, if any, and accrued interest and
    Additional Interest, if any, on the notes to be immediately due
    and payable. Upon a declaration of acceleration, such principal
    of, premium, if any, and accrued interest and Additional
    Interest, if any, shall be immediately due and payable. In the
    event of a declaration of acceleration because an Event of
    Default set forth in clause&#160;(e) above has occurred and is
    continuing, such declaration of acceleration shall be
    automatically rescinded and annulled if the event of default
    triggering such Event of Default pursuant to clause&#160;(e)
    shall be remedied or cured by the Company or the relevant
    Significant Subsidiary or waived by the holders of the relevant
    Indebtedness within 60&#160;days after the declaration of
    acceleration with respect thereto. If an Event of Default
    specified in clause&#160;(g) or (h)&#160;above occurs with
    respect to the Company, the principal of, premium, if any, and
    accrued interest and Additional Interest, if any, on the notes
    then outstanding shall automatically become and be immediately
    due and payable without any declaration or other act on the part
    of the Trustee or any Holder. The Holders of at least a majority
    in principal amount of the outstanding notes by written notice
    to the Company and to the Trustee, may waive all past defaults
    and rescind and annul a declaration of acceleration and its
    consequences if (x)&#160;all existing Events of Default, other
    than the nonpayment of the principal of, premium, if any, and
    interest and Additional Interest (if any) on the notes that have
    become due solely by such declaration of acceleration, have been
    cured or waived, (y)&#160;the rescission would not conflict with
    any judgment or decree of a court of competent jurisdiction and
    (z)&#160;all outstanding fees and expenses of the Trustee
    incurred in connection with such default have been paid. For
    information as to the waiver of defaults, see
    &#147;&#151;&#160;Modification and Waiver.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms of the Security Documents, the Holders of
    at least a majority in aggregate principal amount of the
    outstanding notes may direct the time, method and place of
    conducting any proceeding for any remedy available to the
    Trustee or exercising any trust or power conferred on the
    Trustee. However, the Trustee may refuse to follow any direction
    that conflicts with law or the Indenture, that may involve the
    Trustee in personal liability, or that the Trustee determines in
    good faith may be unduly prejudicial to the rights of Holders of
    notes not joining in the giving of such direction and may take
    any other action it deems proper that is not inconsistent with
    any
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    such direction received from Holders of notes. A Holder may not
    pursue any remedy with respect to the Indenture or the notes
    unless:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Holder gives the Trustee written notice of a
    continuing Event of Default;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Holders of at least 25% in aggregate principal
    amount of outstanding notes make a written request to the
    Trustee to pursue the remedy;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;such Holder or Holders offer the Trustee indemnity
    satisfactory to the Trustee against any costs, liability or
    expense;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Trustee does not comply with the request within
    60&#160;days after receipt of the request and the offer of
    indemnity;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;during such
    <FONT style="white-space: nowrap">60-day</FONT>
    period, the Holders of a majority in aggregate principal amount
    of the outstanding notes do not give the Trustee a direction
    that is inconsistent with the request.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, such limitations do not apply to the right of any
    Holder of a note to receive payment of the principal of,
    premium, if any, or interest or Additional Interest (if any) on,
    such note or to bring suit for the enforcement of any such
    payment, on or after the due date expressed in the notes, which
    right shall not be impaired or affected without the consent of
    the 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: transparent">
    The trustee shall, within 90&#160;days of the occurrence of a
    default, give to the Holders of the notes notice of all uncured
    defaults known to it, but the Trustee may withhold such notice
    if it, in good faith, determines that the withholding of such
    notice is in the best interest of such Holders, except in the
    case of a default in the payment of the principal of or interest
    or Additional Interest (if any) on any 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Officers of the Company must deliver to the Trustee, on or
    before a date not more than 120&#160;days after the end of each
    fiscal year, a certificate indicating whether the signers
    thereof know of any default that occurred during the previous
    year. The Company will also be obligated to notify the Trustee
    of any default or defaults in the performance of any covenants
    or agreements 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consolidation,
    Merger and 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: transparent">
    The Company will not consolidate with, merge with or into, or
    sell, convey, transfer, lease or otherwise dispose of all or
    substantially all of its property and assets (as an entirety or
    substantially an entirety in one transaction or a series of
    related transactions) to, any Person or permit any Person to
    merge with or into it unless:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;it shall be the continuing Person, or the Person (if
    other than it) formed by such consolidation or into which it is
    merged or that acquired or leased such property and assets of
    (the <B>&#147;Surviving Person&#148;</B>) shall be an entity
    organized and validly existing under the laws of the United
    States of America or any jurisdiction thereof and shall
    expressly assume, by a supplemental indenture, executed and
    delivered to the Trustee, all of the Company&#146;s obligations
    under the Indenture, the Security Documents and the notes and,
    to the extent required by and subject to the limitations set
    forth in the Security Documents, will cause such amendments,
    supplements or other instruments to be executed, filed and
    recorded in such jurisdictions as may be required by applicable
    law to preserve and protect the Lien on the Collateral owned by
    or transferred to the Surviving Person, together with such
    financing statements or comparable documents to the extent
    required by and subject to the limitations set forth in the
    Security Documents, as may be required to perfect any security
    interests in such Collateral which may be perfected by the
    filing of a financing statement or a similar document under the
    Uniform Commercial Code or other similar statute or regulation
    of the relevant states or jurisdictions; <I>provided</I>, that
    if such continuing Person or Person shall not be a corporation,
    such entity shall organize or have a Wholly-Owned Subsidiary in
    the form of a corporation organized and validly existing under
    the laws of the United States or any jurisdiction thereof, and
    shall cause such corporation to expressly assume, as a party to
    the supplemental indenture referenced above, as a co-obligor,
    each of such continuing Person or Person&#146;s obligations
    under the Indenture, the Security Documents and the notes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;immediately after giving effect to such transaction, no
    Default or Event of Default shall have occurred and be
    continuing;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;immediately after giving effect to such transaction on
    a <I>pro forma </I>basis the Company or the Surviving Person, as
    the case may be, (1)&#160;could Incur at least $1.00 of
    Indebtedness pursuant to the Consolidated Fixed Charge Coverage
    Ratio test set forth in the first paragraph of the
    &#147;Limitation on Indebtedness and Issuances of Preferred
    Stock&#148; covenant or (2)&#160;the Consolidated Fixed Charge
    Coverage Ratio would be greater than or equal to such ratio for
    the Company and the Restricted Subsidiaries immediately prior to
    such transaction;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;it delivers to the Trustee an Officers&#146;
    Certificate and an Opinion of Counsel, in each case stating that
    such consolidation, merger or transfer and such supplemental
    indenture complies with this provision and that all conditions
    precedent provided for herein relating to such transaction have
    been complied with;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;each Subsidiary Guarantor, unless such Subsidiary
    Guarantor is the Person with which the Company has entered into
    a transaction under this &#147;Consolidation, Merger and Sale of
    Assets&#148; section, shall have by amendment to its Subsidiary
    Guarantee confirmed that its Subsidiary Guarantee shall apply to
    the obligations of the Company or the Surviving Person in
    accordance with the notes and 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: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided</I>, <I>however</I>, that clause&#160;(3) above does
    not apply if, in the good faith determination of the Board of
    Directors of the Company, whose determination shall be evidenced
    by a Board Resolution, the principal purpose of such transaction
    is to change the state of organization or convert the form of
    organization of the Company to another form, and any such
    transaction shall not have as one of its purposes the evasion of
    the foregoing 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: transparent">

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

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Legal
    Defeasance and Covenant Defeasance</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The obligations of the Company and the Subsidiary Guarantors
    under the Indenture and the Security Documents will terminate
    (other than certain obligations) and will be released upon
    payment in full of all of the notes issued under the Indenture.
    The Company may, at its option and at any time, elect to have
    all of its obligations discharged with respect to the notes
    issued under the Indenture and the Security Documents, cause the
    release of all Liens on the Collateral granted under the
    Security Documents, and have each Guarantor&#146;s obligation
    discharged with respect to its Guarantee <B>(&#147;Legal
    Defeasance&#148;)</B> and cure all then existing Events of
    Default except for:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the rights of Holders of notes issued under the
    Indenture to receive payments in respect of the principal of,
    premium, if any, and interest on such notes when such payments
    are due solely out of the trust created pursuant to 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: transparent">
    (2)&#160;the Company&#146;s obligations with respect to notes
    issued under the Indenture concerning issuing temporary notes,
    registration of such 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the rights, powers, trusts, duties and immunities of
    the Trustee, and the Company&#146;s obligations in connection
    therewith;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Company may, at its option and at any time,
    elect to have the Liens on the Collateral granted under the
    Security Documents released and its obligations and those of
    each Subsidiary Guarantor released with respect to
    clauses&#160;(2) and (3)&#160;under &#147;Consolidation, Merger
    and Sale of Assets&#148; and all the covenants described herein
    under &#147;Covenants,&#148; <B>(&#147;Covenant
    Defeasance&#148;)</B> and thereafter any omission to comply with
    such obligations shall not constitute a Default or Event of
    Default with respect to the notes. In the event Covenant
    Defeasance occurs, certain events (not including failure to pay
    or bankruptcy, receivership, rehabilitation and insolvency
    events pertaining to the Company) described under &#147;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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to exercise either Legal Defeasance or Covenant
    Defeasance with respect to the notes issued under 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: transparent">
    (1)&#160;the Company must irrevocably deposit with the Trustee,
    in trust, for the benefit of the Holders, cash in
    U.S.&#160;dollars, Government Securities, or a combination
    thereof, in such amounts as will be sufficient, in the
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    opinion of a nationally recognized firm of independent public
    accountants without consideration of any reinvestment of
    interest, to pay the principal of, premium, if any, and interest
    due on the notes issued under the Indenture on the stated
    maturity date or on the redemption date, as the case may be, of
    such principal, premium, if any, or interest on the notes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in the case of Legal Defeasance, the Company shall have
    delivered to the Trustee an Opinion of Counsel confirming that,
    subject to customary assumptions and exclusions;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the Company has received from, or there has been
    published by, the United States Internal Revenue Service a
    ruling;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;since the issuance of the notes, there has been a
    change in the applicable U.S.&#160;federal income tax 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: 'Times New Roman', Times; color: #000000; background: transparent">
    in either case to the effect that, and based thereon such
    Opinion of Counsel shall confirm that, subject to customary
    assumptions and exclusions, the Holders will not recognize
    income, gain or loss for U.S.&#160;federal income tax purposes
    as a result of such Legal Defeasance and will be subject to
    U.S.&#160;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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in the case of Covenant Defeasance, the Company shall
    have delivered to the Trustee an Opinion of Counsel confirming
    that, subject to customary assumptions and exclusions, the
    Holders will not recognize income, gain or loss for
    U.S.&#160;federal income tax purposes as a result of such
    Covenant Defeasance and will be subject to U.S.&#160;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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;no Default or Event of Default (other than that
    resulting from borrowing funds to be applied to make such
    deposit or the granting of Liens in connection therewith) shall
    have occurred and be continuing on the date of such deposit;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;such Legal Defeasance or Covenant Defeasance shall not
    result in a breach or violation of, or constitute a default
    under any Credit Facility or any other material agreement or
    instrument (other than the Indenture) to which, the Company or
    any Subsidiary Guarantor is a party or by which the Company or
    any Subsidiary Guarantor is bound (other than that resulting
    from borrowing funds to be applied to make such deposit and the
    granting of Liens in connection therewith);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the Company shall have delivered to the Trustee an
    Officers&#146; Certificate stating that the deposit was not made
    by the Company with the intent of defeating, hindering, delaying
    or defrauding any creditors of the Company or any Subsidiary
    Guarantor or others;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the Company shall have delivered to the Trustee an
    Officers&#146; Certificate and an Opinion of Counsel (which
    opinion of counsel may be subject to customary assumptions and
    exclusions) each stating that all conditions precedent provided
    for or relating to the Legal Defeasance or the Covenant
    Defeasance, as the case may be, 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture will be automatically discharged and will cease to
    be of further effect as to all notes issued thereunder, when
    either
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;all such notes theretofore authenticated and delivered,
    except lost stolen or destroyed notes which have been replaced
    or paid and notes for whose payment money has theretofore been
    deposited in trust, 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;(1)&#160;all such notes not theretofore delivered to
    such Trustee for cancellation have become due and payable by
    reason of the making of a notice of redemption or otherwise or
    will become due and payable within one year or are to be called
    for redemption within one year under arrangements satisfactory
    to the Trustee for the giving of notice of redemption by the
    Trustee in the name, and at the expense, of the Company and the
    Company or any Subsidiary Guarantor has irrevocably deposited or
    caused to be deposited with such Trustee as trust funds in trust
    solely for the benefit of the Holders, cash in
    U.S.&#160;dollars, Government Securities, or a
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    combination thereof, in such amounts as will be sufficient
    without consideration of any reinvestment of interest to pay and
    discharge the entire indebtedness on such notes not theretofore
    delivered to the Trustee for 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: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;no Default or Event of Default (other than that
    resulting from borrowing funds to be applied to make such
    deposit or the granting of Liens in connection therewith) with
    respect to the Indenture or the notes issued thereunder shall
    have occurred and be continuing on the date of such deposit or
    shall occur as a result of such deposit and such deposit will
    not result in a breach or violation of, or constitute a default
    under, any other instrument to which the Company or any
    Subsidiary Guarantor is a party or by which the Company or any
    Subsidiary Guarantor is bound (other than an instrument to be
    terminated contemporaneously with or prior to the borrowing of
    funds to be applied to make such deposit and the granting of
    Liens in connection therewith);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the Company has delivered irrevocable instructions to
    the Trustee under the Indenture to apply the deposited money
    toward the payment of such 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Company must deliver an Officers&#146;
    Certificate and an Opinion of Counsel (which opinion of counsel
    may be subject to customary assumptions and exclusions) to the
    Trustee stating that all conditions precedent to satisfaction
    and discharge have been satisfied.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon discharge of the Indenture, the Security Documents will
    automatically terminate and cease to be of further effect and
    all Liens on the Collateral granted under the Security Documents
    will be released.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    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: transparent">
    The Indenture and the Security Documents may be amended or
    supplemented, without the consent of any Holder, to:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;cure any ambiguity, defect or inconsistency 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: transparent">
    (2)&#160;comply with the provisions described under
    &#147;Consolidation, Merger and Sale of Assets&#148; or
    &#147;Future Subsidiary Guarantees&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;comply with any requirements of the Securities and
    Exchange Commission in connection with the qualification of the
    Indenture under the TIA;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;evidence and provide for the acceptance of appointment
    by a successor trustee;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;make any change that would provide any additional
    rights or benefits to the Holders or make any change that, in
    the good faith opinion of the Board of Directors of the Company
    as evidenced by a Board Resolution, does not materially and
    adversely affect the rights of any Holder;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;provide for the issuance of Additional Notes in
    accordance with 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: transparent">
    (8)&#160;add or release Guarantees with respect to the notes, in
    each case, 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;add additional assets as Collateral or release
    Collateral, in each case, in accordance with the applicable
    provisions of the Indenture and the Security Documents;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;enter into additional or supplemental Security
    Documents;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;conform any provision contained in the Indenture or
    any Security Documents to this &#147;Description of the new
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Modifications and amendments of the Indenture and the Security
    Documents may be made by the Company and the Trustee with the
    consent of the Holders of not less than a majority in aggregate
    principal amount of the
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    outstanding notes; <I>provided</I>, <I>however</I>, that no such
    modification or amendment may, without the consent of each
    Holder affected thereby:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;change the Stated Maturity of the principal of, or any
    installment of interest on, any note;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;reduce the principal amount of, or premium, if any, or
    interest on, any note;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;change the optional redemption dates or optional
    redemption prices of the notes from that stated under the
    caption &#147;Optional Redemption&#148;;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;change the place or currency of payment of principal
    of, or premium, if any, or interest on, any note;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;impair the right to institute suit for the enforcement
    of any payment on or after the Stated Maturity (or, in the case
    of a redemption, on or after the Redemption&#160;Date) of any
    note;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;waive a default in the payment of principal of,
    premium, if any, or interest on the notes or modify any
    provision of the Indenture relating to modification or amendment
    thereof;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;reduce the above-stated percentage of outstanding notes
    of such series, the consent of whose holders is necessary to
    modify or amend the applicable indenture;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;release any Subsidiary Guarantor from its Subsidiary
    Guarantee, except 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: transparent">
    (9)&#160;reduce the percentage or aggregate principal amount of
    outstanding notes the consent of whose Holders is necessary for
    waiver of compliance with certain provisions of the Indenture or
    for waiver of certain defaults;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;release all or substantially all of the Collateral,
    other than in accordance with the Indenture and the Security
    Documents.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consent of the Holders is not necessary under the Indenture
    to approve the particular form of any proposed amendment. It is
    sufficient if such consent approves the substance of the
    proposed amendment.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    After an amendment under the Indenture becomes effective, the
    Company is required to mail or electronically transmit to the
    respective Holders a notice briefly describing such amendment.
    However, the failure to give such notice to all Holders entitled
    to receive such notice, or any defect therein, will not impair
    or affect the validity of the amendment.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Personal Liability of Incorporators, Stockholders, Officers,
    Directors, or Employees</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No recourse for the payment of the principal of, premium, if
    any, or interest or Additional Interest (if any) on any of the
    notes or for any claim based thereon or otherwise in respect
    thereof, and no recourse under or upon any obligation, covenant
    or agreement of the Company in the Indenture, the Registration
    Rights Agreement, the Security Documents or in any of the notes
    or because of the creation of any Indebtedness represented
    thereby, shall be had against any incorporator, stockholder,
    officer, director, employee, manager, partner, equityholder or
    controlling person of the Company or of any successor Person
    thereof. Each Holder, by accepting the notes, waives and
    releases all such liability. The waiver and release are part of
    the consideration for the issuance of the notes. Such 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except during the continuance of a Default, the Trustee will not
    be liable, except for the performance of such duties as are
    specifically set forth in the Indenture. If an Event of Default
    has occurred and is continuing, the Trustee will use the same
    degree of care and skill in its exercise of the rights and
    powers vested in it under the Indenture as a prudent person
    would exercise under the circumstances in the conduct of such
    person&#146;s own affairs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture and provisions of the TIA, incorporated by
    reference therein contain limitations on the rights of the
    Trustee, should it become a creditor of the Company, to obtain
    payment of claims in certain cases or to realize on certain
    property received by it in respect of any such claims, as
    security or otherwise. The trustee is permitted to
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    engage in other transactions; <I>provided</I>, <I>however</I>,
    that if it acquires any conflicting interest, it must eliminate
    such conflict or resign.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below are defined terms used in the covenants and
    other provisions of the Indenture. Reference is made to the
    Indenture for other capitalized terms used in this
    &#147;Description of the new notes&#148; 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Accreted Value&#148;</I> means at any time, with
    respect to any Pari Passu Obligation issued with an original
    issue discount, &#147;accreted value&#148; of such Pari Passu
    Obligation at such time representing the stated principal or
    face amount thereof reduced by that portion of the related
    original issue discount corresponding to the ratio of the
    remaining term thereof to the original term thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Acquired Indebtedness&#148;</I> means Indebtedness of a
    Person existing at the time such Person becomes a Restricted
    Subsidiary or Indebtedness of a Restricted Subsidiary assumed in
    connection with an Asset Acquisition by such Restricted
    Subsidiary; <I>provided </I>such Indebtedness was not Incurred
    in connection with or in contemplation of such Person becoming a
    Restricted Subsidiary or such Asset Acquisition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Additional Interest&#148;</I> means the interest
    payable as a consequence of the failure to effectuate in a
    timely manner the exchange offer
    <FONT style="white-space: nowrap">and/or</FONT> shelf
    registration procedures set forth in the Registration Rights
    Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Adjusted Consolidated Net Income&#148;</I> means, for
    any period, the aggregate net income (or loss) of the Company
    and its Restricted Subsidiaries and Regulated Subsidiaries for
    such period determined on a consolidated basis in conformity
    with GAAP; <I>provided </I>that the following items shall be
    excluded in computing Adjusted Consolidated Net Income (without
    duplication):
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the net income (or loss) of any Person that is not a
    Restricted Subsidiary or Regulated Subsidiary, except that the
    Company&#146;s equity in the net income of any such Person for
    such period (to the extent not otherwise excluded pursuant to
    clauses&#160;(2) through (6)&#160;below) will be included up to
    the aggregate amount of cash actually distributed by such Person
    during such period to the Company or to its Restricted
    Subsidiaries or Regulated Subsidiaries (less minority interest
    therein) as a dividend or other distribution;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the net income (or loss) of any Person accrued prior to
    the date it becomes a Restricted Subsidiary or Regulated
    Subsidiary or is merged into or consolidated with the Company or
    any of its Restricted Subsidiaries or Regulated Subsidiaries or
    all or substantially all of the property and assets of such
    Person are acquired by the Company or any of its Restricted
    Subsidiaries or Regulated Subsidiaries;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the net income of any Restricted Subsidiary to the
    extent that the declaration or payment of dividends or similar
    distributions by such Restricted Subsidiary of such net income
    is not at the time permitted by the operation of the terms of
    its charter or any agreement, instrument, judgment, decree,
    order, statute, rule or governmental regulation applicable to
    such Restricted Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the net income of any Regulated Subsidiary to the
    extent that the declaration or payment of dividends or similar
    distributions by such Regulated Subsidiary of such net income is
    not at the time permitted by the operation of the terms of its
    charter or any agreement or instrument with a Person, other than
    such Regulated Subsidiaries&#146; applicable regulatory
    authorities, or any judgment or decree applicable to such
    Regulated Subsidiary other than to the extent that such
    Regulated Subsidiary reasonably believes (as determined by
    Senior Management acting in good faith), that such net income
    could be distributed, declared or paid as a dividend or similar
    distribution without causing such Regulated Subsidiary to fail
    to be at least &#147;adequately capitalized&#148; as defined in
    the regulations of applicable regulatory authorities, or to meet
    minimum capital requirements imposed by applicable regulatory
    authorities;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any gains or losses (on an after-tax basis)
    attributable to Asset Sales or Regulated Sales;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;solely for purposes of calculating the amount of
    Restricted Payments that may be made pursuant to clause&#160;(D)
    of the first paragraph of the &#147;Limitation on Restricted
    Payments&#148; covenant, any amount paid or
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    accrued as dividends on Preferred Stock of the Company owned by
    Persons other than the Company and any of its Restricted
    Subsidiaries and Regulated Subsidiaries;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;all extraordinary gains and, solely for purposes of
    calculating the Consolidated Fixed Charge Coverage Ratio and the
    Secured Leverage Ratio, extraordinary losses;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the cumulative effect of changes in accounting
    principles;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;the net after-tax effect of impairment charges related
    to goodwill and other intangible assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Affiliate&#148;</I> means, as applied to any Person,
    any other Person directly or indirectly controlling, controlled
    by, or under direct or indirect common control with, such
    Person. For purposes of this definition, &#147;control&#148;
    (including, with correlative meanings, the terms
    &#147;controlling,&#148; &#147;controlled by&#148; and
    &#147;under common control with&#148;), as applied to any
    Person, means the possession, directly or indirectly, of the
    power to direct or cause the direction of the management and
    policies of such Person, whether through the ownership of voting
    securities, by contract 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Applicable Authorized Representative&#148;</I> means
    (i)&#160;until the occurrence of the Non-Controlling Authorized
    Representative Enforcement Date (if any), the Controlling
    Authorized Representative and (ii)&#160;from and after the
    occurrence of the Non-Controlling Authorized Representative
    Enforcement Date, the Major Non-Controlling Authorized
    Representative.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Applicable Premium&#148;</I> means, with respect to any
    note on any applicable redemption date, the greater of:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;1% of the then outstanding principal amount of the
    note;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the excess of:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the present value at such redemption date of
    (i)&#160;the redemption price of the note, at April&#160;15,
    2014 (such redemption price being set forth in the table
    appearing above under &#147;&#151;&#160;Optional
    redemption&#148;) plus (ii)&#160;all required interest payments
    due on the note through April&#160;15, 2014 (in each case
    excluding accrued but unpaid interest), computed using a
    discount rate equal to the Treasury Rate as of such redemption
    date plus 50&#160;basis points; over
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the then outstanding principal amount of the note.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Asset Acquisition&#148;</I> means (1)&#160;an
    investment by the Company or any of its Restricted Subsidiaries
    or Regulated Subsidiaries in any other Person pursuant to which
    such Person shall become a Restricted Subsidiary or a Regulated
    Subsidiary or shall be merged into or consolidated with the
    Company or any of its Restricted Subsidiaries or Regulated
    Subsidiaries; <I>provided </I>that such Person&#146;s primary
    business is a Related Business or (2)&#160;an acquisition by the
    Company or any of its Restricted Subsidiaries or Regulated
    Subsidiaries of the property and assets of any Person other than
    the Company or any of its Restricted Subsidiaries or Regulated
    Subsidiaries that constitute substantially all of a division or
    line of business of such Person that is a Related Business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Asset Sale&#148;</I> means any sale, transfer or other
    disposition (including by way of merger, consolidation or
    Sale-Leaseback Transaction) in one transaction or a series of
    related transactions by the Company or any of its Restricted
    Subsidiaries to any Person other than the Company or any of its
    Restricted Subsidiaries or Regulated Subsidiaries of:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all or any of the Capital Stock of any Restricted
    Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all or substantially all of the property and assets of
    an operating unit or business of the Company 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any other property and assets (other than the Capital
    Stock or other Investment in an Unrestricted Subsidiary) of the
    Company or any of its Restricted Subsidiaries outside the
    ordinary course of business of the Company or such Restricted
    Subsidiary and, in each case, that is not governed by the
    provisions of the Indenture applicable to mergers,
    consolidations and sales of assets of the Company; <I>provided
    </I>that &#147;Asset Sale&#148; shall not include:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;sales or other dispositions of Investment Securities,
    inventory, receivables and other current assets;
</DIV>
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;sales, transfers or other dispositions of assets
    constituting a Permitted Investment or Restricted Payment
    permitted to be made under the &#147;Limitation on Restricted
    Payments&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;sales, transfers or other dispositions of assets with a
    fair market value not in excess of $10.0&#160;million in any
    transaction or series of related transactions;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;any sale, transfer, assignment or other disposition of
    any property equipment that has become damaged, worn out,
    obsolete or otherwise unsuitable for use in connection with the
    business of the Company or its Restricted Subsidiaries;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;an issuance of Capital Stock by a Restricted Subsidiary
    or the sale, transfer or other disposition by the Company or a
    Restricted Subsidiary of the Capital Stock of a Restricted
    Subsidiary or Regulated Subsidiary, in each case to the Company,
    a Restricted Subsidiary or a Regulated Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;the sale or discount of accounts receivable arising in
    the ordinary course of business in connection with the
    compromise or collection thereof or in bankruptcy or similar
    proceedings;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;a Sale and Leaseback Transaction that results in a
    Capitalized Lease that constitutes Indebtedness;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;the issuance of Disqualified Stock or Preferred Stock
    permitted under the &#147;Limitation on Indebtedness and
    Issuances of Preferred Stock&#148; covenant;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;any exchange of assets (including a combination of
    assets, Cash and Temporary Cash Investments) for assets used or
    useful in a Related Business of comparable or greater market
    value, as determined in good faith by the Senior Management or
    the Board of Directors of the Company;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;any sale of Equity Interests in, or Indebtedness or
    other securities of, an Unrestricted Subsidiary;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;the licensing, sublicensing, lease, assignment or
    sublease of any real or personal property in the ordinary course
    of business;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;any surrender or waiver of contract rights or the
    settlement, release, recovery on or surrender of contract, tort
    or other claims of any kind;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (m)&#160;the issuance of Equity Interests of any Subsidiary of
    the Company pursuant to any employee, officer or director
    compensation or benefit plans, employment agreements,
    indemnification agreements or any similar arrangements entered
    into in the ordinary course of business or approved in good
    faith by the Board of Directors of the Company;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (n)&#160;Permitted Liens, or foreclosure on assets as a result
    of Liens permitted under the &#147;Limitation on Liens&#148;
    covenant.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Authorized Representative&#148;</I> means (i)&#160;with
    respect to the Holders of the notes and the Notes Obligations,
    the Collateral Agent and (ii)&#160;in the case of any Series of
    Pari Passu Obligations (and the Pari Passu Secured Parties
    thereunder) that become subject to the Intercreditor Agreement
    after the Closing Date, the Authorized Representative named for
    such Series in the Intercreditor Agreement or the applicable
    Joinder Agreement (it being understood that in the event only
    one lender or other Person holds all of the Pari Passu
    Obligations in respect of any Series, such lender or Person
    shall be the Authorized Representative of such Series upon
    becoming subject to the Intercreditor Agreement).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Average Life&#148;</I> means, at any date of
    determination with respect to any Indebtedness, the quotient
    obtained by dividing (1)&#160;the sum of the products of
    (a)&#160;the number of years from such date of determination to
    the dates of each successive scheduled principal payment of such
    Indebtedness and (b)&#160;the amount of such principal payment
    by (2)&#160;the sum of all such principal payments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Board of Directors&#148;</I> means, with respect to any
    Person, the Board of Directors of such Person or any duly
    authorized committee of such Board of Directors, or any other
    group performing comparable functions.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Business Day&#148;</I> means a day other than a
    Saturday, Sunday or other day on which banking institutions are
    authorized or required by law to close in New York City or the
    city in which the Trustee&#146;s designated corporate trust
    office is located.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capital Stock&#148;</I> means, with respect to any
    Person, any and all shares, interests, participations or other
    equivalents (however designated, whether voting or non-voting)
    in equity of such Person, whether outstanding on the Closing
    Date or issued thereafter, including, without limitation, all
    Common Stock and Preferred Stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capitalized Lease&#148;</I> means, as applied to any
    Person, any lease of any property (whether real, personal or
    mixed) of which the discounted present value of the rental
    obligations of such Person as lessee, in conformity with GAAP,
    is required to be capitalized on the balance sheet of such
    Person.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capitalized Lease Obligations&#148;</I> means the
    discounted present value of the rental obligations under a
    Capitalized Lease.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Cash&#148;</I> means U.S.&#160;dollars, pounds
    sterling, euros, the national currency of any member state in
    the European Union or, in the case of any Foreign Subsidiary
    that is a Restricted Subsidiary, such local currencies held by
    it from time to time in the ordinary course of business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A <I>&#147;Change of Control&#148;</I> shall be deemed to occur
    upon the occurrence of any of the following events: (1)&#160;the
    sale, lease or transfer, in one or a series of related
    transactions, of all or substantially all of the assets of the
    Company and its Subsidiaries, taken as a whole, to a Person
    other than any of the Permitted Holders or (2)&#160;the Company
    becomes aware (by way of a report or any other filing pursuant
    to Section&#160;13(d) of the Exchange Act, proxy, vote, written
    notice or otherwise) of the acquisition by any Person or group
    (within the meaning of Section&#160;13(d)(3) or
    Section&#160;14(d)(2) of the Exchange Act, or any successor
    provision), including any group acting for the purpose of
    acquiring, holding or disposing of securities (within the
    meaning of
    <FONT style="white-space: nowrap">Rule&#160;13d-5(b)(1)</FONT>
    under the Exchange Act), other than any of the Permitted
    Holders, in a single transaction or in a related series of
    transactions, by way of merger, consolidation or other business
    combination or purchase of beneficial ownership (within the
    meaning of
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    of the Exchange Act, or any successor provision), of 35% or more
    of the total voting power of the Voting Stock of the Company or
    any direct or indirect parent of the Company. As used in this
    definition, <B>&#147;Voting Stock&#148;</B> means capital stock
    issued by a corporation, or equivalent interests in any other
    Person, the holders of which are ordinarily, in the absence of
    contingencies, entitled to vote for the election of directors
    (or persons performing similar functions) of such Person, even
    if the right to so vote has been suspended by the happening of
    such a contingency.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Closing Date&#148;</I> means April&#160;12, 2011.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Collateral Agent&#148;</I> means The Bank of New York
    Mellon Trust&#160;Company, N.A., in its capacity as
    &#147;Collateral Agent&#148; under the indenture, the Security
    Agreement and the other Security Documents, and any successor
    thereto in such capacity.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Common Stock&#148;</I> means, with respect to any
    Person, any and all shares, interests, participations or other
    equivalents (however designated, whether voting or non-voting)
    of such Person&#146;s equity, other than Preferred Stock of such
    Person, whether outstanding on the Closing Date or issued
    thereafter, including, without limitation, all series and
    classes of such common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated EBITDA&#148;</I> means, for any period,
    Adjusted Consolidated Net Income for such period plus, to the
    extent such amount was deducted in calculating such Adjusted
    Consolidated Net Income:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Consolidated Interest Expense;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;income taxes;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;depreciation expense;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;amortization expense;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;all other non-cash items (including non-cash
    compensation expense relating to restricted stock awards and
    stock options but excluding amortization of broker notes)
    reducing Adjusted Consolidated Net Income (other than items that
    will require cash payments and for which an accrual or reserve
    is, or is required by GAAP to be, made), less all non-cash items
    increasing Adjusted Consolidated Net Income, all as
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    determined on a consolidated basis for the Company, its
    Restricted Subsidiaries and its Regulated Subsidiaries in
    conformity 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: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided </I>that, if any Restricted Subsidiary or Regulated
    Subsidiary is not a Wholly Owned Restricted Subsidiary, or
    Wholly Owned Regulated Subsidiary, as the case may be,
    Consolidated EBITDA shall be reduced (to the extent not
    otherwise reduced by giving effect to the minority interest in
    determining Adjusted Consolidated Net Income in accordance with
    GAAP) by an amount equal to (A)&#160;the amount of the Adjusted
    Consolidated Net Income attributable to such Restricted
    Subsidiary or Regulated Subsidiary multiplied by (B)&#160;the
    percentage of Common Stock of such Restricted Subsidiary or
    Regulated Subsidiary not owned on the last day of such period by
    the Company or any of its Restricted Subsidiaries or any of its
    Wholly Owned Regulated 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: transparent">
    <I>&#147;Consolidated Fixed Charge Coverage Ratio&#148;</I>
    means, with respect to any Person, the ratio of Consolidated
    EBITDA of such Person during the most recent four full fiscal
    quarters (the <B>&#147;Four Quarter Period&#148;</B>), for which
    financial statements are internally available, ending on or
    prior to the date of the transaction giving rise to the need to
    calculate the Consolidated Fixed Charge Coverage Ratio (the
    <B>&#147;Transaction Date&#148;</B>), to Consolidated Fixed
    Charges of such Person for the Four Quarter Period. In addition
    to and without limitation of the foregoing, for purposes of this
    definition, Consolidated EBITDA and Consolidated Fixed Charges
    shall be calculated after giving effect on a <I>pro forma
    </I>basis for the period of such calculation to:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the incurrence, repayment or redemption of any
    Indebtedness, Disqualified Stock or Preferred Stock of such
    Person or any of its Restricted Subsidiaries or Regulated
    Subsidiaries (and the application of the proceeds thereof)
    giving rise to the need to make such calculation and any
    incurrence, repayment or redemption of any other Indebtedness,
    Disqualified Stock or Preferred Stock (and the application of
    the proceeds thereof), other than the incurrence, repayment or
    redemption of Indebtedness, Disqualified Stock or Preferred
    Stock in the ordinary course of business for working capital
    purposes pursuant to working capital facilities, occurring
    during the Four Quarter Period or at any time subsequent to the
    last day of the Four Quarter Period and on or prior to the
    Transaction Date, as if such incurrence or repayment, as the
    case may be (and the application of the proceeds thereof),
    occurred on the first day of the Four Quarter Period;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any Asset Sales or Asset Acquisitions (including,
    without limitation, any Asset Acquisition giving rise to the
    need to make such calculation as a result of such Person or one
    of its Restricted Subsidiaries or Regulated Subsidiaries
    (including any Person who becomes a Restricted Subsidiary or
    Regulated Subsidiaries as a result of the Asset Acquisition)
    incurring, assuming or otherwise being liable for Acquired
    Indebtedness and also including any Consolidated EBITDA
    attributable to the assets which are the subject of the Asset
    Acquisition or Asset Sale during the Four Quarter Period)
    occurring during the Four Quarter Period or at any time
    subsequent to the last day of the Four Quarter Period and on or
    prior to the Transaction Date, as if such Asset Sale or Asset
    Acquisition (including the incurrence, assumption or liability
    for any such Acquired Indebtedness) occurred on the first day of
    the 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If such Person or any of its Restricted Subsidiaries or
    Regulated Subsidiaries directly or indirectly guarantees
    Indebtedness of a third Person, the preceding sentence shall
    give effect to the incurrence of such guaranteed Indebtedness as
    if such Person or any Restricted Subsidiary of such Person had
    directly incurred or otherwise assumed such guaranteed
    Indebtedness. Furthermore, in calculating &#147;Consolidated
    Fixed Charges&#148;:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;interest on outstanding Indebtedness determined on a
    fluctuating basis as of the Transaction Date and which will
    continue to be so determined thereafter shall be deemed to have
    accrued at a fixed rate per annum equal to the rate of interest
    on such Indebtedness in effect on the Transaction Date;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;if interest on any Indebtedness actually incurred on
    the Transaction Date may optionally be determined at an interest
    rate based upon a factor of a prime or similar rate, a
    eurocurrency interbank offered rate, or other rates, then the
    interest rate in effect on the Transaction Date will be deemed
    to have been in effect during the Four Quarter Period;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;notwithstanding clause&#160;(1) above, interest on
    Indebtedness determined on a fluctuating basis, to the extent
    such interest is covered by agreements relating to Interest Swap
    Obligations, shall be deemed to accrue at the rate per annum
    resulting after giving effect to the operation of such
    agreements.
</DIV>
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    <BR>
    74
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this definition, whenever <I>pro forma
    </I>effect is to be given to a transaction, the <I>pro forma
    </I>calculations shall be made in good faith by a responsible
    financial or accounting officer of the Company (including <I>pro
    forma </I>expense and cost reductions, regardless of whether
    these cost savings could then be reflected in <I>pro forma
    </I>financial statements in accordance with
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    promulgated under the Securities Act or any other regulation or
    policy of the SEC related thereto).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Fixed Charges&#148;</I> means, with
    respect to any Person for any period, the sum, without
    duplication, of (1)&#160;Consolidated Interest Expense, <I>plus
    </I>(2)&#160;the product of (A)&#160;the amount of all dividend
    payments on any series of Preferred Stock of such Person (other
    than (x)&#160;dividends paid in Qualified Capital Stock or
    (y)&#160;dividends paid to the Company or any of its Restricted
    Subsidiaries or Regulated Subsidiaries) paid, accrued or
    scheduled to be paid or accrued during such period <I>times
    </I>(B)&#160;a fraction, the numerator of which is one and the
    denominator of which is one minus the then current effective
    consolidated federal, state and local tax rate of such Person,
    expressed as a decimal.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Interest Expense&#148;</I> means, for any
    period, the interest expense in respect of Indebtedness of the
    Company and its Restricted Subsidiaries for such period
    determined on a consolidated basis in accordance with GAAP.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Worth&#148;</I> means, at any date of
    determination, stockholders&#146; equity as set forth on the
    most recent internally available quarterly or annual
    consolidated balance sheet of the Company and its Restricted
    Subsidiaries and Regulated Subsidiaries (which shall be as of a
    date not more than 90&#160;days prior to the date of such
    computation, and which shall not take into account Unrestricted
    Subsidiaries), plus, to the extent not included, any Preferred
    Stock of the Company, less any amounts attributable to
    Disqualified Stock or any equity security convertible into or
    exchangeable for Indebtedness, the cost of treasury stock and
    the principal amount of any promissory notes receivable from the
    sale of the Capital Stock of the Company or any of its
    Restricted Subsidiaries or Regulated Subsidiaries, each item to
    be determined in conformity with GAAP (excluding the effects of
    foreign currency exchange adjustments under Financial Accounting
    Standards Board Statement of Financial Accounting Standards
    No.&#160;52).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Controlling Authorized Representative&#148;</I> has the
    meaning set forth under &#147;Intercreditor
    Agreement&#160;&#151; Enforcement of Security Interests.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Controlling Secured Parties&#148;</I> means the Series
    of Pari Passu Secured Parties whose Authorized Representative is
    the Controlling Authorized Representative.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Credit Facility&#148;</I> means, with respect to the
    Company, one or more debt facilities or commercial paper
    facilities for working capital purposes with banks or other
    institutional lenders or investors or any federal, state or
    local government entity or agency or financing arrangements
    providing for revolving credit loans, terms loans, receivables
    financing, including through the sale of receivables to such
    lenders or to special purpose entities formed to borrow from
    such lenders against receivables, letters of credit or any other
    long-term indebtedness, including any indenture, guarantees,
    collateral documents, instruments and agreements executed in
    connection therewith, and any amendments, supplements,
    modifications, extensions, renewals, restatements or refundings
    thereof and any indentures or credit facilities or commercial
    paper facilities with banks or other institutional lenders or
    investors or any federal, state or local government entity or
    agency that replace, refund or refinance any part of the loans,
    notes, other credit facilities or commitments thereunder,
    including any such replacement, refunding or refinancing
    facility or indenture that increases the amount borrowable
    thereunder or alters the maturity thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Default&#148;</I> means any event that is, or after
    notice or passage of time 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Designated Non-cash Consideration&#148;</I> means the
    fair market value of non-cash consideration received by the
    Company or one of the Restricted Subsidiaries in connection with
    an Asset Sale that is so designated as Designated Non-cash
    Consideration pursuant to an Officer&#146;s Certificate, setting
    forth the basis of such valuation, executed by the principal
    financial officer of the Company, less the amount of Temporary
    Cash Investments received in connection with a subsequent sale
    of or collection on such Designated Non-cash Consideration.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Disqualified Stock&#148;</I> means any class or series
    of Capital Stock of any Person that by its terms or otherwise is
    (1)&#160;required to be redeemed prior to a date that is
    91&#160;days following the Stated Maturity of the notes,
    (2)&#160;redeemable
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    at the option of the holder of such class or series of Capital
    Stock at any time prior to the Stated Maturity of the notes or
    (3)&#160;convertible into or exchangeable for Capital Stock
    referred to in clause&#160;(1) or (2)&#160;above or Indebtedness
    having a scheduled maturity prior to the Stated Maturity of the
    notes; <I>provided </I>that any Capital Stock that would not
    constitute Disqualified Stock but for provisions thereof giving
    holders thereof the right to require such Person to repurchase
    or redeem such Capital Stock upon the occurrence of an
    &#147;asset sale&#148; or &#147;change of control&#148;
    occurring prior to the Stated Maturity of the notes shall not
    constitute Disqualified Stock if the &#147;asset sale&#148; or
    &#147;change of control&#148; provisions applicable to such
    Capital Stock are no more favorable to the holders of such
    Capital Stock than the provisions contained in &#147;Limitation
    on Asset Sales&#148; and &#147;Repurchase of the Notes upon a
    Change of Control&#148; covenants and such Capital Stock
    specifically provides that such Person will not repurchase or
    redeem any such stock pursuant to such provision prior to the
    Company&#146;s repurchase of such notes as are required to be
    repurchased pursuant to the &#147;Limitation on Asset
    Sales&#148; and &#147;Repurchase of the Notes upon a Change of
    Control&#148; covenants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Domestic Subsidiary&#148;</I> means any Subsidiary
    organized under the laws of the United States of America, any
    State thereof or the District of Columbia, other than any such
    Subsidiary a substantial portion of the assets of which are
    Capital Stock of or other Investments in one or more Foreign
    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: transparent">
    <I>&#147;Equity Interests&#148;</I> 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Fair Market Value&#148;</I> means the price that would
    be paid in an arm&#146;s-length transaction between an informed
    and willing seller under no compulsion to sell and an informed
    and willing buyer under no compulsion to buy which, if
    determined by the Board of Directors as evidenced by a
    Resolution of the Board of Directors of the Company, shall be
    conclusively determined.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Foreign Subsidiary&#148;</I> means any Subsidiary of
    the Company that is an entity which is a controlled foreign
    corporation under Section&#160;957 of the Internal Revenue Code
    or any subsidiary that is otherwise organized under the laws of
    a jurisdiction other than the United States, any state thereof,
    or the District of Columbia.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;GAAP&#148;</I> means generally accepted accounting
    principles in the United States of America as in effect as of
    the Closing Date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Government Securities&#148;</I> means securities that
    are
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;direct obligations of the United States of America for
    the timely payment of which its full faith and credit is
    pledged;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;obligations of a Person controlled or supervised by and
    acting as an agency or instrumentality of the United States of
    America the timely payment of which is unconditionally
    guaranteed as a full faith and credit obligation by the United
    States of America;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    which, in either case, are not callable or redeemable at the
    option of the issuers thereof, and shall also include a
    depository receipt issued by a bank (as defined in
    Section&#160;3(a)(2) of the Securities Act), as custodian with
    respect to any such Government Securities or a specific payment
    of principal of or interest on any such Government Securities
    held by such custodian for the account of the holder of such
    depository receipt; <I>provided </I>that (except as required by
    law) such custodian is not authorized to make any deduction from
    the amount payable to the holder of such depository receipt from
    any amount received by the custodian in respect of the
    Government Securities or the specific payment of principal of or
    interest on the Government Securities evidenced by such
    depository receipt.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Guarantee&#148;</I> means any obligation, contingent or
    otherwise, of any Person directly or indirectly guaranteeing any
    Indebtedness of any other Person and, without limiting the
    generality of the foregoing, any obligation, direct or indirect,
    contingent or otherwise, of such Person (1)&#160;to purchase or
    pay (or advance or supply funds for the purchase or payment of)
    such Indebtedness of such other Person (whether arising by
    virtue of partnership arrangements, or by agreements to
    keep-well, to purchase assets, goods, securities or services
    (unless such purchase arrangements are on arm&#146;s-length
    terms and are entered into in the ordinary course of business),
    to
    <FONT style="white-space: nowrap">take-or-pay,</FONT>
    or to maintain financial statement conditions or otherwise) or
    (2)&#160;entered into for purposes of assuring in any other
    manner the obligee of such Indebtedness of the payment thereof
    or to protect such obligee against loss in respect thereof (in
    whole or in part); <I>provided </I>that the term
    &#147;Guarantee&#148; shall not include endorsements for
    collection or deposit in the ordinary
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    course of business or STAMP or other signature guarantees made
    by a Regulated Subsidiary in the ordinary course of its
    business. The term &#147;Guarantee&#148; used as a verb has 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Hedging Obligations&#148;</I> means, with respect to
    any Person, the obligations of such person under
    (i)&#160;currency exchange, interest rate, commodity, credit or
    equity swap, forward or futures agreements, currency exchange,
    interest rate, commodity, credit or equity cap agreements,
    currency exchange, interest rate, commodity, credit or equity
    collar agreements, or currency exchange, interest rate,
    commodity, credit or equity puts or calls, and (ii)&#160;other
    agreements or arrangements designed to protect such Person,
    directly or indirectly, against fluctuations in currency
    exchange, interest rate, commodity or equity prices.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Incur&#148;</I> means, with respect to any
    Indebtedness, to incur, create, issue, assume, Guarantee or
    otherwise become liable for or with respect to, or become
    responsible for, the payment of, contingently or otherwise, such
    Indebtedness; <I>provided </I>that (1)&#160;any Indebtedness of
    a Person existing at the time such Person becomes a Restricted
    Subsidiary will be deemed to be incurred by such Restricted
    Subsidiary at the time it becomes a Restricted Subsidiary and
    (2)&#160;neither the accrual of interest nor the accretion of
    original issue discount shall be considered an Incurrence of
    Indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Indebtedness&#148;</I> means, with respect to any
    Person at any date of determination (without duplication):
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all indebtedness of such Person for borrowed money;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all obligations of such Person evidenced by bonds,
    debentures, notes or other similar instruments;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;all obligations of such Person in respect of letters of
    credit or other similar instruments (including reimbursement
    obligations with respect thereto, but excluding letters of
    credit issued by such Person and excluding obligations with
    respect to letters of credit (including trade letters of credit)
    securing obligations (other than obligations described in
    (1)&#160;or (2)&#160;above or (5), (6)&#160;or (7)&#160;below)
    entered into in the ordinary course of business of such Person
    to the extent such letters of credit are not drawn upon or, if
    drawn upon, to the extent such drawing is reimbursed no later
    than the tenth Business Day following receipt by such Person of
    a demand for reimbursement);
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;all obligations of such Person to pay the deferred and
    unpaid purchase price of property or services, which purchase
    price is recorded as a liability under GAAP and due more than
    six months after the date of placing such property in service or
    taking delivery and title thereto or the completion of such
    services, except Trade Payables;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;all Capitalized Lease Obligations;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;all Indebtedness of other Persons secured by a Lien on
    any asset of such Person, whether or not such Indebtedness is
    assumed by such Person; <I>provided </I>that the amount of such
    Indebtedness shall be the lesser of (A)&#160;the fair market
    value of such asset at such date of determination and
    (B)&#160;the amount of such Indebtedness;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;all Indebtedness of other Persons Guaranteed by such
    Person to the extent such Indebtedness is Guaranteed by such
    Person;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Acquired Indebtedness;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;to the extent not otherwise included in this
    definition, net obligations under Hedging Obligations (other
    than Hedging Obligations not entered into for speculative
    investment purposes and designed to protect the Company or its
    Restricted Subsidiaries or Regulated Subsidiaries against
    fluctuations in commodity prices, equity prices, foreign
    currency exchange rates or interest rates and that do not
    increase the Indebtedness of the obligor outstanding at any time
    other than as a result of fluctuations in commodity prices,
    foreign currency exchange rates or interest rates or by reason
    of fees, indemnities and compensation payable
    thereunder);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;all obligations to redeem or repurchase Preferred
    Stock issued by such Person, other than PIK Preferred Stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of Indebtedness of any Person at any date shall be
    the outstanding balance at such date of all unconditional
    obligations as described above and, with respect to contingent
    obligations, the maximum liability upon the occurrence of the
    contingency giving rise to the obligation, <I>provided</I>
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (A)&#160;that the amount outstanding at any time of any
    Indebtedness issued with original issue discount is the face
    amount of such Indebtedness less the remaining unamortized
    portion of the original issue discount of such Indebtedness at
    such time as determined in conformity with GAAP;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (B)&#160;that money borrowed and set aside at the time of the
    Incurrence of any Indebtedness in order to prefund the payment
    of the interest on such Indebtedness shall not be deemed to be
    &#147;Indebtedness&#148; so long as such money is held to secure
    the payment of such interest;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (C)&#160;that Indebtedness shall not include:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;any liability for federal, state, local or other taxes;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;performance, surety or appeal bonds provided in the
    ordinary course of business;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;agreements providing for indemnification, adjustment of
    purchase price or similar obligations, or Guarantees or letters
    of credit, surety bonds or performance bonds securing any
    obligations of the Company or any of its Restricted Subsidiaries
    pursuant to such agreements, in any case Incurred in connection
    with the disposition of any business, assets or Restricted
    Subsidiary (other than Guarantees of Indebtedness Incurred by
    any Person acquiring all or any portion of such business, assets
    or Restricted Subsidiary for the purpose of financing such
    acquisition), so long as the principal amount does not to exceed
    the gross proceeds actually received by the Company or any
    Restricted Subsidiary in connection with such disposition.
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;obligations arising from agreements of the Company 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 a Subsidiary, other than Guarantees of Indebtedness
    Incurred by any Person acquiring all or any portion of such
    business, assets or a Subsidiary for the purpose of financing
    such acquisition;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;obligations arising from the honoring by a bank or
    other financial institution of a check, draft or similar
    instrument drawn against insufficient funds in the ordinary
    course of business or other cash management services in the
    ordinary course of business; <I>provided</I>, that (x)&#160;such
    obligations (other than credit or purchase cards) are
    extinguished within ten Business Days of notification to the
    Company of its incurrence and (y)&#160;such obligations in
    respect of credit or purchase cards is extinguished within
    60&#160;days from its incurrence;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;obligations arising under one or more Securities
    Facilities of Oppenheimer Multifamily Housing&#160;&#038;
    Healthcare Finance, Inc. and OPY Credit Corp.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Intercreditor Agreement&#148;</I> has the meaning set
    forth under section entitled &#147;Intercreditor Agreement&#148;
    in this Description of the new notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Interest Swap Obligations&#148;</I> means the
    obligations of any Person pursuant to any arrangement with any
    other Person, whereby, directly or indirectly, such Person is
    entitled to receive from time to time periodic payments
    calculated by applying either a floating or a fixed rate of
    interest on a stated notional amount in exchange for periodic
    payments made by such other Person calculated by applying a
    fixed or a floating rate of interest on the same notional amount
    and shall include, without limitation, interest rate swaps,
    caps, floors, collars and similar agreements.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Investment&#148;</I> in any Person means any direct or
    indirect advance, loan or other extension of credit (including,
    without limitation, by way of Guarantee or similar arrangement;
    but excluding Investment Securities, advances to customers or
    suppliers or deposits in the ordinary course of business that
    are, in conformity with GAAP, recorded as accounts receivable,
    prepaid expenses or deposits on the balance sheet of the Company
    or its Restricted Subsidiaries and endorsements for collection
    or deposit arising in the ordinary course of business) or
    capital contribution to (by means of any transfer of cash or
    other property to others or any payment for property or services
    for the account or use of others), or any purchase or
    acquisition of Capital Stock, bonds, notes, debentures or other
    similar instruments issued by, such Person and shall include
    (1)&#160;the designation of a Restricted Subsidiary as an
    Unrestricted Subsidiary or as a Regulated Subsidiary and
    (2)&#160;the retention of the Capital Stock (or any other
    Investment) by the Company or
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    any of its Restricted Subsidiaries, of (or in) any Person that
    has ceased to be a Restricted Subsidiary. For purposes of the
    definition of &#147;Unrestricted Subsidiary&#148; and the
    &#147;Limitation on Restricted Payments&#148; covenant,
    (a)&#160;the amount of or a reduction in an Investment shall be
    equal to the fair market value thereof at the time such
    Investment is made or reduced and (b)&#160;in the event the
    Company or a Restricted Subsidiary makes an Investment by
    transferring assets to any Person and as part of such
    transaction receives Net Cash Proceeds, the amount of such
    Investment shall be the fair market value of the assets less the
    amount of Net Cash Proceeds so received, <I>provided </I>the Net
    Cash Proceeds are applied in accordance with clause&#160;(A) or
    (B)&#160;of the &#147;Limitation on Asset Sales&#148; covenant.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Investment Grade Status&#148;</I> shall occur when the
    notes receive a rating of &#147;BBB-&#148; or higher from
    S&#038;P and a rating of &#147;Baa3&#148; or higher from
    Moody&#146;s, in each case with a stable or better outlook.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Investment Securities&#148;</I> means any securities of
    a Person (other than an Affiliate or joint venture of the
    Company or any Restricted Subsidiary or any Regulated
    Subsidiary), mortgages, credit card and other loan receivables,
    futures contracts on any securities, interest rates and foreign
    currencies used for the hedging of any securities, mortgages or
    credit card and other loan receivables purchased, borrowed,
    sold, loaned or pledged by such Person in the ordinary course of
    its business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Joinder Agreement&#148;</I> means an agreement in form
    and substance substantially similar to Exhibit&#160;A to the
    Intercreditor Agreement, pursuant to which an additional Series
    of Pari Passu Obligations become a party to the Intercreditor
    Agreement, in accordance with the applicable terms thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Lien&#148;</I> means any mortgage, pledge, security
    interest, encumbrance, lien or charge of any kind (including,
    without limitation, any conditional sale or other title
    retention agreement or lease in the nature thereof or any
    agreement to give any security interest).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Moody&#146;s&#148;</I> means Moody&#146;s Investors
    Service, Inc. and its successors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Net Cash Proceeds&#148;</I> means:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;with respect to any Asset Sale or Regulated Sale, the
    proceeds of such Asset Sale or Regulated Sale in the form of
    cash or cash equivalents, including payments in respect of
    deferred payment obligations (to the extent corresponding to the
    principal, but not interest, component thereof) when received in
    the form of cash or cash equivalents and proceeds from the
    conversion of other property received when converted to cash or
    cash equivalents, net of:
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;brokerage commissions and other fees and expenses
    (including attorney&#146;s fees, accountants&#146; fees,
    underwriters&#146;, placement agents&#146; and other investment
    bankers&#146; fees, commissions and consultant fees) related to
    such Asset Sale or Regulated Sale;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;provisions for all taxes as a result of such Asset Sale
    or Regulated Sale without regard to the consolidated results of
    operations of the Company and its Restricted Subsidiaries, taken
    as a whole, together with any actual distributions to
    shareholders of the type contemplated under clause (b)(9) under
    the covenant entitled &#147;Limitation on Restricted
    Payments&#148; with respect to the taxable income relating to
    such Asset Sale or Regulated Sale;
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;payments made to repay Indebtedness or any other
    obligation outstanding at the time of such Asset Sale or
    Regulated Sale that either (x)&#160;is secured by a Lien on the
    property or assets sold or (y)&#160;is required to be paid as a
    result of such sale;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;appropriate amounts to be provided by the Company, any
    Restricted Subsidiary or any Regulated Subsidiary as a reserve
    against any liabilities associated with such Asset Sale or
    Regulated Sale, including, without limitation, pension and other
    post-employment benefit liabilities, liabilities related to
    environmental matters and liabilities under any indemnification
    obligations associated with such Asset Sale or Regulated Sale,
    all as determined in conformity with GAAP;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;with respect to any issuance or sale of Capital Stock,
    the proceeds of such issuance or sale in the form of cash or
    cash equivalents, including payments in respect of deferred
    payment obligations (to the extent corresponding to the
    principal, but not interest, component thereof) when received in
    the form of cash or cash equivalents and proceeds from the
    conversion of other property received when converted to cash or
    cash
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    equivalents, net of attorney&#146;s fees, accountants&#146;
    fees, underwriters&#146; or placement agents&#146; fees,
    discounts or commissions and brokerage, consultant and other
    fees incurred in connection with such issuance or sale and net
    of taxes paid or payable as a result thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Non-Controlling Authorized Representative Enforcement
    Date&#148;</I> has the meaning set forth under
    &#147;Inter-creditor Agreement&#160;&#151; Enforcement of
    Security Interests.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Non-Controlling Secured Parties&#148;</I> means the
    Pari Passu Secured Parties that are not Controlling Secured
    Parties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Note Obligations&#148;</I> means all Obligations in
    respect of the notes or arising under the notes, the indenture
    and the Subsidiary Guarantees. Note Obligations shall include
    all interest accrued (or which would, absent the commencement of
    an insolvency or liquidation proceeding, accrue) after the
    commencement of an insolvency or liquidation proceeding in
    accordance with and at the rate specified in the notes,
    indenture or the Subsidiary Guarantees, as the case may be,
    whether or not the claim for such interest is allowed as a claim
    in such insolvency or liquidation proceeding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Obligations&#148;</I> 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Officer&#148;</I> means the Chairman of the Board, the
    Chief Executive Officer, the President, the Chief Financial
    Officer, any Executive Vice President, Senior Vice President or
    Vice President, the Treasurer or the Secretary of the Company
    or, in the event that a Person is a partnership or a limited
    liability company that has no such officers, a person duly
    authorized under applicable law by the general partner,
    managers, members or a similar body to act on behalf of such
    Person. Officer of any Subsidiary Guarantor has a correlative
    meaning.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Officers&#146; Certificate&#148;</I> means a
    certificate signed by two Officers or by an Officer and either
    an Assistant Treasurer or an Assistant Secretary 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Offer to Purchase&#148;</I> means an offer to purchase
    notes by the Company from the Holders commenced by mailing a
    notice to the Trustee and each Holder stating:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the covenant pursuant to which the offer is being made
    and that all notes validly tendered will be accepted for payment
    on a pro rata basis;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the purchase price and the date of purchase (which
    shall be a Business Day no earlier than 30&#160;days nor later
    than 60&#160;days from the date such notice is mailed) (the
    <B>&#147;Payment Date&#148;</B>);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;that any note not tendered will continue to accrue
    interest and Additional Interest (if any) pursuant to its terms;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;that, unless the Company defaults in the payment of the
    purchase price, any note accepted for payment pursuant to the
    Offer to Purchase shall cease to accrue interest and Additional
    Interest (if any) on and after the Payment Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;that Holders electing to have a note purchased pursuant
    to the Offer to Purchase will be required to surrender the note,
    together with the form entitled &#147;Option of the Holder to
    Elect Purchase&#148; on the reverse side of the note completed,
    to the Paying Agent at the address specified in the notice prior
    to the close of business on the Business Day immediately
    preceding the Payment Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;that Holders will be entitled to withdraw their
    election if the Paying Agent receives, not later than the close
    of business on the third Business Day immediately preceding the
    Payment Date, a telegram, facsimile transmission or letter
    setting forth the name of such Holder, the principal amount of
    notes delivered for purchase and a statement that such Holder is
    withdrawing his election to have such notes purchased;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;that Holders whose notes are being purchased only in
    part will be issued new notes equal in principal amount to the
    unpurchased portion of the notes surrendered; <I>provided
    </I>that each note purchased and each new note issued shall be
    in a principal amount of $2,000 or multiples of $1,000.
</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the Payment Date, the Company shall (a)&#160;accept for
    payment on a <I>pro rata </I>basis notes or portions thereof
    tendered pursuant to an Offer to Purchase; (b)&#160;deposit with
    the Paying Agent money sufficient to pay the purchase price of
    all notes or portions thereof so accepted; and (c)&#160;deliver,
    or cause to be delivered, to the Trustee all notes or portions
    thereof so accepted together with an Officers&#146; Certificate
    specifying the notes or portions thereof accepted for payment by
    the Company. The Paying Agent shall promptly mail to the Holders
    of notes so accepted payment in an amount equal to the purchase
    price, and the Trustee shall promptly authenticate and mail to
    such Holders a new note equal in principal amount to any
    unpurchased portion of the note surrendered; <I>provided
    </I>that each note purchased and each new note issued shall be
    in a principal amount of $2,000 or multiples of $1,000. The
    Company will publicly announce the results of an Offer to
    Purchase as soon as practicable after the Payment Date. The
    trustee shall act as the Paying Agent for an Offer to Purchase.
    The Company will comply with
    <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 such laws and regulations
    are applicable, if the Company is required to repurchase notes
    pursuant to an Offer to Purchase. The Company 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 to the extent such laws or regulations are
    applicable in connection with the repurchase of the notes
    pursuant to an Asset Sale. To the extent that the provisions of
    any securities laws or regulations conflict with the provisions
    of the Indenture, the Company will comply with the applicable
    securities laws and regulations and shall not be deemed to have
    breached its obligations described in the Indenture by virtue
    thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Opinion of Counsel&#148;</I> means a written opinion
    from legal counsel who is reasonably acceptable to the Trustee.
    The counsel may be an employee of or counsel to 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Outstanding Amount&#148;</I> means, with respect to the
    indenture or any Pari Passu Agreement for any Series of Pari
    Passu Obligations, at any time, an amount equal to the sum of
    (without duplication) (i)&#160;with respect to the notes, the
    aggregate outstanding principal amount at such time,
    (ii)&#160;with respect to any other loans or other advances
    outstanding under such Pari Passu Agreement at such time, the
    aggregate outstanding principal amount thereof or, if such other
    loans or advances outstanding under such Pari Passu Agreement
    were issued with an original issue discount, the Accreted Value
    thereof, in each case at such time, (iii)&#160;the aggregate
    undrawn amount of all outstanding letters of credit to the
    extent then available to be drawn and (iv)&#160;the aggregate
    unexpired and uncanceled commitments to extend credit under such
    Pari Passu Agreement at such time that, when funded, would
    constitute Pari Passu Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Agreement&#148;</I> means any loan
    agreement, credit agreement, indenture or other agreement
    entered into by the Company or any Subsidiary Guarantor after
    the Closing Date, if any, pursuant to which the Company or any
    Subsidiary Guarantor will incur Pari Passu Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Debt Collateral Agent&#148;</I> has the
    meaning set forth under section entitled &#147;Intercreditor
    Agreement&#148; in this Description of the new notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Lien Indebtedness&#148;</I> means,
    collectively, Indebtedness or other obligations in respect of
    (i)&#160;the notes, the indenture and the Subsidiary Guarantees
    and (ii)&#160;any Additional Notes and other Indebtedness or
    other obligations having Pari Passu Lien Priority relative to
    the notes with respect to the Collateral; <I>provided </I>that
    the Authorized Representative in respect of such Indebtedness is
    a party (directly or by through a Joinder Agreement) to the
    Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Lien Priority&#148;</I> means, relative to
    specified Indebtedness, having (or purporting to have) a Lien
    priority equal to that of the Lien securing the Notes
    Obligations on the Collateral and subject to the Intercreditor
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Obligations&#148;</I> means, collectively,
    Notes Obligations and each other Series of Permitted Pari Passu
    Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Secured Parties&#148;</I> means,
    collectively, the Collateral Agent, the Notes Secured Parties
    (as defined below in the definition of &#147;Series&#148;), any
    secured parties holding any other Pari Passu Obligations, and
    each agent and trustee for such holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Security Documents&#148;</I> means each
    security agreement, pledge agreement, deed of trust, mortgage
    and other agreement entered into in favor of any Pari Passu Debt
    Collateral Agent for purposes of securing the Pari
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Passu Obligations and each financing statement and other
    document or instrument delivered to create, perfect or continue
    the Liens thereby created.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Holder&#148;</I> means
    (i)&#160;Mr.&#160;Albert Lowenthal, any current or former spouse
    of his and any of their direct or indirect descendants and
    immediate family, including by marriage, and (ii)&#160;trusts or
    other investment vehicles controlled by or for the primary
    benefit of persons referred to in clause (i).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Investment&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;an Investment in the Company or a Restricted Subsidiary
    or a Regulated Subsidiary or a Person which will, upon the
    making of such Investment, become a Restricted Subsidiary or
    Regulated Subsidiary or be merged or consolidated with or into
    or transfer or convey all or substantially all its assets to,
    the Company or a Restricted Subsidiary or Regulated Subsidiary;
    <I>provided </I>that such person&#146;s primary business is a
    Related Business on the date of such Investment;
    <I>provided</I>, <I>further</I>, that the aggregate amount of
    Investments made pursuant to this clause&#160;(1) in Restricted
    Subsidiaries (net of return of capital) that are not Subsidiary
    Guarantors shall not exceed $20.0&#160;million;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Temporary Cash Investments and Investment Securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;payroll, travel and similar advances to cover matters
    that are expected at the time of such advances ultimately to be
    treated as expenses in accordance with GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;stock, obligations or securities received in
    satisfaction of judgments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;an Investment in an Unrestricted Subsidiary consisting
    solely of an Investment in another Unrestricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Hedging Obligations not entered into for speculative
    investment purposes and designed to protect the Company or its
    Restricted Subsidiaries or Regulated Subsidiaries against
    fluctuations in commodity prices, securities prices, foreign
    currency exchange rates or interest rates;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;any Investment made as a result of the receipt of
    non-cash consideration from an Asset Sale that was made pursuant
    to and in compliance with the &#147;Limitation on Asset
    Sales&#148; covenant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;any Investment existing on, or made pursuant to binding
    commitments existing on, the date of 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: transparent">
    (9)&#160;any Investment acquired by the Company or any of the
    Restricted Subsidiaries (a)&#160;in exchange for any other
    Investment or accounts receivable held by the Company or any
    such Restricted Subsidiary in connection with or as a result of
    a bankruptcy, workout, reorganization or recapitalization of the
    Company of such other Investment or accounts receivable;
    (b)&#160;as a result of a foreclosure by the Company or any of
    the Restricted Subsidiaries with respect to any secured
    Investment or other transfer of title with respect to any
    secured Investment in default; or (c)&#160;as a result of the
    settlement, compromise or resolution of litigation, arbitration
    or other disputes with Persons who are not Affiliates;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;Investments consisting of the licensing or
    contribution of intellectual property pursuant to joint
    marketing arrangements with other Persons;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;Guarantees issued in accordance with the covenants
    described under &#147;&#151;&#160;Certain covenants Limitations
    on Indebtedness and Issuance of Preferred Stock and
    &#147;&#151;&#160;Certain covenants&#160;&#151; Future
    Subsidiary Guarantees&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Investments of a Restricted Subsidiary of the Company
    acquired after the Closing Date or of an entity merged into or
    consolidated with the Company or a Restricted Subsidiary in a
    transaction that is not prohibited by the covenant described
    under &#147;&#151;&#160;Consolidation; Merger and Sale of
    Assets&#148; after the Closing Date to the extent that such
    Investments were not made in contemplation of such acquisition,
    merger or consolidation and were in existence on the date of
    such acquisition, merger or consolidation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;Investments made to defease the notes or the notes in
    accordance with the terms of the indenture;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;guarantees by the Company or any of its Restricted
    Subsidiaries of operating leases (other than Capitalized Lease
    Obligations), trademarks, licenses, purchase agreements or of
    other obligations that do not constitute Indebtedness, in each
    case entered into by the Company or any Restricted Subsidiary in
    the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;repurchases of the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;Investment in general partner interests of limited
    partnerships or as managing member of limited liability
    companies in which non-Affiliates are the limited partners or
    other members, as applicable, formed for the purpose of pursuing
    private equity or alternative investment strategies in
    connection with a Related Business and consistent with past
    practice, not to exceed for any individual Investment, 2% of the
    total amounts invested by all investors in such partnership or
    limited liability company at the time of such Investment;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;Investments not otherwise described under this
    definition, not to exceed $5&#160;million in the aggregate for
    the Company and its Subsidiaries;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (18)&#160;guarantees by the Company or any Subsidiary Guarantor
    of the obligations of Oppenheimer Multifamily
    Housing&#160;&#038; Healthcare Finance, Inc. under Securities
    Facilities; <I>provided </I>that such guarantee is treated as
    Indebtedness by the Company for purposes of determining
    compliance with 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: transparent">
    <I>&#147;Permitted Liens&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Liens for taxes, assessments, governmental charges or
    claims that are being contested in good faith by appropriate
    legal proceedings promptly instituted and diligently conducted
    and for which a reserve or other appropriate provision, if any,
    as shall be required in conformity with GAAP shall have been
    made;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;statutory and common law Liens of landlords and
    carriers, warehousemen, mechanics, suppliers, materialmen,
    repairmen or other similar Liens (including a lender&#146;s
    unexercised rights of set-off) arising in the ordinary course of
    business and with respect to amounts not yet delinquent or being
    contested in good faith by appropriate legal proceedings
    promptly instituted and diligently conducted and for which a
    reserve or other appropriate provision, if any, as shall be
    required in conformity with GAAP shall have been made;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Liens incurred or deposits made in the ordinary course
    of business in connection with workers&#146; compensation,
    unemployment insurance and other types of social security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;Liens incurred or deposits made to secure the
    performance of tenders, bids, leases, statutory or regulatory
    obligations, bankers&#146; acceptances, surety and appeal bonds,
    government contracts, performance and
    <FONT style="white-space: nowrap">return-of-money</FONT>
    bonds and other obligations of a similar nature incurred in the
    ordinary course of business (exclusive of obligations for the
    payment of borrowed money);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;easements,
    <FONT style="white-space: nowrap">rights-of-way,</FONT>
    municipal and zoning ordinances and similar charges,
    encumbrances, title defects or other irregularities that do not
    materially interfere with the ordinary course of business of the
    Company or any of its Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;leases or subleases granted to others that do not
    materially interfere with the ordinary course of business of the
    Company and its Restricted Subsidiaries, taken as a whole;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Liens encumbering property or assets under construction
    arising from progress or partial payments by a customer of the
    Company or its Restricted Subsidiaries relating to such property
    or assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;any interest or title of a lessor in the property
    subject to any Capitalized Lease or operating lease;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;Liens arising from filing Uniform Commercial Code
    financing statements regarding leases;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;Liens on property of, or on shares of Capital Stock or
    Indebtedness of, any Person existing at the time such Person
    becomes, or becomes a part of, any Restricted Subsidiary;
    <I>provided </I>that such Liens do not extend to or cover any
    property or assets of the Company or any Restricted Subsidiary
    other than the property or assets acquired;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;Liens in favor of the Company or any Restricted
    Subsidiary;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Liens arising from the rendering of a final judgment
    or order against the Company or any Restricted Subsidiary that
    does not give rise to an Event of Default;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;Liens securing reimbursement obligations with respect
    to letters of credit that encumber documents and other property
    relating to such letters of credit and the products and proceeds
    thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;Liens in favor of customs and revenue authorities
    arising as a matter of law to secure payment of customs duties
    in connection with the importation of goods;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;Liens encumbering customary initial deposits and
    margin deposits, and other Liens that are within the general
    parameters customary in the industry and incurred in the
    ordinary course of business, in each case, securing Indebtedness
    under Hedging Obligations not entered into for speculative
    investment purposes and designed to protect the Company or any
    of its Restricted Subsidiaries from fluctuations in interest
    rates, currencies or the price of commodities or securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;Liens arising out of conditional sale, title
    retention, consignment or similar arrangements for the sale of
    goods entered into by the Company or any of its Restricted
    Subsidiaries in the ordinary course of business in accordance
    with the past practices of the Company and its Restricted
    Subsidiaries prior to the Closing Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;Liens on shares of Capital Stock of any Unrestricted
    Subsidiary to secure Indebtedness of such Unrestricted
    Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (18)&#160;Liens on or sales of receivables or mortgages;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (19)&#160;Liens existing on the Closing Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (20)&#160;Liens on Collateral securing Notes Obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (21)&#160;Liens with respect to the assets of a Restricted
    Subsidiary granted by such Restricted Subsidiary to the Company
    or a Wholly Owned Restricted Subsidiary or Wholly Owned
    Regulated Subsidiary to secure Indebtedness owing to the Company
    or such other Restricted Subsidiary or Regulated Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (22)&#160;Liens to secure Indebtedness of the Company under any
    Credit Facility Incurred pursuant to and outstanding under
    clause&#160;(1) of the second paragraph of the &#147;Limitation
    on Indebtedness and Issuances of Preferred Stock&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (23)&#160;Liens securing Indebtedness which is Incurred to
    refinance secured Indebtedness which is permitted to be Incurred
    under clause&#160;(6) of the second paragraph of the
    &#147;Limitation on Indebtedness and Issuances of Preferred
    Stock&#148; covenant; <I>provided </I>that such Liens do not
    extend to or cover any property or assets of the Company or any
    Restricted Subsidiary or Regulated Subsidiary other than the
    property or assets securing the Indebtedness being refinanced;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (24)&#160;Liens to secure Indebtedness under clauses
    (11)(limited to the assets of the Foreign Subsidiary incurring
    such Indebtedness) and (12)&#160;of the &#147;Limitation on
    Indebtedness and Issuances of Preferred Stock&#148; covenant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (25)&#160;Liens securing Indebtedness under clause&#160;(4) of
    the second paragraph under the &#147;Limitation on Indebtedness
    and Issuances of Preferred Stock&#148; covenant; <I>provided
    </I>that (x)&#160;such Liens are created within 360&#160;days
    after the acquisition of the asset financed and (y)&#160;no such
    Lien shall extend to or cover any property or asset other than
    the asset so financed;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (26)&#160;Liens on cash set aside at the time of the Incurrence
    of any Indebtedness, or government securities purchased with
    such cash, in either case to the extent that such cash or
    government securities pre-fund the payment of interest on such
    Indebtedness and are held in a collateral or escrow account or
    similar arrangement to be applied for such purpose;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (27)&#160;Liens (which may be pari passu with the Liens securing
    the notes) securing any Indebtedness permitted to be incurred
    pursuant to the covenant described under &#147;Limitation on
    Indebtedness and Issuances
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of Preferred Stock&#148;; <I>provided </I>that at the time of
    incurrence and after giving <I>pro forma </I>effect thereto, the
    Secured Leverage Ratio would be no greater than 1.60 to 1.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (28)&#160;Liens to secure any refinancing, refunding, extension,
    renewal or replacement (or successive refinancings, refundings,
    extensions, renewals or replacements) as a whole, or in part, of
    any Indebtedness secured by any Lien referred to in the
    foregoing clauses&#160;(10) and (19); <I>provided</I>,
    <I>however</I>, that (x)&#160;such new Lien shall be limited to
    all or part of the same property that secured the original Lien
    (plus improvements on such property), (y)&#160;the Indebtedness
    secured by such Lien at such time is not increased to any amount
    greater than the sum of (A)&#160;the outstanding principal
    amount or, if greater, committed amount of the Indebtedness
    described under clause&#160;(10) and (19)&#160;at the time the
    original Lien became a Permitted Lien under the Indenture, and
    (B)&#160;an amount necessary to pay any fees and expenses,
    including premiums, related to such refinancing, refunding,
    extension, renewal or replacement and (z)&#160;the new Lien has
    no greater priority relative to the notes and the Guarantees and
    the holders of the Indebtedness secured by such Lien have no
    greater intercreditor rights relative to the notes and the
    Guarantees and holders thereof than the original Liens and the
    related Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (29)&#160;Liens on assets of a Restricted Subsidiary securing
    obligations of such Restricted Subsidiary under a Securities
    Facility;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (30)&#160;other Liens securing obligations not to exceed
    $5.0&#160;million at any one time outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Pari Passu Obligations&#148;</I> means any
    Obligation under any Additional Notes or any other Indebtedness
    (whether or not consisting of Additional Notes) constituting
    Pari Passu Lien Indebtedness; <I>provided </I>that any such
    Lien, as of the date of incurrence of such Permitted Pari Passu
    Obligations, was permitted to be incurred under clause&#160;(27)
    of the definition of &#147;Permitted Liens&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Person&#148;</I> means an individual, a corporation, a
    partnership, a limited liability company, an association, a
    trust or any other entity or organization, including a
    government or political subdivision or an agency or
    instrumentality thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;PIK Preferred Stock&#148;</I> means Preferred Stock the
    terms of which do not permit the declaration or payment of any
    dividend or other distribution thereon or with respect thereto,
    or the redemption or conversion thereof, in each such case prior
    to the payment in full of the Company&#146;s obligations under
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Preferred Stock&#148;</I> of any Person means any
    Capital Stock of such Person that has preferential rights to any
    other Capital Stock of such Person with respect to dividends or
    redemptions or upon liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;pro forma&#148;</I> means <I>pro forma </I>presentation
    in accordance with GAAP and
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    promulgated under the Securities Act or any other regulation or
    policy of the SEC related thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Rating Agency&#148;</I> means any &#147;nationally
    recognized statistical rating organization,&#148; as such term
    is defined for purposes of Rule&#160;436(g)(2) under the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Registration Rights Agreement&#148;</I> means the
    registration rights agreement the Company, the Subsidiary
    Guarantors and the initial purchasers enter into in connection
    with 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Regulated Sale&#148;</I> means any sale, transfer or
    other disposition (including by way of merger, consolidation or
    Sale-Leaseback Transaction) in one transaction or a series of
    related transactions by the Company or any of its Restricted
    Subsidiaries or Regulated Subsidiaries to any Person other than
    the Company or any of its Restricted Subsidiaries or Regulated
    Subsidiaries of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all or any of the Capital Stock of any Regulated
    Subsidiary;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all or substantially all of the property and assets of
    an operating unit or business of any Regulated 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: 'Times New Roman', Times; color: #000000; background: transparent">
    in each case, that is not governed by the provisions of the
    Indenture applicable to mergers, consolidations and sales of
    assets of the Company; <I>provided </I>that &#147;Regulated
    Sale&#148; shall not include an issuance, sale, transfer or
    other disposition of Capital Stock by a Regulated Subsidiary to
    the Company, a Wholly Owned Restricted Subsidiary or a Wholly
    Owned Regulated Subsidiary.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Regulated Significant Subsidiary&#148;</I> means, at
    any date of determination, any Regulated Subsidiary that,
    together with its Subsidiaries, (1)&#160;for the most recent
    fiscal year of the Company, accounted for more than 5% of the
    consolidated revenues of the Company and its Restricted
    Subsidiaries and Regulated Subsidiaries or (2)&#160;as of the
    end of such fiscal year, was the owner of more than 5% of the
    consolidated assets of the Company and its Restricted
    Subsidiaries and Regulated Subsidiaries, all as set forth on the
    most recently internally available consolidated financial
    statements of the Company for such fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Regulated Subsidiary&#148;</I> means any direct or
    indirect subsidiary of the Company that is registered as
    (1)&#160;a broker dealer pursuant to Section&#160;15 of the
    Exchange Act, (2)&#160;a broker dealer or underwriter under any
    foreign securities law, or (3)&#160;a banking or insurance
    Subsidiary regulated under state, federal or foreign laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Related Business&#148;</I> means any financial services
    business which is the same as or ancillary or complementary to
    any business of the Company and its Restricted Subsidiaries and
    Regulated Subsidiaries that is being conducted on the Closing
    Date, including, but not limited to, broker-dealer services,
    insurance, investment advisory services, specialist and other
    market making activities, trust and banking services,
    underwriting and the creation of and offers and sales of
    interests in mutual funds and any business that is a result of
    ownership interest in any other entity acquired in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Replacement Assets&#148;</I> means, on any date,
    property or assets (other than current assets) of a nature or
    type or that are used in a business (or an Investment in a
    company having property or assets of a nature or type, or
    engaged in a business) similar or related to the nature or type
    of the property and assets of, or the business of, the Company
    and its Restricted Subsidiaries and its Regulated Subsidiaries
    existing on such date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Subsidiary&#148;</I> means any Subsidiary of
    the Company other than an Unrestricted Subsidiary or a Regulated
    Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Sale-Leaseback Transaction&#148;</I> means, with
    respect to any Person, an arrangement whereby such Person sells
    or transfers property and then or thereafter leases such
    property or any substantial part thereof which such Person
    intends to use for substantially the same purpose or purposes as
    the property sold or transferred, <I>provided </I>that for
    purposes of this definition, &#147;property&#148; shall not
    include Investment Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;S&#038;P&#148;</I> means Standard&#160;&#038;
    Poor&#146;s Ratings Group, a division of The McGraw-Hill
    Companies, and its successors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Secured Leverage Ratio&#148;</I> means as of any date
    of determination, the ratio of (a)&#160;Pari Passu Lien
    Indebtedness, as determined on a consolidated basis, as of the
    last day of the fiscal quarter ending on, or most recently ended
    prior to, such date of determination to, after giving effect to
    the transaction giving rise to the need to calculate the Secured
    Leverage Ratio to (b)&#160;Consolidated EBITDA for the period
    consisting of the immediately preceding four consecutive fiscal
    quarters of the Company ending on, or most recently ended prior
    to, such date of determination for which internal financial
    statements are available; <I>provided </I>that Consolidated
    EBITDA will be calculated in the manner contemplated by, and
    subject to all the adjustments provided in, the definition of
    &#147;Consolidated Fixed Charge Coverage Ratio.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Secured Party&#148;</I> means (i)&#160;the Holders,
    (ii)&#160;the Trustee, (iii)&#160;the Collateral Agent and
    (iv)&#160;any successors, indorsees, transferees and assigns of
    each of the foregoing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Securities Facilities&#148;</I> means any facility
    providing for securities lending or to finance the purchase or
    carrying of inventories of mortgage or other loans or securities
    in connection with a Related Business carried on by a Restricted
    Subsidiary and where the recourse of the lenders or other
    creditors under such facility is limited to the assets of such
    Restricted Subsidiary or to guarantees of such Securities
    Facilities by the Company or a Subsidiary Guarantor permitted
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Security Documents&#148;</I> means the Security
    Agreement, the Intercreditor Agreement and any other instruments
    and documents executed and delivered pursuant to the Indenture
    or any of the foregoing, as the same may be amended,
    supplemented or otherwise modified from time to time and
    pursuant to which Collateral is pledged, assigned or granted to
    or on behalf of the Collateral Agent for the benefit of the
    Secured Parties.
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Senior Management&#148;</I> means with respect to any
    Person, the Chief Executive Officer, the President, the Chief
    Operating Officer, the Chief Financial Officer, or any Executive
    Vice-President 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Series&#148;</I> means (a)&#160;with respect to the
    Pari Passu Secured Parties, (i)&#160;the Holders of the notes
    and the Trustee (in their capacities as such, the <B>&#147;Notes
    Secured Parties&#148;</B>) and (ii)&#160;the Pari Passu Secured
    Parties that become subject to the Intercreditor Agreement after
    the Closing Date and that are represented by a common Authorized
    Representative; and (b)&#160;with respect to any Pari Passu
    Obligations, each of the Notes Obligations, and the Pari Passu
    Obligations incurred pursuant to any applicable agreement,
    which, in each case, pursuant to the Intercreditor Agreement or
    a Joinder Agreement, are to be represented under the
    Intercreditor Agreement by an Authorized Representative.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Significant Subsidiary&#148;</I> means, at any date of
    determination, any Restricted Subsidiary that, together with its
    Subsidiaries, (1)&#160;for the most recent fiscal year of the
    Company, accounted for more than 10% of the consolidated
    revenues of the Company and its Restricted Subsidiaries or
    (2)&#160;as of the end of such fiscal year, was the owner of
    more than 10% of the consolidated assets of the Company and its
    Restricted Subsidiaries, all as set forth on the most recently
    internally available consolidated financial statements of the
    Company for such fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Standard Securitization Undertakings&#148;</I> means
    representations, warranties, covenants and indemnities entered
    into by the Company or any of its Restricted Subsidiaries that
    are reasonably customary in an accounts receivable transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Stated Maturity&#148;</I> means, (1)&#160;with respect
    to any debt security, the date specified in such debt security
    as the fixed date on which the final installment of principal of
    such debt security is due and payable and (2)&#160;with respect
    to any scheduled installment of principal of or interest on any
    debt security, the date specified in such debt security as the
    fixed date on which such installment is due and payable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subsidiary&#148;</I> means, with respect to any Person,
    any corporation, association or other business entity of which
    more than 50% of the voting power of the outstanding Voting
    Stock is owned, directly or indirectly, by such Person and one
    or more other Subsidiaries of such Person and is consolidated
    under GAAP with 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subsidiary Guarantee&#148;</I> means any Guarantee of
    the obligations of the Company under the Indenture and the notes
    by any Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subsidiary Guarantor&#148;</I> means E.A Viner
    International Co., Viner Finance Inc. and any Subsidiary of the
    Company required to guarantee the notes pursuant to the covenant
    &#147;Future 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Temporary Cash Investment&#148;</I> means 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: transparent">
    (1)&#160;direct obligations of the United States of America or
    any agency thereof or obligations fully and unconditionally
    guaranteed by the United States of America or any agency
    thereof, in each case maturing within two years from the date of
    acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;certificates of deposit, time deposits and eurodollar
    time deposits with maturities of one year or less from the date
    of acquisition thereof, bankers&#146; acceptances, in each case
    with maturities not exceeding one year and overnight bank
    deposits, in each case with any commercial bank having capital
    and surplus in excess of $250.0&#160;million and whose long-term
    debt is rated &#147;A&#148; or the equivalent thereof by
    Moody&#146;s or S&#038;P (or reasonably equivalent ratings of
    another internationally recognized ratings agency);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;repurchase obligations with a term of not more than
    30&#160;days for underlying securities of the types described in
    clause&#160;(1) above entered into with a bank or trust company
    meeting the qualifications described in clause&#160;(2) above;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;commercial paper, maturing not more than one year after
    the date of acquisition, issued by a corporation (other than an
    Affiliate of the Company) organized and in existence under the
    laws of the United States of America, any state thereof or any
    foreign country recognized by the United States of America with
    a rating at the time as of which any investment therein is made
    of
    <FONT style="white-space: nowrap">&#147;P-1&#148;</FONT>
    (or higher) according to Moody&#146;s or
    <FONT style="white-space: nowrap">&#147;A-1&#148;</FONT>
    (or higher) according to S&#038;P;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#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 (or
    reasonably equivalent ratings of another internationally
    recognized ratings agency if both of the two named rating
    agencies cease publishing ratings of investments) in each case
    with maturities not exceeding two years from the date of
    acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Indebtedness issued by Persons (other than the
    Permitted Holders or any of their Affiliates) with a rating of
    &#147;A&#148; or higher from S&#038;P or
    <FONT style="white-space: nowrap">&#147;A-2&#148;</FONT>
    or higher from Moody&#146;s (or reasonably equivalent ratings of
    another internationally recognized ratings agency) in each case
    with maturities not exceeding two years from the date of
    acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;any investment funds investing at least 95% of its
    assets continuously invested in investments of the types
    described in clauses&#160;(1) through (6)&#160;above;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;instruments equivalent to those referred to in
    clauses&#160;(1) through (6)&#160;above denominated in euros or
    any other foreign currency comparable in credit quality and
    tenor to those referred to above and commonly used by
    corporations for cash management purposes in any jurisdiction
    outside the United States to the extent reasonably required in
    connection with any business conducted by any Subsidiary
    organized in such jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Total Assets&#148;</I> means the total consolidated
    assets of the Company, the Restricted Subsidiaries and the
    Regulated Subsidiaries, as shown on the most recent balance
    sheet 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Trade Payables&#148;</I> means, with respect to any
    Person, any accounts payable or any other indebtedness or
    monetary obligation to trade creditors created, assumed or
    Guaranteed by such Person or any of its Subsidiaries arising in
    the ordinary course of business in connection with the
    acquisition of goods or 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: transparent">
    <I>&#147;Transaction Date&#148;</I> means, with respect to the
    Incurrence of any Indebtedness, the date such Indebtedness is to
    be Incurred and, with respect to any Restricted Payment, the
    date such Restricted Payment is to be made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Treasury Rate&#148;</I> means, as of the applicable
    redemption date, the yield to maturity as of such redemption
    date of United States Treasury securities with a constant
    maturity (as compiled and published in the most recent Federal
    Reserve Statistical Release H.15 (519)&#160;that has become
    publicly available at least two business days prior to such
    redemption date (or, if such Statistical Release is no longer
    published, any publicly available source of similar market
    data)) most nearly equal to the period from such redemption date
    to April&#160;15, 2014; <I>provided</I>, <I>however</I>, that if
    the period from such redemption date to April&#160;15, 2014 is
    less than one year, the weekly average yield on actually traded
    United States Treasury securities adjusted to a constant
    maturity of one year will be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Uniform Commercial Code&#148;</I> or
    <B>&#147;UCC&#148;</B> means the New York Uniform Commercial
    Code as in effect from time to time, <I>provided </I>that, if
    perfection or the effect of perfection or non-perfection or the
    priority of any security interest in any Collateral is governed
    by the Uniform Commercial Code as in effect in a jurisdiction
    other than the State of New York, <B>&#147;Uniform Commercial
    Code&#148;</B> or <B>&#147;UCC&#148;</B> means the Uniform
    Commercial Code as in effect from time to time in such other
    jurisdiction for purposes of the provisions hereof relating to
    such perfection, effect of perfection or non-perfection or
    priority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Unrestricted Subsidiary&#148;</I> means (1)&#160;any
    Subsidiary of the Company that at the time of determination
    shall be designated an Unrestricted Subsidiary by the Board of
    Directors in the manner provided below; and (2)&#160;any
    Subsidiary of an Unrestricted Subsidiary. The Board of Directors
    may designate any Restricted Subsidiary or Regulated Subsidiary
    (including any newly acquired or newly formed Subsidiary of the
    Company) to be an Unrestricted Subsidiary unless such Subsidiary
    owns any Capital Stock of, or owns or holds any Lien on any
    property of, the Company or any Restricted Subsidiary;
    <I>provided </I>that (A)&#160;any Guarantee by the Company or
    any Restricted Subsidiary of any Indebtedness of the Subsidiary
    being so designated shall be deemed an &#147;Incurrence&#148; of
    such Indebtedness and an &#147;Investment&#148; by the Company
    or such Restricted Subsidiary (or both, if applicable) at the
    time of such designation; (B)&#160;either (I)&#160;the
    Subsidiary to be so designated has total assets of $1,000 or
    less or (II)&#160;if such Subsidiary has assets greater than
    $1,000, such designation would be permitted under the
    &#147;Limitation on Restricted Payments&#148; covenant and
    (C)&#160;if applicable, the Incurrence of Indebtedness and the
    Investment referred to in clause&#160;(A) of this proviso would
    be permitted under the &#147;Limitation on Indebtedness and
    Issuance of Preferred
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Stock&#148; and &#147;Limitation on Restricted Payments&#148;
    covenants. The Board of Directors may designate any Unrestricted
    Subsidiary to be a Restricted Subsidiary; <I>provided </I>that
    (a)&#160;no Default or Event of Default shall have occurred and
    be continuing at the time of or after giving effect to such
    designation and (b)&#160;all Liens and Indebtedness of such
    Unrestricted Subsidiary outstanding immediately after such
    designation would, if Incurred at such time, have been permitted
    to be Incurred (and shall be deemed to have been Incurred) for
    all purposes of the Indenture. Any such designation by the Board
    of Directors shall be evidenced to the Trustee by promptly
    filing with the Trustee a copy of the Board Resolution giving
    effect to such designation and an Officers&#146; Certificate
    certifying that such designation complied with the foregoing
    provisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Voting Stock&#148;</I> means with respect to any
    Person, Capital Stock of any class or kind ordinarily having the
    power to vote for the election of directors, managers or other
    voting members of the governing body 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Wholly Owned&#148;</I> means, with respect to any
    Subsidiary of any Person, the ownership all of the outstanding
    Capital Stock of such Subsidiary by such Person or one or more
    Wholly Owned Subsidiaries of such Person.
</DIV>
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    <BR>
    89
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91656108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BOOK-ENTRY
    DELIVERY AND FORM</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: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes are represented by one or more global notes in
    registered form without interest coupons attached (collectively,
    the &#147;Global Notes&#148;). Global Notes have been deposited
    with the Trustee as custodian for DTC in New York, New York, and
    registered in the name of DTC or its nominee, in each case for
    credit to an account of a direct or indirect participant in DTC
    as described below. Except as set forth below, Global Notes may
    be transferred only to another nominee of DTC or to a successor
    of DTC or its nominee, in whole and not in part. Except in the
    limited circumstances described below, beneficial interests in
    Global Notes may not be exchanged for notes in certificated form
    and owners of beneficial interests in Global Notes will not be
    entitled to receive physical delivery of notes in certificated
    form. See &#147;&#151;&#160;Exchange of Global Notes for
    Certificated Notes.&#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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Depository
    Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following description of the operations and procedures of
    DTC, Euroclear and Clearstream is provided solely as a matter of
    convenience. These operations and procedures are solely within
    the control of the respective settlement systems and are subject
    to changes by them. The Company takes no responsibility for
    these operations and procedures and urges investors to contact
    the system or their participants directly to discuss these
    matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised the Company that DTC is a limited-purpose trust
    company organized under the laws of the State of New York, a
    &#147;banking organization&#148; within the meaning of the New
    York Banking Law, a member of the Federal Reserve System, a
    &#147;clearing corporation&#148; within the meaning of the New
    York Uniform Commercial Code and a &#147;clearing agency&#148;
    registered pursuant to the provisions of Section&#160;17A of the
    Exchange Act. DTC was 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 Indirect
    Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has also advised the Company that, pursuant to procedures
    established by it:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;upon deposit of the Global Notes for a series of notes,
    DTC will credit the accounts of Participants with portions of
    the principal amount of the Global Notes for such
    series;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;ownership of these interests in Global Notes will be
    shown on, and the transfer of ownership of these interests will
    be effected only through, records maintained by DTC (with
    respect to the Participants) or by the Participants and the
    Indirect Participants (with respect to other owners of
    beneficial interests in Global Notes).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All interests in a Global Note may be subject to the procedures
    and requirements of DTC. Interests in a Global Note held through
    Euroclear or Clearstream may be subject to the procedures and
    requirements of those systems as well. The laws of some states
    require that certain persons take physical delivery in
    definitive form of securities that they own and the ability to
    transfer beneficial interests in a Global Note to Persons that
    are subject to those requirements will be limited to that
    extent. Because DTC can act only on behalf of Participants,
    which in turn act on behalf of Indirect Participants, the
    ability of a person having beneficial interests in a Global Note
    to pledge those interests to Persons that do not participate in
    the DTC system, or otherwise take actions in respect of those
    interests, may be affected by the lack of a physical certificate
    evidencing those interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as described below, owners of an interest in Global Notes
    will not have notes registered in their names, will not receive
    physical delivery of definitive notes in registered certificated
    form (&#147;Certificated Notes&#148;) and will not be considered
    the registered owners or &#147;Holders&#148; thereof under the
    indentures governing the notes for any purpose.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments in respect of the principal of and premium, interest
    and special interest, if any, on a Global Note registered in the
    name of DTC or its nominee will be payable to DTC in its
    capacity as the registered Holder under the applicable
    indenture. Under the terms of each indenture, the Company and
    the Trustee will treat the Persons in whose names notes,
    including Global Notes, are registered as the owners of such
    notes for the purpose of receiving payments and for all other
    purposes. Consequently, none of the Company, the Trustee or any
    agent of the Company or the Trustee has or will have any
    responsibility or liability for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any aspect of DTC&#146;s records or any
    Participant&#146;s or Indirect Participant&#146;s records
    relating to or payments made on account of beneficial ownership
    interests in Global Notes or for maintaining, supervising or
    reviewing any of DTC&#146;s records or any Participant&#146;s or
    Indirect Participant&#146;s records relating to the beneficial
    ownership interests in Global Notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any other matter relating to the actions and practices
    of DTC or any of its Participants or Indirect Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised the Company that its current practice, upon
    receipt of any payment in respect of securities such as the
    notes (including principal and interest), is to credit the
    accounts of the relevant Participants with the payment on the
    payment date unless DTC has reason to believe it will not
    receive payment on that payment date. Each relevant Participant
    is credited with an amount proportionate to its beneficial
    ownership of an interest in the principal amount of the relevant
    security as shown on the records of DTC. Payments by the
    Participants and the Indirect Participants to the beneficial
    owners of notes will be governed by standing instructions and
    customary practices and will be the responsibility of the
    Participants or the Indirect Participants and will not be the
    responsibility of DTC, the Trustee or the Company. Neither the
    Company nor the Trustee will be liable for any delay by DTC or
    any of its Participants in identifying the beneficial owners of
    any notes, and the Company and the Trustee may conclusively rely
    on and will be protected in relying on instructions from DTC or
    its nominee for all purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transfers between Participants in DTC will be effected in
    accordance with DTC&#146;s procedures, and will be settled in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds and transfers between participants in Euroclear and
    Clearstream will be effected in accordance with their respective
    rules and operating procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cross-market transfers between the Participants, on the one
    hand, and Euroclear or Clearstream participants, on the other
    hand, will be effected through DTC in accordance with DTC&#146;s
    rules on behalf of Euroclear or Clearstream, as the case may be,
    by its respective depositary; however, such cross-market
    transactions will require delivery of instructions to Euroclear
    or Clearstream, as the case may be, by the counterparty in such
    system in accordance with the rules and procedures and within
    the established deadlines (Brussels time) of such system.
    Euroclear or Clearstream, as the case may be, will, if the
    transaction meets its settlement requirements, deliver
    instructions to its respective depositary to take action to
    effect final settlement on its behalf by delivering or receiving
    interests in the relevant Global Note from 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. Euroclear participants and
    Clearstream participants may not deliver instructions directly
    to the depositories for Euroclear or Clearstream.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised the Company that it will take any action
    permitted to be taken by a Holder of a given series of notes
    only at the direction of one or more Participants to whose
    account DTC has credited the interests in the applicable series
    of Global Notes and only in respect of the portion of the
    aggregate principal amount of the applicable series of notes as
    to which that Participant or those Participants has or have
    given the relevant direction. However, if there is an Event of
    Default under such series of notes, DTC reserves the right to
    exchange the applicable Global Notes for legended notes in
    certificated form, and to distribute those notes to its
    Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although DTC, Euroclear and Clearstream have agreed to the
    foregoing procedures in order to facilitate transfers of
    interests in Global Notes among Participants, they are under no
    obligation to perform those procedures, and may discontinue or
    change those procedures at any time. None of the Company, the
    Trustee or any of their respective agents will have any
    responsibility for the performance by DTC, Euroclear,
    Clearstream or their respective Participants or Indirect
    Participants of their respective obligations under the rules and
    procedures governing their operations.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    of Global Notes for 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Global Note is exchangeable for a Certificated Note of the
    same series if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC (a)&#160;notifies the Company that it is unwilling or unable
    to continue as depositary for the applicable Global Notes or
    (b)&#160;has ceased to be a clearing agency registered under the
    Exchange Act and, in each case, a successor depositary is not
    appointed within 90&#160;days of such notice or
    cessation;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Company, at its option, notifies the Trustee in writing that
    it elects to cause the issuance of Certificated Notes;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there has occurred and is continuing an Event of Default with
    respect to the notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, beneficial interests in a Global Note may be
    exchanged for Certificated Notes of the same series upon prior
    written notice given to the Trustee by or on behalf of DTC in
    accordance with the applicable Indenture. In all cases,
    Certificated Notes delivered in exchange for any Global Note or
    beneficial interests in a Global Note will be registered in the
    names, and issued in any approved denominations, requested by or
    on behalf of the depositary (in accordance with its customary
    procedures).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Same Day
    Settlement and Payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will make payments in respect of the notes
    represented by the Global Notes (including principal, premium,
    if any, interest and Special Interest, if any) by wire transfer
    of immediately available funds to the accounts specified by DTC
    or its nominee. The Company will make all payments of principal,
    interest and premium, if any, and Special Interest, if any, with
    respect to Certificated Notes by wire transfer of immediately
    available funds to the accounts specified by the holders of the
    Certificated Notes or, if no such account is specified, by
    mailing a check to each such holder&#146;s registered address.
    The notes represented by the Global Notes are expected to be
    eligible to trade in DTC&#146;s
    <FONT style="white-space: nowrap">Same-Day</FONT>
    Funds Settlement System, and any permitted secondary market
    trading activity in such notes will, therefore, be required by
    DTC to be settled in immediately available funds. The Company
    expects that secondary trading in any Certificated Notes will
    also be settled in immediately available funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of time zone differences, the securities account of a
    Euroclear or Clearstream participant purchasing an interest in a
    Global Note from a Participant will be credited, and any such
    crediting will be reported to the relevant Euroclear or
    Clearstream participant, during the securities settlement
    processing day (which must be a business day for Euroclear and
    Clearstream) immediately following the settlement date of DTC.
    DTC has advised the Company that cash received in Euroclear or
    Clearstream as a result of sales of interests in a Global Note
    by or through a Euroclear or Clearstream participant to a
    Participant will be received with value on the settlement date
    of DTC but will be available in the relevant Euroclear or
    Clearstream cash account only as of the business day for
    Euroclear or Clearstream following DTC&#146;s settlement date.
</DIV>
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    <BR>
    92
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91656109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of certain United States federal
    income tax consequences of the exchange of old notes for new
    notes pursuant to the exchange offer by a holder of old notes
    that purchased old notes for cash at original issuance at the
    price indicated on the cover of the original offering circular.
    This summary is based upon existing United States federal income
    tax law, which is subject to change or differing
    interpretations, possibly with retroactive effect. This summary
    does not discuss all aspects of United States federal income
    taxation that may be important to particular investors in light
    of their individual circumstances, such as investors subject to
    special tax rules (e.g., financial institutions, insurance
    companies, broker-dealers, traders that elect to
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    and tax-exempt organizations), persons that held old notes or
    will hold new notes as a part of a straddle, hedge, conversion,
    constructive sale or other integrated transaction for United
    States federal income tax purposes, partnerships or
    U.S.&#160;Holders (as defined below) that have a functional
    currency other than the United States dollar, all of whom may be
    subject to tax rules that differ materially from those
    summarized below. In addition, this summary does not discuss any
    federal estate or gift, foreign, state or local tax
    considerations of the exchange offer. This summary is written
    for investors that held their old notes and will hold their new
    notes as &#147;capital assets&#148; under the Internal Revenue
    Code of 1986, as amended (the &#147;Code&#148;). Each
    prospective investor is urged to consult its tax advisor
    regarding the United States federal, state, local and foreign
    income and other tax consequences of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this summary, a &#147;U.S.&#160;Holder&#148; is
    a beneficial owner of an exchange note that is, for United
    States federal income tax purposes, (i)&#160;an individual who
    is a citizen or resident of the United States, (ii)&#160;a
    corporation or other entity treated as a corporation for United
    States federal income tax purposes, created in or organized
    under the law of the United States or any state or political
    subdivision thereof, (iii)&#160;an estate the income of which is
    includible in gross income for United States federal income tax
    purposes regardless of its source, or iv)&#160;a trust
    (A)&#160;the administration of which is subject to the primary
    supervision of a United States court and with respect to which
    one or more United States persons have the authority to control
    all substantial decisions of the trust, or (B)&#160;that has in
    effect a valid election under applicable United States Treasury
    regulations to be treated as a United States person. If a
    partnership (including any entity or arrangement treated as a
    partnership for United States federal income tax purposes) is a
    beneficial owner of new notes, the treatment of a partner in the
    partnership generally will depend upon the status of the partner
    and the activities of the partnership. A holder of new notes
    that is a partnership and partners in such a partnership are
    urged to consult their tax advisors about the United States
    federal income tax consequences of the exchange offer and of the
    holding and disposing of new notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange of old notes for new notes in the exchange offer
    generally will not constitute a taxable exchange for holders
    because new notes generally will not be considered to differ
    materially in kind or extent from old notes. As a result, for
    U.S.&#160;federal income tax purposes (i)&#160;a holder
    generally will not recognize any income, gain or loss as a
    result of exchanging an old note for a new note; (ii)&#160;the
    holding period of a new note generally will include the holding
    period of an old note exchanged therefor; and (iii)&#160;the
    adjusted tax basis of a new note generally will be the same as
    the adjusted tax basis of an old note exchanged therefor
    immediately before such exchange.
</DIV>
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    <BR>
    93
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91656110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of certain considerations associated
    with the purchase and holding of the notes by (a)&#160;employee
    benefit plans that are subject to Title&#160;I of the Employee
    Retirement Income Security Act of 1974, as amended
    (&#147;ERISA&#148;), (b)&#160;plans, individual retirement
    accounts and other arrangements that are subject to
    Section&#160;4975 of the Internal Revenue Code (the
    &#147;Code&#148;) or provisions under any federal, state, local,
    <FONT style="white-space: nowrap">non-U.S.&#160;or</FONT>
    other laws, rules or regulations that are similar to such
    provisions of ERISA or the Code (collectively, &#147;Similar
    Laws&#148;), and (c)&#160;entities whose underlying assets are
    considered to include plan assets by reason of a plan&#146;s
    investment in such entities (each of (a), (b)&#160;and (c), a
    &#147;Plan&#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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General
    Fiduciary Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ERISA and the Code impose certain duties on persons who are
    fiduciaries of a Plan subject to Title&#160;I of ERISA or
    Section&#160;4975 of the Code (an &#147;ERISA Plan&#148;) and
    prohibit certain transactions involving the assets of an ERISA
    Plan and its fiduciaries or other interested parties. Under
    ERISA and the Code, any person who exercises any discretionary
    authority or control over the administration of such an ERISA
    Plan or the management or disposition of the assets of such an
    ERISA Plan, or who renders investment advice for a fee or other
    compensation to such an ERISA Plan, is generally considered to
    be a fiduciary of the 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In considering an investment in the notes with any portion of
    the assets of a Plan, a fiduciary of the Plan should consider,
    among other matters, whether the investment is in accordance
    with the documents and instruments governing the Plan and the
    applicable provisions of ERISA, the Code or any applicable
    Similar Law relating to a fiduciary&#146;s duties to the Plan
    including, without limitation, the prudence, diversification,
    delegation of control and prohibited transaction provisions of
    ERISA, the Code and any other applicable Similar Laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prohibited
    Transaction Issues</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;406 of ERISA and Section&#160;4975 of the Code
    prohibit ERISA Plans from engaging in specified transactions
    involving &#147;plan assets&#148; with persons or entities who
    are &#147;parties in interest,&#148; within the meaning of
    Section&#160;406 of ERISA, or &#147;disqualified persons,&#148;
    within the meaning of Section&#160;4975 of the Code, unless an
    exemption is available. A party in interest or disqualified
    person, including a fiduciary of an ERISA Plan, who engages in a
    non-exempt prohibited transaction may be subject to excise taxes
    and other penalties and liabilities under ERISA and the Code.
    Plans that are governmental plans (as defined in
    Section&#160;3(32) of ERISA), certain church plans (as defined
    in Section&#160;3(33) of ERISA or Section&#160;4975(g)(3) of the
    Code) and
    <FONT style="white-space: nowrap">non-U.S.&#160;plans</FONT>
    (as described in Section&#160;4(b)(4) of ERISA) are not subject
    to the requirements of ERISA or Section&#160;4975 of the Code
    but may be subject to similar prohibitions under other
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The acquisition
    <FONT style="white-space: nowrap">and/or</FONT>
    holding of the notes by an ERISA Plan with respect to which the
    Company, a guarantor or any of the initial purchasers of the
    outstanding notes, or certain of our or their affiliates, are
    considered a party in interest or a disqualified person may
    constitute or result in a direct or indirect prohibited
    transaction under Section&#160;406 of ERISA
    <FONT style="white-space: nowrap">and/or</FONT>
    Section&#160;4975 of the Code, unless the investment is acquired
    and is held in accordance with an applicable statutory, class or
    individual prohibited transaction exemption. In this regard, the
    U.S.&#160;Department of Labor has issued prohibited transaction
    class exemptions (&#147;PTCEs&#148;) that may apply to provide
    exemptive relief for direct or indirect prohibited transactions
    resulting from the acquisition
    <FONT style="white-space: nowrap">and/or</FONT>
    holding of the notes. These class exemptions include, without
    limitation,
    <FONT style="white-space: nowrap">PTCE&#160;84-14</FONT>
    for transactions determined by independent qualified
    professional asset managers,
    <FONT style="white-space: nowrap">PTCE&#160;90-1</FONT>
    for transactions involving insurance company pooled separate
    accounts,
    <FONT style="white-space: nowrap">PTCE&#160;91-38</FONT>
    for transactions involving bank collective investment funds,
    <FONT style="white-space: nowrap">PTCE&#160;95-60</FONT>
    for transactions involving life insurance company general
    accounts and
    <FONT style="white-space: nowrap">PTCE&#160;96-23</FONT>
    for transactions determined by in-house asset managers. In
    addition, Section&#160;408(b)(17) of ERISA and
    Section&#160;4975(d)(20) of the Code provide an exemption from
    the prohibited transaction provisions of ERISA and
    Section&#160;4975 of the Code for the purchase and sale of
    securities, provided that neither the issuer of the securities
    nor any of its affiliates (directly or indirectly) have or
    exercise any discretionary authority or control or render any
    investment advice with respect to the assets of any ERISA Plan
    involved in the transaction and provided further that the ERISA
    Plan receives no less, and pays no more, than adequate
    consideration in connection with the transaction. There can be
    no assurance that all of the conditions of any such exemptions
    will be satisfied.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of the foregoing, the notes should not be purchased or
    held by any person investing &#147;plan assets&#148; of any
    Plan, unless such purchase and holding will not constitute a
    non-exempt prohibited transaction under ERISA or
    Section&#160;4975 of the Code or a similar violation of any
    applicable Similar Laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Representation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accordingly, by purchasing and holding notes, each purchaser and
    subsequent transferee will be deemed to have represented and
    warranted that either (i)&#160;it is not a Plan, and no portion
    of the assets used by such purchaser or transferee to acquire
    and hold the notes constitutes assets of any Plan or
    (ii)&#160;neither the purchase nor the holding of the notes by
    such purchaser or subsequent transferee will result in a
    non-exempt prohibited transaction under Section&#160;406 of
    ERISA or Section&#160;4975 of the Code or a similar violation
    under 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing discussion is general in nature and is not
    intended to be all inclusive. Due to the complexity of these
    rules and the penalties that may be imposed upon persons
    involved in non-exempt prohibited transactions, it is
    particularly important that fiduciaries, or other persons
    considering whether to purchase the notes on behalf of, or with
    the assets of, any Plan, consult with their counsel regarding
    the potential applicability of ERISA, Section&#160;4975 of the
    Code and any Similar Laws to such transaction and whether an
    exemption would be applicable to such transaction. Investors in
    the notes have exclusive responsibility for ensuring that their
    purchase of the notes does not violate the fiduciary or
    prohibited transaction rules of ERISA or the Code or any similar
    provisions of Similar Laws. The sale of any notes by or to any
    Plan is in no respect a representation by us or any of our
    affiliates or representatives that such an investment meets all
    relevant legal requirements with respect to investments by such
    Plans generally or any particular Plan, or that such an
    investment is appropriate for such Plans generally or any
    particular Plan.
</DIV>
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    <BR>
    95
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91656111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that holds old notes that were acquired for
    its own account as a result of market-making activities or other
    trading activities (other than old notes received directly from
    us), may exchange such old notes pursuant to the exchange offer.
    However, such broker-dealer may be deemed to be an
    &#147;underwriter&#148; within the meaning of the Securities Act
    and must, therefore, deliver a prospectus meeting the
    requirements of the Securities Act in connection with any
    resales of the new notes received by such broker-dealer in the
    exchange offer, which prospectus delivery requirement may be
    satisfied by the delivery by such broker-dealer of this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker dealer that receives new notes for its own account
    pursuant to the exchange offer must acknowledge that it will
    deliver a prospectus in connection with any resale of such new
    notes. This prospectus, as it may be amended or supplemented
    from time to time, may be used by a broker-dealer in connection
    with resales of new notes received in exchange for old notes
    where such old notes were acquired as a result of market-making
    activities or other trading activities. For a period ending on
    the earlier of (i)&#160;90&#160;days from the date on which the
    exchange offer is declared effective and (ii)&#160;the date on
    which a broker-dealer is no longer required to deliver a
    prospectus in connection with market-making or other trading
    activities, we will promptly send additional copies of this
    prospectus and any amendment or supplement to this prospectus to
    any broker-dealer that requests such documents in the letter of
    transmittal. We have agreed to pay all expenses incident to the
    exchange offer (including the expenses of one counsel for the
    holders of the old notes) other than commissions or concessions
    of any broker-dealers and will indemnify the holders of the old
    notes (including any broker-dealers) against certain
    liabilities, including liabilities under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not receive any proceeds from any sale of new notes by
    broker-dealers. New notes received by broker-dealers for their
    own account pursuant to the exchange offer may be sold from time
    to time in one or more transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, in negotiated transactions, through the writing of
    options on the new notes or a combination of such methods of
    resale, at market prices prevailing at the time of resale, at
    prices related to such prevailing market prices or at negotiated
    prices. Any such resale may be made directly to purchasers or to
    or through brokers or dealers who may receive compensation in
    the form of commissions or concessions from any such
    broker-dealer or the purchasers of any such new notes. Any
    broker-dealer that resells new notes that were received by it
    for its own account pursuant to the exchange offer and any
    broker or dealer that participates in a distribution of such new
    notes may be deemed to be an &#147;underwriter&#148; within the
    meaning of the Securities Act and any profit on any such resale
    of new notes and any commission or concessions received by any
    such persons may be deemed to be underwriting compensation under
    the Securities Act. The letter of transmittal states that, by
    acknowledging that it will deliver and by delivering a
    prospectus, a broker-dealer will not be deemed to admit that it
    is an &#147;underwriter&#148; within the meaning of the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Furthermore, any broker-dealer that acquired any of the old
    notes directly from us:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    may not rely on the applicable interpretation of the staff of
    the SEC&#146;s position contained in Exxon Capital Holdings
    Corp., SEC no-action letter (April&#160;13, 1988), Morgan,
    Stanley&#160;&#038; Co. Inc., SEC no-action letter (June&#160;5,
    1991)&#160;and Shearman&#160;&#038; Sterling, SEC no-action
    letter (July&#160;2, 1993);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    must also be named as a selling noteholder in connection with
    the registration and prospectus delivery requirements of the
    Securities Act relating to any resale transaction.
</TD>
</TR>

</TABLE>
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    <BR>
    96
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91656112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: transparent">
    Certain matters with respect to the validity of the issuance of
    the new notes will be passed upon for us and the Subsidiary
    Guarantors by Skadden, Arps, Slate, Meagher&#160;&#038; Flom
    LLP, New York, New York.
</DIV>

<A name='Y91656113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    Prospectus by reference to Oppenheimer Holdings Inc.&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;16, 2011 have been so incorporated in reliance
    on the report(s) of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>

<A name='Y91656114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. You may read and copy any
    reports, statements or other information that we file at the
    SEC&#146;s public reference room at 100&#160;F&#160;Street, NE,
    Room&#160;1580, Washington,&#160;D.C. 20549. Please call the SEC
    at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room in
    Washington,&#160;D.C. and in other locations. SEC filings are
    also available to the public from commercial document retrieval
    services and at the website maintained by the SEC at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may obtain any of the documents incorporated by reference
    through us or the SEC or its website, as described above.
    Documents incorporated by reference are available from us
    without charge, excluding all exhibits unless specifically
    incorporated by reference as an exhibit to this prospectus. You
    may obtain documents incorporated by reference into this
    prospectus by requesting them from us in writing or by telephone
    at the following address and telephone number:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">Oppenheimer
    Holdings Inc.<BR>
    125 Broad Street,<BR>
    New York, New York 10004<BR>
    <FONT style="white-space: nowrap">(212)&#160;668-8000</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will not be charged for any of these documents that you
    request. If you request any incorporated documents from us, we
    will mail them to you by first class mail, or another equally
    prompt means.
</DIV>
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    <BR>
    97
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91656115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS 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: transparent">
    We are &#147;incorporating by reference&#148; certain documents
    that we have filed with the SEC under the Exchange Act, which
    means that we can disclose important information to you by
    referring you to another document filed separately with the SEC.
    The information incorporated by reference is deemed to be part
    of this prospectus, except for any information superseded by
    information contained directly in this prospectus, or any
    subsequently filed document deemed incorporated by reference.
    This prospectus incorporates by reference the documents set
    forth below that we have previously filed with the SEC (other
    than information deemed furnished and not filed in accordance
    with SEC rules, including Items&#160;2.02 and 7.01 of
    <FONT style="white-space: nowrap">Form&#160;8-K):</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010 (filed with the SEC on
    March&#160;2, 2011), including portions of our definitive proxy
    statement (filed with the SEC on March&#160;28,
    2011)&#160;incorporated by reference therein (except for the
    financial statements contained in Item&#160;8 which have been
    updated in the Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;16, 2011);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2011 (filed with the SEC on
    May&#160;5, 2011) (except for the financial statements contained
    in Part&#160;1, Item&#160;1 which have been updated in the
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;16, 2011);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on March&#160;30, 2011, April&#160;6, 2011,
    April&#160;12, 2011, May&#160;11, 2011 and June&#160;16, 2011.
</TD>
</TR>

</TABLE>


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any future filings we make with the SEC under
    Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act
    after the date of the initial registration statement and prior
    to the effectiveness of the registration statement and after the
    date of this prospectus are incorporated herein by reference
    until completion of the offering. Any statement contained in
    this prospectus or in a document incorporated by reference shall
    be deemed to be modified or superseded to the extent that a
    statement contained in those documents modifies or supersedes
    that statement. Any statement so modified or superseded will not
    be deemed to constitute a part of this prospectus except as so
    modified or superseded. Statements contained in this prospectus
    as to the contents of any contract or other document referred to
    in this prospectus do not purport to be complete, and, where
    reference is made to the particular provisions of such contract
    or other document, such provisions are qualified in all respects
    by reference to all of the provisions of such contract or other
    document. We will provide a copy of the documents we incorporate
    by reference, at no cost, to any person that receives this
    prospectus. To request a copy of any or all of these documents,
    or the indenture or registration rights agreement, you should
    write or telephone us at:
</DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">Oppenheimer
    Holdings Inc.<BR>
    125 Broad Street<BR>
    New York, New York 10004<BR>
    <FONT style="white-space: nowrap">(212)&#160;668-8000</FONT><BR>
    Attention: Investor Relations
    </FONT>
</DIV>
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    <BR>
    98
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
