<SEC-DOCUMENT>0001144204-12-022381.txt : 20120418
<SEC-HEADER>0001144204-12-022381.hdr.sgml : 20120418
<ACCEPTANCE-DATETIME>20120417214117
ACCESSION NUMBER:		0001144204-12-022381
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120418
DATE AS OF CHANGE:		20120417

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WABASH NATIONAL CORP /DE
		CENTRAL INDEX KEY:			0000879526
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCK TRAILERS [3715]
		IRS NUMBER:				521375208
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-173150
		FILM NUMBER:		12764819

	BUSINESS ADDRESS:	
		STREET 1:		1000 SAGAMORE PARKWAY SOUTH
		CITY:			LAFAYETTE
		STATE:			IN
		ZIP:			47905
		BUSINESS PHONE:		7657715310

	MAIL ADDRESS:	
		STREET 1:		1000 SAGAMORE PARKWAY SOUTH
		CITY:			LAFAYETTE
		STATE:			IN
		ZIP:			47905

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WABASH NATIONAL CORP /DE
		CENTRAL INDEX KEY:			0000879526
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCK TRAILERS [3715]
		IRS NUMBER:				521375208
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1000 SAGAMORE PARKWAY SOUTH
		CITY:			LAFAYETTE
		STATE:			IN
		ZIP:			47905
		BUSINESS PHONE:		7657715310

	MAIL ADDRESS:	
		STREET 1:		1000 SAGAMORE PARKWAY SOUTH
		CITY:			LAFAYETTE
		STATE:			IN
		ZIP:			47905
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>v309769_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
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    <TD STYLE="width: 49%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 51%; text-autospace: none; font-weight: bold; text-align: right">Issuer Free Writing Prospectus</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Pricing Term Sheet</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right">Filed Pursuant to Rule 433</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Dated April 17, 2012</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right">Registration Statement No. 333-173150</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right">Supplementing the Preliminary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right">Prospectus Supplement dated April 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right">(To Prospectus dated March 29, 2011)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wabash National Corporation<BR>
3.375% Convertible Senior Notes due 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The information in this pricing term sheet relates to Wabash
National Corporation&rsquo;s offering (the &ldquo;Offering&rdquo;) of its 3.375% Convertible Senior Notes due 2018 and should be
read together with the preliminary prospectus supplement dated April 17, 2012 relating to the Offering (the &ldquo;Preliminary
Prospectus Supplement&rdquo;), including the documents incorporated by reference therein, and the base prospectus dated March 29,
2011, each filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, Registration Statement No. 333-173150.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 22%; padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: bottom">Issuer:</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">Wabash National Corporation, a Delaware corporation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">Ticker / Exchange for <BR>
Common Stock:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">WNC / The New York Stock Exchange (&ldquo;NYSE&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: bottom">Securities Offered:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">3.375% Convertible Senior Notes due 2018 (the &ldquo;Notes&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">Aggregate Principal Amount <BR>
Offered:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">$150,000,000 aggregate principal amount of Notes.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: bottom">Maturity Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">May 1, 2018, unless earlier converted, redeemed or repurchased.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: bottom">Interest Rate:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">3.375% per annum, accruing from the Settlement Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">May 1 and November 1 of each year, beginning on November 1, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: bottom">Public Offering Price:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">100% of the principal amount of the Notes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">NYSE Last Reported Sale <BR>
Price on April&nbsp;17, 2012:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">$8.67 per share of the Issuer&rsquo;s common stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: bottom">Conversion Premium:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">Approximately 35% above the NYSE Last Reported Sale Price on April 17, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">Initial Conversion Price:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">Approximately $11.70 per share of the Issuer&rsquo;s common stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">Initial Conversion Rate:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">85.4372 shares of the Issuer&rsquo;s common stock per $1,000 principal amount of Notes.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: bottom">Ranking:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The notes will be the Issuer&rsquo;s senior unsecured
obligations and will rank:&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&middot;</TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none">senior in right of payment to any of the Issuer&rsquo;s indebtedness that is expressly subordinated in right of payment to the notes;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none">equal in right of payment to any of the Issuer&rsquo;s unsecured indebtedness that is not so subordinated;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none">effectively junior in right of payment to any of the Issuer&rsquo;s secured indebtedness to the extent of the value of the assets securing such indebtedness; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">structurally junior to all indebtedness and other liabilities (including trade payables) of the Issuer&rsquo;s subsidiaries.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold">Use of Proceeds:</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer estimates that the proceeds from the Offering will
        be approximately $144,825,000, after deducting fees and estimated expenses.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer intends to use the net proceeds from the Offering
        to partially finance the Acquisition (as defined in the Preliminary Prospectus Supplement). In the event that the Issuer does not
        consummate the Acquisition, it intends to use the net proceeds from the sale of the Notes either to fund the redemption of the
        Notes (if the Issuer so elects) or for general corporate purposes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 9.35pt; padding-bottom: 6pt; text-indent: 0in; text-autospace: none; font-weight: bold">Public Offering Price,<BR>
 Underwriting Discount and <BR>
Proceeds:</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><BR><BR>The following table shows the Public Offering Price, underwriting discounts and commissions and proceeds before expenses to the Issuer.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 22%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 35%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Per Note</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Total</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Public Offering Price(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">$1,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">$150,000,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-indent: -0.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-indent: -0.3pt">Underwriting discounts and commissions</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">$30</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">$4,500,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Proceeds, before expenses, to the Issuer</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">$970</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">$145,500,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">The estimated expenses of the Offering payable by the Issuer, exclusive of underwriting discounts and commissions, are approximately $675,000.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________<BR>
(1)&#9;Plus accrued interest, if any, from the Settlement Date.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: top">Trade Date:</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">April 18, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: top">Settlement Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">April 23, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: top">CUSIP:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">929566 AH0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-indent: 0; text-autospace: none; font-weight: bold; text-align: left; vertical-align: top">ISIN:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">US929566AH07</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: top">Joint Book-Running <BR>
Managers:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom"><BR>
Morgan Stanley &amp; Co. LLC <BR> Wells Fargo Securities, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: top">Co-Managers:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom">BMO Capital Markets Corp<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">RBS Securities Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: top">Redemption at Issuer&rsquo;s <BR>
Option:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom"><BR>
If the purchase and sale agreement relating to the Issuer&rsquo;s&nbsp; pending acquisition of Walker Group Holdings LLC terminates, the Issuer may redeem all, but not less than all, of the outstanding Notes for cash on or prior to August 31, 2012. The redemption price, for each $1,000 principal amount of Notes to be redeemed, will be equal to the sum of (i) $1,010, (ii) accrued and unpaid interest on such Notes to, but excluding, the redemption date and (iii) 75% of the excess, if any, of the redemption conversion value (as defined in the Preliminary Prospectus Supplement under &ldquo;Description of Notes &mdash; Optional Redemption&rdquo;) over the initial conversion value (as defined in such section). Following August 31, 2012, the Issuer may not redeem the Notes. No &ldquo;sinking fund&rdquo; is provided for the Notes, which means that the Issuer is not required to redeem or retire the Notes periodically.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; text-indent: 0; text-autospace: none; font-weight: bold; padding-left: 0; text-align: left; vertical-align: top">Adjustment to Conversion <BR>
Rate Upon a Make-Whole <BR>
Adjustment Event:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-autospace: none; text-align: left; vertical-align: bottom"><BR><BR>
The following table sets forth the number of additional shares of the Issuer&rsquo;s common stock, if any, to be added to the conversion rate per $1,000 principal amount of Notes for conversions in connection with a &ldquo;make-whole fundamental change&rdquo;:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0">Stock Price</TD></TR>
<TR>
    <TD STYLE="width: 21%; vertical-align: top; padding: 6pt 2.35pt 4pt; text-autospace: none; font-weight: bold; text-decoration: underline">Effective Date</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$8.67</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$10.00</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$12.50</TD>
    <TD STYLE="width: 6%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$15.00</TD>
    <TD STYLE="width: 6%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$17.50</TD>
    <TD STYLE="width: 6%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$20.00</TD>
    <TD STYLE="width: 6%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$25.00</TD>
    <TD STYLE="width: 6%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$30.00</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$40.00</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$50.00</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$75.00</TD>
    <TD STYLE="width: 7%; padding: 6pt 2.35pt 4pt; text-autospace: none; color: #000005; font-weight: bold; text-align: center">$100.00</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">April 18, 2012</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">23.2177</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">15.7806</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">11.6903</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">9.1938</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">7.5407</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">5.5024</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">4.2910</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">2.8939</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">2.0993</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">1.0901</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">0.6322</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">May 1, 2013</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">22.5850</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">14.7925</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">10.6703</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">8.2495</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">6.6989</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">4.8511</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">3.7834</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">2.5675</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">1.8762</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">0.9903</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">0.5825</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">May 1, 2014</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">21.7126</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">13.5209</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">9.3982</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">7.0993</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">5.6927</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">4.0918</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">3.1984</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">2.1921</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.6177</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.8730</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.5244</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">May 1, 2015</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">20.5348</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">11.8719</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">7.8045</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">5.7043</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">4.5047</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">3.2254</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">2.5395</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.7680</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.3224</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.7369</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.4572</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">May 1, 2016</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">18.8812</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">9.6473</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">5.7689</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">4.0162</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">3.1274</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">2.2644</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.8139</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.2934</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.9863</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.5783</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.3792</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">May 1, 2017</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">16.6042</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">6.4677</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">3.1305</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">2.0458</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.6244</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.2473</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">1.0317</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.7659</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.6066</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.3942</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.2885</TD></TR>
<TR>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; font-weight: bold; padding-bottom: 4pt">May 1, 2018</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; color: #000005; text-align: center; padding-bottom: 4pt">29.9030</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">14.5628</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-autospace: none; text-align: center; padding-bottom: 4pt">0.0000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exact stock prices and effective dates may not be set forth
in the table above, in which case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the stock price is between two stock prices in the table or the effective date is between two effective dates in the table,
the number of additional shares will be determined by a straight-line interpolation between the number of additional shares set
forth for the higher and lower stock prices and the earlier and later effective dates based on a 365-day year, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the stock price is greater than $100.00 per share (subject to adjustment in the same manner as the stock prices set forth
in the column headings of the table above as described in the Preliminary Prospectus Supplement), no additional shares will be
added to the conversion rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the stock price is less than $8.67&nbsp;per share (subject to adjustment in the same manner as the stock prices set forth
in the column headings of the table above as described in the Preliminary Prospectus Supplement), no additional shares will be
added to the conversion rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, in no event will the conversion
rate per $1,000 principal amount of Notes exceed 115.3402, subject to adjustment in the same manner as the conversion rate as set
forth under &ldquo;Description of Notes&mdash;Conversion Rights&mdash;Conversion Rate Adjustments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a registration statement (including
the Preliminary Prospectus Supplement, dated April 17, 2012, and an accompanying prospectus, dated March 29, 2011) with the Securities
and Exchange Commission, or SEC, for the Offering to which this communication relates. Before you invest, you should read the Preliminary
Prospectus Supplement and the accompanying prospectus in that registration statement and other documents the Issuer has filed with
the SEC for more complete information about the Issuer and the Offering. You may get these documents for free by visiting EDGAR
on the SEC website at www.sec.gov. Alternatively, copies may be obtained from Morgan Stanley &amp; Co. LLC at 180 Varick Street,
2nd Floor, New York, New York 10014, Attention: Prospectus Department, by calling (866) 718-1649 or by e-mailing prospectus@morganstanley.com
or Wells Fargo Securities, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, Email: cmclientsupport@wellsfargo.com,
Telephone: 800-326-5897. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>This
communication should be read in conjunction with the Preliminary Prospectus Supplement, dated April 17, 2012 and </B></FONT><B>the
accompanying prospectus, dated March 29, 2011<FONT STYLE="font-family: Times New Roman, Times, Serif">. The information in this
communication supersedes the information in the Preliminary Prospectus Supplement and the accompanying prospectus to the extent
inconsistent with the information in such Preliminary Prospectus Supplement and the accompanying prospectus. Terms used but not
defined herein have the meanings given in the Preliminary Prospectus Supplement. </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A
RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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