<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM T-3
FOR APPLICATIONS FOR QUALIFICATION OF INDENTURES UNDER THE
TRUST INDENTURE ACT OF 1939
BANC ONE CORPORATION
(Name of Applicant)
100 East Broad Street
Columbus, Ohio 43271
(Address of Principal Executive Offices)
SECURITIES TO BE ISSUED UNDER THE INDENTURE TO BE QUALIFIED
<TABLE>
<CAPTION>
TITLE OF CLASS AMOUNT
- ---------------------------------------------- ----------------------------------------------
<S> <C>
Subordinated Notes Due March 1, 2019 $200,000,000
</TABLE>
Approximate Date of Proposed Public Offering: February 18, 1998
------------------------
Steven Alan Bennett
Senior Vice President, General Counsel and Secretary
BANC ONE CORPORATION
Department OH 1-0158
100 East Broad Street
Columbus, Ohio 43271-0158
(614) 248-7590
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
------------------------
With Copies to:
<TABLE>
<S> <C>
Kenneth L. Wagner, Esq. Kim L. Swanson, Esq.
BANC ONE CORPORATION SQUIRE, SANDERS & DEMPSEY L.L.P.
Department OH 1-0158 1300 Huntington Center
100 East Broad Street 41 S. High Street
Columbus, Ohio 43271-0158 Columbus, Ohio 43215
</TABLE>
The Company hereby amends this application for qualification on such date or
dates as may be necessary to delay its effectiveness until (i) the 20th day
after the filing of a further amendment which specifically states that it shall
supersede this amendment, or (ii) such date as the Securities and Exchange
Commission, acting pursuant to Section 307(c) of the Act, may determine upon the
written request of the Company.
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<PAGE>
GENERAL
1. GENERAL INFORMATION
(a) FORM OF ORGANIZATION: Corporation.
(b) STATE OR OTHER SOVEREIGN POWER UNDER THE LAWS OF WHICH ORGANIZED: Ohio
2. SECURITIES ACT EXEMPTION APPLICABLE. BANC ONE CORPORATION (the
"Company"), is relying upon the exemption from the registration requirements of
the Securities Act of 1933, as amended (the "Securities Act"), provided by
Section 3(a)(9) thereunder, in connection with the Company's exchange offer as
described herein (the "Exchange Offer"). The Exchange Offer is being made by the
Company pursuant to an Offering Circular dated February 18, 1998 (the "Offering
Circular"), and the related Letter of Transmittal and Notice of Guaranteed
Delivery of even date therewith, and consists of an offer to exchange the
Company's $200,000,000 Subordinated Notes Due March 1, 2019 (the "New Notes")
for the Company's outstanding $200,000,000 9 7/8% Subordinated Notes Due March
1, 2009 (the "Old Notes").
There have not been any sales of securities of the same class as the New
Notes or the Old Notes by the Company, nor are there any such other sales
planned, by or through an underwriter at or about the time of the Exchange Offer
transaction.
The Company has retained Deutsche Morgan Grenfell Inc. ("DMG") to advise the
Company as to the structure, process and financial matters related to the
Exchange Offer. DMG's services to the Company are limited solely to such
advisory services, and DMG will not, directly or indirectly, solicit the
exchange of Old Notes for New Notes under the Exchange Offer or otherwise make
recommendations with respect to acceptance or rejection of the Exchange Offer.
In exchange for such advisory services, DMG will be paid an advisory fee which
is not dependent upon the outcome of the transaction. DMG will not be paid any
commission or similar variable type of remuneration.
The Company also has retained Georgeson & Company, Inc. as the "Information
Agent" and The Chase Manhattan Bank as the "Exchange Agent" in connection with
the Exchange Offer. The Information Agent and Exchange Agent will provide to
holders of Old Notes only information otherwise contained in the applicable
Offering Circular and general information regarding the mechanics of the
exchange process. The Exchange Agent will provide the actual acceptance and
exchange services with respect to the exchange of Old Notes and New Notes.
Neither the Information Agent nor the Exchange Agent will solicit exchanges in
connection with the Exchange Offer and will not make recommendations as to the
acceptance or rejection of the Exchange Offer. Both the Information Agent and
Exchange Agent will be paid reasonable fees directly by the Company for their
services.
There are no cash payments made to or to be made by any holder of the
outstanding Old Notes in connection with the Exchange Offer.
AFFILIATIONS
3. AFFILIATES. Furnish a list or diagram of all affiliates of the Company
and indicate the respective percentages of voting securities or other bases of
control.
2
<PAGE>
The following is a list of direct and indirect subsidiaries of the Company.
Indirect subsidiaries are indented and listed under their direct parent
corporations. All direct and indirect subsidiaries are 100% owned unless
otherwise indicated. Ownership indicated herein refers to the ownership of the
direct parent corporation
<TABLE>
<CAPTION>
SUBSIDIARIES OF THE COMPANY
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<S> <C>
Banc One ABS Corporation
Banc One ADS, Inc.
Banc One Arizona Corporation
Bank One Arizona Investment Corp
Bank One, Arizona, NA
Arizona Trust Deed Corp
AZ IHC, Inc.
AZ REIT, Inc.
Banc One Arizona Leasing Corp
Banc One Operations Services Corp
Sun Country Leasing Corp
Valley Bank Building, Inc.
Valley National Financial Services Co.
Valley National Investors, Inc.
Washington Street Foods, Inc.
Bank One, Utah, NA
50 West Broadway Associates(1)
Banc One Building Management Corp
Banc One Capital Holdings Corp.
Affiliated Bankshares Insurance Agency, Inc.
American Insurance Agency, Inc.
Banc One Capital Corp
Banc One Capital Funding Corporation
Banc One Mortgage Capital Markets, LLC(2)
Banc One Capital Services Corp.
Banc One Commercial Loan Origination Corporation
Banc One Kentucky Insurance Company
Banc One Life Insurance Co.
Banc One Securities Corp
BOCP Holdings Corp
Banc One Capital Partners III, Ltd.
Banc One Capital Partners IV, Ltd.
Banc One Capital Partners V, Ltd.
Banc One Capital Partners VI, Ltd.
Banc One Capital Partners X, Ltd.
</TABLE>
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(1) A partnership 50% owned by Bank One, Utah, N.A.
(2) Joint venture with Banc One Capital Funding Corp. holding 49%, Banc One
Management and Consulting Corp. owning 6% and ORIX USA Corp. holding 45%.
3
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARIES OF THE COMPANY
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<S> <C>
BOCP II, Limited Liability Company
Banc One Venture Corporation (SBIC)
Banc One Capital Partners Holdings, Ltd.
Banc One Capital Partners II, LLC
Banc One Capital Partners, LLC (SBIC)
Banc One Capital Partners VII, Ltd.
Banc One Capital Partners VIII, Ltd.
Banc One BOME Investors, Inc.
Banc One Management and Consulting Corporation
Banc One Beta Asset Management Corp
Banc One New Hampshire Asset Management Corp
Bonnet Resources Corp
Subsidiary Consultants, Inc.
Banc One Card Services Corporation
Banc One Colorado Corporation
Affiliated Banks Bldg Co.
Bank One, Colorado, NA
Banc One Boulder Leasing Services Corp
Banc One Colorado Springs Leasing Services Corp
Banc One Denver Leasing Services Corp
Banc One Community Development Corporation
Banc One Community Development/Wisconsin Corp
Ohio Mezzanine Fund, Ltd. (24.27%)
Banc One Tax Credit Fund IV, Ltd.
Banc One Illinois Corporation
Bank One, Quad Cities, N.A.
Bank One, Illinois, NA
First Rockford Community Development Corp.
Northern Illinois Development Corp (30%)
Lazarus Properties, Inc.
Banc One Indiana Corporation
American Fletcher Realty Corp
Bank One, Indiana, NA
Banc One Equipment Finance, Inc.
Banc One Indianapolis Auto Lease, Inc.
Bank Serv Corp of Indiana (33 1/3%)
BIL International Holdings, Inc.
BO-UA FSC, Inc.
BO-FE FSC, Inc.
BO-LKEUA, Inc.
Indiana LLC 1
Banc One International Services Corp
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARIES OF THE COMPANY
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<S> <C>
Banc One Kentucky Corp
Bank One, Kentucky, NA
Banc One Kentucky Leasing Corporation
Banc One Kentucky Vehicle Leasing Company
BOK Properties, Inc.
First B.C. Realty Corp
First Property Development Company
Liberty Payment Services, Inc.
Liberty Properties Incorporated
Security Property Development Company
Banc One Louisiana Corporation
Bank One, Louisiana, N.A.
Asset One, Louisiana, Inc.
Bank One Equity Investors, Inc.
Banc One Louisiana Leasing Corporation
KSS, Inc.
Louisiana Credit Life Agency, Inc.
Louisiana Credit Life Insurance Co., Inc.
Premier Investment Advisors, L.L.C.
Premier LLC, Inc.
Tri-State Minerals, Inc.
Terre Agency, Incorporated
Banc One Mortgage Corporation
Banc One Ohio Corporation
Bank One, NA
29160 Center Ridge Co., Inc.
Banc One Acceptance Corp
Box Leasing Corp
Banc One Compensation Services Corp
Banc One Investment Advisors Corp
Banc One Vehicle Finance Corp
BOC Realty, Inc.
BOC Affiliates, Inc.
BOC Florida, Inc.
BOC Midwest, Inc.
BOC Southern, Inc.
BOC Toledo, Inc.
Gulf Shares Condominiums, Inc.
ICF Investment Corp
Marietta Hotel Company
Maumee River Hotel Corp
OHIO IHC, Inc.
Ohio REIT, Inc.
Integrion Financial Network, L.L.C. (5.88%)
Bank One Trust Company, NA
WITRUST Investment Holding Co.
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARIES OF THE COMPANY
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<S> <C>
Banc One Oklahoma Corporation(3)
Bank One, Oklahoma, N.A.
Liberty Property Management Company
Lexco Petroleum, Inc.
Liberty Real Estate Company
Mid-America Credit Life Assurance Co.
Mid-America Insurance Agency, Inc.
Liberty Trust Company
Liberty Financial Corporation
Banc One POS Services Corp.(4)
Banc One Payment Services, L.L.C. (50%)
Banc One Realty Columbus Corporation
Banc One Services Corporation
Banc One Financial Card Services Corporation
Banc One Services FSC-1, Inc.
Electronic Payment Services, Inc.(5)
Buypass Corporation
Buypass Inco Corp.
Money Access Service, Inc.
MAS Inco Corp
Banc One Student Loan Funding Corporation
Banc One Texas Corporation
Bank One, Texas, NA
Banc One Texas Leasing Corp
Freer Properties, Inc.
G P Holder, Inc.
Team Life Insurance Co.
Texas Asset Acquisition Corp
Texas Investment Holding Corp
TX REIT, Inc.
Texas Lyric Group
Banc One International Corp.
Banc One Leasing Corp
FM Leasing Corp
Banc One Florida Corp
Banc One Leasing Co of Florida
</TABLE>
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(3) Also owns 100% of non-voting Preferred Stock of Rockwell Bancorp, Inc.
(4) A bank service corporation, owned by Bank One, Arizona, NA (20.49%); Bank
One, Louisiana, N.A. (5.41%); Bank One, NA (32.639%); Bank One, Indiana, NA
(8.179%); Bank One, Kentucky, NA (8.526%); Bank One, Wisconsin (7.33%); Bank
One, Texas, NA (7.27%); and other commercial banks owned by the Company, no
one of which owns over 4.9% of this entity.
(5) A Joint Venture in which the Company has a 20% interest.
6
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARIES OF THE COMPANY
- ------------------------------------------------------------------------------
<S> <C>
Banc One West Virginia Corporation
Bank One, West Virginia, NA
Charleston National Plaza Co
WV IHC, Inc.
WV REIT, Inc.
Bank One, Wheeling-Steubenville, NA
Banc One Loan Services, Inc.
Bank One, Wisconsin
Banc One Wisconsin Bankcard Corp
Banc One Wisconsin Investment Services Corp
Banc One Wisconsin Leasing Corp
Milwaukee Investment Holding Company
WI IHC, Inc.
WI REIT, Inc.
Highway "P" Motel, Inc.
Banc One Insurance Services Corp.
Strategic Planning International, Inc. (19.9%)
First USA Financial, Inc.
First USA Capital Corp.
First USA Securitization Corporation
First USA Federal Savings Bank
First USA Thrift Services, Inc.
First USA Direct, Inc.
First USA Management, Inc.
First USA General Agency, Inc.
First USA Capital Markets, Inc.
First USA Bank
First USA Services, Inc.
First USA Management Services, Inc.
Gensar Holdings, Inc.
Paymentech Network Services, Inc.
Gensar Merchant Processing, Inc.
M.A. Group, Inc.
Paymentech New Hampshire, Inc.
Paymentech Data Services, Inc.
First USA Paymentech, Inc. (57%)
Paymentech Management Resources, Inc.
Paymentech Fleet Services, Inc.(6)
PHH Paymentech, LLC (50%)
First USA Financial Services, Inc.
Paymentech ICS, Inc.
Paymentech Merchant Services, Inc.
National Card Processing Systems, Inc.
First USA Technology, Inc.
Merchant Link, Inc.
First Virtual Holdings Corp (26%)
First USA Direct Marketing, Inc.
</TABLE>
- ------------------------
(6) Owned 66% by Paymentech Management Resources, Inc. and 34% by First USA
Financial Services, Inc.
7
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARIES OF THE COMPANY
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<S> <C>
First USA Capital Trust I
Financial One Corporation
Banc One Financial Services, Inc.
Banc One Consumer Discount Company, a Non-banking
Affiliate of BANC ONE CORPORATION
Banc One Financial Services of Minnesota, Inc.
Guardian Agency, Inc.
Beneficial Insurance Agency, Inc.
Guardian Agency of Bloomington, Inc.
Guardian Agency of Delphi, Inc.
Guardian Agency of Fort Wayne, Inc.
Guardian Agency of Greencastle, Inc.
Guardian Agency of Lebanon, Inc.
Guardian Agency of Rushville, Inc.
Guardian Agency of Valparaiso, Inc.
Banc One Financial Services of Tennessee, Inc.
Banc One Financial Services of West Virginia, Inc.
Banc One Financial Services of New York, Inc.
Sterling Assurance Company
</TABLE>
8
<PAGE>
MANAGEMENT AND CONTROL
4. DIRECTORS AND EXECUTIVE OFFICERS. List the names and complete mailing
addresses of all directors and executive officers of the applicant and all
persons chosen to become directors or executive officers. Indicate all offices
with the applicant held or to be held by each person named.
The names of the directors and executive officers of the Company are set
forth below. The mailing address of each of the directors and executive officers
is 100 East Broad Street, Columbus, Ohio 43271. The title of each of the
executive officers set forth below refers to such executive officer's position
with the Company, unless otherwise specified below.
<TABLE>
<CAPTION>
NAME TITLE
- -------------------------------------- --------------------------------------------------------------------------
<S> <C>
Bennett Dorrance...................... Director
Charles E. Exley, Jr.................. Director
E. Gordon Gee......................... Director
John R. Hall.......................... Director
Laban P. Jackson, Jr.................. Director
John W. Kessler....................... Director
Richard J. Lehmann.................... Director, President and Chief Operating Officer
John B. McCoy......................... Director, Chairman and Chief Executive Officer
John G. McCoy......................... Director, Chairman of the Executive Committee
Thekla R. Shackelford................. Director
Alex Shumate.......................... Director
Frederick P. Stratton, Jr............. Director
John C. Tolleson...................... Director
Robert D. Walter...................... Director
Peter W. Atwater...................... Treasurer
Steven A. Bennett..................... Senior Vice President, General Counsel and Secretary
William P. Boardman................... Senior Executive Vice President
A. William Crowley, Jr................ Senior Vice President and Chief Credit Officer
Bobby L. Doxey........................ Senior Vice President
Thomas E. Hoaglin..................... Chairman and Chief Executive Officer Banc One Services Corporation
David J. Kundert...................... Chairman and Chief Executive Officer Banc One Investment Management and
Trust Group
William C. Leiter..................... Senior Vice President and Controller
Richard D. Lodge...................... Senior Vice President
Michael J. McMennamin................. Executive Vice President and Chief Financial Officer
Ronald G. Steinhart................... Chairman and Chief Executive Officer Banc One National Commercial Banking
Group
Kenneth T. Stevens.................... Chairman and Chief Executive Officer Banc One Retail Group
Richard W. Vague...................... Chairman and Chief Executive Officer First USA Bank
Donald A. Winkler..................... Chairman and Chief Executive Officer Finance One Corporation
</TABLE>
5. PRINCIPAL OWNERS OF VOTING SECURITIES. Furnish the following
information as to each person owning 10 percent or more of the voting securities
of the applicant, as of January 31, 1998.
To the knowledge of the Company, no person owns 10 percent or more of voting
securities of the Company as of such date.
9
<PAGE>
UNDERWRITERS
6. UNDERWRITERS. Give the name and complete mailing address of (a) each
person who, within three years prior to the date of filing the application,
acted as an underwriter of any securities of the obligor which were outstanding
on the date of filing the application, and (b) each proposed principal
underwriter of the securities proposed to be offered. As to each person
specified in (a), give the title of each class of securities underwritten.
There are no principal underwriters of the securities proposed to be offered
in the Exchange Offers. Following are the underwriters identified in Section
6(a) hereof:
<TABLE>
<S> <C> <C>
(A) Underwriter: Salomon Brothers Inc
Mailing Address: Seven World Trade Center
New York, New York 10048
Title of each class
of
securities 7% Subordinated Notes due July 15, 2005
underwritten:
7 3/4% Subordinated Debentures due July 15, 2025
7.60% Subordinated Notes due May 1, 2007
8% Subordinated Debentures due April 29, 2027
Floating Rate Senior Medium-Term Notes due March
18, 1999
6.25% Senior Medium-Term Notes due October 1,
2001
Floating Rate Senior Medium-Term Notes due
September 26, 2002
6.375% Senior Medium-Term Notes due October 1,
2002
(B) Underwriter: Goldman, Sachs & Co.
Mailing Address: 85 Broad Street
New York, New York 10004
Title of each class
of
securities 7% Subordinated Notes due July 15, 2005
underwritten:
7 3/4% Subordinated Debentures due July 15, 2025
6.70% Senior Medium-Term Notes due March 24, 2000
Floating Rate Senior Medium-Term Notes due March
24, 2000
Floating Rate Senior Medium-Term Notes due March
23, 2001
7% Senior Medium-Term Notes due March 25, 2002
6.25% Senior Medium-Term Notes due September 1,
2000
Floating Rate Senior Medium-Term Notes due
September 15, 1999
Floating Rate Senior Medium-Term Notes due
September 30, 1999
(C) Underwriter: Credit Suisse First Boston Corporation
Mailing Address: 11 Madison Avenue
New York, New York 10055
</TABLE>
10
<PAGE>
<TABLE>
<S> <C> <C>
Title of each class
of
securities 7 5/8% Subordinated Notes due October 15, 2026
underwritten:
6.70% Senior Medium-Term Notes due March 24, 2000
Floating Rate Senior Medium-Term Notes due March
24, 2000
Floating Rate Senior Medium-Term Notes due March
23, 2001
7% Senior Medium-Term Notes due March 25, 2002
Floating Rate Senior Medium-Term Notes due
September 15, 1999
Floating Rate Senior Medium-Term Notes due
September 21, 2001
Commercial Paper Notes
(D) Underwriter: Lehman Brothers Inc.
Mailing Address: Three World Financial Center
New York, New York 10285-2400
Title of each class
of
securities 7 5/8% Subordinated Notes due October 15, 2026
underwritten:
6.70% Senior Medium-Term Notes due March 24, 2000
Floating Rate Senior Medium-Term Notes due March
24, 2000
Floating Rate Senior Medium-Term Notes due March
23, 2001
7% Senior Medium-Term Notes due March 25, 2002
Floating Rate Senior Medium-Term Notes due
September 15, 1999
(E) Underwriter: Lazard Freres & Co. LLC
Mailing Address: 30 Rockefeller Plaza
New York, New York 10020
Title of each class
of
securities 6.70% Senior Medium-Term Notes due March 24, 2000
underwritten:
Floating Rate Senior Medium-Term Notes due March
24, 2000
Floating Rate Senior Medium-Term Notes due March
23, 2001
7% Senior Medium-Term Notes due March 25, 2002
(F) Underwriter: J.P. Morgan Securities Inc.
Mailing Address: 60 Wall Street
New York, New York 10260
</TABLE>
11
<PAGE>
<TABLE>
<S> <C> <C>
Title of each class
of
securities 6.70% Senior Medium-Term Notes due March 24, 2000
underwritten:
Floating Rate Senior Medium-Term Notes due March
24, 2000
Floating Rate Senior Medium-Term Notes due March
23, 2001
7% Senior Medium-Term Notes due March 25, 2002
Floating Rate Senior Medium-Term Notes due
September 15, 1999
Floating Rate Senior Medium-Term Notes due
September 10, 1999
(G) Underwriter: UBS Securities LLC
Mailing Address: 299 Park Avenue
New York, New York 10171
Title of each class
of
securities 6.70% Senior Medium-Term Notes due March 24, 2000
underwritten:
Floating Rate Senior Medium-Term Notes due March
24, 2000
Floating Rate Senior Medium-Term Notes due March
23, 2001
7% Senior Medium-Term Notes due March 25, 2002
(H) Underwriter: Morgan Stanley & Co. Incorporated
Mailing Address: 1585 Broadway
New York, New York 10036
Title of each class
of
securities 7.60% Subordinated Notes due May 1, 2007
underwritten:
8% Subordinated Debentures due April 29, 2027
(I) Underwriter: Banc One Capital Corporation
Mailing Address: 150 East Gay Street
Columbus, Ohio 43215
Title of each class
of
securities 7.60% Subordinated Notes due May 1, 2007
underwritten:
8% Subordinated Debentures due April 29, 2027
Commercial Paper Notes
(J) Underwriter: Donaldson, Lufkin & Jenrette Securities
Mailing Address: Corporation
277 Park Avenue
New York, New York 10172
Title of each class
of
securities 7.60% Subordinated Notes due May 1, 2007
underwritten:
8% Subordinated Debentures due April 29, 2027
(K) Underwriter: Merrill Lynch Money Markets Inc.
Mailing Address: One Liberty Plaza
165 Broadway
New York, New York 10080
Title of each class
of
securities Commercial Paper Notes
underwritten:
</TABLE>
12
<PAGE>
CAPITAL SECURITIES
7. CAPITALIZATION. (a) Furnish the following information as to each
authorized class of securities of the applicant.
(i) Debt Securities (as of January 31, 1998);
<TABLE>
<CAPTION>
AMOUNT AMOUNT
TITLE OF CLASS AUTHORIZED OUTSTANDING
- ------------------------------------------------------------------------------- ---------------- --------------
<S> <C> <C>
7 1/4% Subordinated Notes due August 2, 2002................................... $ 350,000,000 $ 350,000,000
8.74% Subordinated Notes due September 1, 2003................................. 170,000,000 170,000,000
10% Subordinated Notes due August 15, 2010..................................... 200,000,000 200,000,000
9 7/8% Subordinated Notes due March 1, 2009.................................... 200,000,000 200,000,000
7.00% Subordinated Notes due July 15, 2005..................................... 300,000,000 300,000,000
7 3/4% Subordinated Debentures due July 15, 2025............................... 300,000,000 300,000,000
7 5/8% Subordinated Debentures due October 15, 2026............................ 500,000,000 500,000,000
7.6% Subordinated Notes due May 1, 2007........................................ 400,000,000 400,000,000
8% Subordinated Debentures due April 29, 2027.................................. 500,000,000 500,000,000
6.70% Senior Medium-Term Notes due March 24, 2000.............................. 200,000,000 200,000,000
Floating Rate Senior Medium-Term Notes due March 24, 2000...................... 200,000,000 200,000,000
Floating Rate Senior Medium-Term Notes due March 23, 2001...................... 200,000,000 200,000,000
7.00% Senior Medium-Term Notes due March 25, 2002.............................. 150,000,000 150,000,000
6.25% Senior Medium-Terms Notes due September 1, 2000.......................... 250,000,000 250,000,000
Floating Rate Senior Medium-Term Notes due September 15, 1999.................. 335,000,000 335,000,000
Floating Rate Senior Medium-Term Notes due March 18, 1999...................... 250,000,000 250,000,000
Floating Rate Senior Medium-Term Notes due September 10, 1999.................. 30,000,000 30,000,000
Floating Rate Senior Medium-Term Notes due September 21, 2001.................. 20,000,000 20,000,000
6.25% Senior Medium-Term Notes due October 1, 2001............................. 125,000,000 125,000,000
Floating Rate Senior Medium-Term Notes due September 26, 2002.................. 50,000,000 50,000,000
Floating Rate Senior Medium-Term Notes due September 30, 1999.................. 100,000,000 100,000,000
6.375% Senior Medium-Term Notes due October 1, 2002............................ 75,000,000 75,000,000
Commercial Paper Notes......................................................... 2,000,000,000 609,366,000
</TABLE>
(ii) Equity Securities (as of January 31, 1998):
<TABLE>
<CAPTION>
SHARES SHARES
TITLE OF CLASS AUTHORIZED OUTSTANDING
- ----------------------------------------------------------------------------------- ------------- -------------
<S> <C> <C>
Common Stock, no par value ($5 stated value)(1).................................... 950,000,000 646,025,328
Class A Preferred Stock............................................................ 10,000,000 0
Class B Convertible Preferred Stock................................................ 1,000,000 0
Class C Preferred Stock(2)......................................................... 24,000,000 2,700,368
</TABLE>
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(1) Adjusted to give effect to the 10% stock dividend to be distributed on
February 26, 1998 to all Common Stock holders of record as of February 12,
1998.
(2) The Company announced on January 20, 1998 that it has elected to redeem all
of the outstanding shares of Class C Preferred Stock on April 16, 1998 (the
"Redemption Date") at the redemption price of $51.05 per share plus the
amount of any dividends accrued and unpaid thereon to the Redemption Date.
(b) Give a brief outline of the voting rights of each class of voting
securities referred to in paragraph (a) above.
13
<PAGE>
COMMON STOCK
Holders of shares of Common Stock are entitled to one vote for each share
for the election of directors and on all other matters. Holders of Common Stock
vote together as a class with holders of Class A Preferred Stock and Class B
Preferred Stock. Generally, holders of Class C Preferred Stock have no voting
rights.
CLASS A PREFERRED STOCK
Except as otherwise required by law or the Company's Articles of
Incorporation, the holders of the Class A Preferred Stock, voting together as a
class with the holders of the Common Stock and the holders of any other class or
series of the Company's preferred stock who are similarly entitled to vote,
shall be entitled to vote for the election of directors and all other matters.
During any period in which dividends on the Class A Preferred Stock are
cumulatively in arrears in the amount of six or more full quarterly dividends,
the holders of the Class A Preferred Stock, voting together as a class with the
holders of any other class or series of Preferred Stock who are similarly
entitled to vote, will have the right to elect two directors which two
directorships shall be in addition to that number of directors then determined
as constituting the number of members of the Board of Directors pursuant to the
Company's Code of Regulations.
CLASS B PREFERRED STOCK
Except as otherwise required by law or the Company's Articles of
Incorporation, the holders of the Class B Preferred Stock and the Common Stock
shall be entitled to vote together as a class for the election of directors and
all other matters. Each share of Class B Preferred Stock shall be entitled to a
number of votes with respect to such matter equal to the number of shares of
Common Stock, including fractional shares, into which the shares of Class B
Preferred Stock would have been convertible upon the record date for
determination of shareholders entitled to vote on such matter. During any period
in which dividends on the Class B Preferred Stock are cumulatively in arrears in
the amount of six or more full quarterly dividends, the holders of the Class B
Preferred Stock, voting together as a class with the holders of any other class
or series of Preferred Stock who are similarly entitled to vote, will have the
right to elect two directors which two directorships shall be in addition to
that number of directors then determined as constituting the number of members
of the Board of Directors pursuant to the Company's Code of Regulations.
CLASS C PREFERRED STOCK
The holders of the Class C Preferred Stock shall not be entitled to voting
rights except to the extent described in the following sentence. During any
period in which dividends on the Class C Preferred Stock are cumulatively in
arrears in the amount of six or more full quarterly dividends, the holders of
the Class C Preferred Stock, voting together as a class with the holders of any
other class or series of the Company's preferred stock who are similarly
entitled to vote, will have the right to elect two directors which two
directorships shall be in addition to that number of directors then determined
as constituting the number of members of the Board of Directors pursuant to the
Company's Code of Regulations.
INDENTURE SECURITIES
8. ANALYSIS OF INDENTURE PROVISIONS. Insert at this point the analysis of
indenture provisions required
under Section 305(a)(2) of the Trust Indenture Act of 1939, as amended.
The Company will issue the New Notes (and has issued, and may from time to
time issue, additional securities, collectively the "Securities") pursuant to an
Indenture (the "Indenture"), dated as of March 3, 1997, by and between the
Company and The Chase Manhattan Bank, as Trustee (the "Trustee"). Other
14
<PAGE>
capitalized but otherwise undefined terms shall have the meanings ascribed
thereto in the Indenture or the Offering Circular.
(A) EVENTS OF DEFAULT
An Event of Default with respect to Securities of any series issued under
the Indenture is defined in the Indenture as certain events involving the
bankruptcy, insolvency or reorganization of the Company and any other Event of
Default provided with respect to Securities of that series. A Default with
respect to Securities of any series is defined in the Indenture as (i) an Event
of Default with respect to such series, (ii) default in the payment of the
principal of or premium, if any, on any Security of such series when due, (iii)
default in the payment of interest upon any Security of such series when due and
the continuance of such default for a period of 30 days, (iv) default in the
performance of any other covenant or agreement of the Company in the Indenture
with respect to Securities of such series and continuance of such default for 90
days after written notice or (v) any other Default provided with respect to
Securities of any series. If an Event of Default with respect to any series of
Securities for which there are Securities outstanding under the Indenture occurs
and is continuing, either the Trustee or the holders of not less than 25% in
aggregate principal amount of the Securities of such series may declare the
principal amount (or if such Securities are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of that
series) of all Securities of that series to be immediately due and payable. The
holders of a majority in aggregate principal amount of the Securities of any
series outstanding under the Indenture may waive an Event of Default resulting
in acceleration of such Securities, but only if all Defaults have been remedied
and all payments due (other than those due as a result of acceleration) have
been made. If a Default occurs and is continuing, the Trustee may in its
discretion, and at the written request of holders of not less than a majority in
aggregate principal amount of the Securities of any series outstanding under the
Indenture and upon reasonable indemnity against the costs, expenses and
liabilities to be incurred in compliance with such request and subject to
certain other conditions set forth in the Indenture shall, proceed to protect
the rights of the holders of all the Securities of such series. Prior to
acceleration of maturity of the Securities of any series outstanding under the
Indenture, the holders of a majority in aggregate principal amount of such
Securities may waive any past default under the Indenture except a default in
the payment of principal of, premium, if any, or interest on the Securities of
such series.
The Indenture provides that in the event of a Default specified in clauses
(ii) or (iii) of the immediately preceding paragraph in payment of principal of,
premium, if any, or interest on any Security of any series, the Company will,
upon demand of the Trustee, pay to it, for the benefit of the holder of any such
Security, the whole amount then due and payable on such Security for principal,
premium, if any, and interest. The Indenture further provides that if the
Company fails to pay such amount forthwith upon such demand, the Trustee may,
among other things, institute a judicial proceeding for the collection thereof.
The Indenture also provides that notwithstanding any other provision of the
Indenture, the holder of any Security of any series shall have the right to
institute suit for the enforcement of any payment of principal of, premium, if
any, and interest on such Security on the respective Stated Maturities (as
defined in the Indenture) expressed in such Security and that such right shall
not be impaired without the consent of such holder.
There is no right of acceleration in the case of a default in the payment of
principal of, premium, if any, or interest on the Securities or the performance
of any other covenant of the Company in the Indenture.
(B) AUTHENTICATION AND DELIVERY
The Securities shall be executed on behalf of the Company by its Chairman of
the Board, its Vice Chairman of the Board, its President or one of its Vice
Presidents, under the Company's corporate seal reproduced thereon and attested
by the Secretary or one of the Assistant Secretaries. Upon proper delivery of
the Securities to the Trustee for authentication, the Trustee shall authenticate
and deliver such
15
<PAGE>
securities. The Indenture does not contain provisions regarding the application
of the proceeds from issuance of the Securities.
(C) RELEASE OF PROPERTY SUBJECT TO LIEN
The Company's obligations under the Securities issued under the Indenture
are not secured by any liens or security interests on any assets of the Company.
Accordingly, the Indenture does not contain any provisions with respect to the
release or the release and substitution of any property subject to such a lien.
(D) SATISFACTION AND DISCHARGE
The Indenture shall cease to be of further effect when (1) either: (i) all
the Securities issued under the Indenture (except certain coupons attached to
certain Securities, certain Securities which have been destroyed, lost or stolen
and certain Securities for whose payment money has theretofore been deposited in
trust, held by the Company and repaid or discharged from such trust) have been
delivered to the Trustee for cancellation, or (ii) all such Securities have
become due and payable or will become due and payable at their Maturity in one
year or are to be redeemed within one year, and the Company has deposited in
trust funds sufficient to pay off and discharge such Securities; (2) the Company
has paid or caused to be paid all other sums required to be paid under the
Indenture; and (3) the Company has delivered an appropriate officer's
certificate and opinion of counsel to the Trustee stating that all conditions
precedent therein provided for relating to the satisfaction and discharge of the
Indenture have been complied with.
(E) EVIDENCE OF COMPLIANCE WITH CONDITIONS AND COVENANTS
The Company is required to file annually with the Trustee a written
statement of officers as to the existence or non-existence of defaults under the
Indenture or the Securities.
9. OTHER OBLIGORS. Give the name and complete mailing address of any
person, other than the applicant, who is an obligor upon the indenture
securities.
No other person is an obligor with respect to the New Notes.
CONTENTS OF APPLICATION FOR QUALIFICATION
This application for qualification comprises:
(a) Pages numbered 1 to 18, consecutively;
(b) The statement of eligibility and qualification of the Trustee under the
Indenture to be qualified (on Form T-1 hereby incorporated by reference to
Exhibit 99 attached hereto);
(c) The following exhibits, in addition to those filed as a part of the
statement of eligibility and qualification of the trustee:
(i) Exhibit T3A--The Company's Articles of Incorporation (incorporated
by reference to Exhibit 3.1 to the Company's Current Report on Form
8-K filed July 14, 1997);
(ii) Exhibit T3B--The Company's Code of Regulations (incorporated by
reference to the Company's Annual Report on Form 10-K for the year
ended December 31, 1991);
(iii) Exhibit T3C--Form of Indenture, dated as of March 3, 1997, by and
between the Company and The Chase Manhattan Bank, as trustee
(incorporated by reference to Exhibit 4.2 to the Registrant's
Registration Statement on Form S-3 (File No. 333-22413);
(iv) Exhibit T3D--Not applicable;
(v) Exhibit T3E.1--Form of Offering Circular, dated as of February 18,
1998;
(vi) Exhibit T3E.2--Form of Letter of Transmittal, dated as of February
18, 1998;
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<PAGE>
(vii) Exhibit T3E.3--Form of Notice of Guaranteed Delivery, dated as of
February 18, 1998;
(viii) Exhibit T3E.4--Form of Letter to DTC Participants;
(ix) Exhibit T3E.5--Form of Letter to Beneficial Owners;
(x) Exhibit T3E.6--Notice of Offer;
(xi) Exhibit T3E.7--Press Release;
(xii) Exhibit T3.8--Form W-9 Guidelines;
(xiii) Exhibit T3F--Cross-Reference Sheet;
(xiv) Exhibit 99--Form T-1 Statement of Eligibility of The Chase
Manhattan Bank under the Trust Indenture Act of 1939 with respect
to the New Notes.
17
<PAGE>
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended,
the Company, BANC ONE CORPORATION, a corporation organized and existing under
the laws of the State of Ohio, has duly caused this application to be signed on
its behalf by the undersigned, thereunto duly authorized, and its seal to be
hereunto affixed and attested, all in the City of Columbus, and State of Ohio,
on the 17th day of February, 1998.
<TABLE>
<S> <C> <C>
(SEAL) BANC ONE CORPORATION
By: /s/ STEVEN R. BLUHM
------------------------------------------
Steven R. Bluhm
SENIOR VICE PRESIDENT
</TABLE>
<TABLE>
<S> <C> <C> <C>
/s/ KENNETH L. WAGNER
-------------------------------------
Attest: Kenneth L. Wagner
</TABLE>
18
<PAGE>
OFFERING CIRCULAR
BANC ONE CORPORATION
OFFER TO EXCHANGE
SUBORDINATED NOTES DUE 2019
FOR ANY AND ALL OF ITS OUTSTANDING
9 7/8% SUBORDINATED NOTES DUE 2009
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED (THE "EXPIRATION DATE").
BANC ONE CORPORATION (the "Company") hereby offers, upon the terms and
subject to the conditions set forth in this Offering Circular (the "Offering
Circular") and the accompanying Letter of Transmittal (which together constitute
the "Exchange Offer"), to exchange an aggregate principal amount of up to
$200,000,000 of its Subordinated Notes Due March 1, 2019 (the "New Notes") for a
like principal amount of its issued and outstanding 9 7/8% Subordinated Notes
Due March 1, 2009 (the "Old Notes") from the registered holders (individually, a
"Holder" and collectively, the "Holders") thereof. The terms of the New Notes
are discussed in "Comparison of Old Notes and New Notes" and "Description of New
Notes". The New Notes will evidence the same class of debt as the Old Notes and
will be issued pursuant to, and entitled to the benefits of, an Indenture (the
"New Indenture"), dated as of March 3, 1997, between the Company and The Chase
Manhattan Bank, as trustee (the "New Trustee"). The Old Notes were issued
pursuant to, and are entitled to the benefits of, an Indenture (the "Old
Indenture"), dated as of March 1, 1989, between the Company and Chase Manhattan
Bank Delaware, as trustee (formerly known as Chemical Bank Delaware).
The Company will accept for exchange any and all Old Notes validly tendered
and not withdrawn prior to the Expiration Date. Old Notes may be tendered only
in denominations of $1,000 or an integral multiple thereof. See "The Exchange
Offer--Procedures for Tendering Old Notes". The Exchange Offer is subject to
certain customary conditions. See "The Exchange Offer--Conditions to the
Exchange Offer".
The New Notes will constitute, and the Old Notes constitute, direct,
unsecured obligations of the Company subject to certain subordination provisions
described herein. See "Description of New Notes-- Subordination".
(COVER PAGE CONTINUED ON NEXT PAGE)
------------------------
SEE "RISK FACTORS" BEGINNING ON PAGE 12 FOR A DISCUSSION OF CERTAIN FACTORS
THAT SHOULD BE CONSIDERED IN EVALUATING THE EXCHANGE OFFER.
---------------------
THE OFFER OF THE SECURITIES CONTEMPLATED IN THE EXCHANGE OFFER IS MADE
PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SECTION
5 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
PROVIDED BY SECTION 3(A)(9) THEREOF AND, ACCORDINGLY, THE
OFFER OF SUCH SECURITIES HAS NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION.
THESE SECURITIES ARE NOT SAVINGS OR DEPOSIT ACCOUNTS OR OTHER OBLIGATIONS OF
ANY BANK OR NONBANK SUBSIDIARY OF THE COMPANY AND ARE NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE
FUND OR ANY OTHER GOVERNMENTAL AGENCY.
<PAGE>
THE SECURITIES OFFERED HEREBY HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS
THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFERING CIRCULAR. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
------------------------
The date of this Offering Circular is February 18, 1998.
<PAGE>
(CONTINUED FROM COVER PAGE)
The New Notes will have the same interest rate as the Old Notes until March
1, 2009, and, thereafter, the interest rate on the New Notes will be as provided
herein. For the Old Notes, a price (the "Reference Price of the Old Notes") will
be determined using a specified fixed spread pricing formula. The Reference
Price of the Old Notes will be based on a yield (the "Reference Yield of the Old
Notes") to the maturity date of the Old Notes equal to (i) the yield (the "10
Year Benchmark Treasury Yield") on the 5 1/2% U.S. Treasury Note due February
15, 2008 (the "10 Year Benchmark Treasury Security") plus (ii) 88 basis points
(the "2009 Fixed Spread"). For the New Notes, a per annum interest rate (the
"Extension Coupon") will be determined for the period from, and including, March
1, 2009 to but not including the maturity date, March 1, 2019. This Extension
Coupon (expressed as a percentage with two decimal places) will be such that the
price of the New Notes (the "Reference Price of the New Notes") will be at least
$15.00 or greater than the Reference Price of the Old Notes per $1,000 principal
amount thereof. The Reference Price of the New Notes will be based on a yield
(the "Reference Yield of the New Notes") to the maturity date of the New Notes
equal to (i) the yield (the "30 Year Benchmark Treasury Yield") on the 6 3/8%
U.S. Treasury Note due August 15, 2027 (the "30 Year Benchmark Treasury
Security") plus (ii) 100 basis points (the "2019 Fixed Spread"). For each $1,000
principal amount of Old Notes exchanged, the Holder thereof will receive $1,000
principal amount of New Notes. The Extension Coupon and the reference prices
will be determined as of 2:00 p.m., New York City time, on the second business
day prior to the Expiration Date, unless the Expiration Date is extended (the
"Price Determination Date").
The purpose of the Exchange Offer is to take advantage of currently
available interest rates by exchanging a portion of the Company's long-term debt
portfolio upon terms which the Company believes are more beneficial to it. The
Company intends to accomplish this objective by extending the overall maturity
of a portion of its long-term debt portfolio.
Based on an interpretation by the staff of the Division of Corporation
Finance of the Securities and Exchange Commission (the "Commission"), the
Company believes that the New Notes issued pursuant to the Exchange Offer may be
offered for resale, resold and otherwise transferred by any Holder thereof
without compliance with the registration requirements of the Securities Act.
The Company has not entered into any arrangement or understanding with any
person to distribute the New Notes to be received in the Exchange Offer and, to
the best of the Company's information and belief, each person participating in
the Exchange Offer is acquiring the New Notes in the ordinary course of business
and has no arrangement or understanding with any person to participate in the
distribution of the New Notes.
The Company has made no arrangements for and has no understanding with any
dealer, salesman or other person regarding the solicitation of tenders
hereunder, and no person has been authorized by the Company to give any
information or to make any representations in connection with the Exchange Offer
other than those contained or incorporated by reference in this Offering
Circular and, if given or made, such other information or representations must
not be relied upon as having been authorized. Neither the delivery of this
Offering Circular nor the exchange of New Notes for Old Notes shall, under any
circumstances, create any implication that the information contained herein is
correct as of any time subsequent to the date hereof.
The Company will not receive any proceeds from the Exchange Offer. The
Company has agreed to bear the expenses of the Exchange Offer.
The Exchange Agent (as defined herein) and The Depository Trust Company
("DTC") have confirmed that the Exchange Offer is eligible for the DTC Automated
Tender Offer Program ("ATOP"). Accordingly, DTC participants may electronically
transmit their acceptance of the Exchange Offer by causing DTC to transfer Old
Notes to the Exchange Agent in accordance with DTC's ATOP procedures for such a
transfer. DTC will then send an Agent's Message (as defined herein) to the
Exchange Agent.
2
<PAGE>
NONE OF THE COMPANY, THE BOARD OF DIRECTORS OF THE COMPANY, THE INFORMATION
AGENT OR THE EXCHANGE AGENT MAKES ANY RECOMMENDATION TO HOLDERS OF THE OLD NOTES
AS TO WHETHER TO EXCHANGE OR REFRAIN FROM EXCHANGING THEIR OLD NOTES. IN
ADDITION, NO ONE HAS BEEN AUTHORIZED TO MAKE ANY SUCH RECOMMENDATION. HOLDERS OF
OLD NOTES MUST MAKE THEIR OWN DECISION WHETHER TO EXCHANGE OLD NOTES PURSUANT TO
THE EXCHANGE OFFER AND, IF SO, THE AGGREGATE PRINCIPAL AMOUNT OF OLD NOTES TO
EXCHANGE.
THE EXCHANGE OFFER IS NOT BEING MADE TO, NOR WILL THE COMPANY ACCEPT TENDERS
FOR EXCHANGE FROM, HOLDERS OF OLD NOTES IN ANY JURISDICTION IN WHICH THE
EXCHANGE OFFER OR THE ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE
SECURITIES OR BLUE SKY LAWS OF SUCH JURISDICTION.
AVAILABLE INFORMATION
The Company is subject to the informational reporting requirements of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, in
accordance therewith, files reports, proxy statements and other information with
the Commission. Such reports, proxy statements and other information filed by
the Company can be inspected and copied at the public reference facilities
maintained by the Commission at Room 1024, Judiciary Plaza, 450 Fifth Street,
N.W., Washington, D.C. 20549; as well as at the Regional Offices of the
Commission at 7 World Trade Center, Suite 1300, New York, New York 10048 and
Citicorp Center, 500 West Madison Street, Suite 1400, Chicago, Illinois
60661-2511. Copies of such material can be obtained from the Public Reference
Section of the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549 at
prescribed rates. In addition, the Commission also maintains a site on the World
Wide Web at http://www.sec.gov that contains reports, proxy and information
statements and other information regarding registrants that file electronically
with the Commission. Such reports, proxy statements and other material
concerning the Company may also be inspected at the offices of the New York
Stock Exchange, 20 Broad Street, New York, New York.
The Company has instructed the Financial Advisor, the Exchange Agent and the
Information Agent not to solicit exchanges in connection with the Exchange Offer
or to make any recommendation with respect to acceptance or rejection of the
Exchange Offer. Solicitations will be made solely by employees of the Company.
The Financial Advisor, the Exchange Agent and the Information Agent will answer
any questions from Holders of the Old Notes with respect to the Exchange Offer
solely by reference to the terms of this Offering Circular and Holders may
contact the Financial Advisor, the Exchange Agent and the Information Agent at
the addresses and telephone numbers listed below. Holders of the Old Notes who
have any questions regarding the mechanics of the Exchange Offer should contact
either the Exchange Agent or the Information Agent. In addition, all questions
with respect to the Exchange Offer may be directed to the Company (Steven R.
Bluhm, telephone number (614) 248-6443).
<TABLE>
<S> <C> <C>
FINANCIAL ADVISOR INFORMATION AGENT
DEUTSCHE MORGAN GRENFELL INC. GEORGESON & COMPANY INC.
31 West 52nd Street Wall Street Plaza
New York, New York 10019 88 Pine Street, 30th Floor
(212) 469-7645 (call collect) New York, New York 10005
Banks and brokers call collect:
(212) 440-9800
All others call toll-free:
(800) 223-2064
EXCHANGE AGENT
THE CHASE MANHATTAN BANK
BY FAX: BY COURIER: BY MAIL:
(214) 672-5932 Chase Bank of Texas, N.A. Chase Bank of Texas, N.A.
Attention: Frank Ivins 1 Main Place P.O. Box 2320 - 18th Floor
1201 Main Street - 18th Floor Dallas, Texas 25221-2320
Attention: Frank Ivins Attention: Frank Ivins
Dallas, Texas 75202
Phone: 1-800-648-8380
</TABLE>
3
<PAGE>
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents heretofore filed by the Company with the Commission
pursuant to Section 13 of the Exchange Act are incorporated herein by reference:
(i) The Company's Annual Report on Form 10-K for the year ended December 31,
1996 (as amended by Form 10-K/A filed March 21, 1997 and Form 10-K/A
filed June 30, 1997);
(ii) The Company's Quarterly Reports on Form 10-Q for the quarters ended
March 31, 1997, June 30, 1997 and September 30, 1997; and
(iii) The Company's Current Reports on Form 8-K filed January 28, 1997,
January 29, 1997, April 17, 1997, April 24, 1997, July 14, 1997 (as
amended by Form 8-K/A filed August 13, 1997), July 15, 1997, August 29,
1997 (as amended by Form 8-K/A filed September 2, 1997), September 25,
1997, October 29, 1997 and January 26, 1998.
All documents filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act subsequent to the date of this Offering Circular and prior to the
termination of the offering of the New Notes shall be deemed to be incorporated
by reference into this Offering Circular and to be a part hereof from the date
of filing of such documents. Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this Offering Circular to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
Offering Circular.
ANY PERSON RECEIVING A COPY OF THIS OFFERING CIRCULAR MAY OBTAIN WITHOUT CHARGE,
UPON WRITTEN OR ORAL REQUEST, A COPY OF ANY OF THE DOCUMENTS INCORPORATED BY
REFERENCE HEREIN, EXCEPT FOR THE EXHIBITS TO SUCH DOCUMENTS (UNLESS SUCH
EXHIBITS ARE SPECIFICALLY INCORPORATED BY REFERENCE INTO SUCH DOCUMENTS).
REQUESTS SHOULD BE ADDRESSED TO BANC ONE CORPORATION, DEPARTMENT OH1-0251, 100
EAST BROAD STREET, COLUMBUS, OHIO 43271-0251, ATTENTION: INVESTOR RELATIONS,
(614) 248-6889.
4
<PAGE>
OFFERING CIRCULAR SUMMARY
The following summary is qualified in its entirety by the more detailed
information appearing elsewhere, or incorporated by reference, in this Offering
Circular. See "Risk Factors" on page 12 for a discussion of certain factors that
should be considered in connection with the Exchange Offer and the New Notes
offered hereby.
THE COMPANY
The Company is a multi-bank holding company that, at September 30, 1997,
operated banking offices in Arizona, Colorado, Illinois, Indiana, Kentucky,
Louisiana, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin. The Company
also owns nonbank subsidiaries that engage in credit card and merchant
processing, consumer and education finance, mortgage banking, insurance, venture
capital, investment and merchant banking, trust, brokerage, investment
management, equipment leasing and data processing. At September 30, 1997, the
Company had consolidated total assets of $113.1 billion, consolidated total
deposits of $75.8 billion and consolidated total stockholders' equity of $10.1
billion. At September 30, 1997, no single affiliate bank accounted for more than
20% of the Company's consolidated total assets. See "The Company".
The Company is incorporated in Ohio and has functioned as a multi-bank
holding company since 1968. Its executive offices are located at 100 East Broad
Street, Columbus, Ohio 43271, and its telephone number is (614) 248-5944.
THE EXCHANGE OFFER
<TABLE>
<S> <C>
THE EXCHANGE OFFER................ Upon the terms and subject to the conditions of the
Exchange Offer, the Company is offering to any Holder to
exchange for any and all of its Old Notes an equal
principal amount of newly issued New Notes.
The New Notes will have the same interest rate as the
Old Notes until March 1, 2009, and, thereafter, the
interest rate on the New Notes will be as provided
herein. For the Old Notes, a Reference Price of the Old
Notes will be determined using a specified fixed spread
pricing formula. The Reference Price of the Old Notes
will be based on the Reference Yield of the Old Notes to
the maturity date of the Old Notes equal to (i) the 10
Year Benchmark Treasury Yield plus (ii) the 2009 Fixed
Spread. For the New Notes, an Extension Coupon will be
determined for the period from, and including, March 1,
2009 to but not including the maturity date, March 1,
2019. The Extension Coupon (expressed as a percentage
with two decimal places) will be such that the Reference
Price of the New Notes will be at least $15.00 or
greater than the Reference Price of the Old Notes per
$1,000 principal amount of the Old Notes. The Reference
Price of the New Notes will be based on the Reference
Yield of the New Notes to the maturity date of the New
Notes equal to (i) the 30 Year Benchmark Treasury Yield
plus (ii) the 2019 Fixed Spread. For each $1,000
principal amount of Old Notes exchanged in the Exchange
Offer, the Holder thereof will receive $1,000 principal
amount of New Notes. The Extension Coupon and the
reference prices will be determined based on the 10 Year
Benchmark Treasury Yield
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
and 30 Year Benchmark Treasury Yield as of the Price
Determination Date.
The New Notes will constitute, and the Old Notes
constitute, direct, unsecured obligations of the Company
subject to certain subordination provisions described
herein. Changes from the Old Notes and the Old Indenture
are set forth below in the section "Comparison of Old
Notes and New Notes". See also "Description of New
Notes".
CALCULATIONS...................... The reference prices, reference yields, the benchmark
treasury yields, the Extension Coupon and the Treasury
Adjusted Spread Differential (as defined below) will be
determined as set forth in the section "The Exchange
Offer--Calculations; Information" and in Schedules A, B,
C, D and E attached hereto. A series of tables
illustrating the formulas to be used to determine the
reference prices, reference yields, the benchmark
treasury yields and the Extension Coupon is set forth in
Schedule F attached hereto.
INFORMATION....................... As soon as practicable after the Price Determination
Date, but in any event before 9:00 a.m., New York City
time, on the following business day, the Company will
publicly announce by press release to the Dow Jones News
Service: the 10 Year Benchmark Treasury Yield, the 30
Year Benchmark Treasury Yield, the Reference Yield of
the Old Notes, the Reference Price of the Old Notes, the
Reference Yield of the New Notes, the Reference Price of
the New Notes and the Extension Coupon.
During the term of the Exchange Offer, Holders of the
Old Notes can obtain current information regarding the
benchmark treasury yields, reference yields, reference
prices and other information regarding the terms of the
Exchange Offer from the Financial Advisor at (212)
469-7645. In addition, the Company intends to publish
information about the Exchange Offer, including the
information described in the preceding paragraph when
available, on MCM "CorporateWatch" Service on Telerate
page 58248.
OLD NOTES OUTSTANDING............. As of the date hereof, $200,000,000 aggregate principal
amount of Old Notes are outstanding.
CONDITIONS TO THE EXCHANGE
OFFER........................... Consummation of the Exchange Offer is conditioned upon
certain customary conditions described herein. The
Company may, in its sole discretion, waive any condition
with respect to the Exchange Offer and accept for
exchange any Old Notes tendered. See "The Exchange
Offer--Conditions to the Exchange Offer".
EXPIRATION DATE; EXTENSIONS;
TERMINATION; AMENDMENTS......... The Exchange Offer will expire at 5:00 p.m., New York
City time, on Wednesday, March 18, 1998 or at such later
time and date to which the Exchange Offer may be
extended by the Company in accordance with the
procedures described herein.
</TABLE>
6
<PAGE>
<TABLE>
<S> <C>
See "The Exchange Offer--Expiration Date; Extensions;
Termination; Amendments".
If the Exchange Offer is extended for a period longer
than three business days from the previously scheduled
Expiration Date, then a new Price Determination Date,
which would be two business days prior to the new
Expiration Date, may be established. If the extension is
for three business days or less, no new Price
Determination Date will be established and the Extension
Coupon will remain as determined on the Price
Determination Date prior to the extension of the
Exchange Offer.
If the consideration offered with respect to the
Exchange Offer is changed or if any other amendment to
the terms of the Exchange Offer is made that, in the
opinion of the Company, would be adverse to the
interests of the Holders tendering Old Notes for
exchange, the Exchange Offer will remain open at least
five business days from the date public notice of such
change or amendment is given.
CERTAIN U.S. FEDERAL INCOME TAX
CONSEQUENCES.................... In the opinion of counsel to the Company, the exchange
of Old Notes pursuant to the Exchange Offer will
constitute a recapitalization for U.S. Federal income
tax purposes, and a Holder of Old Notes that tenders
pursuant to the Exchange Offer generally will recognize
no gain or loss upon the exchange of Old Notes for New
Notes. See "Certain U.S. Federal Income Tax
Consequences".
CERTAIN CONSEQUENCES OF THE
EXCHANGE OFFER.................. In deciding whether to participate in the Exchange
Offer, each Holder should consider carefully, in
addition to the other information contained in this
Offering Circular, the information set forth under the
captions "Description of New Notes" and "Risk Factors".
TENDER OF OLD NOTES............... Old Notes may be tendered for exchange only in
denominations of $1,000 or an integral multiple thereof.
To tender Old Notes pursuant to the Exchange Offer,
Holders must deliver their Old Notes together with a
properly completed and duly executed Letter of
Transmittal to the Exchange Agent or the procedures for
book-entry transfer must be used. If Old Notes are held
by a broker, dealer, commercial bank, trust company or
other nominee (individually, a "Custodian" and
collectively, the "Custodians"), the beneficial owner
thereof must instruct such Custodian to tender such Old
Notes on their behalf. All tenders must be made on or
prior to the Expiration Date. See "The Exchange
Offer--Procedures for Tendering Old Notes".
New Notes will be delivered only in book-entry form
through DTC. Accordingly, Holders who anticipate
tendering and whose Old Notes are not held through DTC
are urged to contact promptly a Custodian that has the
capability to hold securities through DTC, to arrange
for receipt of any New Notes to be
</TABLE>
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<TABLE>
<S> <C>
delivered pursuant to the Exchange Offer and to obtain
the information necessary to provide the required DTC
participant and account information in the relevant
Letter of Transmittal. See "The Exchange Offer--Proper
Execution and Delivery of Letter of Transmittal".
GUARANTEED DELIVERY............... Holders of Old Notes who wish to tender their Old Notes
and who cannot deliver their Old Notes or the Letter of
Transmittal to the Exchange Agent, prior to the
Expiration Date, or if the procedures for book-entry
transfer cannot be completed on a timely basis, must
tender their Old Notes pursuant to the guaranteed
delivery procedures set forth in "The Exchange
Offer--Guaranteed Delivery Procedures".
ACCEPTANCE OF OLD NOTES; DELIVERY
OF NEW NOTES.................... Upon the terms and subject to the conditions of the
Exchange Offer, the Company will exchange (and thereby
purchase) any and all Old Notes that are properly
tendered and not withdrawn prior to the Expiration Date.
New Notes will be delivered only in book-entry form
through DTC. New Notes will be delivered on the fifth
business day following the Expiration Date (the
"Exchange Date"). See "The Exchange Offer--Acceptance of
Old Notes Tendered for Exchange; Delivery of New Notes".
WITHDRAWAL RIGHTS................. Tenders of Old Notes for exchange may be withdrawn at
any time prior to the Expiration Date. Withdrawal of
tendered Old Notes will be deemed a rejection of the
Exchange Offer. See "The Exchange Offer--Withdrawal
Rights".
EXCHANGE AGENT.................... The Chase Manhattan Bank.
INFORMATION AGENT................. Georgeson & Company Inc.
Wall Street Plaza
88 Pine Street, 30th Floor
New York, New York 10005
Banks and brokers call collect: (212) 440-9800
All others call toll-free: (800) 223-2064
</TABLE>
8
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THE NEW NOTES
<TABLE>
<S> <C>
ISSUER............................ BANC ONE CORPORATION.
INDENTURE......................... The New Notes will be issued under the New Indenture.
PRINCIPAL AMOUNT OFFERED.......... $200,000,000
MATURITY DATE..................... March 1, 2019
INTEREST.......................... Interest will be paid each March 1 and September 1,
commencing September 1, 1998. Interest will be
calculated on the basis of a 360-day year consisting of
twelve 30-day months. The September 1, 1998 interest
payment will include interest accruing on the Old Notes
from March 1, 1998 to, but not including, the Exchange
Date, and interest accruing on the New Notes from the
Exchange Date to, but not including, September 1, 1998.
INTEREST RATE..................... 9 7/8% per annum to, but not including, March 1, 2009,
after which the interest rate shall be as provided
herein.
RATING............................ As of the date hereof, the Company's subordinated debt
securities, including the Old Notes, are rated A1 by
Moody's Investors Service, Inc. ("Moody's") and A+ by
Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies ("S&P"). The Company expects that
the New Notes will receive ratings equivalent to those
assigned from time to time to the Old Notes. A security
rating is not a recommendation to buy, sell or hold
securities and may be subject to revision or withdrawal
at any time by the assigning rating agency.
RANKING........................... The New Notes will be unsecured and subordinated in
right of payment to all Senior Indebtedness and General
Obligations of the Company, as described under
"Description of New Notes-- Subordination".
FORM.............................. The New Notes will be available only in book-entry form
through DTC.
USE OF PROCEEDS................... The New Notes will be issued only in exchange for the
Old Notes. The Company will not receive any cash
proceeds from the issuance of the New Notes.
</TABLE>
9
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COMPARISON OF OLD NOTES AND NEW NOTES
The following is a brief comparison of the principal features of the Old
Notes and the New Notes. The following descriptions are brief summaries, do not
purport to be complete and are qualified in their entirety by reference, with
respect to the Old Notes, to the Old Notes and the Old Indenture and, with
respect to the New Notes, to the New Notes and the New Indenture. For further
information regarding the New Notes and for definitions of capitalized terms
used with respect to the New Notes but not otherwise defined herein, see
"Description of New Notes."
<TABLE>
<CAPTION>
OLD NOTES NEW NOTES
------------------------------------ ------------------------------------
<S> <C> <C>
OBLIGOR............................. BANC ONE CORPORATION. BANC ONE CORPORATION.
TRUSTEE............................. Chase Manhattan Bank Delaware. The Chase Manhattan Bank.
AGGREGATE PRINCIPAL AMOUNT.......... $200,000,000. Up to $200,000,000.
MATURITY............................ March 1, 2009. March 1, 2019.
INTEREST RATE TO 2009............... 9 7/8% per annum. 9 7/8% per annum.
INTEREST RATE FROM 2009 TO 2019..... N.A. As provided herein.
INTEREST PAYMENT DATES.............. March 1 and September 1. March 1 and September 1. The
September 1, 1998 payment will
include interest accruing on the Old
Notes from March 1, 1998 to, but not
including, the Exchange Date, and
interest accruing on the New Notes
from the Exchange Date to, but not
including, September 1, 1998.
RATING.............................. As of the date hereof, the Old Notes The Company expects that the New
are rated A1 by Moody's and A+ by Notes will receive ratings
S&P. equivalent to those assigned from
time to time to the Old Notes.
RANKING............................. The Old Notes are unsecured and The New Notes are unsecured and
subordinated in right of payment to subordinated in right of payment to
all Senior Indebtedness of the all Senior Indebtedness and General
Company. Obligations of the Company, as
described under "Description of the
New Notes--Subordination".
OPTIONAL REDEMPTION................. The Old Notes are not subject to The New Notes will not be subject to
redemption prior to maturity. redemption prior to maturity.
SINKING FUND........................ None. None.
SECURITY............................ None. None.
CHANGE OF CONTROL................... The Company is not required to The Company will not be required to
repurchase the Old Notes upon a repurchase the New Notes upon a
change of control of the Company. change of control of the Company.
</TABLE>
10
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<TABLE>
<CAPTION>
OLD NOTES NEW NOTES
------------------------------------ ------------------------------------
<S> <C> <C>
CERTAIN COVENANTS................... The Old Notes restrict, among other The New Notes provide limited
things, the ability of the Company covenants, some of which may be
to (i) use voting stock of any bank waived by holders of not less than a
affiliated with the Company as majority in aggregate principal
security for indebtedness of the amount of the outstanding New Notes.
Company, and (ii) dispose of stock
or assets of certain banks
affiliated with the Company.
Compliance with such covenants may
be waived by a vote of the holders
of at least 66 2/3% in principal
amount of the outstanding Old Notes.
CONSOLIDATION, MERGER AND ASSET
SALES............................. The Company, without the consent of The Company, without the consent of
the holders of the Old Notes, may, the holders of the New Notes, may,
consolidate with, merge into or consolidate with, merge into or
transfer its assets substantially as transfer its assets substantially as
an entirety to any person, provided an entirety to any person, provided
that (i) any such successor assumes that (i) any such successor assumes
the Company's obligations on the Old the Company's obligations on the New
Notes and the Old Indenture, (ii) Notes and the New Indenture, (ii)
after giving effect thereto, no after giving effect thereto, no
Default (as defined in the Old Default (as defined in the New
Indenture), shall have happened and Indenture), shall have happened and
be continuing and (iii) certain be continuing and (iii) certain
other conditions under the Old other conditions under the New
Indenture are met. Indenture are met.
EVENTS OF DEFAULT................... Failure to pay principal when due; Certain events involving the
failure to pay interest for 30 days; bankruptcy, insolvency or
failure to perform, or breach of, reorganization of the Company.
any other covenant or warranty
continued for 60 days following
notice; and certain bankruptcy and
insolvency events.
RIGHT OF ACCELERATION............... Payment of principal of the Old Payment of principal of the New
Notes may be accelerated in the case Notes may be accelerated only in the
of an Event of Default, which case of the bankruptcy, insolvency
includes a default in the payment of or reorganization of the Company.
principal of, premium, if any or See "Description of the New
interest on the Old Notes. Notes--Limited Rights of
Acceleration".
LISTING............................. None. None.
</TABLE>
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RISK FACTORS
In deciding whether to participate in the Exchange Offer, each Holder should
consider carefully, in addition to the other information contained in the
Offering Circular, the factors listed below.
CERTAIN CONSIDERATIONS FOR TENDERING AND NON-TENDERING HOLDERS
To the extent that Old Notes are tendered and purchased in the Exchange
Offer and the number of Old Notes is decreased, the trading market for the Old
Notes could become more limited. A debt security with a smaller outstanding
principal amount available for trading (a "smaller float") may command a lower
price than would a comparable debt security with a larger float. Therefore, the
market price for the Old Notes not tendered or not purchased may be adversely
affected to the extent that the principal amount of Old Notes tendered reduces
the float. Depending upon, among other things, the amount of Old Notes
outstanding after the Exchange Offer, the trading market for the Old Notes may
be more limited which may, therefore, adversely affect the liquidity and market
price of the Old Notes. Similarly, depending upon, among other things, the
amount of New Notes outstanding after the Exchange Offer, the trading market for
the New Notes may be limited which may, therefore, adversely affect the
liquidity and market price of the New Notes.
The trading market for the Old Notes not tendered and purchased pursuant to
the Exchange Offer and the New Notes issued by the Company pursuant to the
Exchange Offer will, in each case, depend upon, among other things, the
principal amount outstanding after the consummation of the Exchange Offer, the
number of noteholders and the interest in maintaining a market in the securities
on the part of securities firms.
TERMS OF THE NEW NOTES
The New Notes will be issued under the New Indenture. The New Indenture will
contain covenants and other terms similar to those that currently apply to the
Old Notes. However, the New Notes, unlike the Old Notes, do not provide
covenants (i) restricting the ability of the Company to use the voting
securities of its bank affiliates as security for indebtedness of the Company or
(ii) restricting certain dispositions of its principal bank affiliates.
SUBORDINATION
The New Notes are unsecured and subordinated in right of payment to all
Senior Indebtedness and General Obligations of the Company, as described under
"Description of the New Notes--Subordination". The Old Notes are unsecured and
subordinated in right of payment to all Senior Indebtedness. In addition, in
certain events of bankruptcy or insolvency, the payment of the principal and
interest on the New Notes will, to the extent provided in the New Indenture,
also be effectively subordinated in right of payment to the prior payment in
full of all General Obligations. The New Notes will rank pari passu with the Old
Notes, subject to the obligations of the holders of the New Notes to pay over to
creditors in respect of General Obligations any proceeds remaining after payment
or distribution of assets to holders of Senior Indebtedness. Thus, in the event
of a distribution of assets of the Company upon any dissolution, winding up,
liquidation or reorganization, the holders of the New Notes may receive less,
ratably, than holders of the Old Notes.
LIMITED RIGHTS OF ACCELERATION
Payment of principal of the Old Notes may be accelerated in the case of an
Event of Default, which includes a default in the payment of principal of,
premium, if any, or interest on the Old Notes. Payment of principal of the New
Notes may be accelerated only in case of the bankruptcy, insolvency or
reorganization of the Company. There is no right of acceleration in the case of
a default in the payment of principal of, premium, if any, or interest on the
New Notes or the performance of any other covenant of the Company in the New
Indenture.
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THE COMPANY
GENERAL
The Company is a multi-bank holding company that, at September 30, 1997,
operated banking offices in Arizona, Colorado, Illinois, Indiana, Kentucky,
Louisiana, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin. The Company
also owns nonbank subsidiaries that engage in credit card and merchant
processing, consumer and education finance, mortgage banking, insurance, venture
capital, investment and merchant banking, trust, brokerage, investment
management, equipment leasing and data processing. At September 30, 1997, the
Company had consolidated total assets of $113.1 billion, consolidated total
deposits of $75.8 billion and consolidated total stockholders' equity of $10.1
billion. At September 30, 1997, no single affiliate bank accounted for more than
20% of the Company's consolidated total assets.
Since its formation in 1968, the Company has acquired over 100 banking
institutions. The Company continues to explore opportunities to acquire banks
and nonbank companies permitted by the Bank Holding Company Act of 1956, as
amended (the "BHCA"). Discussions are continually being carried on relating to
such acquisitions. It is not presently known whether, or on what terms, such
discussions will result in further acquisitions. Such acquisitions may be
pending, from time to time, during the time that the New Notes are being
offered.
The Company is a legal entity separate and distinct from its affiliate banks
and its nonbanking subsidiaries (collectively, the "affiliates"). Accordingly,
the right of the Company, and thus the right of the Company's creditors and
shareholders, to participate in any distribution of the assets or earnings of
any affiliate is necessarily subject to the prior claims of creditors of the
affiliate except to the extent that claims of the Company in its capacity as a
creditor may be recognized. The principal sources of the Company's revenues are
dividends and fees from its affiliates. See "--Certain Regulatory
Matters--Dividend Restrictions" for a discussion of the restrictions on the
affiliate banks' ability to pay dividends to the Company.
The Company is incorporated in Ohio and has functioned as a multi-bank
holding company since 1968. Its executive offices are located at 100 East Broad
Street, Columbus, Ohio 43271, and its telephone number is (614) 248-5944.
CERTAIN REGULATORY MATTERS
The following discussion sets forth certain of the material elements of the
regulatory framework applicable to bank holding companies and their subsidiaries
and provides certain specific information relevant to the Company. This
regulatory framework is intended primarily for the protection of depositors and
the federal deposit insurance funds and not for the protection of security
holders. To the extent that the following information describes statutory and
regulatory provisions, it is qualified in its entirety by reference to those
provisions. A change in the statutes, regulations or regulatory policies
applicable to the Company or its subsidiaries may have a material effect on the
business of the Company.
GENERAL. As a bank holding company, the Company is subject to regulation
under the BHCA, and to inspection, examination and supervision by the Board of
Governors of the Federal Reserve System (the "Federal Reserve"). Under the BHCA,
bank holding companies generally may not acquire the ownership or control of
more than 5% of the voting shares or substantially all the assets of any
company, including a bank, without the Federal Reserve's prior approval. In
addition, bank holding companies generally may engage, directly or indirectly,
only in banking and such other activities as are determined by the Federal
Reserve to be closely related to banking.
Various governmental requirements, including Sections 23A and 23B of the
Federal Reserve Act, limit borrowings by the Company and its nonbank
subsidiaries from the Company's affiliate banks, and also limit various other
transactions between the Company and its nonbank subsidiaries, on the one hand,
and the Company's affiliate banks, on the other. For example, Section 23A limits
to no more than 10% of its total capital the aggregate outstanding amount of any
bank's loans and other "covered transactions" with
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any particular nonbank affiliate, and limits to no more than 20% of its total
capital the aggregate outstanding amount of any bank's covered transactions with
all of its nonbank affiliates. Section 23A also generally requires that a bank's
loans to its nonbank affiliates be secured, and Section 23B generally requires
that a bank's transactions with its nonbank affiliates be on arms' length terms.
Most of the Company's affiliate banks are national banking associations and,
as such, are subject to regulation primarily by the Office of the Comptroller of
the Currency ("OCC") and, secondarily, by the Federal Deposit Insurance
Corporation ("FDIC") and the Federal Reserve. The Company's state-chartered
banks also are subject to regulation by the FDIC and the Federal Reserve and, in
addition, by their respective state banking departments. One of the Company's
affiliate banks is a federal savings bank subject to regulation by the Office of
Thrift Supervision ("OTS") and the FDIC. The Company and its subsidiaries also
are affected by the fiscal and monetary policies of the federal government and
the Federal Reserve, and by various other governmental requirements and
regulations.
LIABILITY FOR BANK SUBSIDIARIES. The Federal Reserve has a policy to the
effect that a bank holding company is expected to act as a source of financial
and managerial strength to each of its subsidiary banks and to maintain
resources adequate to support each such subsidiary bank. This support may be
required at times when the Company may not have the resources to provide it. In
addition, Section 55 of the National Bank Act permits the OCC to order the pro
rata assessment of shareholders of a national bank whose capital has become
impaired. If a shareholder fails within three months to pay such an assessment,
the OCC can order the sale of the shareholder's stock to cover the deficiency.
In the event of a bank holding company's bankruptcy, any commitment by the bank
holding company to a federal bank regulatory agency to maintain the capital of a
subsidiary bank would be assumed by the bankruptcy trustee and entitled to
priority of payment.
Any depository institution insured by the FDIC can be held liable for any
loss incurred, or reasonably expected to be incurred, by the FDIC in connection
with (i) the default of a commonly controlled FDIC-insured depository
institution or (ii) any assistance provided by the FDIC to a commonly controlled
FDIC-insured depository institution in danger of default. "Default" is defined
generally as the appointment of a conservator or receiver and "in danger of
default" is defined generally as the existence of certain conditions indicating
that a "default" is likely to occur in the absence of regulatory assistance.
Also, if such a default occurred with respect to a bank, any loans to the bank
from its parent holding company would be subordinate in right of payment to
payment of the bank's depositors and certain of its other obligations.
CAPITAL REQUIREMENTS. The Company is subject to capital requirements and
guidelines imposed by the Federal Reserve, which are substantially similar to
the capital requirements and guidelines imposed by the Federal Reserve, the OCC,
the FDIC and the OTS on the depository institutions within their respective
jurisdictions. These capital requirements establish higher capital standards for
depository institutions and bank holding companies that assume greater credit
risks. For this purpose, a depository institution's or holding company's assets
and certain specified off-balance sheet commitments are assigned to four risk
categories, each weighted differently based on the level of credit risk that is
ascribed to such assets or commitments. A depository institution's or holding
company's capital, in turn, is divided into two tiers: core ("Tier 1") capital,
which includes common equity, non-cumulative perpetual preferred stock and
related surplus (excluding auction rate issues), and minority interests in
equity accounts of consolidated subsidiaries, less goodwill, certain
identifiable intangible assets and certain other assets; and supplementary
("Tier 2") capital, which includes, among other items, perpetual preferred stock
not meeting the Tier 1 definition, mandatory convertible securities,
subordinated debt and allowances for loan and lease losses, subject to certain
limitations, less certain required deductions.
The Company, like other bank holding companies, currently is required to
maintain Tier 1 and total capital (the sum of Tier 1 and Tier 2 capital) equal
to at least 4% and 8% of its total risk-weighted assets, respectively. At
September 30, 1997, the Company met both requirements, with Tier 1 and total
capital equal to 8.42% and 13.07% of its total risk-weighted assets,
respectively.
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The Federal Reserve also requires bank holding companies to maintain a
minimum "leverage ratio" (Tier 1 capital to adjusted total assets) of 3%, if the
holding company has the highest regulatory rating and meets certain other
requirements, or of 3% plus an additional cushion of at least 100 to 200 basis
points if the holding company does not meet these requirements. At September 30,
1997, the Company's leverage ratio was 7.61%.
The Federal Reserve may set capital requirements higher than the minimums
noted above for holding companies whose circumstances warrant it. For example,
holding companies experiencing or anticipating significant growth may be
expected to maintain capital ratios including tangible capital positions well
above the minimum levels. The Federal Reserve has not, however, imposed any such
special capital requirement on the Company.
The Federal Deposit Insurance Corporation Improvement Act of 1991
("FDICIA"), among other things, identifies five capital categories for insured
depository institutions (well capitalized, adequately capitalized,
undercapitalized, significantly undercapitalized and critically
undercapitalized) and requires the respective Federal regulatory agencies to
implement systems for "prompt corrective action' for insured depository
institutions that do not meet minimum capital requirements within, such
categories. FDICIA imposes progressively more restrictive constraints on
operations, management and capital distributions, depending on the category in
which an institution is classified. Failure to meet the capital guidelines could
also subject a depository institution to capital raising requirements. An
"undercapitalized" depository institution must develop a capital restoration
plan and its parent holding company must guarantee that bank's compliance with
the plan. The liability of the parent holding company under any such guarantee
is limited to the lesser of 5% of the depository institution's assets at the
time it became "undercapitalized" or the amount needed to comply with the plan.
Furthermore, in the event of the bankruptcy of the parent holding company, such
guarantee would take priority over the parent's general unsecured creditors. In
addition, FDICIA requires the various regulatory agencies to prescribe certain
non-capital standards for safety and soundness relating generally to operations
and management, asset quality and executive compensation and permits regulator
action against a financial institution that does not meet such standards.
The Federal Reserve, the FDIC, the OCC and the OTS have adopted rules to
incorporate market and interest rate risk components into their risk-based
capital standards.
DIVIDEND RESTRICTIONS. Various federal and state statutory provisions limit
the amount of dividends the Company's affiliate banks can pay to the Company
without regulatory approval. The approval of the appropriate bank regulator is
required for any dividend by a national bank or by a state-chartered bank that
is a member of the Federal Reserve System (a "state member bank") if the total
of all dividends declared by the bank in any calendar year would exceed the
total of its net profits, as defined by regulatory agencies, for such year
combined with its retained net profits for the preceding two years. In addition,
a national bank or a state member bank may not pay a dividend in an amount
greater than its net profits then on hand. At September 30, 1997, $1.0 billion
of the total stockholders' equity of the affiliate banks was available for
payment of dividends to the Company without approval by the applicable
regulatory authority.
In addition, federal bank regulatory authorities have authority to prohibit
the Company's affiliate banks from engaging in an unsafe or unsound practice in
conducting their business. The payment of dividends, depending upon the
financial condition of the bank in question, could be deemed to constitute such
an unsafe or unsound practice. The ability of the Company's affiliate banks to
pay dividends in the future is presently, and could be further, influenced by
bank regulatory policies and capital guidelines.
DEPOSIT INSURANCE ASSESSMENTS. The deposits of each of the Company's
affiliate banks are insured up to regulatory limits by the FDIC and,
accordingly, are subject to deposit insurance assessments to maintain the Bank
Insurance Fund ("BIF") and Savings Association Insurance Fund ("SAIF")
administered by the
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FDIC. The FDIC has adopted regulations establishing a permanent risk-related
deposit insurance assessment system. Under this system, the FDIC places each
insured bank in one of nine risk categories based on (a) the bank's
capitalization and (b) supervisory evaluations provided to the FDIC by the
institution's primary federal regulator. Each insured bank's insurance
assessment rate is then determined by the risk category in which it is
classified by the FDIC.
Effective January 1, 1997, the annual insurance premiums on bank deposits
insured by the BIF and SAIF vary between $0.00 per $100 of deposits for banks
classified in the highest capital and supervisory evaluation categories to $0.27
per $100 of deposits for banks classified in the lowest capital and supervisory
evaluation categories.
The Deposit Insurance Funds Act of 1996 ("DIFA") provides for assessments to
be imposed on insured depository institutions with respect to deposits insured
by the BIF and the SAIF (in addition to assessments currently imposed on
depository institutions with respect to BIF- and SAIF-insured deposits) to pay
for the cost of Financing Corporation ("FICO") funding. The FDIC established the
FICO assessment rates effective January 1, 1997 at $0.013 per $100 annually for
BIF-assessable deposits and $0.0648 per $100 annually for SAIF-assessable
deposits. The FICO assessments do not vary depending upon a depository
institution's capitalization or supervisory evaluations. The Company's affiliate
banks held approximately $5.8 billion of SAIF-assessable deposits as of
September 30, 1997.
DEPOSITOR PREFERENCE STATUTE. Federal legislation has been enacted
providing that deposits and certain claims for administrative expenses and
employee compensation against an insured depository institution would be
afforded a priority over other general unsecured claims against such
institution, including federal funds and letters of credit, in the "liquidation
or other resolution" of the institution by any receiver.
BROKERED DEPOSITS. Under FDIC regulations, no FDIC-insured depository
institution can accept brokered deposits unless it (a) is well capitalized, or
(b) is adequately capitalized and receives a waiver from the FDIC. In addition,
these regulations prohibit any depository institution that is not well
capitalized from (i) paying an interest rate on deposits in excess of 75 basis
points over certain prevailing market rates or (ii) offering "pass through"
deposit insurance on certain employee benefit plan accounts unless it provides
certain notice to affected depositors.
INTERSTATE BANKING. Under the Riegle-Neal Interstate Banking and Branching
Efficiency Act of 1994 ("Riegle-Neal"), subject to certain concentration limits,
(a) bank holding companies such as the Company are permitted, beginning
September 29, 1995, to acquire banks and bank holding companies located in any
state; (b) any bank that is a subsidiary of a bank holding company is permitted,
again beginning September 29, 1995, to receive deposits, renew time deposits,
close loans, service loans and receive loan payments as an agent for any other
bank subsidiary of that holding company; and (c) banks are permitted, beginning
June 1, 1997, to acquire branch offices outside their home states by merging
with out-of-state banks, purchasing branches in other states, and establishing
de novo branch offices in other states; provided that, in the case of any such
purchase or opening of individual branches, the host state has adopted
legislation "opting in" to those provisions of Riegle-Neal; and provided that,
in the case of a merger with a bank located in another state, the host state has
not adopted legislation "opting out" of that provision of Riegle-Neal. The
Company might use Riegle-Neal to acquire banks in additional states and to
consolidate its affiliate banks under a smaller number of separate charters.
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THE EXCHANGE OFFER
PURPOSE OF THE EXCHANGE OFFER
The purpose of the Exchange Offer is to take advantage of currently
available interest rates by exchanging a portion of the Company's long-term debt
portfolio upon terms which the Company believes are more beneficial to it. The
Company intends to accomplish this objective by extending the overall maturity
of a portion of its long-term debt portfolio.
TERMS OF THE EXCHANGE OFFER
Upon the terms and subject to the conditions set forth in this Offering
Circular and the accompanying Letter of Transmittal, the Company is offering to
exchange $1,000 principal amount of the New Notes for each $1,000 principal
amount of the Old Notes properly tendered for Exchange.
The New Notes will have the same interest rate as the Old Notes until March
1, 2009, and, thereafter, the interest rate on the New Notes will be as provided
herein. For the Old Notes, a Reference Price of the Old Notes will be determined
using a specified fixed spread pricing formula. The Reference Price of the Old
Notes will be based on the Reference Yield of the Old Notes to the maturity date
of the Old Notes equal to (i) the 10 Year Benchmark Treasury Yield plus (ii) the
2009 Fixed Spread. For the New Notes, an Extension Coupon will be determined for
the period from, and including, March 1, 2009 to but not including the maturity
date, March 1, 2019. The Extension Coupon (expressed as a percentage with two
decimal places) will be such that the Reference Price of the New Notes will be
at least $15.00 or greater than the Reference Price of the Old Notes per $1,000
principal amount of the Old Notes. The Reference Price of the New Notes will be
based on, among other things, the Reference Yield of the New Notes to the
maturity date of the New Notes equal to (i) the 30 Year Benchmark Treasury Yield
plus (ii) the 2019 Fixed Spread. For each $1,000 principal amount of Old Notes
exchanged in the Exchange Offer, the Holder thereof will receive $1,000
principal amount of New Notes. The Extension Coupon and reference prices will be
determined based on the 10 Year Benchmark Treasury Yield and the 30 Year
Benchmark Treasury Yield as of the Price Determination Date.
SUMMARY OF TERMS
The following is a summary of certain defined terms used in describing the
Exchange Offer:
10 YEAR BENCHMARK TREASURY SECURITY: means the 5 1/2% U.S. Treasury Note due
February 15, 2008.
10 YEAR BENCHMARK TREASURY YIELD: means, on the Price Determination Date,
the yield on the 10 Year Benchmark Treasury Security (expressed as a percentage
with two decimal points).
2009 FIXED SPREAD: means 0.88% (88 basis points).
2019 FIXED SPREAD: means 1.00% (100 basis points).
30 YEAR BENCHMARK TREASURY SECURITY: means the 6 3/8% U.S. Treasury Note due
August 15, 2027.
30 YEAR BENCHMARK TREASURY YIELD: means, on the Price Determination Date,
the yield on the 30 Year Benchmark Treasury Security (expressed as a percentage
with two decimal points).
ADJUSTED REFERENCE PRICE OF THE NEW NOTES: as used in Schedule E, means the
Reference Price of the Old Notes.
EXPIRATION DATE: means 5:00 p.m., New York City time, on Wednesday, March
18, 1998, unless the Exchange Offer is extended.
EXCHANGE DATE: means the date five business days following the Expiration
Date on which New Notes will be delivered pursuant to the Exchange Offer. If the
Expiration Date is Wednesday, March 18, 1998, it
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is expected that the Exchange Date will be Wednesday, March 25, 1998, unless the
Expiration Date is extended.
EXTENSION COUPON: means, for the New Notes, the per annum interest rate
(expressed as a percentage with two decimal places) paid on such New Notes from
the period March 1, 2009 to the maturity date, March 1, 2019. The Extension
Coupon will be set such that for any 10 Year Benchmark Treasury Yield and 30
Year Benchmark Treasury Yield, on the Price Determination Date, the differential
in reference prices between the New Notes and the Old Notes will be at least
$15.00 or greater per $1,000 principal amount of the Old Notes.
PRICE DETERMINATION DATE: means 2:00 p.m., New York City time, on the second
business day prior to the Expiration Date.
REFERENCE PRICE OF THE OLD NOTES: means the price per $1,000 principal
amount of the Old Notes, determined in accordance with standard market practice
as described in Schedule A.
REFERENCE PRICE OF THE NEW NOTES: means the price per $1,000 principal
amount of the New Notes, determined in accordance with standard market practice
as described in Schedule C.
REFERENCE YIELD OF THE OLD NOTES: means, at the Price Determination Date,
the sum of the 10 Year Benchmark Treasury Yield and the 2009 Fixed Spread.
REFERENCE YIELD OF THE NEW NOTES: means, at the Price Determination Date,
the sum of the 30 Year Benchmark Treasury Yield and the 2019 Fixed Spread.
TREASURY ADJUSTED SPREAD DIFFERENTIAL: as used in Schedule E and Table F-4,
means the Yield to Maturity of the New Notes less the Reference Yield of the Old
Notes and the Treasury Yield Differential.
TREASURY YIELD DIFFERENTIAL: as used in Schedule E, means the 30 Year
Benchmark Treasury Yield less the 10 Year Benchmark Treasury Yield.
YIELD TO MATURITY OF THE NEW NOTES: as used in Schedule E, means the yield
of the New Notes based on the Adjusted Reference Price of the New Notes and the
Extension Coupon.
ILLUSTRATIVE EXAMPLE AND FORMULAS. A hypothetical illustration of the
Treasury Adjusted Spread Differential is set forth in Schedule E attached hereto
and is to be used solely for the purpose of obtaining an understanding of the
calculation of the Treasury Adjusted Spread Differential based on a hypothetical
10 Year Benchmark Treasury Yield, Reference Price of the Old Notes, 30 Year
Benchmark Treasury Yield and Extension Coupon and should not be used or relied
upon for any other purpose. A series of tables illustrating the formulas to be
used to determine the reference prices, reference yields, the benchmark treasury
yields, the Extension Coupon and the Treasury Adjusted Spread Differential is
set forth in Schedule F attached hereto.
CALCULATIONS; INFORMATION
The Reference Price of the Old Notes will be determined in the manner
described in Schedule A by calculating, per $1,000 principal amount of such Old
Notes, the present value, using the Reference Yield of the Old Notes, of (i) the
principal amount payable on the maturity date of the Old Notes plus (ii) all
remaining payments of interest up to and including the maturity date of the Old
Notes. The Reference Price of the Old Notes will be rounded to the nearest cent
per $1,000 principal amount of Old Notes. The methodology to be used in
calculating the Reference Price of the Old Notes is set forth in Schedule A
attached hereto. An example of the application of such methodology is provided
for the Old Notes in Schedule B attached hereto. The Reference Yield of the Old
Notes will be determined by calculating the sum of (a) the 10 Year Benchmark
Treasury Yield and (b) the 2009 Fixed Spread. The reference price calculation
will be made using the 10 Year Benchmark Treasury Yield as of the Price
Determination Date.
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For the New Notes, a per annum interest rate, I.E., the Extension Coupon,
will be determined for the period from, and including March 1, 2009 to but not
inlcuding the maturity date of the New Notes, March 1, 2019. The Extension
Coupon, expressed as a percentage with two decimal places, will be such that the
Reference Price of the New Notes will be at least $15.00 or greater than the
Reference Price of the Old Notes per $1,000 principal amount of the Old Notes.
The Reference Price of the New Notes will be determined in the manner described
in Schedule C hereto by calculating, per $1,000 principal amount of New Notes,
the present value, using the Reference Yield of the New Notes, of (i) the
principal amount payable on the maturity date of the New Notes plus (ii) all
remaining payments of interest up to and including the maturity date of the New
Notes. The Reference Price of the New Notes will be rounded to the nearest cent
per $1,000 principal amount of New Notes. The methodology to be used in
calculating the Reference Price of the New Notes is set forth in Schedule C
attached hereto. An example of the application of such methodology is provided
for the New Notes in Schedule D attached hereto. The Reference Yield of the New
Notes will be determined by calculating the sum of (a) the 30 Year Benchmark
Treasury Yield and (b) the 2019 Fixed Spread. The reference price calculation
will be made using the 30 Year Benchmark Treasury Yield as of the Price
Determination Date.
The 10 Year Benchmark Treasury Yield and the 30 Year Benchmark Treasury
Yield will be calculated by the Financial Advisor in accordance with standard
market practice based on the bid side price for the 10 Year Benchmark Treasury
Security and the 30 Year Benchmark Treasury Security as of the Price
Determination Date, as such bid side price is displayed on the Cantor Fitzgerald
Quotation Service for U.S. Government Securities (the "Cantor Fitzgerald
Quotation Service") on Telerate page 500. If any relevant price is not available
on a timely basis on the Cantor Fitzgerald Quotation Service or is manifestly
erroneous, the relevant price information may be obtained from such other
quotation service as the Company and the Financial Advisor shall select in their
reasonable discretion, the identity of which shall be disclosed by the Company
and the Financial Advisor to exchanging Holders. Although the 10 Year Benchmark
Treasury Yield and the 30 Year Benchmark Treasury Yield will be determined based
solely on the sources described above, information regarding the price of the 10
Year Benchmark Treasury Security and the 30 Year Benchmark Treasury Security
also may be found in THE WALL STREET JOURNAL.
After the Price Determination Date, the Extension Coupon that will be
received by a Holder pursuant to the Exchange Offer will be known and Holders
will be able to ascertain the Reference Price of the Old Notes and the Reference
Price of the New Notes in the manner described above, unless the Exchange Offer
is extended for a period longer than three business days. In the event the
Exchange Offer is extended for a period longer than three business days from the
previously scheduled Expiration Date, then a new Price Determination Date, which
would be two business days prior to the new Expiration Date, may be established.
If the extension is for three business days or less, no new Price Determination
Date will be established and the Extension Coupon will remain as determined on
the Price Determination Date prior to the extension of the Exchange Offer.
As soon as practicable after the Price Determination Date, but in any event
before 9:00 a.m., New York City time, on the following business day, the Company
will publicly announce by press release to the Dow Jones News Service: the 10
Year Benchmark Treasury Yield, the 30 Year Benchmark Treasury Yield, the
Reference Yield of the Old Notes, the Reference Price of the Old Notes, the
Reference Yield of the New Notes, the Reference Price of the New Notes and the
Extension Coupon.
During the term of the Exchange Offer, Holders of the Old Notes can obtain
current information regarding the benchmark treasury yields, reference yields,
reference prices and other information regarding the terms of the Exchange Offer
from the Financial Advisor at (212) 469-7645. In addition, the Company intends
to publish information about the Exchange Offer, including the information
described in the preceding paragraph when available, on the MCM "CorporateWatch"
Service on Telerate page 58248.
In the event any dispute arises with respect to any benchmark treasury
yields, reference yields, reference prices, the Extension Coupon or any
quotation or calculation with respect to the Exchange Offer, the Company's
determination shall be conclusive and binding absent manifest error.
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EXPIRATION DATE; EXTENSIONS; TERMINATION; AMENDMENTS
The Exchange Offer will expire at 5:00 p.m., New York City time, on
Wednesday, March 18, 1998, unless extended by the Company as provided herein. In
the event that the Exchange Offer is extended, the term "Expiration Date" with
respect to such extended Exchange Offer shall mean the time and date on which
the Exchange Offer, as so extended, shall expire.
The Company expressly reserves the right, in its sole discretion, subject to
applicable law, to (i) extend or terminate the Exchange Offer and not accept for
exchange any tendered Old Notes if any of the conditions specified in
"--Conditions to the Exchange Offer" are not satisfied or waived, (ii) waive any
condition to the Exchange Offer and accept all Old Notes tendered pursuant to
the Exchange Offer, (iii) extend the Exchange Offer and retain all the Old Notes
tendered pursuant to the Exchange Offer until the expiration of the Exchange
Offer, subject, however, to the withdrawal rights of Holders as provided in,
"--Withdrawal Rights", (iv) amend the terms of the Exchange Offer and (v) modify
the form of the consideration to be paid pursuant to the Exchange Offer.
Any extension, termination or amendment will be followed as promptly as
practicable by a public announcement and notification to the Exchange Agent. In
the case of any extension, a public announcement will be issued prior to 9:00
a.m., New York City time, on the next business day after the previously
scheduled Expiration Date. Without limiting the manner in which the Company may
choose to make any public announcement, the Company shall have no obligation to
publish, advertise or otherwise communicate any such public announcement other
than by release to the Dow Jones News Service or otherwise as required by law.
In the event of any extension of the Exchange Offer, all Old Notes tendered
pursuant to the Exchange Offer and not subsequently withdrawn, will remain
subject to, and Holders will continue to have withdrawal rights until the
expiration of, the Exchange Offer.
EFFECT OF TENDER
A tendering Holder of Old Notes that are exchanged in the Exchange Offer
will not be obligated to pay transfer taxes or any fees or commissions with
respect to the acquisition of their Old Notes by the Company pursuant to the
Exchange Offer. See "--Transfer Taxes". However, if the beneficial owner tenders
through a Custodian, such beneficial owner may be required to pay fees or
commissions to such institution.
ACCEPTANCE OF OLD NOTES TENDERED FOR EXCHANGE; DELIVERY OF NEW NOTES
Upon the terms and subject to the conditions of the Exchange Offer, the
Company will exchange Old Notes by accepting such Old Notes for exchange and in
consideration therefor will issue a like principal amount of New Notes. New
Notes will be delivered on the Exchange Date. The Exchange Agent will act as
agent for the tendering Holders for the purpose of receiving Old Notes and
delivering New Notes to such Holders. In all cases, Old Notes will be accepted
for exchange pursuant to the Exchange Offer only after timely receipt by the
Exchange Agent of certificates representing Old Notes (or confirmation of a
book-entry transfer), a properly completed and duly executed Letter of
Transmittal (or a manually signed facsimile thereof or satisfaction of DTC's
ATOP procedures) and any other documents required thereby.
New Notes will be delivered only in book-entry form through DTC and only to
the DTC account of the tendering Holder or the tendering Holder's Custodian.
Accordingly, a Holder who tenders Old Notes must specify on the Letter of
Transmittal the DTC participant to which New Notes should be delivered and all
necessary account information to effect such delivery. Failure to provide such
information will render such Holder's tender defective and the Company will have
the right, which it may waive, to reject such tender. The Company and the
Exchange Agent shall not incur any liability for delivering New Notes in
accordance with any instructions provided by a tendering Holder.
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The Company will be deemed to have accepted for exchange (and thereby to
have purchased) tendered Old Notes as, if and when the Company gives oral
(promptly confirmed in writing) or written notice to the Exchange Agent of the
Company's acceptance of such Old Notes for exchange. Old Notes accepted for
exchange by the Company will be canceled.
If Old Notes in a principal amount in excess of the principal amount
indicated as being tendered on the Letter of Transmittal are submitted, an Old
Note in principal amount equal to the excess principal amount over the amount
indicated as tendered in the Letter of Transmittal will be issued to the
tendering Holder, at the Company's expense, in the same form in which such
security was tendered, as promptly as practicable following the expiration or
termination of the Exchange Offer. If any tendered Old Notes are not accepted
for exchange because of an invalid tender, the occurrence of certain other
events set forth herein or otherwise, such Old Notes will be returned, at the
Company's expense, to the tendering Holder thereof, as promptly as practicable
following the expiration or termination of the Exchange Offer.
PROCEDURES FOR TENDERING OLD NOTES
MINIMUM DENOMINATIONS. A Holder may tender less than all Old Notes held by
such Holder. However, Old Notes may be tendered only in denominations of $1,000
or an integral multiple thereof.
TENDER OF OLD NOTES HELD IN PHYSICAL FORM. To tender Old Notes held in
physical form, a Holder must (i) complete (including the required information
regarding delivery of New Notes through DTC) and sign the Letter of Transmittal
in accordance with the instructions set forth therein and (ii) deliver the
properly completed and executed Letter of Transmittal, together with any other
documents required by the Letter of Transmittal, and the Old Notes in physical
form to the Exchange Agent at the address set forth under "Available
Information" prior to the Expiration Date.
TENDER OF OLD NOTES HELD THROUGH A CUSTODIAN. To tender Old Notes held by a
Custodian, the beneficial owner of the Old Notes must contact the Custodian and
direct the Custodian to tender such Old Notes in accordance with the procedures
set forth herein and in the Letter of Transmittal.
The Exchange Agent and DTC have confirmed that the Exchange Offer is
eligible for ATOP. Accordingly, DTC participants may electronically transmit
their acceptance of the Exchange Offer by causing DTC to transfer Old Notes to
the Exchange Agent in accordance with DTC's ATOP procedures for such a transfer.
DTC will then send an Agent's Message to the Exchange Agent.
The term "Agent's Message" means a message transmitted by DTC, received by
the Exchange Agent and forming part of a Book-Entry Confirmation (as defined
herein), which states that DTC has received an express acknowledgment from the
DTC participant tendering Old Notes which are the subject of such Book-Entry
Confirmation, that such DTC participant has received and agrees to be bound by
the terms of the Letter of Transmittal and that the Company may enforce such
agreement against such DTC participant. In the case of an Agent's Message
relating to a guaranteed delivery, the term means a message transmitted by DTC
and received by the Exchange Agent, which states that DTC has received an
express acknowledgment from the DTC participant tendering Old Notes that such
DTC participant has received and agrees to be bound by the Notice of Guaranteed
Delivery (as described below). Holders desiring to tender Old Notes on the
Expiration Date should note that such Holders must allow sufficient time for
completion of the ATOP procedures during the normal business hours of DTC on
that date.
If the Custodian holds Old Notes in physical form, the Custodian must follow
the procedure set forth above under "--Procedures for Tendering Old
Notes--Tender of Old Notes Held In Physical Form".
If the Custodian holds Old Notes in book-entry form through DTC (the
"Book-Entry Transfer Facility"), to tender such Old Notes the Custodian must (i)
effect a book-entry transfer (a "Book-Entry Confirmation") of all Old Notes to
be tendered to the Exchange Agent's account at such Book-Entry Transfer Facility
prior to the Expiration Date or (ii) complete (including the required
information regarding delivery of New Notes through DTC) and sign the Letter of
Transmittal in accordance with the
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instructions set forth therein and deliver the properly completed and executed
Letter of Transmittal, together with any other documents required by the Letter
of Transmittal, to the Exchange Agent at the address set forth under "Available
Information" prior to the Expiration Date.
BOOK-ENTRY DELIVERY PROCEDURES. The Exchange Agent will establish promptly
an account with respect to the Old Notes at the Book-Entry Transfer Facility for
purposes of the Exchange Offer. Any financial institution that is a participant
in the Book-Entry Transfer Facility may make a book-entry delivery of Old Notes
by causing the Book-Entry Transfer Facility to transfer Old Notes to the
Exchange Agent's account. DELIVERY OF A LETTER OF TRANSMITTAL TO A BOOK-ENTRY
TRANSFER FACILITY WILL NOT CONSTITUTE VALID DELIVERY TO THE EXCHANGE AGENT.
Any Holder whose Old Notes have been mutilated, lost, stolen or destroyed
will be responsible for obtaining replacement securities or for arranging for
indemnification with Chase Manhattan Bank Delaware, as Trustee for the Old
Notes. Holders may contact the Information Agent for assistance with such
matters.
IN ORDER FOR A TENDERING HOLDER TO BE ASSURED OF PARTICIPATING IN THE
EXCHANGE OFFER, SUCH HOLDER MUST TENDER OLD NOTES IN ACCORDANCE WITH THE
PROCEDURES SET FORTH HEREIN AND IN THE LETTER OF TRANSMITTAL PRIOR TO THE
EXPIRATION DATE. THE METHOD OF DELIVERY OF OLD NOTES AND ALL OTHER REQUIRED
DOCUMENTS IS AT THE OPTION AND RISK OF THE HOLDER. IF DELIVERY IS BY MAIL,
REGISTERED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED, IS RECOMMENDED
AND ENOUGH TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.
Letters of Transmittal and Old Notes must be sent only to the Exchange
Agent. Do not send Letters of Transmittal or Old Notes to the Company, the Old
Trustee, the New Trustee, the Information Agent or the Financial Advisor.
GUARANTEED DELIVERY PROCEDURES
If a Holder of Old Notes wishes to tender such Old Notes and time will not
permit such Holder's Old Notes or other required documents to reach the Exchange
Agent prior to the Expiration Date, or the procedure for book-entry transfer
cannot be completed on a timely basis, a tender may be effected if (i) the
tender is made through an Eligible Institution (as such term is defined in the
Letter of Transmittal), (ii) on or prior to 5:00 p.m., New York City time, on
the Expiration Date, the Exchange Agent receives from such Eligible Institution
a properly completed and duly executed Notice of Guaranteed Delivery,
substantially in the form provided by the Company (by facsimile transmission,
mail, hand delivery or by Agent's Message), setting forth the name and address
of the Holder of Old Notes and the amount of Old Notes tendered, stating that
the tender is being made thereby and guaranteeing that within three New York
Stock Exchange ("NYSE") trading days after the date of execution of the Notice
of Guaranteed Delivery, the certificates for all physically tendered Old Notes,
in proper form for transfer, or a Book-Entry Confirmation, as the case may be,
together with a properly completed and duly executed Letter of Transmittal (or
manually signed facsimile thereof or Agent's Message in lieu thereof) with any
required signature guarantees and any other documents required by the Letter of
Transmittal will be deposited by the Eligible Institution with the Exchange
Agent, and (iii) the certificates for all physically tendered Old Notes, in
proper form for transfer, or a Book-Entry Confirmation, as the case may be,
together with a properly completed and duly executed Letter of Transmittal (or
manually signed facsimile thereof) with any required signature guarantees, and
any other documents required by the Letter of Transmittal are deposited by the
Eligible Institution within three NYSE trading days after the date of execution
of the Notice of Guaranteed Delivery.
PROPER EXECUTION AND DELIVERY OF LETTER OF TRANSMITTAL
In general, all signatures on a Letter of Transmittal or a notice of
withdrawal must be guaranteed by an Eligible Institution; however, such
signatures need not be guaranteed if (a) the Letter of Transmittal is signed by
the Holder of the Old Note tendered thereby or by a participant in a Book-Entry
Transfer
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Facility whose name appears on a security position listing as the Holder of the
Old Note tendered thereby and such Holder has not completed the portion entitled
"Special Delivery Instructions" on the Letter of Transmittal, or (b) such Old
Note tendered is for the account of an Eligible Institution.
If the Letter of Transmittal is signed by the Holder of the Old Note
tendered thereby or a participant in a Book-Entry Transfer Facility whose name
appears on a security position listing with respect to the Old Note tendered
thereby, the signature must correspond with the name as written on the face of
the Old Note or on the security position listing, respectively, without any
change whatsoever. If any of the Old Notes tendered thereby are held by two or
more holders, all such Holders must sign the Letter of Transmittal. If any of
the Old Notes tendered thereby are registered in different names on different
Old Notes, it will be necessary to complete, sign and submit as many separate
Letters of Transmittal as there are different registrations.
If the Letter of Transmittal is signed by a person other than the Holder of
the Old Note tendered thereby or a participant in a Book-Entry Transfer Facility
whose name appears on a security position listing with respect to the Old Note
tendered thereby, the Old Note must be endorsed or accompanied by appropriate
instruments of transfer, in either case, signed exactly as the name of the
Holder appears on the face of the Old Note or on the security position listing
with respect thereto. If the Letter of Transmittal or any Old Note, proxy or
instrument of transfer is signed by a trustee, executor, administrator,
guardian, attorney-in-fact, officer of a corporation or other person acting in a
fiduciary or representative capacity, such person must so indicate when signing,
and proper evidence satisfactory to the Exchange Agent of the authority of such
person so to act must be submitted.
New Notes will be delivered only in book-entry form through DTC and only to
the DTC account of the Holder or the Holder's Custodian. If Old Notes not
tendered or not exchanged are to be delivered to a person other than the Holder
of the Old Notes tendered, or to an address other than that of the Holder of the
Old Notes tendered, such Holder should indicate in the portion of the Letter of
Transmittal entitled "Special Delivery Instructions" the person and/or address
to which such Old Notes are to be delivered. If Old Notes not tendered or not
exchanged are to be issued to a person other than the Holder of the Old Notes
tendered, the employer identification or social security number of the person to
whom issuance is to be made must be indicated on the Letter of Transmittal. If
Old Notes not tendered or not exchanged are to be issued to a person other than
the Holder of the Old Notes tendered, the Old Notes must be endorsed or
accompanied by appropriate instruments of transfer, signed exactly as the name
of the Holder appears on the face of the Old Notes or the security position
listing with respect thereto, with the signature on the certificates or
instruments of transfer guaranteed by an Eligible Institution. If no such
instructions are given, any Old Notes not tendered or exchanged will be
delivered to the Holder of the Old Notes tendered.
Because New Notes will be delivered only in book-entry form through DTC, a
Holder who tenders Old Notes must specify on the Letter of Transmittal the DTC
participant to which New Notes should be delivered and all necessary account
information to effect such delivery. Such DTC participant must be either the
Holder or a Custodian for the Holder. Failure to provide such information will
render such Holder's tender defective and the Company will have the right, which
it may waive, to reject such tender. Holders who anticipate tendering other than
through DTC are urged to contact promptly a Custodian (that has the capability
to hold securities through DTC) to arrange for receipt of any New Note to be
delivered pursuant to the Exchange Offer and to obtain the information necessary
to complete the account information table in the Letter of Transmittal.
No alternative, conditional, irregular or contingent tenders will be
accepted. By executing the Letter of Transmittal, the Holder of Old Notes waives
any right to receive any notice of the acceptance for exchange of such Holder's
Old Notes, except as otherwise provided herein.
All questions as to the validity, form, eligibility (including time of
receipt) and acceptance of tendered Old Notes will be determined by the Company,
whose determination shall be conclusive and binding. The Company reserves the
absolute right to reject any or all tenders that are not in proper form or the
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acceptance of which may be, in the opinion of counsel for the Company, unlawful.
The Company also reserves the absolute right to waive any condition of the
Exchange Offer as set forth under "--Conditions to the Exchange Offer" and any
irregularities or conditions of tender as to particular Old Notes. The Company's
interpretation of the terms and conditions of the Exchange Offer (including the
instructions in the Letters of Transmittal) shall be conclusive and binding.
Unless waived, any irregularities in connection with tenders must be cured
within such time as the Company may determine. The Company, the Exchange Agent
and the Information Agent shall not be under any duty to give notification of
defects in such tenders and shall not incur liability for any failure to give
such notification. Tenders of Old Notes will not be deemed to have been made
until such irregularities have been cured or waived. Any Old Notes received by
the Exchange Agent that are not properly tendered and as to which the
irregularities have not been cured or waived will be returned by the Exchange
Agent to the Holder, unless otherwise provided in the Letter of Transmittal, as
soon as practicable following the Expiration Date.
CONDITIONS TO THE EXCHANGE OFFER
Notwithstanding any other provisions of the Exchange Offer or any extension
of the Exchange Offer, the Company will not be required to issue New Notes and
may terminate the Exchange Offer by oral (promptly confirmed in writing) or
written notice to the Exchange Agent, or, at its option, modify or otherwise
amend the Exchange Offer with respect to such Old Notes, if any of the following
conditions has not been satisfied, on or prior to the Expiration Date:
(a) there shall not have been any action taken or threatened, or any statute,
rule, regulation, judgment, order, stay, decree or injunction promulgated,
enacted, entered, enforced or deemed applicable to the Exchange Offer or the
exchange of Old Notes for New Notes pursuant to the Exchange Offer (the
"Exchange"), by or before any court or governmental regulatory or
administrative agency or authority or tribunal, domestic or foreign, which
(i) challenges the making of the Exchange Offer or the Exchange, or might,
directly or indirectly, prohibit, prevent, restrict or delay consummation of
the Exchange Offer or the Exchange, or might otherwise adversely affect in
any material manner the Exchange Offer or the Exchange or (ii) in the sole
judgment of the Company, could materially adversely affect the business,
condition (financial or otherwise), income, operations, properties, assets,
liabilities or prospects of the Company and its subsidiaries, taken as a
whole, or materially impair the contemplated benefits of the Exchange Offer
or the Exchange to the Company or might be material to Holders of Old Notes
in deciding whether to accept the Exchange Offer;
(b) there shall not have occurred or be likely to occur any event affecting the
business condition (financial or otherwise), income, operations, properties,
assets, liabilities or prospects of the Company that, in the sole judgment
of the Company, would or might prohibit, prevent, restrict or delay
consummation of the Exchange Offer or the Exchange or that will, or is
reasonably likely to, materially impair the contemplated benefits of the
Exchange Offer or the Exchange to the Company or might be material to
Holders of Old Notes in deciding whether to accept the Exchange Offer;
(c) there shall not have occurred (i) any general suspension of or limitation on
trading in securities on the NYSE or in the over-the-counter market (whether
or not mandatory), (ii) any material adverse change in the price of the Old
Notes, (iii) a material impairment in the general trading market for debt
securities, (iv) a declaration of a banking moratorium or any suspension of
payments in respect of banks by federal or state authorities in the United
States (whether or not mandatory), (v) a commencement or escalation of a
war, armed hostilities or other national or international crisis directly or
indirectly relating to the United States, (vi) any limitation (whether or
not mandatory) by any governmental authority on, or other event having a
reasonable likelihood of affecting, the extension of credit by banks or
other lending institutions in the United States, or (vii) any material
adverse change in United States securities or financial markets generally,
or in the case of any of the
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foregoing existing at the time of the commencement of the Exchange Offer, a
material acceleration or worsening thereof; and
(d) the Old Trustee or the New Trustee shall not have objected in any respect
to, or taken any action that could in the sole judgment of the Company
adversely affect the consummation of, the Exchange Offer or the Exchange nor
shall the Old Trustee or the New Trustee have taken any action that
challenges the validity or effectiveness of the procedures used by the
Company in making the Exchange Offer or the Exchange.
If any of the foregoing conditions are not satisfied, the Company may (i)
terminate the Exchange Offer and return such Old Notes to the Holders who
tendered them, (ii) extend the Exchange Offer and retain all tendered Old Notes
until the expiration of the Exchange Offer, as extended, subject, however, to
the withdrawal rights of Holders, see "--Withdrawal Rights" and "--Expiration
Date; Extensions; Termination; Amendments", or (iii) waive any of the conditions
with respect to the Exchange Offer and accept all Old Notes tendered therein.
The foregoing conditions are for the sole benefit of the Company and may be
waived by the Company, in whole or in part, in its sole discretion. Any
determination made by the Company concerning an event, development or
circumstance described or referred to above shall be conclusive and binding.
WITHDRAWAL RIGHTS
Tendered Old Notes may be withdrawn by the Holder prior to the Expiration
Date.
A Holder of Old Notes who tendered Old Notes in physical form may withdraw
the Old Notes tendered by providing a written notice of withdrawal (or manually
signed facsimile thereof) to the Exchange Agent, at its address set forth under
"Available Information", prior to the Expiration Date, which notice must
contain: (i) the name of the person who tendered the Old Notes; (ii) a
description of the Old Notes to be withdrawn; (iii) the certificate number or
numbers shown on the particular certificate or certificates evidencing such Old
Notes; (iv) the aggregate principal amount represented by such Old Notes; (v)
the signature of the Holder of such Old Notes executed in the same manner as the
original signature on the Letter of Transmittal (including a signature
guarantee, if such original signature was guaranteed); and (vi) if such Old
Notes are owned by a new beneficial owner, evidence satisfactory to the Company
that the person withdrawing the tender has succeeded to the beneficial ownership
of the Old Notes.
If a beneficial owner of Old Notes tendered through a Custodian wishes to
withdraw the Old Notes tendered, such beneficial owner must contact the
Custodian and direct the Custodian to withdraw such Old Notes in accordance with
the following procedures. In order to withdraw such Old Notes the Custodian must
provide a written notice of withdrawal (or manually signed facsimile thereof) to
the Exchange Agent, at its address set forth under "Available Information",
prior to the Expiration Date, which notice must contain: (i) the name of the
person who tendered the Old Notes; (ii) a description of the Old Notes to be
withdrawn; (iii) the certificate number or numbers shown on the particular
certificate or certificates evidencing such Old Notes (if Old Notes were
tendered in physical form); (iv) the aggregate principal amount represented by
such Old Notes; and (v) if such Old Notes are owned by a new beneficial owner,
evidence satisfactory to the Company that the person withdrawing the tender has
succeeded to the beneficial ownership of the Old Notes. If the Old Notes were
tendered by book-entry transfer, the Custodian also must debit the Exchange
Agent's account at the Book-Entry Transfer Facility through which the tender was
made of all Old Notes to be withdrawn.
A PURPORTED NOTICE OF WITHDRAWAL WHICH LACKS ANY OF THE REQUIRED INFORMATION
WILL NOT BE AN EFFECTIVE WITHDRAWAL OF A TENDER PREVIOUSLY MADE. TENDERS MAY NOT
BE WITHDRAWN AFTER THE EXPIRATION DATE.
Holders who have tendered in the Exchange Offer will continue to have
withdrawal rights following any extension of the Expiration Date. Any permitted
withdrawals of tenders of Old Notes may not be rescinded, and any Old Notes so
withdrawn will thereafter be deemed not validly tendered for purposes of
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the Exchange Offer and the Holder thereof will be deemed to have rejected the
Exchange Offer. However, withdrawn Old Notes may be re-tendered prior to the
Expiration Date by following the procedures for tendering described above.
All questions as to the validity (including time of receipt) of notices of
withdrawal will be determined by the Company, whose determination will be
conclusive and binding. None of the Company, the Exchange Agent or any other
person will be under any duty to give notification of any defects or
irregularities in any notice of withdrawal or incur any liability for failure to
give any such notification.
FUTURE OFFERS
The Company reserves the right, in its sole discretion, to purchase or make
offers for any Old Notes that remain outstanding subsequent to the completion of
the Exchange Offer. The terms of any such purchase or offer could differ from
the terms of the Exchange Offer.
TRANSFER TAXES
The Company will pay all transfer taxes, if any, applicable to the transfer
and sale of Old Notes pursuant to the Exchange Offer. If, however, substitute
Old Notes for amounts not tendered or not exchanged are to be delivered to, or
are to be registered in the name of, any person other than the Holder of Old
Notes tendered, or if tendered Old Notes are registered in the name of any
person other than the person signing the Letter of Transmittal, or if a transfer
tax is imposed for any reason other than the transfer or sale of Old Notes to
the Company pursuant to the Exchange Offer, the amount of any such transfer
taxes (whether imposed on the Holder or any other persons) shall be payable by
the Holder. If satisfactory evidence of payment of such taxes or exemption
therefrom is not submitted with the appropriate Letter of Transmittal, the
amount of such transfer taxes will be billed directly to such Holder and/or
withheld from any payments due with respect to the Old Notes tendered by such
Holder.
FINANCIAL ADVISOR
The Company has engaged Deutsche Morgan Grenfell Inc. to act as Financial
Advisor in connection with the Exchange Offer. Any Holder who has questions
concerning the terms of the Exchange Offer or who would like current information
regarding the benchmark treasury yields, the reference yields, the reference
prices or the Extension Coupon may contact the Financial Advisor at (212)
469-7645 or at the address set forth under "Available Information".
The Company has agreed to pay the Financial Advisor a financial advisory fee
for its services and to reimburse the Financial Advisor for its reasonable
out-of-pocket expenses, including reasonable fees and expenses of legal counsel,
and the Company has agreed to indemnify the Financial Advisor against certain
liabilities, including certain liabilities under the federal securities laws, in
connection with the Exchange Offer. In the past, the Financial Advisor has
provided other investment banking and financial advisory services to the
Company.
EXCHANGE AGENT
The Chase Manhattan Bank has been appointed Exchange Agent for the Exchange
Offer. The Company will pay the Exchange Agent reasonable and customary fees for
its services and will reimburse it for its reasonable out-of-pocket expenses in
connection therewith. Letters of Transmittal and all correspondence in
connection with the Exchange Offer must be sent or delivered to the Exchange
Agent at the address set forth under "Available Information".
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INFORMATION AGENT
Georgeson & Company, Inc. has been appointed Information Agent for the
Exchange Offer. The Company will pay the Information Agent reasonable and
customary fees for its services and will reimburse it for its reasonable
out-of-pocket expenses in connection therewith.
Any questions concerning the tender procedures or requests for assistance or
additional copies of this Offering Circular or the Letters of Transmittal may be
directed to the Information Agent at the address and telephone number set forth
under "Available Information". Holders of Old Notes may also contact the
Financial Advisor or their broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the Exchange Offer.
DESCRIPTION OF NEW NOTES
The following summaries of certain provisions of the New Notes and the New
Indenture do not purport to be complete and are subject, and are qualified in
their entirety by reference, to all the provisions of the New Notes and the New
Indenture, including the definitions therein of certain terms.
GENERAL
The New Notes will be issued under the New Indenture. The statements under
this caption are brief summaries of certain provisions contained in the New
Indenture, do not purport to be complete and are qualified in their entirety by
reference to the New Indenture. Whenever defined terms are used but not defined
herein, such terms shall have the meanings ascribed to them in the New
Indenture, it being intended that such defined terms shall be incorporated
herein by reference.
The New Notes will be issued in registered form without coupons and only in
denominations of $1,000 and integral multiples thereof.
The New Notes mature on March 1, 2019 and will bear interest at the rate
described herein, payable semi-annually on March 1 and September 1 of each year,
commencing September 1, 1998, to the Persons in whose names such New Notes are
registered at the close of business on the February 15 or the August 15
immediately preceding such interest payment date. Interest is calculated on the
basis of a 360-day year consisting of twelve 30-day months.
SUBORDINATION
The New Notes will be unsecured and subordinated and junior in right of
payment to the Company's obligations to the holders of Senior Indebtedness and
General Obligations of the Company as described below.
Upon any distribution of assets of the Company as a result of any
dissolution, winding up, liquidation or reorganization, the payment of the
principal of, premium, if any, and interest on the New Notes is to be
subordinated in right of payment, to the extent provided in the New Indenture,
to the prior payment in full of all Senior Indebtedness. In certain events of
bankruptcy or insolvency, the payment of the principal of and interest on the
New Notes will, to the extent provided in the New Indenture, also be effectively
subordinated in right of payment to the prior payment in full of all General
Obligations.
Upon any distribution of assets of the Company as a result of any
dissolution, winding up, liquidation or reorganization, the holders of Senior
Indebtedness will first be entitled to receive payment in full of all amounts
due or to become due before the holders of the New Notes will be entitled to
receive any payment in respect of the principal of, premium, if any, or interest
on the New Notes. If immediately following any such payment or distribution of
assets there remain, after giving effect to such subordination provisions in
favor of the holders of Senior Indebtedness, any amounts of cash, property or
securities available for payment or distribution in respect of the New Notes
("Excess Proceeds") and if, at such time, any creditors
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in respect of General Obligations have not received payment in full of all
amounts due or to become due on or in respect of such General Obligations, then
such Excess Proceeds shall first be applied to pay or provide for the payment in
full of such General Obligations before any payment or distribution may be made
in respect of the New Notes.
In addition, no payment may be made of the principal of, premium, if any, or
interest on the New Notes, or in respect of any redemption, retirement, purchase
or other acquisition of any of the New Notes, at any time when (i) there is a
default in the payment of the principal of, premium, if any, interest on or
otherwise in respect of any Senior Indebtedness or (ii) any event of default
with respect to any Senior Indebtedness has occurred and is continuing, or would
occur as a result of such payment on the New Notes or any redemption,
retirement, purchase or other acquisition of any of the New Notes, permitting
the holders of such Senior Indebtedness to accelerate the maturity thereof.
Except as described above, the obligation of the Company to make payment of the
principal of, premium, if any, or interest on the New Notes will not be
affected.
By reason of such subordination in favor of the holders of Senior
Indebtedness, in the event of a distribution of assets upon any dissolution,
winding up, liquidation or reorganization, certain creditors of the Company who
are not holders of Senior Indebtedness or of the New Notes may recover less,
ratably, than holders of Senior Indebtedness and may recover more, ratably, than
holders of the New Notes. By reason of the obligation of the holders of New
Notes to pay over any Excess Proceeds to creditors in respect of General
Obligations, in the event of a distribution of assets upon any dissolution,
winding up, liquidation or reorganization, holders of Old Subordinated
Securities (as defined herein) may recover less, ratably, than creditors in
respect of General Obligations and may recover more, ratably, than the holders
of New Notes.
Subject to payment in full of all Senior Indebtedness, the holders of New
Notes will be subrogated to the rights of the holders of Senior Indebtedness to
receive payments or distributions of cash, property or securities of the Company
applicable to Senior Indebtedness. Subject to payment in full of all General
Obligations, the holders of New Notes will be subrogated to the rights of the
creditors in respect of General Obligations to receive payments or distributions
of cash, property or securities of the Company applicable to such creditors in
respect of General Obligations.
Senior Indebtedness is defined in the New Indenture as the principal of,
premium, if any, and interest on (i) all of the Company's indebtedness for money
borrowed, other than the New Notes, the Old Notes, the Company's 7.25%
Subordinated Notes Due August 1, 2002, the Company's 8.74% Subordinated Notes
Due September 15, 2003, the Company's 7.00% Subordinated Notes due July 15, 2005
(the "July 2005 Notes"), the Company's 10.00% Subordinated Notes Due August 15,
2010 (the "August 2010 Notes"), the Company's 7.75% Subordinated Debentures due
July 15, 2025 (the "July 2025 Debentures"), the Company's 7.625% Subordinated
Debentures due October 15, 2026 (the "October 2026 Debentures") and any other
subordinated indebtedness issued pursuant to the New Indenture (collectively,
all of the foregoing notes, debentures and other subordinated indebtedness are
hereinafter referred to as the "Existing Subordinated Indebtedness"), whether
outstanding on the date of execution of the New Indenture or thereafter created,
assumed or incurred, except such indebtedness as is by its terms expressly
stated to be not superior in right of payment to the subordinated securities
issued under the New Indenture or the Existing Subordinated Indebtedness or to
rank pari passu with the subordinated securities issued under the New Indenture
or the Existing Subordinated Indebtedness; and (ii) any deferrals, renewals or
extensions of any such Senior Indebtedness. The term "indebtedness for money
borrowed" as used in the prior sentence includes, without limitation, any
obligation of, or any obligation guaranteed by, the Company for the repayment of
borrowed money, whether or not evidenced by bonds, debentures, notes or other
written instruments, and any deferred obligation for the payment of the purchase
price of property or assets. There is no limitation on the issuance of
additional Senior Indebtedness of the Company.
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The New Notes, the July 2005 Notes, the August 2010 Notes, the July 2025
Debentures, the October 2026 Debentures and all other subordinated indebtedness
issued pursuant to the New Indenture all constitute New Subordinated Securities;
all other Existing Subordinated Indebtedness (including, without limitation, the
Old Notes) constitutes Old Subordinated Securities.
The New Notes rank and will rank pari passu with the other Existing
Subordinated Indebtedness, subject to the obligations of the holders of New
Notes to pay over any Excess Proceeds to creditors in respect of General
Obligations. Thus, in the event of a distribution of assets of the Company upon
any dissolution, winding up, liquidation or reorganization, the holders of the
New Notes may receive less, ratably, than holders of Old Subordinated
Securities.
"General Obligations" means all obligations of the Company to make payment
on account of claims in respect of derivative products such as interest and
foreign exchange rate contracts, commodity contracts and similar arrangements,
other than (i) obligations on account of Senior Indebtedness, (ii) obligations
on account of indebtedness for money borrowed ranking pari passu with or
subordinate to the New Subordinated Securities and (iii) obligations which by
their terms are expressly stated not to be superior in right of payment to the
New Subordinated Securities or to rank on parity with the New Subordinated
Securities; provided, however, that notwithstanding the foregoing, in the event
that any rule, guideline or interpretation promulgated or issued by the Federal
Reserve (or other competent regulatory agency or authority), as from time to
time in effect, establishes or specifies criteria for the inclusion in
regulatory capital of subordinated debt of a bank holding company requiring that
such subordinated debt be subordinated to obligations to creditors in addition
to those set forth above, then the term "General Obligations" shall also include
such additional obligations to creditors, as from time to time in effect
pursuant to such rules, guidelines or interpretations. For purposes of this
definition, "claim" shall have the meaning assigned thereto in Section 101(4) of
the Bankruptcy Code of 1978, as amended to the date of the New Indenture.
At September 30, 1997, the aggregate amount of Senior Indebtedness and
General Obligations of the Company was approximately $949 million. Of this
amount, approximately $225 million represents certain amounts due to affiliates
and guarantees of certain affiliates' indebtedness. The New Indenture does not
prohibit or limit the incurrence of additional Senior Indebtedness or General
Obligations by the Company.
FORM, EXCHANGE AND TRANSFER
Subject to the terms of the New Indenture and the limitations applicable to
Global Securities, New Notes may be presented for exchange as provided above or
for registration of transfer (duly endorsed or with the form of transfer
endorsed thereon duly executed) at the office of the Security Registrar or at
the office of any transfer agent designated by the Company for such purpose. No
service charge will be made for any registration of transfer or exchange of New
Notes, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith. Such transfer or
exchange will be effected upon the Security Registrar or such transfer agent, as
the case may be, being satisfied with the documents of title and identity of the
Person making the request. The Company has appointed the New Trustee as Security
Registrar. The Company may at any time designate additional transfer agents or
rescind the designation of any transfer agent or approve a change in the office
through which any transfer agent acts, except that the Company will be required
to maintain a transfer agent in each Place of Payment for the New Notes.
GLOBAL SECURITIES
Some or all of the New Notes may be represented, in whole or in part, by one
or more Global Securities that have an aggregate principal amount equal to that
of the New Notes represented thereby. Each Global Security will be registered in
the name of a Depositary or a nominee thereof, will be deposited with such
Depositary or nominee or a custodian thereof and will bear a legend regarding
the restrictions on exchanges and registration of transfer thereof referred to
below and any such other matters as may be provided for pursuant to the New
Indenture.
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Notwithstanding any provision of the New Indenture or any New Note described
herein, no Global Security may be exchanged in whole or in part for New Notes
registered, and no transfer of a Global Security in whole or in part may be
registered, in the name of any Person other than the Depositary for such Global
Security or any nominee of such Depositary unless (i) the Depositary has
notified the Company that it is unwilling or unable to continue as Depositary
for such Global Security or has ceased to be qualified to act as such as
required by the New Indenture, (ii) there shall have occurred and be continuing
an Event of Default with respect to the New Notes represented by such Global
Security or (iii) there shall exist such circumstances, if any, in addition to
or in lieu of those described above as may be described in the New Indenture.
All securities issued in exchange for a Global Security or any portion thereof
will be registered in such names as the Depositary may direct.
As long as the Depositary, or its nominee, is the Holder of a Global
Security, the Depositary or such nominee, as the case may be, will be considered
the sole owner and Holder of such Global Security and the New Notes represented
thereby for all purposes under the New Notes and the New Indenture. Except in
the limited circumstances referred to above, owners of beneficial interests in a
Global Security will not be entitled to have such Global Security or any New
Notes represented thereby registered in their names, will not receive or be
entitled to receive physical delivery of certificated New Notes in exchange
therefor and will not be considered to be the owners or Holders of such Global
Security or any New Notes represented thereby for any purpose under the New
Notes or the New Indenture. All payments of principal of and any premium and
interest on a Global Security will be made to the Depositary or its nominee, as
the case may be, as the Holder thereof. The laws of some jurisdictions require
that certain purchasers of securities take physical delivery of such securities
in definitive form. These laws may impair the ability to transfer beneficial
interests in a Global Security.
Ownership of beneficial interests in a Global Security will be limited to
institutions that have accounts with the Depositary or its nominee
("Participants") and to persons that may hold beneficial interests through
Participants. In connection with the issuance of any Global Security, the
Depositary will credit, on its book-entry registration and transfer system, the
respective principal amounts of New Notes represented by the Global Security to
the accounts of its Participants. Ownership of beneficial interests in a Global
Security will be shown only on, and the transfer of those ownership interests
will be effected only through, records maintained by the Depositary (with
respect to interests of Persons held by such Participants on their behalf).
Payments, transfers, exchanges and other matters relating to beneficial
interests in a Global Security may be subject to various policies and procedures
adopted by the Depositary from time to time. None of the Company, the New
Trustee or any agent of the Company or the New Trustee will have any
responsibility or liability for any aspect of the Depositary's or any
Participant's records relating to such beneficial interests.
PAYMENT AND PAYING AGENTS
Payment of interest on a New Note on any Interest Payment Date will be made
to the Person in whose name such New Note (or one or more predecessor New Notes)
is registered at the close of business on the Regular Record Date for such
interest.
Principal of and any premium and interest on the New Notes will be payable
at the office of such Paying Agent or Paying Agents as the Company may designate
for such purpose from time to time, except that at the option of the Company
payment of any interest may be made by check mailed to the address of the Person
entitled thereto as such address appears in the Security Register. The corporate
trust office of the New Trustee in the City of New York will be designated as
the Company's sole Paying Agent for payments with respect to New Notes. The
Company may at any time designate additional Paying Agents or rescind the
designation of any Paying Agent or approve a change in the office through which
any Paying Agent acts, except that the Company will be required to maintain a
Paying Agent in each Place of Payment for the New Notes.
All moneys paid by the Company to a Paying Agent for the payment of the
principal of or any premium or interest on any New Note which remain unclaimed
at the end of two years after such principal,
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premium or interest has become due and payable will be repaid to the Company,
and the Holder of such New Note thereafter may look only to the Company for
payment thereof.
CONSOLIDATION, MERGER OR SALE OF ASSETS
The New Indenture provides that the Company, without the consent of the
holders of the New Notes, may consolidate with, merge into or transfer its
assets substantially as an entirety to any person, provided that (i) any such
successor assumes the Company's obligations on the New Notes and the New
Indenture, (ii) after giving effect thereto, no Default, shall have happened and
be continuing and (iii) certain other conditions under the New Indenture are
met. Accordingly, any such consolidation, merger or transfer of assets
substantially as an entirety, which meets the conditions described above, would
not create any Event of Default or Default which would entitle holders of the
New Notes, or the New Trustee on their behalf, to take any of the actions
described below under "--Events of Default, Defaults, Waivers, Etc."
DEFINITIONS OF CERTAIN TERMS
"Board of Directors" means either the board of directors of the Company or
committee of that board duly authorized to act for it in respect hereof.
"Board Resolution" means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such
certification.
"Depositary" means, with respect to Securities of any series issuable in
whole or in part in the form of one or more Global Securities, a clearing agency
registered under the Exchange Act that is designated to act as Depositary for
such Securities.
"Paying Agent" means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the
Company.
"Person" means any individual, corporation, partnership, joint venture,
trust, unincorporated organization or government or any agency or political
subdivision thereof or any other entity.
"Place of Payment" means, when used with respect to any Security, the place
or places where the principal of and any premium and interest on that Security
are payable.
MODIFICATION OF THE NEW INDENTURE; WAIVER OF COVENANTS
The New Indenture provides that, with the consent of the holders of not less
than a majority in aggregate principal amount of the outstanding New Notes,
modifications and alterations of the New Indenture may be made which affect the
rights of the holders of the New Notes; provided, however, that no such
modification or alteration may be made without the consent of the holder of each
of the New Notes so affected which would, among other things, (i) change the
maturity of the principal of, or of any installment of interest (or premium, if
any) on the New Notes, or reduce the principal amount thereof or any premium
thereon, or change the method of calculation of interest or the currency of
payment of principal or interest (or premium, if any) on, or reduce the minimum
rate of interest thereon, or impair the right to institute suit for the
enforcement of any such payment on or with respect to any of the New Notes; or
(ii) reduce the above-stated percentage in principal amount of outstanding New
Notes required to modify or alter the New Indenture.
LIMITED RIGHTS OF ACCELERATION
Payment of principal of the New Notes may be accelerated only in case of the
bankruptcy, insolvency or reorganization of the Company. There is no right of
acceleration in the case of a default in the payment of principal of, premium,
if any, or interest on the New Notes or the performance of any other covenant of
the Company in the New Indenture.
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EVENTS OF DEFAULT, DEFAULTS, WAIVERS, ETC.
An Event of Default with respect to the New Notes is defined in the New
Indenture as certain events involving the bankruptcy, insolvency or
reorganization of the Company. A Default with respect to New Notes is defined in
the New Indenture as (i) an Event of Default, (ii) default in the payment of the
principal of or premium, if any, on the New Notes when due, (iii) default in the
payment of interest upon the New Notes when due and the continuance of such
default for a period of 30 days or (iv) default in the performance of any other
covenant or agreement of the Company in the New Indenture with respect to the
New Notes and continuance of such default for 90 days after written notice. If
an Event of Default with respect to the New Notes occurs and is continuing,
either the New Trustee or the holders of not less than 25% in aggregate
principal amount of the New Notes may declare the principal amount of all New
Notes to be immediately due and payable. The holders of a majority in aggregate
principal amount of the New Notes outstanding under the New Indenture may waive
an Event of Default resulting in acceleration of the New Notes, but only if all
Defaults have been remedied and all payments due (other than those due as a
result of acceleration) have been made. If a Default occurs and is continuing,
the New Trustee may in its discretion, and at the written request of holders of
not less than a majority in aggregate principal amount of the New Notes
outstanding under the New Indenture and upon reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request
and subject to certain other conditions set forth in the New Indenture shall,
proceed to protect the rights of the holders of all the New Notes. Prior to
acceleration of maturity of the New Notes outstanding under the New Indenture,
the holders of a majority in aggregate principal amount of such New Notes may
waive any past default under the New Indenture except a default in the payment
of principal of, premium, if any, or interest on the New Notes.
The New Indenture provides that in the event of a Default specified in
clauses (ii) or (iii) of the immediately preceding paragraph in payment of
principal of, premium, if any, or interest on the New Notes, the Company will,
upon demand of the New Trustee, pay to it, for the benefit of the holder of any
of the New Notes, the whole amount then due and payable on such New Notes for
principal, premium, if any, and interest. The New Indenture further provides
that if the Company fails to pay such amount forthwith upon such demand, the New
Trustee may, among other things, institute a judicial proceeding for the
collection thereof.
The New Indenture also provides that notwithstanding any other provision of
the New Indenture, the holder of any New Note shall have the right to institute
suit for the enforcement of any payment of principal of, premium, if any, and
interest on such New Note on the Stated Maturity of such New Note and that such
right shall not be impaired without the consent of such holder.
The Company is required to file annually with the New Trustee a written
statement of officers as to the existence or non-existence of defaults under the
New Indenture or the New Notes.
NOTICES
Notices to Holders of New Notes will be given by mail to the addresses of
such Holders as they may appear in the Security Register.
TITLE
The Company, the New Trustee and any agent of the Company or the New Trustee
may treat the Person in whose name a New Note is registered as the absolute
owner thereof for the purpose of making payment and for all other purposes.
GOVERNING LAW
The New Indenture and the New Notes will be governed by, and construed in
accordance with, the law of the State of New York.
THE TRUSTEE
The Chase Manhattan Bank is the trustee under the New Indenture. Chase
Manhattan Bank Delaware, an affiliate of The Chase Manhattan Bank, serves as the
trustee under the Old Indenture relating to the Old Notes. The Company has other
customary banking relationships with The Chase Manhattan Bank in the ordinary
course of business.
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CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES
The following discussion is a summary of certain U.S. Federal income tax
consequences of the Exchange Offer to Holders of Old Notes and of the ownership
and disposition of New Notes acquired pursuant to the Exchange Offer. The
statements of law and legal conclusions set forth in this summary are based on
the opinion of Squire, Sanders & Dempsey L.L.P., counsel to the Company. This
summary is based on the Internal Revenue Code of 1986, as amended (the "Code"),
Treasury Regulations, Internal Revenue Service ("IRS") rulings, official
pronouncements and judicial decisions, all as in effect on the date hereof and
all of which are subject to change, possibly with retroactive effect, or
different interpretations. This summary is applicable only to persons who hold
Old Notes as capital assets and who will hold New Notes as capital assets. This
summary does not discuss all the U.S. Federal income tax consequences that may
be relevant to a Holder in light of the Holder's particular circumstances. In
particular, this summary does not address any special rules that may be
applicable to insurance companies, tax-exempt persons, financial institutions,
regulated investment companies, dealers in securities or currencies, pass-
through entities, persons that hold Old Notes or New Notes as part of an
integrated investment (including a "straddle") consisting of Old Notes or New
Notes and one or more other positions, foreign corporations, persons who are not
citizens or residents of the United States, or persons whose functional currency
is other than the United States dollar. In addition, this summary does not
address any state or local tax considerations that may be relevant to a Holder's
decision to exchange Old Notes for New Notes pursuant to the Exchange Offer.
THE FOLLOWING IS NOT TAX ADVICE TO ANY HOLDER OF OLD NOTES. ALL HOLDERS OF
OLD NOTES SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE UNITED STATES
FEDERAL, STATE AND LOCAL TAX CONSEQUENCES OF THE EXCHANGE OF OLD NOTES FOR NEW
NOTES AND OF THE OWNERSHIP AND DISPOSITION OF NEW NOTES RECEIVED IN THE EXCHANGE
OFFER IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES.
EXCHANGE OF OLD NOTES FOR NEW NOTES
The Exchange will constitute a recapitalization within the meaning of
section 368(a)(1)(E) of the Code. A Holder of Old Notes who exchanges Old Notes
for New Notes will recognize no gain or loss on the Exchange, except that a
cash-basis holder of Old Notes who exchanges Old Notes for New Notes may be
required to recognize as interest income received on the Exchange Date an amount
equal to the interest accrued on such Old Notes from March 1, 1998 through the
Exchange Date. An exchanging Holder's tax basis in New Notes received in the
Exchange will be the same as such Holder's tax basis in the Old Notes exchanged.
An exchanging Holder's holding period for the New Notes received in the Exchange
will include its holding period for the Old Notes exchanged.
If a Holder's tax basis in Old Notes immediately after the acquisition of
Old Notes exceeded the principal amount of such Old Notes, such excess
constituted amortizable bond premium which the Holder may have elected to
amortize under a constant yield method under section 171 of the Code. If such an
electing Holder exchanges Old Notes for New Notes, the remaining bond premium on
the New Notes would be amortizable over the extended term of the New Notes.
Some Holders of Old Notes may have acquired them at a "market discount." For
this purpose, "market discount" is the excess (if any) of the principal amount
over the Holder's acquisition price, subject to a statutory de minimis
exception. While accrued market discount generally must be recognized to the
extent of gain realized on the disposition of a market discount debt instrument,
the Exchange will not cause any exchanging Holders of Old Notes who acquired
them at a market discount to recognize any accrued market discount as income.
Instead, any accrued market discount on Old Notes that are exchanged for New
Notes will attach to the New Notes. In addition, unaccrued market discount on
such Old Notes will accrue over the extended term of the New Notes.
33
<PAGE>
NEW NOTES
STATED INTEREST ON NEW NOTES. In general, interest based on the stated
interest rate of the New Notes will be ordinary income, taxable when accrued, in
the case of a Holder utilizing the accrual method of accounting, or when
received, in the case of a holder utilizing the cash method of accounting.
NO ORIGINAL ISSUE DISCOUNT. The New Notes will not be treated as issued
with original issue discount ("OID"), because the stated redemption price at
maturity ("SRPM") of the New Notes will not exceed their issue price. The SRPM
of the New Notes will equal the sum of the principal amount plus the portion of
interest in excess of the lower of 9 7/8% or the Extension Coupon. The issue
price of the New Notes will be their fair market value on their date of issue
if, as expected, the New Notes are considered to be "traded on an established
market." If the New Notes were not considered to be traded on an established
market, their issue price would be the fair market value of the Old Notes, which
are so traded. In either case, the issue price will exceed the SRPM.
BOND PREMIUM. If a Holder's tax basis in New Notes immediately after the
Exchange exceeds the principal amount of such New Notes, such excess will
constitute amortizable bond premium which the Holder may elect to amortize under
a constant yield method under section 171 of the Code. A Holder that elects to
amortize bond premium must reduce the tax basis in the New Notes by the amount
so amortized. The amortizable bond premium will be treated as an offset to
interest income rather than as a separate deduction item. An election to
amortize bond premium under section 171 of the Code by a Holder will apply to
all obligations owned or acquired by the Holder in the current and all
subsequent taxable years and may not be revoked without the permission of the
IRS. If an election to amortize bond premium is not made, a Holder must include
the full amount of each interest payment in income in accordance with its
regular method of accounting and will receive a tax benefit from the premium
only in computing gain or loss upon the redemption, sale or other disposition of
the New Notes.
REDEMPTION OR SALE OF THE NEW NOTES. In general, upon a redemption, sale or
other disposition of the New Notes, a Holder will recognize gain or loss equal
to the difference between (i) the amount realized on the disposition (other than
amounts attributable to accrued interest) and (ii) the Holder's tax basis in the
New Notes. Such gain or loss will generally be capital gain or loss (subject to
the market discount rules).
BACKUP WITHHOLDING
A Holder of New Notes may be subject to backup withholding at a rate of 31
percent with respect to interest paid or the proceeds of a redemption, sale or
other disposition of the New Notes, unless the Holder provides its taxpayer
identification number and certain required certifications to the payor or
otherwise establishes an exemption. Any amounts so withheld would be allowed as
a credit against the Holder's federal income tax liability.
PLAN OF DISTRIBUTION
The Company will exchange New Notes for Old Notes. Accordingly, the Company
will not receive any proceeds from the exchange of New Notes for Old Notes.
Based on an interpretation by the staff of the Division of Corporation
Finance of the Commission, the Company believes that the New Notes issued
pursuant to the Exchange Offer may be offered for resale, resold and otherwise
transferred by any Holder thereof without compliance with the registration
requirements of the Securities Act.
The Company has not entered into any arrangement or understanding with any
person to distribute the New Notes to be received in the Exchange Offer and, to
the best of the Company's information and belief, each person participating in
the Exchange Offer is acquiring the New Notes in the ordinary course
34
<PAGE>
of business and has no arrangement or understanding with any person to
participate in the distribution of the New Notes.
The Company has agreed to pay all expenses incident to the Exchange Offer
(other than commissions or concessions of any brokers or dealers).
VALIDITY OF NEW NOTES
The validity of the New Notes will be passed upon for the Company by Squire,
Sanders & Dempsey L.L.P.
INDEPENDENT AUDITORS
The consolidated financial statements of the Company and its subsidiaries
included in the Annual Report on Form 10-K of the Company for the fiscal year
ended December 31, 1996, as amended by Form 10-K/A filed March 21, 1997 and Form
10-K/A filed June 30, 1997, have been audited by Coopers & Lybrand L.L.P.,
independent accountants, as set forth in their report dated February 21, 1997
accompanying such financial statements.
The supplemental consolidated balance sheets of the Company and its
subsidiaries as of December 31, 1996 and 1995, and the related supplemental
consolidated statements of income, changes in stockholders' equity and cash
flows for each of the three years in the period ended December 31, 1996,
included in the Current Report on Form 8-K of the Company filed August 29, 1997,
as amended by Form 8-K/A filed September 2, 1997, have been audited by Coopers &
Lybrand L.L.P., independent accountants, as set forth in their report dated
August 28, 1997 accompanying such supplemental financial statements.
35
<PAGE>
SCHEDULE A
FIXED SPREAD FORMULA TO DETERMINE THE
REFERENCE PRICE OF THE OLD NOTES
<TABLE>
<CAPTION>
<S> <C> <C>
YLD = Reference Yield of the Old Notes expressed as a decimal number.
CPN = The nominal rate of interest payable on the Old Notes expressed as a decimal number.
N = The number of semi-annual interest payments, based on the maturity date of the Old Notes from, but
excluding the Exchange Date to, and including the maturity date of the Old Notes.
S = The number of days from and including the semi-annual interest payment date immediately preceding
the Exchange Date up to, but not including, the Exchange Date. The number of days is computed using
the 30/360 day-count method.
exp = Exponentiate. The term to the left of "exp" is raised to the power indicated by the term to the
right of "exp".
PRICE = The applicable Reference Price on the Old Notes per $1,000 principal amount of an Old Note. The
Reference Price of the Old Notes is rounded to the nearest cent.
<CAPTION>
PRICE =
<S> <C> <C>
(1 + YLD/2) exp (N - S/180)
N
+ S 1,000 (CPN/2)
K=1 (1 + YLD/2) exp (K - S/180)
- 1,000 (CPN/2) (S/180)
</TABLE>
A-1
<PAGE>
SCHEDULE B
HYPOTHETICAL PRICING EXAMPLE
FOR THE OLD NOTES
This Schedule B provides a hypothetical illustration of the calculation of
the Reference Price of the Old Notes based on hypothetical data, and should,
therefore, be used solely for the purpose of obtaining an understanding of the
calculation of the Reference Price of the Old Notes, as quoted at a hypothetical
10 Year Benchmark Treasury Yield, and should not be used or relied upon for any
other purpose.
<TABLE>
<CAPTION>
<S> <C>
OLD NOTES
Maturity Date of the Old Notes: March 1, 2009
10 Year Benchmark Treasury Security: 5 1/2% U.S. Treasury Note due February 15,
2008
2009 Fixed Spread: 0.88% (eighty-eight basis points)
EXAMPLE:
Hypothetical Price Determination Date: 2:00 p.m., New York City time, on Thursday,
February 12, 1998
EXCHANGE DATE: March 25, 1998
10 Year Benchmark Treasury Yield on the = 5.49%
hypothetical Price Determination Date
2009 Fixed Spread = 0.88%
YLD = 6.37%
CPN = 9.875%
N = 22
S = 24
PRICE = $1,272.94
</TABLE>
B-1
<PAGE>
SCHEDULE C
FIXED SPREAD PRICING FORMULA TO DETERMINE THE
REFERENCE PRICE OF THE NEW NOTES
<TABLE>
<CAPTION>
<S> <C> <C>
YLD = Reference Yield of the New Notes expressed as a decimal number.
CPN = The nominal rate of interest payable on the New Notes expressed as a decimal number to March 1,
2009.
EXT = The nominal rate of interest payable on the New Notes expressed as a decimal number from, and
including, March 1, 2009 to but not including March 1, 2019.
N = The number of semi-annual interest payments, based on the maturity date of the Old Notes from, but
excluding the Exchange Date to, and including the maturity date of the Old Notes.
M = The number of semi-annual interest payments, based on the maturity date of the New Notes from (but
excluding) the Exchange Date to (and including) the maturity date of the New Notes.
S = The number of days from and including the semi-annual interest payment date immediately preceding
the Exchange Date up to, but not including, the Exchange Date. The number of days is computed using
the 30/360 day-count method.
exp = Exponentiate. The term to the left of "exp" is raised to the power indicated by the term to the
right of "exp".
PRICE = The applicable Reference Price of the New Notes per $1,000 principal amount of a New Note. The
Reference Price of the New Notes is rounded to the nearest cent.
<CAPTION>
PRICE =
<S> <C> <C>
(1 + YLD/2) exp (M - S/180)
N
+ S 1,000 (CPN/2)
K=1 (1 + YLD/2) exp (K - S/180)
M
+ S 1,000 (EXT/2)
K=N+1 (1 + YLD/2) exp (K - S/180)
- 1,000 (CPN/2) (S/180)
</TABLE>
C-1
<PAGE>
SCHEDULE D
HYPOTHETICAL PRICING EXAMPLE
FOR THE NEW NOTES
This Schedule D provides a hypothetical illustration of the calculation of
the Reference Price of the New Notes based on hypothetical data, and should,
therefore, be used solely for the purpose of obtaining an understanding of the
calculation of the Reference Price of the New Notes, as quoted at a hypothetical
30 Year Benchmark Treasury Yield, and Extension Coupon, and should not be used
or relied upon for any other purpose.
NEW NOTES
<TABLE>
<S> <C>
Maturity Date of the New Notes: March 1, 2019
Benchmark Treasury Security: 6 3/8% U.S. Treasury Note due August 15,
2027
Fixed Spread: 1.00% (one hundred basis points)
EXAMPLE:
Hypothetical Price Determination Date: 2:00 p.m., New York City time, on Thursday,
February 12, 1998
Exchange Date: March 25, 1998
Benchmark Treasury Yield on the hypothetical
Price Determination Date = 5.86%
2019 Fixed Spread = 1.00%
YLD = 6.86%
CPN = 9.875%
EXT = 8.58%
N = 22
M = 42
S = 24
PRICE = $1,288.02
</TABLE>
D-1
<PAGE>
SCHEDULE E
HYPOTHETICAL EXAMPLE FOR CALCULATING
THE TREASURY ADJUSTED SPREAD DIFFERENTIAL
This Schedule E provides a hypothetical illustration of the calculation of
the Treasury Adjusted Spread Differential based on hypothetical data, and
should, therefore, be used solely for the purpose of obtaining an understanding
of the calculation of the Treasury Adjusted Spread Differential, as calculated
based on a hypothetical 10 Year Benchmark Treasury Yield, Reference Price of the
Old Notes, hypothetical 30 Year Benchmark Treasury Yield, and Extension Coupon,
and should not be used or relied upon for any other purpose.
<TABLE>
<S> <C>
Hypothetical Price Determination Date: 2:00 pm, New York City time, on Thursday,
February 12, 1998
Exchange Date: March 25, 1998
10 Year Benchmark Treasury Yield on the
hypothetical Price Determination Date =5.49%
Reference Price of the Old Notes =$1,272.94
30 Year Benchmark Treasury Yield on the
hypothetical Price Determination Date =5.86%
Extension Coupon =8.58%
Adjusted Reference Price of the New Notes =$1,272.94
Yield to Maturity of the New Notes =6.98%
Reference Yield of the Old Notes =6.37%
Treasury Yield Differential =0.37%
Treasury Adjusted Spread Differential =0.24% (twenty-four basis points)
</TABLE>
E-1
<PAGE>
SCHEDULE F
ILLUSTRATIVE EXAMPLES AND FORMULAS
TABLE F-1
REFERENCE YIELDS AND PRICES OF THE OLD NOTES AND MINIMUM REFERENCE PRICES OF THE
NEW NOTES
<TABLE>
<CAPTION>
REFERENCE YIELD REFERENCE PRICE
10 YEAR BENCHMARK TREASURY YIELD OF THE OLD NOTES OF THE OLD NOTES
- --------------------------------------------------------------------- --------------------- -----------------
<S> <C> <C>
5.20%................................................................ 6.08% $ 1,299.82
5.21%................................................................ 6.09% $ 1,298.88
5.22%................................................................ 6.10% $ 1,297.94
5.23%................................................................ 6.11% $ 1,297.00
5.24%................................................................ 6.12% $ 1,296.07
5.25%................................................................ 6.13% $ 1,295.13
5.26%................................................................ 6.14% $ 1,294.20
5.27%................................................................ 6.15% $ 1,293.26
5.28%................................................................ 6.16% $ 1,292.33
5.29%................................................................ 6.17% $ 1,291.40
5.30%................................................................ 6.18% $ 1,290.47
5.31%................................................................ 6.19% $ 1,289.54
5.32%................................................................ 6.20% $ 1,288.61
5.33%................................................................ 6.21% $ 1,287.68
5.34%................................................................ 6.22% $ 1,286.75
5.35%................................................................ 6.23% $ 1,285.82
5.36%................................................................ 6.24% $ 1,284.90
5.37%................................................................ 6.25% $ 1,283.97
5.38%................................................................ 6.26% $ 1,283.05
5.39%................................................................ 6.27% $ 1,282.13
5.40%................................................................ 6.28% $ 1,281.20
5.41%................................................................ 6.29% $ 1,280.28
5.42%................................................................ 6.30% $ 1,279.36
5.43%................................................................ 6.31% $ 1,278.44
5.44%................................................................ 6.32% $ 1,277.52
5.45%................................................................ 6.33% $ 1,276.61
5.46%................................................................ 6.34% $ 1,275.69
5.47%................................................................ 6.35% $ 1,274.77
5.48%................................................................ 6.36% $ 1,273.86
5.49%................................................................ 6.37% $ 1,272.94
5.50%................................................................ 6.38% $ 1,272.03
5.51%................................................................ 6.39% $ 1,271.12
5.52%................................................................ 6.40% $ 1,270.20
5.53%................................................................ 6.41% $ 1,269.29
5.54%................................................................ 6.42% $ 1,268.38
5.55%................................................................ 6.43% $ 1,267.47
5.56%................................................................ 6.44% $ 1,266.57
5.57%................................................................ 6.45% $ 1,265.66
5.58%................................................................ 6.46% $ 1,264.75
5.59%................................................................ 6.47% $ 1,263.85
5.60%................................................................ 6.48% $ 1,262.94
5.61%................................................................ 6.49% $ 1,262.04
5.62%................................................................ 6.50% $ 1,261.13
5.63%................................................................ 6.51% $ 1,260.23
5.64%................................................................ 6.52% $ 1,259.33
5.65%................................................................ 6.53% $ 1,258.43
5.66%................................................................ 6.54% $ 1,257.53
5.67%................................................................ 6.55% $ 1,256.63
5.68%................................................................ 6.56% $ 1,255.73
5.69%................................................................ 6.57% $ 1,254.83
5.70%................................................................ 6.58% $ 1,253.94
5.71%................................................................ 6.59% $ 1,253.04
5.72%................................................................ 6.60% $ 1,252.15
5.73%................................................................ 6.61% $ 1,251.25
5.74%................................................................ 6.62% $ 1,250.36
5.75%................................................................ 6.63% $ 1,249.47
5.76%................................................................ 6.64% $ 1,248.58
5.77%................................................................ 6.65% $ 1,247.69
5.78%................................................................ 6.66% $ 1,246.80
5.79%................................................................ 6.67% $ 1,245.91
5.80%................................................................ 6.68% $ 1,245.02
5.81%................................................................ 6.69% $ 1,244.13
5.82%................................................................ 6.70% $ 1,243.25
5.83%................................................................ 6.71% $ 1,242.36
5.84%................................................................ 6.72% $ 1,241.48
5.85%................................................................ 6.73% $ 1,240.59
5.86%................................................................ 6.74% $ 1,239.71
5.87%................................................................ 6.75% $ 1,238.83
5.88%................................................................ 6.76% $ 1,237.95
5.89%................................................................ 6.77% $ 1,237.07
5.90%................................................................ 6.78% $ 1,236.19
5.91%................................................................ 6.79% $ 1,235.31
5.92%................................................................ 6.80% $ 1,234.43
5.93%................................................................ 6.81% $ 1,233.55
5.94%................................................................ 6.82% $ 1,232.68
5.95%................................................................ 6.83% $ 1,231.80
5.96%................................................................ 6.84% $ 1,230.93
5.97%................................................................ 6.85% $ 1,230.05
5.98%................................................................ 6.86% $ 1,229.18
5.99%................................................................ 6.87% $ 1,228.31
6.00%................................................................ 6.88% $ 1,227.44
<CAPTION>
MINIMUM REFERENCE
10 YEAR BENCHMARK TREASURY YIELD PRICE OF THE NEW NOTES
- --------------------------------------------------------------------- ----------------------
<S> <C>
5.20%................................................................ $ 1,314.82
5.21%................................................................ $ 1,313.88
5.22%................................................................ $ 1,312.94
5.23%................................................................ $ 1,312.00
5.24%................................................................ $ 1,311.07
5.25%................................................................ $ 1,310.13
5.26%................................................................ $ 1,309.20
5.27%................................................................ $ 1,308.26
5.28%................................................................ $ 1,307.33
5.29%................................................................ $ 1,306.40
5.30%................................................................ $ 1,305.47
5.31%................................................................ $ 1,304.54
5.32%................................................................ $ 1,303.61
5.33%................................................................ $ 1,302.68
5.34%................................................................ $ 1,301.75
5.35%................................................................ $ 1,300.82
5.36%................................................................ $ 1,299.90
5.37%................................................................ $ 1,298.97
5.38%................................................................ $ 1,298.05
5.39%................................................................ $ 1,297.13
5.40%................................................................ $ 1,296.20
5.41%................................................................ $ 1,295.28
5.42%................................................................ $ 1,294.36
5.43%................................................................ $ 1,293.44
5.44%................................................................ $ 1,292.52
5.45%................................................................ $ 1,291.61
5.46%................................................................ $ 1,290.69
5.47%................................................................ $ 1,289.77
5.48%................................................................ $ 1,288.86
5.49%................................................................ $ 1,287.94
5.50%................................................................ $ 1,287.03
5.51%................................................................ $ 1,286.12
5.52%................................................................ $ 1,285.20
5.53%................................................................ $ 1,284.29
5.54%................................................................ $ 1,283.38
5.55%................................................................ $ 1,282.47
5.56%................................................................ $ 1,281.57
5.57%................................................................ $ 1,280.66
5.58%................................................................ $ 1,279.75
5.59%................................................................ $ 1,278.85
5.60%................................................................ $ 1,277.94
5.61%................................................................ $ 1,277.04
5.62%................................................................ $ 1,276.13
5.63%................................................................ $ 1,275.23
5.64%................................................................ $ 1,274.33
5.65%................................................................ $ 1,273.43
5.66%................................................................ $ 1,272.53
5.67%................................................................ $ 1,271.63
5.68%................................................................ $ 1,270.73
5.69%................................................................ $ 1,269.83
5.70%................................................................ $ 1,268.94
5.71%................................................................ $ 1,268.04
5.72%................................................................ $ 1,267.15
5.73%................................................................ $ 1,266.25
5.74%................................................................ $ 1,265.36
5.75%................................................................ $ 1,264.47
5.76%................................................................ $ 1,263.58
5.77%................................................................ $ 1,262.69
5.78%................................................................ $ 1,261.80
5.79%................................................................ $ 1,260.91
5.80%................................................................ $ 1,260.02
5.81%................................................................ $ 1,259.13
5.82%................................................................ $ 1,258.25
5.83%................................................................ $ 1,257.36
5.84%................................................................ $ 1,256.48
5.85%................................................................ $ 1,255.59
5.86%................................................................ $ 1,254.71
5.87%................................................................ $ 1,253.83
5.88%................................................................ $ 1,252.95
5.89%................................................................ $ 1,252.07
5.90%................................................................ $ 1,251.19
5.91%................................................................ $ 1,250.31
5.92%................................................................ $ 1,249.43
5.93%................................................................ $ 1,248.55
5.94%................................................................ $ 1,247.68
5.95%................................................................ $ 1,246.80
5.96%................................................................ $ 1,245.93
5.97%................................................................ $ 1,245.05
5.98%................................................................ $ 1,244.18
5.99%................................................................ $ 1,243.31
6.00%................................................................ $ 1,242.44
</TABLE>
F-1-1
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
----------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.50% 5.51% 5.52% 5.53% 5.54% 5.55%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%..................................... 7.99% 8.03% 8.07% 8.10% 8.14% 8.18%
5.21%..................................... 7.97% 8.00% 8.04% 8.08% 8.11% 8.15%
5.22%..................................... 7.94% 7.98% 8.01% 8.05% 8.09% 8.13%
5.23%..................................... 7.91% 7.95% 7.99% 8.02% 8.06% 8.10%
5.24%..................................... 7.89% 7.92% 7.96% 8.00% 8.04% 8.07%
5.25%..................................... 7.86% 7.90% 7.94% 7.97% 8.01% 8.05%
5.26%..................................... 7.84% 7.87% 7.91% 7.95% 7.98% 8.02%
5.27%..................................... 7.81% 7.85% 7.88% 7.92% 7.96% 8.00%
5.28%..................................... 7.78% 7.82% 7.86% 7.89% 7.93% 7.97%
5.29%..................................... 7.76% 7.80% 7.83% 7.87% 7.91% 7.94%
5.30%..................................... 7.73% 7.77% 7.81% 7.84% 7.88% 7.92%
5.31%..................................... 7.71% 7.74% 7.78% 7.82% 7.85% 7.89%
5.32%..................................... 7.68% 7.72% 7.75% 7.79% 7.83% 7.87%
5.33%..................................... 7.66% 7.69% 7.73% 7.77% 7.80% 7.84%
5.34%..................................... 7.63% 7.67% 7.70% 7.74% 7.78% 7.81%
5.35%..................................... 7.60% 7.64% 7.68% 7.71% 7.75% 7.79%
5.36%..................................... 7.58% 7.61% 7.65% 7.69% 7.73% 7.76%
5.37%..................................... 7.55% 7.59% 7.63% 7.66% 7.70% 7.74%
5.38%..................................... 7.53% 7.56% 7.60% 7.64% 7.67% 7.71%
5.39%..................................... 7.50% 7.54% 7.57% 7.61% 7.65% 7.68%
5.40%..................................... 7.48% 7.51% 7.55% 7.59% 7.62% 7.66%
5.41%..................................... 7.45% 7.49% 7.52% 7.56% 7.60% 7.63%
5.42%..................................... 7.42% 7.46% 7.50% 7.53% 7.57% 7.61%
5.43%..................................... 7.40% 7.44% 7.47% 7.51% 7.55% 7.58%
5.44%..................................... 7.37% 7.41% 7.45% 7.48% 7.52% 7.56%
5.45%..................................... 7.35% 7.38% 7.42% 7.46% 7.49% 7.53%
5.46%..................................... 7.32% 7.36% 7.40% 7.43% 7.47% 7.51%
5.47%..................................... 7.30% 7.33% 7.37% 7.41% 7.44% 7.48%
5.48%..................................... 7.27% 7.31% 7.34% 7.38% 7.42% 7.45%
5.49%..................................... 7.25% 7.28% 7.32% 7.36% 7.39% 7.43%
5.50%..................................... 7.22% 7.26% 7.29% 7.33% 7.37% 7.40%
5.51%..................................... 7.20% 7.23% 7.27% 7.31% 7.34% 7.38%
5.52%..................................... 7.17% 7.21% 7.24% 7.28% 7.32% 7.35%
5.53%..................................... 7.15% 7.18% 7.22% 7.25% 7.29% 7.33%
5.54%..................................... 7.12% 7.16% 7.19% 7.23% 7.26% 7.30%
5.55%..................................... 7.10% 7.13% 7.17% 7.20% 7.24% 7.28%
5.56%..................................... 7.07% 7.11% 7.14% 7.18% 7.21% 7.25%
5.57%..................................... 7.05% 7.08% 7.12% 7.15% 7.19% 7.23%
5.58%..................................... 7.02% 7.06% 7.09% 7.13% 7.16% 7.20%
5.59%..................................... 7.00% 7.03% 7.07% 7.10% 7.14% 7.17%
5.60%..................................... 6.97% 7.01% 7.04% 7.08% 7.11% 7.15%
5.61%..................................... 6.95% 6.98% 7.02% 7.05% 7.09% 7.12%
5.62%..................................... 6.92% 6.96% 6.99% 7.03% 7.06% 7.10%
5.63%..................................... 6.90% 6.93% 6.97% 7.00% 7.04% 7.07%
5.64%..................................... 6.87% 6.91% 6.94% 6.98% 7.01% 7.05%
5.65%..................................... 6.85% 6.88% 6.92% 6.95% 6.99% 7.02%
5.66%..................................... 6.82% 6.86% 6.89% 6.93% 6.96% 7.00%
5.67%..................................... 6.80% 6.83% 6.87% 6.90% 6.94% 6.97%
5.68%..................................... 6.77% 6.81% 6.84% 6.88% 6.91% 6.95%
5.69%..................................... 6.75% 6.78% 6.82% 6.85% 6.89% 6.92%
5.70%..................................... 6.72% 6.76% 6.79% 6.83% 6.86% 6.90%
5.71%..................................... 6.70% 6.73% 6.77% 6.80% 6.84% 6.87%
5.72%..................................... 6.67% 6.71% 6.74% 6.78% 6.81% 6.85%
5.73%..................................... 6.65% 6.68% 6.72% 6.75% 6.79% 6.82%
5.74%..................................... 6.62% 6.66% 6.69% 6.73% 6.76% 6.80%
5.75%..................................... 6.60% 6.63% 6.67% 6.70% 6.74% 6.77%
5.76%..................................... 6.57% 6.61% 6.64% 6.68% 6.71% 6.75%
5.77%..................................... 6.55% 6.58% 6.62% 6.65% 6.69% 6.72%
5.78%..................................... 6.52% 6.56% 6.59% 6.63% 6.66% 6.70%
5.79%..................................... 6.50% 6.53% 6.57% 6.60% 6.64% 6.67%
5.80%..................................... 6.47% 6.51% 6.54% 6.58% 6.61% 6.65%
5.81%..................................... 6.45% 6.48% 6.52% 6.55% 6.59% 6.62%
5.82%..................................... 6.43% 6.46% 6.50% 6.53% 6.57% 6.60%
5.83%..................................... 6.40% 6.44% 6.47% 6.51% 6.54% 6.58%
5.84%..................................... 6.38% 6.41% 6.45% 6.48% 6.52% 6.55%
5.85%..................................... 6.35% 6.39% 6.42% 6.46% 6.49% 6.53%
5.86%..................................... 6.33% 6.36% 6.40% 6.43% 6.47% 6.50%
5.87%..................................... 6.30% 6.34% 6.37% 6.41% 6.44% 6.48%
5.88%..................................... 6.28% 6.31% 6.35% 6.38% 6.42% 6.45%
5.89%..................................... 6.25% 6.29% 6.32% 6.36% 6.39% 6.43%
5.90%..................................... 6.23% 6.26% 6.30% 6.33% 6.37% 6.40%
5.91%..................................... 6.21% 6.24% 6.27% 6.31% 6.34% 6.38%
5.92%..................................... 6.18% 6.22% 6.25% 6.28% 6.32% 6.35%
5.93%..................................... 6.16% 6.19% 6.23% 6.26% 6.29% 6.33%
5.94%..................................... 6.13% 6.17% 6.20% 6.24% 6.27% 6.31%
5.95%..................................... 6.11% 6.14% 6.18% 6.21% 6.25% 6.28%
5.96%..................................... 6.08% 6.12% 6.15% 6.19% 6.22% 6.26%
5.97%..................................... 6.06% 6.09% 6.13% 6.16% 6.20% 6.23%
5.98%..................................... 6.04% 6.07% 6.10% 6.14% 6.17% 6.21%
5.99%..................................... 6.01% 6.05% 6.08% 6.11% 6.15% 6.18%
6.00%..................................... 5.99% 6.02% 6.06% 6.09% 6.12% 6.16%
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.56% 5.57% 5.58% 5.59% 5.60% 5.61%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
5.20%..................................... 8.22% 8.25% 8.29% 8.33% 8.37% 8.40%
5.21%..................................... 8.19% 8.23% 8.26% 8.30% 8.34% 8.38%
5.22%..................................... 8.16% 8.20% 8.24% 8.28% 8.31% 8.35%
5.23%..................................... 8.14% 8.17% 8.21% 8.25% 8.29% 8.32%
5.24%..................................... 8.11% 8.15% 8.19% 8.22% 8.26% 8.30%
5.25%..................................... 8.08% 8.12% 8.16% 8.20% 8.23% 8.27%
5.26%..................................... 8.06% 8.10% 8.13% 8.17% 8.21% 8.25%
5.27%..................................... 8.03% 8.07% 8.11% 8.14% 8.18% 8.22%
5.28%..................................... 8.01% 8.04% 8.08% 8.12% 8.16% 8.19%
5.29%..................................... 7.98% 8.02% 8.06% 8.09% 8.13% 8.17%
5.30%..................................... 7.95% 7.99% 8.03% 8.07% 8.10% 8.14%
5.31%..................................... 7.93% 7.97% 8.00% 8.04% 8.08% 8.11%
5.32%..................................... 7.90% 7.94% 7.98% 8.01% 8.05% 8.09%
5.33%..................................... 7.88% 7.91% 7.95% 7.99% 8.03% 8.06%
5.34%..................................... 7.85% 7.89% 7.92% 7.96% 8.00% 8.04%
5.35%..................................... 7.82% 7.86% 7.90% 7.94% 7.97% 8.01%
5.36%..................................... 7.80% 7.84% 7.87% 7.91% 7.95% 7.98%
5.37%..................................... 7.77% 7.81% 7.85% 7.88% 7.92% 7.96%
5.38%..................................... 7.75% 7.78% 7.82% 7.86% 7.90% 7.93%
5.39%..................................... 7.72% 7.76% 7.80% 7.83% 7.87% 7.91%
5.40%..................................... 7.70% 7.73% 7.77% 7.81% 7.84% 7.88%
5.41%..................................... 7.67% 7.71% 7.74% 7.78% 7.82% 7.85%
5.42%..................................... 7.64% 7.68% 7.72% 7.75% 7.79% 7.83%
5.43%..................................... 7.62% 7.66% 7.69% 7.73% 7.77% 7.80%
5.44%..................................... 7.59% 7.63% 7.67% 7.70% 7.74% 7.78%
5.45%..................................... 7.57% 7.60% 7.64% 7.68% 7.71% 7.75%
5.46%..................................... 7.54% 7.58% 7.61% 7.65% 7.69% 7.73%
5.47%..................................... 7.52% 7.55% 7.59% 7.63% 7.66% 7.70%
5.48%..................................... 7.49% 7.53% 7.56% 7.60% 7.64% 7.67%
5.49%..................................... 7.46% 7.50% 7.54% 7.57% 7.61% 7.65%
5.50%..................................... 7.44% 7.48% 7.51% 7.55% 7.59% 7.62%
5.51%..................................... 7.41% 7.45% 7.49% 7.52% 7.56% 7.60%
5.52%..................................... 7.39% 7.42% 7.46% 7.50% 7.53% 7.57%
5.53%..................................... 7.36% 7.40% 7.44% 7.47% 7.51% 7.54%
5.54%..................................... 7.34% 7.37% 7.41% 7.45% 7.48% 7.52%
5.55%..................................... 7.31% 7.35% 7.38% 7.42% 7.46% 7.49%
5.56%..................................... 7.29% 7.32% 7.36% 7.40% 7.43% 7.47%
5.57%..................................... 7.26% 7.30% 7.33% 7.37% 7.41% 7.44%
5.58%..................................... 7.24% 7.27% 7.31% 7.34% 7.38% 7.42%
5.59%..................................... 7.21% 7.25% 7.28% 7.32% 7.36% 7.39%
5.60%..................................... 7.19% 7.22% 7.26% 7.29% 7.33% 7.37%
5.61%..................................... 7.16% 7.20% 7.23% 7.27% 7.30% 7.34%
5.62%..................................... 7.13% 7.17% 7.21% 7.24% 7.28% 7.32%
5.63%..................................... 7.11% 7.15% 7.18% 7.22% 7.25% 7.29%
5.64%..................................... 7.08% 7.12% 7.16% 7.19% 7.23% 7.26%
5.65%..................................... 7.06% 7.10% 7.13% 7.17% 7.20% 7.24%
5.66%..................................... 7.03% 7.07% 7.11% 7.14% 7.18% 7.21%
5.67%..................................... 7.01% 7.04% 7.08% 7.12% 7.15% 7.19%
5.68%..................................... 6.98% 7.02% 7.06% 7.09% 7.13% 7.16%
5.69%..................................... 6.96% 6.99% 7.03% 7.07% 7.10% 7.14%
5.70%..................................... 6.93% 6.97% 7.01% 7.04% 7.08% 7.11%
5.71%..................................... 6.91% 6.94% 6.98% 7.02% 7.05% 7.09%
5.72%..................................... 6.88% 6.92% 6.96% 6.99% 7.03% 7.06%
5.73%..................................... 6.86% 6.89% 6.93% 6.97% 7.00% 7.04%
5.74%..................................... 6.83% 6.87% 6.91% 6.94% 6.98% 7.01%
5.75%..................................... 6.81% 6.84% 6.88% 6.92% 6.95% 6.99%
5.76%..................................... 6.78% 6.82% 6.86% 6.89% 6.93% 6.96%
5.77%..................................... 6.76% 6.79% 6.83% 6.87% 6.90% 6.94%
5.78%..................................... 6.73% 6.77% 6.81% 6.84% 6.88% 6.91%
5.79%..................................... 6.71% 6.74% 6.78% 6.82% 6.85% 6.89%
5.80%..................................... 6.68% 6.72% 6.76% 6.79% 6.83% 6.86%
5.81%..................................... 6.66% 6.70% 6.73% 6.77% 6.80% 6.84%
5.82%..................................... 6.64% 6.67% 6.71% 6.74% 6.78% 6.81%
5.83%..................................... 6.61% 6.65% 6.68% 6.72% 6.75% 6.79%
5.84%..................................... 6.59% 6.62% 6.66% 6.69% 6.73% 6.76%
5.85%..................................... 6.56% 6.60% 6.63% 6.67% 6.70% 6.74%
5.86%..................................... 6.54% 6.57% 6.61% 6.64% 6.68% 6.71%
5.87%..................................... 6.51% 6.55% 6.58% 6.62% 6.65% 6.69%
5.88%..................................... 6.49% 6.52% 6.56% 6.59% 6.63% 6.66%
5.89%..................................... 6.46% 6.50% 6.53% 6.57% 6.60% 6.64%
5.90%..................................... 6.44% 6.47% 6.51% 6.54% 6.58% 6.61%
5.91%..................................... 6.41% 6.45% 6.48% 6.52% 6.55% 6.59%
5.92%..................................... 6.39% 6.42% 6.46% 6.49% 6.53% 6.56%
5.93%..................................... 6.36% 6.40% 6.43% 6.47% 6.50% 6.54%
5.94%..................................... 6.34% 6.37% 6.41% 6.44% 6.48% 6.51%
5.95%..................................... 6.32% 6.35% 6.38% 6.42% 6.45% 6.49%
5.96%..................................... 6.29% 6.33% 6.36% 6.40% 6.43% 6.47%
5.97%..................................... 6.27% 6.30% 6.34% 6.37% 6.41% 6.44%
5.98%..................................... 6.24% 6.28% 6.31% 6.35% 6.38% 6.42%
5.99%..................................... 6.22% 6.25% 6.29% 6.32% 6.36% 6.39%
6.00%..................................... 6.19% 6.23% 6.26% 6.30% 6.33% 6.37%
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.62% 5.63% 5.64% 5.65%
- ------------------------------------------ ----------- ----------- ----------- -----------
5.20%..................................... 8.44% 8.48% 8.52% 8.56%
5.21%..................................... 8.42% 8.45% 8.49% 8.53%
5.22%..................................... 8.39% 8.43% 8.46% 8.50%
5.23%..................................... 8.36% 8.40% 8.44% 8.48%
5.24%..................................... 8.34% 8.37% 8.41% 8.45%
5.25%..................................... 8.31% 8.35% 8.39% 8.42%
5.26%..................................... 8.28% 8.32% 8.36% 8.40%
5.27%..................................... 8.26% 8.29% 8.33% 8.37%
5.28%..................................... 8.23% 8.27% 8.31% 8.34%
5.29%..................................... 8.20% 8.24% 8.28% 8.32%
5.30%..................................... 8.18% 8.22% 8.25% 8.29%
5.31%..................................... 8.15% 8.19% 8.23% 8.27%
5.32%..................................... 8.13% 8.16% 8.20% 8.24%
5.33%..................................... 8.10% 8.14% 8.17% 8.21%
5.34%..................................... 8.07% 8.11% 8.15% 8.19%
5.35%..................................... 8.05% 8.08% 8.12% 8.16%
5.36%..................................... 8.02% 8.06% 8.10% 8.13%
5.37%..................................... 8.00% 8.03% 8.07% 8.11%
5.38%..................................... 7.97% 8.01% 8.04% 8.08%
5.39%..................................... 7.94% 7.98% 8.02% 8.06%
5.40%..................................... 7.92% 7.95% 7.99% 8.03%
5.41%..................................... 7.89% 7.93% 7.97% 8.00%
5.42%..................................... 7.87% 7.90% 7.94% 7.98%
5.43%..................................... 7.84% 7.88% 7.91% 7.95%
5.44%..................................... 7.81% 7.85% 7.89% 7.92%
5.45%..................................... 7.79% 7.82% 7.86% 7.90%
5.46%..................................... 7.76% 7.80% 7.84% 7.87%
5.47%..................................... 7.74% 7.77% 7.81% 7.85%
5.48%..................................... 7.71% 7.75% 7.78% 7.82%
5.49%..................................... 7.68% 7.72% 7.76% 7.79%
5.50%..................................... 7.66% 7.70% 7.73% 7.77%
5.51%..................................... 7.63% 7.67% 7.71% 7.74%
5.52%..................................... 7.61% 7.64% 7.68% 7.72%
5.53%..................................... 7.58% 7.62% 7.65% 7.69%
5.54%..................................... 7.56% 7.59% 7.63% 7.67%
5.55%..................................... 7.53% 7.57% 7.60% 7.64%
5.56%..................................... 7.50% 7.54% 7.58% 7.61%
5.57%..................................... 7.48% 7.52% 7.55% 7.59%
5.58%..................................... 7.45% 7.49% 7.53% 7.56%
5.59%..................................... 7.43% 7.46% 7.50% 7.54%
5.60%..................................... 7.40% 7.44% 7.48% 7.51%
5.61%..................................... 7.38% 7.41% 7.45% 7.49%
5.62%..................................... 7.35% 7.39% 7.42% 7.46%
5.63%..................................... 7.33% 7.36% 7.40% 7.44%
5.64%..................................... 7.30% 7.34% 7.37% 7.41%
5.65%..................................... 7.28% 7.31% 7.35% 7.38%
5.66%..................................... 7.25% 7.29% 7.32% 7.36%
5.67%..................................... 7.22% 7.26% 7.30% 7.33%
5.68%..................................... 7.20% 7.24% 7.27% 7.31%
5.69%..................................... 7.17% 7.21% 7.25% 7.28%
5.70%..................................... 7.15% 7.18% 7.22% 7.26%
5.71%..................................... 7.12% 7.16% 7.20% 7.23%
5.72%..................................... 7.10% 7.13% 7.17% 7.21%
5.73%..................................... 7.07% 7.11% 7.14% 7.18%
5.74%..................................... 7.05% 7.08% 7.12% 7.16%
5.75%..................................... 7.02% 7.06% 7.09% 7.13%
5.76%..................................... 7.00% 7.03% 7.07% 7.11%
5.77%..................................... 6.97% 7.01% 7.04% 7.08%
5.78%..................................... 6.95% 6.98% 7.02% 7.05%
5.79%..................................... 6.92% 6.96% 6.99% 7.03%
5.80%..................................... 6.90% 6.93% 6.97% 7.00%
5.81%..................................... 6.87% 6.91% 6.94% 6.98%
5.82%..................................... 6.85% 6.88% 6.92% 6.95%
5.83%..................................... 6.82% 6.86% 6.89% 6.93%
5.84%..................................... 6.80% 6.83% 6.87% 6.90%
5.85%..................................... 6.77% 6.81% 6.84% 6.88%
5.86%..................................... 6.75% 6.78% 6.82% 6.85%
5.87%..................................... 6.72% 6.76% 6.79% 6.83%
5.88%..................................... 6.70% 6.73% 6.77% 6.80%
5.89%..................................... 6.67% 6.71% 6.74% 6.78%
5.90%..................................... 6.65% 6.68% 6.72% 6.75%
5.91%..................................... 6.62% 6.66% 6.69% 6.73%
5.92%..................................... 6.60% 6.63% 6.67% 6.70%
5.93%..................................... 6.57% 6.61% 6.64% 6.68%
5.94%..................................... 6.55% 6.58% 6.62% 6.65%
5.95%..................................... 6.52% 6.56% 6.59% 6.63%
5.96%..................................... 6.50% 6.54% 6.57% 6.61%
5.97%..................................... 6.48% 6.51% 6.55% 6.58%
5.98%..................................... 6.45% 6.49% 6.52% 6.56%
5.99%..................................... 6.43% 6.46% 6.50% 6.53%
6.00%..................................... 6.40% 6.44% 6.47% 6.51%
</TABLE>
F-2-1
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
----------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.66% 5.67% 5.68% 5.69% 5.70% 5.71%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%..................................... 8.59% 8.63% 8.67% 8.71% 8.75% 8.79%
5.21%..................................... 8.57% 8.61% 8.64% 8.68% 8.72% 8.76%
5.22%..................................... 8.54% 8.58% 8.62% 8.66% 8.69% 8.73%
5.23%..................................... 8.51% 8.55% 8.59% 8.63% 8.67% 8.71%
5.24%..................................... 8.49% 8.53% 8.56% 8.60% 8.64% 8.68%
5.25%..................................... 8.46% 8.50% 8.54% 8.58% 8.61% 8.65%
5.26%..................................... 8.43% 8.47% 8.51% 8.55% 8.59% 8.63%
5.27%..................................... 8.41% 8.45% 8.48% 8.52% 8.56% 8.60%
5.28%..................................... 8.38% 8.42% 8.46% 8.50% 8.53% 8.57%
5.29%..................................... 8.36% 8.39% 8.43% 8.47% 8.51% 8.55%
5.30%..................................... 8.33% 8.37% 8.40% 8.44% 8.48% 8.52%
5.31%..................................... 8.30% 8.34% 8.38% 8.42% 8.45% 8.49%
5.32%..................................... 8.28% 8.31% 8.35% 8.39% 8.43% 8.47%
5.33%..................................... 8.25% 8.29% 8.33% 8.36% 8.40% 8.44%
5.34%..................................... 8.22% 8.26% 8.30% 8.34% 8.37% 8.41%
5.35%..................................... 8.20% 8.23% 8.27% 8.31% 8.35% 8.39%
5.36%..................................... 8.17% 8.21% 8.25% 8.28% 8.32% 8.36%
5.37%..................................... 8.14% 8.18% 8.22% 8.26% 8.30% 8.33%
5.38%..................................... 8.12% 8.16% 8.19% 8.23% 8.27% 8.31%
5.39%..................................... 8.09% 8.13% 8.17% 8.20% 8.24% 8.28%
5.40%..................................... 8.07% 8.10% 8.14% 8.18% 8.22% 8.25%
5.41%..................................... 8.04% 8.08% 8.11% 8.15% 8.19% 8.23%
5.42%..................................... 8.01% 8.05% 8.09% 8.13% 8.16% 8.20%
5.43%..................................... 7.99% 8.03% 8.06% 8.10% 8.14% 8.17%
5.44%..................................... 7.96% 8.00% 8.04% 8.07% 8.11% 8.15%
5.45%..................................... 7.94% 7.97% 8.01% 8.05% 8.09% 8.12%
5.46%..................................... 7.91% 7.95% 7.98% 8.02% 8.06% 8.10%
5.47%..................................... 7.88% 7.92% 7.96% 8.00% 8.03% 8.07%
5.48%..................................... 7.86% 7.90% 7.93% 7.97% 8.01% 8.04%
5.49%..................................... 7.83% 7.87% 7.91% 7.94% 7.98% 8.02%
5.50%..................................... 7.81% 7.84% 7.88% 7.92% 7.95% 7.99%
5.51%..................................... 7.78% 7.82% 7.85% 7.89% 7.93% 7.97%
5.52%..................................... 7.75% 7.79% 7.83% 7.87% 7.90% 7.94%
5.53%..................................... 7.73% 7.77% 7.80% 7.84% 7.88% 7.91%
5.54%..................................... 7.70% 7.74% 7.78% 7.81% 7.85% 7.89%
5.55%..................................... 7.68% 7.71% 7.75% 7.79% 7.82% 7.86%
5.56%..................................... 7.65% 7.69% 7.72% 7.76% 7.80% 7.84%
5.57%..................................... 7.63% 7.66% 7.70% 7.74% 7.77% 7.81%
5.58%..................................... 7.60% 7.64% 7.67% 7.71% 7.75% 7.78%
5.59%..................................... 7.57% 7.61% 7.65% 7.68% 7.72% 7.76%
5.60%..................................... 7.55% 7.58% 7.62% 7.66% 7.69% 7.73%
5.61%..................................... 7.52% 7.56% 7.60% 7.63% 7.67% 7.71%
5.62%..................................... 7.50% 7.53% 7.57% 7.61% 7.64% 7.68%
5.63%..................................... 7.47% 7.51% 7.54% 7.58% 7.62% 7.65%
5.64%..................................... 7.45% 7.48% 7.52% 7.56% 7.59% 7.63%
5.65%..................................... 7.42% 7.46% 7.49% 7.53% 7.57% 7.60%
5.66%..................................... 7.39% 7.43% 7.47% 7.50% 7.54% 7.58%
5.67%..................................... 7.37% 7.41% 7.44% 7.48% 7.51% 7.55%
5.68%..................................... 7.34% 7.38% 7.42% 7.45% 7.49% 7.53%
5.69%..................................... 7.32% 7.35% 7.39% 7.43% 7.46% 7.50%
5.70%..................................... 7.29% 7.33% 7.37% 7.40% 7.44% 7.47%
5.71%..................................... 7.27% 7.30% 7.34% 7.38% 7.41% 7.45%
5.72%..................................... 7.24% 7.28% 7.31% 7.35% 7.39% 7.42%
5.73%..................................... 7.22% 7.25% 7.29% 7.33% 7.36% 7.40%
5.74%..................................... 7.19% 7.23% 7.26% 7.30% 7.34% 7.37%
5.75%..................................... 7.17% 7.20% 7.24% 7.27% 7.31% 7.35%
5.76%..................................... 7.14% 7.18% 7.21% 7.25% 7.29% 7.32%
5.77%..................................... 7.12% 7.15% 7.19% 7.22% 7.26% 7.30%
5.78%..................................... 7.09% 7.13% 7.16% 7.20% 7.23% 7.27%
5.79%..................................... 7.07% 7.10% 7.14% 7.17% 7.21% 7.25%
5.80%..................................... 7.04% 7.08% 7.11% 7.15% 7.18% 7.22%
5.81%..................................... 7.01% 7.05% 7.09% 7.12% 7.16% 7.19%
5.82%..................................... 6.99% 7.03% 7.06% 7.10% 7.13% 7.17%
5.83%..................................... 6.96% 7.00% 7.04% 7.07% 7.11% 7.14%
5.84%..................................... 6.94% 6.98% 7.01% 7.05% 7.08% 7.12%
5.85%..................................... 6.91% 6.95% 6.99% 7.02% 7.06% 7.09%
5.86%..................................... 6.89% 6.93% 6.96% 7.00% 7.03% 7.07%
5.87%..................................... 6.86% 6.90% 6.94% 6.97% 7.01% 7.04%
5.88%..................................... 6.84% 6.88% 6.91% 6.95% 6.98% 7.02%
5.89%..................................... 6.81% 6.85% 6.89% 6.92% 6.96% 6.99%
5.90%..................................... 6.79% 6.83% 6.86% 6.90% 6.93% 6.97%
5.91%..................................... 6.76% 6.80% 6.84% 6.87% 6.91% 6.94%
5.92%..................................... 6.74% 6.78% 6.81% 6.85% 6.88% 6.92%
5.93%..................................... 6.71% 6.75% 6.79% 6.82% 6.86% 6.89%
5.94%..................................... 6.69% 6.73% 6.76% 6.80% 6.83% 6.87%
5.95%..................................... 6.67% 6.70% 6.74% 6.77% 6.81% 6.84%
5.96%..................................... 6.64% 6.68% 6.71% 6.75% 6.78% 6.82%
5.97%..................................... 6.62% 6.65% 6.69% 6.72% 6.76% 6.79%
5.98%..................................... 6.59% 6.63% 6.66% 6.70% 6.73% 6.77%
5.99%..................................... 6.57% 6.60% 6.64% 6.67% 6.71% 6.74%
6.00%..................................... 6.54% 6.58% 6.61% 6.65% 6.68% 6.72%
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.72% 5.73% 5.74% 5.75% 5.76% 5.77%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
5.20%..................................... 8.82% 8.86% 8.90% 8.94% 8.98% 9.02%
5.21%..................................... 8.80% 8.84% 8.87% 8.91% 8.95% 8.99%
5.22%..................................... 8.77% 8.81% 8.85% 8.89% 8.92% 8.96%
5.23%..................................... 8.74% 8.78% 8.82% 8.86% 8.90% 8.94%
5.24%..................................... 8.72% 8.76% 8.79% 8.83% 8.87% 8.91%
5.25%..................................... 8.69% 8.73% 8.77% 8.81% 8.84% 8.88%
5.26%..................................... 8.66% 8.70% 8.74% 8.78% 8.82% 8.86%
5.27%..................................... 8.64% 8.67% 8.71% 8.75% 8.79% 8.83%
5.28%..................................... 8.61% 8.65% 8.69% 8.72% 8.76% 8.80%
5.29%..................................... 8.58% 8.62% 8.66% 8.70% 8.74% 8.77%
5.30%..................................... 8.56% 8.59% 8.63% 8.67% 8.71% 8.75%
5.31%..................................... 8.53% 8.57% 8.61% 8.64% 8.68% 8.72%
5.32%..................................... 8.50% 8.54% 8.58% 8.62% 8.66% 8.69%
5.33%..................................... 8.48% 8.51% 8.55% 8.59% 8.63% 8.67%
5.34%..................................... 8.45% 8.49% 8.53% 8.56% 8.60% 8.64%
5.35%..................................... 8.42% 8.46% 8.50% 8.54% 8.58% 8.61%
5.36%..................................... 8.40% 8.43% 8.47% 8.51% 8.55% 8.59%
5.37%..................................... 8.37% 8.41% 8.45% 8.48% 8.52% 8.56%
5.38%..................................... 8.34% 8.38% 8.42% 8.46% 8.50% 8.53%
5.39%..................................... 8.32% 8.36% 8.39% 8.43% 8.47% 8.51%
5.40%..................................... 8.29% 8.33% 8.37% 8.40% 8.44% 8.48%
5.41%..................................... 8.26% 8.30% 8.34% 8.38% 8.42% 8.45%
5.42%..................................... 8.24% 8.28% 8.31% 8.35% 8.39% 8.43%
5.43%..................................... 8.21% 8.25% 8.29% 8.33% 8.36% 8.40%
5.44%..................................... 8.19% 8.22% 8.26% 8.30% 8.34% 8.37%
5.45%..................................... 8.16% 8.20% 8.23% 8.27% 8.31% 8.35%
5.46%..................................... 8.13% 8.17% 8.21% 8.25% 8.28% 8.32%
5.47%..................................... 8.11% 8.14% 8.18% 8.22% 8.26% 8.29%
5.48%..................................... 8.08% 8.12% 8.16% 8.19% 8.23% 8.27%
5.49%..................................... 8.05% 8.09% 8.13% 8.17% 8.20% 8.24%
5.50%..................................... 8.03% 8.07% 8.10% 8.14% 8.18% 8.22%
5.51%..................................... 8.00% 8.04% 8.08% 8.11% 8.15% 8.19%
5.52%..................................... 7.98% 8.01% 8.05% 8.09% 8.13% 8.16%
5.53%..................................... 7.95% 7.99% 8.02% 8.06% 8.10% 8.14%
5.54%..................................... 7.92% 7.96% 8.00% 8.04% 8.07% 8.11%
5.55%..................................... 7.90% 7.94% 7.97% 8.01% 8.05% 8.08%
5.56%..................................... 7.87% 7.91% 7.95% 7.98% 8.02% 8.06%
5.57%..................................... 7.85% 7.88% 7.92% 7.96% 7.99% 8.03%
5.58%..................................... 7.82% 7.86% 7.89% 7.93% 7.97% 8.01%
5.59%..................................... 7.79% 7.83% 7.87% 7.91% 7.94% 7.98%
5.60%..................................... 7.77% 7.81% 7.84% 7.88% 7.92% 7.95%
5.61%..................................... 7.74% 7.78% 7.82% 7.85% 7.89% 7.93%
5.62%..................................... 7.72% 7.75% 7.79% 7.83% 7.86% 7.90%
5.63%..................................... 7.69% 7.73% 7.76% 7.80% 7.84% 7.88%
5.64%..................................... 7.67% 7.70% 7.74% 7.78% 7.81% 7.85%
5.65%..................................... 7.64% 7.68% 7.71% 7.75% 7.79% 7.82%
5.66%..................................... 7.61% 7.65% 7.69% 7.72% 7.76% 7.80%
5.67%..................................... 7.59% 7.62% 7.66% 7.70% 7.73% 7.77%
5.68%..................................... 7.56% 7.60% 7.64% 7.67% 7.71% 7.75%
5.69%..................................... 7.54% 7.57% 7.61% 7.65% 7.68% 7.72%
5.70%..................................... 7.51% 7.55% 7.58% 7.62% 7.66% 7.69%
5.71%..................................... 7.49% 7.52% 7.56% 7.59% 7.63% 7.67%
5.72%..................................... 7.46% 7.50% 7.53% 7.57% 7.61% 7.64%
5.73%..................................... 7.43% 7.47% 7.51% 7.54% 7.58% 7.62%
5.74%..................................... 7.41% 7.44% 7.48% 7.52% 7.55% 7.59%
5.75%..................................... 7.38% 7.42% 7.46% 7.49% 7.53% 7.57%
5.76%..................................... 7.36% 7.39% 7.43% 7.47% 7.50% 7.54%
5.77%..................................... 7.33% 7.37% 7.40% 7.44% 7.48% 7.51%
5.78%..................................... 7.31% 7.34% 7.38% 7.42% 7.45% 7.49%
5.79%..................................... 7.28% 7.32% 7.35% 7.39% 7.43% 7.46%
5.80%..................................... 7.26% 7.29% 7.33% 7.36% 7.40% 7.44%
5.81%..................................... 7.23% 7.27% 7.30% 7.34% 7.37% 7.41%
5.82%..................................... 7.21% 7.24% 7.28% 7.31% 7.35% 7.39%
5.83%..................................... 7.18% 7.22% 7.25% 7.29% 7.32% 7.36%
5.84%..................................... 7.15% 7.19% 7.23% 7.26% 7.30% 7.33%
5.85%..................................... 7.13% 7.16% 7.20% 7.24% 7.27% 7.31%
5.86%..................................... 7.10% 7.14% 7.18% 7.21% 7.25% 7.28%
5.87%..................................... 7.08% 7.11% 7.15% 7.19% 7.22% 7.26%
5.88%..................................... 7.05% 7.09% 7.13% 7.16% 7.20% 7.23%
5.89%..................................... 7.03% 7.06% 7.10% 7.14% 7.17% 7.21%
5.90%..................................... 7.00% 7.04% 7.07% 7.11% 7.15% 7.18%
5.91%..................................... 6.98% 7.01% 7.05% 7.09% 7.12% 7.16%
5.92%..................................... 6.95% 6.99% 7.02% 7.06% 7.10% 7.13%
5.93%..................................... 6.93% 6.96% 7.00% 7.03% 7.07% 7.11%
5.94%..................................... 6.90% 6.94% 6.97% 7.01% 7.05% 7.08%
5.95%..................................... 6.88% 6.91% 6.95% 6.98% 7.02% 7.06%
5.96%..................................... 6.85% 6.89% 6.92% 6.96% 6.99% 7.03%
5.97%..................................... 6.83% 6.86% 6.90% 6.93% 6.97% 7.01%
5.98%..................................... 6.80% 6.84% 6.87% 6.91% 6.94% 6.98%
5.99%..................................... 6.78% 6.81% 6.85% 6.88% 6.92% 6.96%
6.00%..................................... 6.75% 6.79% 6.82% 6.86% 6.89% 6.93%
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.78% 5.79% 5.80% 5.81%
- ------------------------------------------ ----------- ----------- ----------- -----------
5.20%..................................... 9.06% 9.09% 9.13% 9.17%
5.21%..................................... 9.03% 9.07% 9.11% 9.15%
5.22%..................................... 9.00% 9.04% 9.08% 9.12%
5.23%..................................... 8.97% 9.01% 9.05% 9.09%
5.24%..................................... 8.95% 8.99% 9.03% 9.06%
5.25%..................................... 8.92% 8.96% 9.00% 9.04%
5.26%..................................... 8.89% 8.93% 8.97% 9.01%
5.27%..................................... 8.87% 8.91% 8.94% 8.98%
5.28%..................................... 8.84% 8.88% 8.92% 8.96%
5.29%..................................... 8.81% 8.85% 8.89% 8.93%
5.30%..................................... 8.79% 8.82% 8.86% 8.90%
5.31%..................................... 8.76% 8.80% 8.84% 8.87%
5.32%..................................... 8.73% 8.77% 8.81% 8.85%
5.33%..................................... 8.71% 8.74% 8.78% 8.82%
5.34%..................................... 8.68% 8.72% 8.76% 8.79%
5.35%..................................... 8.65% 8.69% 8.73% 8.77%
5.36%..................................... 8.63% 8.66% 8.70% 8.74%
5.37%..................................... 8.60% 8.64% 8.67% 8.71%
5.38%..................................... 8.57% 8.61% 8.65% 8.69%
5.39%..................................... 8.55% 8.58% 8.62% 8.66%
5.40%..................................... 8.52% 8.56% 8.59% 8.63%
5.41%..................................... 8.49% 8.53% 8.57% 8.61%
5.42%..................................... 8.47% 8.50% 8.54% 8.58%
5.43%..................................... 8.44% 8.48% 8.51% 8.55%
5.44%..................................... 8.41% 8.45% 8.49% 8.53%
5.45%..................................... 8.39% 8.42% 8.46% 8.50%
5.46%..................................... 8.36% 8.40% 8.43% 8.47%
5.47%..................................... 8.33% 8.37% 8.41% 8.45%
5.48%..................................... 8.31% 8.34% 8.38% 8.42%
5.49%..................................... 8.28% 8.32% 8.36% 8.39%
5.50%..................................... 8.25% 8.29% 8.33% 8.37%
5.51%..................................... 8.23% 8.26% 8.30% 8.34%
5.52%..................................... 8.20% 8.24% 8.28% 8.31%
5.53%..................................... 8.17% 8.21% 8.25% 8.29%
5.54%..................................... 8.15% 8.19% 8.22% 8.26%
5.55%..................................... 8.12% 8.16% 8.20% 8.23%
5.56%..................................... 8.10% 8.13% 8.17% 8.21%
5.57%..................................... 8.07% 8.11% 8.14% 8.18%
5.58%..................................... 8.04% 8.08% 8.12% 8.16%
5.59%..................................... 8.02% 8.05% 8.09% 8.13%
5.60%..................................... 7.99% 8.03% 8.07% 8.10%
5.61%..................................... 7.96% 8.00% 8.04% 8.08%
5.62%..................................... 7.94% 7.98% 8.01% 8.05%
5.63%..................................... 7.91% 7.95% 7.99% 8.02%
5.64%..................................... 7.89% 7.92% 7.96% 8.00%
5.65%..................................... 7.86% 7.90% 7.93% 7.97%
5.66%..................................... 7.83% 7.87% 7.91% 7.95%
5.67%..................................... 7.81% 7.85% 7.88% 7.92%
5.68%..................................... 7.78% 7.82% 7.86% 7.89%
5.69%..................................... 7.76% 7.79% 7.83% 7.87%
5.70%..................................... 7.73% 7.77% 7.80% 7.84%
5.71%..................................... 7.70% 7.74% 7.78% 7.82%
5.72%..................................... 7.68% 7.72% 7.75% 7.79%
5.73%..................................... 7.65% 7.69% 7.73% 7.76%
5.74%..................................... 7.63% 7.66% 7.70% 7.74%
5.75%..................................... 7.60% 7.64% 7.68% 7.71%
5.76%..................................... 7.58% 7.61% 7.65% 7.69%
5.77%..................................... 7.55% 7.59% 7.62% 7.66%
5.78%..................................... 7.52% 7.56% 7.60% 7.63%
5.79%..................................... 7.50% 7.54% 7.57% 7.61%
5.80%..................................... 7.47% 7.51% 7.55% 7.58%
5.81%..................................... 7.45% 7.48% 7.52% 7.56%
5.82%..................................... 7.42% 7.46% 7.50% 7.53%
5.83%..................................... 7.40% 7.43% 7.47% 7.51%
5.84%..................................... 7.37% 7.41% 7.44% 7.48%
5.85%..................................... 7.35% 7.38% 7.42% 7.45%
5.86%..................................... 7.32% 7.36% 7.39% 7.43%
5.87%..................................... 7.29% 7.33% 7.37% 7.40%
5.88%..................................... 7.27% 7.31% 7.34% 7.38%
5.89%..................................... 7.24% 7.28% 7.32% 7.35%
5.90%..................................... 7.22% 7.25% 7.29% 7.33%
5.91%..................................... 7.19% 7.23% 7.27% 7.30%
5.92%..................................... 7.17% 7.20% 7.24% 7.28%
5.93%..................................... 7.14% 7.18% 7.21% 7.25%
5.94%..................................... 7.12% 7.15% 7.19% 7.22%
5.95%..................................... 7.09% 7.13% 7.16% 7.20%
5.96%..................................... 7.07% 7.10% 7.14% 7.17%
5.97%..................................... 7.04% 7.08% 7.11% 7.15%
5.98%..................................... 7.02% 7.05% 7.09% 7.12%
5.99%..................................... 6.99% 7.03% 7.06% 7.10%
6.00%..................................... 6.97% 7.00% 7.04% 7.07%
</TABLE>
F-2-2
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
----------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.82% 5.83% 5.84% 5.90% 5.91% 5.85%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%..................................... 9.21% 9.25% 9.29% 9.33% 9.37% 9.41%
5.21%..................................... 9.18% 9.22% 9.26% 9.30% 9.34% 9.38%
5.22%..................................... 9.16% 9.20% 9.24% 9.27% 9.31% 9.35%
5.23%..................................... 9.13% 9.17% 9.21% 9.25% 9.29% 9.33%
5.24%..................................... 9.10% 9.14% 9.18% 9.22% 9.26% 9.30%
5.25%..................................... 9.08% 9.11% 9.15% 9.19% 9.23% 9.27%
5.26%..................................... 9.05% 9.09% 9.13% 9.17% 9.20% 9.24%
5.27%..................................... 9.02% 9.06% 9.10% 9.14% 9.18% 9.22%
5.28%..................................... 8.99% 9.03% 9.07% 9.11% 9.15% 9.19%
5.29%..................................... 8.97% 9.01% 9.04% 9.08% 9.12% 9.16%
5.30%..................................... 8.94% 8.98% 9.02% 9.25% 9.29% 9.06%
5.31%..................................... 8.91% 8.95% 8.99% 9.22% 9.26% 9.03%
5.32%..................................... 8.89% 8.92% 8.96% 9.20% 9.24% 9.00%
5.33%..................................... 8.86% 8.90% 8.94% 9.17% 9.21% 8.97%
5.34%..................................... 8.83% 8.87% 8.91% 9.14% 9.18% 8.95%
5.35%..................................... 8.81% 8.84% 8.88% 9.11% 9.15% 8.92%
5.36%..................................... 8.78% 8.82% 8.86% 9.09% 9.13% 8.89%
5.37%..................................... 8.75% 8.79% 8.83% 9.06% 9.10% 8.87%
5.38%..................................... 8.72% 8.76% 8.80% 9.03% 9.07% 8.84%
5.39%..................................... 8.70% 8.74% 8.77% 9.01% 9.04% 8.81%
5.40%..................................... 8.67% 8.71% 8.75% 8.98% 9.02% 8.79%
5.41%..................................... 8.64% 8.68% 8.72% 8.95% 8.99% 8.76%
5.42%..................................... 8.62% 8.66% 8.69% 8.92% 8.96% 8.73%
5.43%..................................... 8.59% 8.63% 8.67% 8.90% 8.94% 8.71%
5.44%..................................... 8.56% 8.60% 8.64% 8.87% 8.91% 8.68%
5.45%..................................... 8.54% 8.58% 8.61% 8.84% 8.88% 8.65%
5.46%..................................... 8.51% 8.55% 8.59% 8.82% 8.85% 8.62%
5.47%..................................... 8.48% 8.52% 8.56% 8.79% 8.83% 8.60%
5.48%..................................... 8.46% 8.50% 8.53% 8.76% 8.80% 8.57%
5.49%..................................... 8.43% 8.47% 8.51% 8.74% 8.77% 8.54%
5.50%..................................... 8.40% 8.44% 8.48% 8.71% 8.75% 8.52%
5.51%..................................... 8.38% 8.42% 8.45% 8.68% 8.72% 8.49%
5.52%..................................... 8.35% 8.39% 8.43% 8.66% 8.69% 8.46%
5.53%..................................... 8.32% 8.36% 8.40% 8.63% 8.67% 8.44%
5.54%..................................... 8.30% 8.34% 8.37% 8.60% 8.64% 8.41%
5.55%..................................... 8.27% 8.31% 8.35% 8.57% 8.61% 8.39%
5.56%..................................... 8.25% 8.28% 8.32% 8.55% 8.59% 8.36%
5.57%..................................... 8.22% 8.26% 8.29% 8.52% 8.56% 8.33%
5.58%..................................... 8.19% 8.23% 8.27% 8.49% 8.53% 8.31%
5.59%..................................... 8.17% 8.20% 8.24% 8.47% 8.51% 8.28%
5.60%..................................... 8.14% 8.18% 8.22% 8.44% 8.48% 8.25%
5.61%..................................... 8.11% 8.15% 8.19% 8.42% 8.45% 8.23%
5.62%..................................... 8.09% 8.13% 8.16% 8.39% 8.43% 8.20%
5.63%..................................... 8.06% 8.10% 8.14% 8.36% 8.40% 8.17%
5.64%..................................... 8.04% 8.07% 8.11% 8.34% 8.37% 8.15%
5.65%..................................... 8.01% 8.05% 8.08% 8.31% 8.35% 8.12%
5.66%..................................... 7.98% 8.02% 8.06% 8.28% 8.32% 8.09%
5.67%..................................... 7.96% 7.99% 8.03% 8.26% 8.29% 8.07%
5.68%..................................... 7.93% 7.97% 8.01% 8.23% 8.27% 8.04%
5.69%..................................... 7.90% 7.94% 7.98% 8.20% 8.24% 8.02%
5.70%..................................... 7.88% 7.92% 7.95% 8.18% 8.21% 7.99%
5.71%..................................... 7.85% 7.89% 7.93% 8.15% 8.19% 7.96%
5.72%..................................... 7.83% 7.86% 7.90% 8.12% 8.16% 7.94%
5.73%..................................... 7.80% 7.84% 7.87% 8.10% 8.14% 7.91%
5.74%..................................... 7.77% 7.81% 7.85% 8.07% 8.11% 7.89%
5.75%..................................... 7.75% 7.79% 7.82% 8.05% 8.08% 7.86%
5.76%..................................... 7.72% 7.76% 7.80% 8.02% 8.06% 7.83%
5.77%..................................... 7.70% 7.73% 7.77% 7.99% 8.03% 7.81%
5.78%..................................... 7.67% 7.71% 7.74% 7.97% 8.00% 7.78%
5.79%..................................... 7.65% 7.68% 7.72% 7.94% 7.98% 7.76%
5.80%..................................... 7.62% 7.66% 7.69% 7.91% 7.95% 7.73%
5.81%..................................... 7.59% 7.63% 7.67% 7.89% 7.93% 7.70%
5.82%..................................... 7.57% 7.60% 7.64% 7.86% 7.90% 7.68%
5.83%..................................... 7.54% 7.58% 7.62% 7.84% 7.87% 7.65%
5.84%..................................... 7.52% 7.55% 7.59% 7.81% 7.85% 7.63%
5.85%..................................... 7.49% 7.53% 7.56% 7.78% 7.82% 7.60%
5.86%..................................... 7.47% 7.50% 7.54% 7.76% 7.80% 7.57%
5.87%..................................... 7.44% 7.48% 7.51% 7.73% 7.77% 7.55%
5.88%..................................... 7.41% 7.45% 7.49% 7.71% 7.74% 7.52%
5.89%..................................... 7.39% 7.42% 7.46% 7.68% 7.72% 7.50%
5.90%..................................... 7.36% 7.40% 7.44% 7.65% 7.69% 7.47%
5.91%..................................... 7.34% 7.37% 7.41% 7.63% 7.67% 7.45%
5.92%..................................... 7.31% 7.35% 7.38% 7.60% 7.64% 7.42%
5.93%..................................... 7.29% 7.32% 7.36% 7.58% 7.61% 7.39%
5.94%..................................... 7.26% 7.30% 7.33% 7.55% 7.59% 7.37%
5.95%..................................... 7.24% 7.27% 7.31% 7.53% 7.56% 7.34%
5.96%..................................... 7.21% 7.25% 7.28% 7.50% 7.54% 7.32%
5.97%..................................... 7.18% 7.22% 7.26% 7.47% 7.51% 7.29%
5.98%..................................... 7.16% 7.20% 7.23% 7.45% 7.49% 7.27%
5.99%..................................... 7.13% 7.17% 7.21% 7.42% 7.46% 7.24%
6.00%..................................... 7.11% 7.14% 7.18% 7.40% 7.43% 7.22%
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.86% 5.87% 5.88% 5.89% 5.92% 5.93%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
5.20%..................................... 9.45% 9.49% 9.53% 9.57% 9.61% 9.65%
5.21%..................................... 9.42% 9.46% 9.50% 9.54% 9.58% 9.62%
5.22%..................................... 9.39% 9.43% 9.47% 9.51% 9.55% 9.59%
5.23%..................................... 9.36% 9.40% 9.44% 9.48% 9.52% 9.56%
5.24%..................................... 9.34% 9.38% 9.42% 9.46% 9.49% 9.53%
5.25%..................................... 9.31% 9.35% 9.39% 9.43% 9.47% 9.51%
5.26%..................................... 9.28% 9.32% 9.36% 9.40% 9.44% 9.48%
5.27%..................................... 9.25% 9.29% 9.33% 9.37% 9.41% 9.45%
5.28%..................................... 9.23% 9.27% 9.31% 9.35% 9.38% 9.42%
5.29%..................................... 9.20% 9.24% 9.28% 9.32% 9.36% 9.40%
5.30%..................................... 9.10% 9.13% 9.17% 9.21% 9.33% 9.37%
5.31%..................................... 9.07% 9.11% 9.15% 9.18% 9.30% 9.34%
5.32%..................................... 9.04% 9.08% 9.12% 9.16% 9.27% 9.31%
5.33%..................................... 9.01% 9.05% 9.09% 9.13% 9.25% 9.29%
5.34%..................................... 8.99% 9.03% 9.06% 9.10% 9.22% 9.26%
5.35%..................................... 8.96% 9.00% 9.04% 9.08% 9.19% 9.23%
5.36%..................................... 8.93% 8.97% 9.01% 9.05% 9.17% 9.20%
5.37%..................................... 8.91% 8.94% 8.98% 9.02% 9.14% 9.18%
5.38%..................................... 8.88% 8.92% 8.96% 8.99% 9.11% 9.15%
5.39%..................................... 8.85% 8.89% 8.93% 8.97% 9.08% 9.12%
5.40%..................................... 8.82% 8.86% 8.90% 8.94% 9.06% 9.09%
5.41%..................................... 8.80% 8.84% 8.87% 8.91% 9.03% 9.07%
5.42%..................................... 8.77% 8.81% 8.85% 8.89% 9.00% 9.04%
5.43%..................................... 8.74% 8.78% 8.82% 8.86% 8.97% 9.01%
5.44%..................................... 8.72% 8.75% 8.79% 8.83% 8.95% 8.99%
5.45%..................................... 8.69% 8.73% 8.77% 8.81% 8.92% 8.96%
5.46%..................................... 8.66% 8.70% 8.74% 8.78% 8.89% 8.93%
5.47%..................................... 8.64% 8.67% 8.71% 8.75% 8.87% 8.90%
5.48%..................................... 8.61% 8.65% 8.69% 8.72% 8.84% 8.88%
5.49%..................................... 8.58% 8.62% 8.66% 8.70% 8.81% 8.85%
5.50%..................................... 8.56% 8.59% 8.63% 8.67% 8.79% 8.82%
5.51%..................................... 8.53% 8.57% 8.61% 8.64% 8.76% 8.80%
5.52%..................................... 8.50% 8.54% 8.58% 8.62% 8.73% 8.77%
5.53%..................................... 8.48% 8.51% 8.55% 8.59% 8.70% 8.74%
5.54%..................................... 8.45% 8.49% 8.53% 8.56% 8.68% 8.72%
5.55%..................................... 8.42% 8.46% 8.50% 8.54% 8.65% 8.69%
5.56%..................................... 8.40% 8.43% 8.47% 8.51% 8.62% 8.66%
5.57%..................................... 8.37% 8.41% 8.45% 8.48% 8.60% 8.64%
5.58%..................................... 8.34% 8.38% 8.42% 8.46% 8.57% 8.61%
5.59%..................................... 8.32% 8.35% 8.39% 8.43% 8.54% 8.58%
5.60%..................................... 8.29% 8.33% 8.37% 8.40% 8.52% 8.56%
5.61%..................................... 8.26% 8.30% 8.34% 8.38% 8.49% 8.53%
5.62%..................................... 8.24% 8.28% 8.31% 8.35% 8.46% 8.50%
5.63%..................................... 8.21% 8.25% 8.29% 8.32% 8.44% 8.48%
5.64%..................................... 8.18% 8.22% 8.26% 8.30% 8.41% 8.45%
5.65%..................................... 8.16% 8.20% 8.23% 8.27% 8.38% 8.42%
5.66%..................................... 8.13% 8.17% 8.21% 8.24% 8.36% 8.40%
5.67%..................................... 8.11% 8.14% 8.18% 8.22% 8.33% 8.37%
5.68%..................................... 8.08% 8.12% 8.15% 8.19% 8.30% 8.34%
5.69%..................................... 8.05% 8.09% 8.13% 8.17% 8.28% 8.32%
5.70%..................................... 8.03% 8.06% 8.10% 8.14% 8.25% 8.29%
5.71%..................................... 8.00% 8.04% 8.08% 8.11% 8.23% 8.26%
5.72%..................................... 7.98% 8.01% 8.05% 8.09% 8.20% 8.24%
5.73%..................................... 7.95% 7.99% 8.02% 8.06% 8.17% 8.21%
5.74%..................................... 7.92% 7.96% 8.00% 8.03% 8.15% 8.18%
5.75%..................................... 7.90% 7.93% 7.97% 8.01% 8.12% 8.16%
5.76%..................................... 7.87% 7.91% 7.94% 7.98% 8.09% 8.13%
5.77%..................................... 7.84% 7.88% 7.92% 7.96% 8.07% 8.10%
5.78%..................................... 7.82% 7.86% 7.89% 7.93% 8.04% 8.08%
5.79%..................................... 7.79% 7.83% 7.87% 7.90% 8.02% 8.05%
5.80%..................................... 7.77% 7.80% 7.84% 7.88% 7.99% 8.03%
5.81%..................................... 7.74% 7.78% 7.81% 7.85% 7.96% 8.00%
5.82%..................................... 7.71% 7.75% 7.79% 7.83% 7.94% 7.97%
5.83%..................................... 7.69% 7.73% 7.76% 7.80% 7.91% 7.95%
5.84%..................................... 7.66% 7.70% 7.74% 7.77% 7.88% 7.92%
5.85%..................................... 7.64% 7.67% 7.71% 7.75% 7.86% 7.90%
5.86%..................................... 7.61% 7.65% 7.68% 7.72% 7.83% 7.87%
5.87%..................................... 7.59% 7.62% 7.66% 7.70% 7.81% 7.84%
5.88%..................................... 7.56% 7.60% 7.63% 7.67% 7.78% 7.82%
5.89%..................................... 7.53% 7.57% 7.61% 7.64% 7.75% 7.79%
5.90%..................................... 7.51% 7.54% 7.58% 7.62% 7.73% 7.77%
5.91%..................................... 7.48% 7.52% 7.56% 7.59% 7.70% 7.74%
5.92%..................................... 7.46% 7.49% 7.53% 7.57% 7.68% 7.71%
5.93%..................................... 7.43% 7.47% 7.50% 7.54% 7.65% 7.69%
5.94%..................................... 7.41% 7.44% 7.48% 7.52% 7.62% 7.66%
5.95%..................................... 7.38% 7.42% 7.45% 7.49% 7.60% 7.64%
5.96%..................................... 7.35% 7.39% 7.43% 7.46% 7.57% 7.61%
5.97%..................................... 7.33% 7.37% 7.40% 7.44% 7.55% 7.58%
5.98%..................................... 7.30% 7.34% 7.38% 7.41% 7.52% 7.56%
5.99%..................................... 7.28% 7.31% 7.35% 7.39% 7.50% 7.53%
6.00%..................................... 7.25% 7.29% 7.32% 7.36% 7.47% 7.51%
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.94% 5.95% 5.96% 5.97%
- ------------------------------------------ ----------- ----------- ----------- -----------
5.20%..................................... 9.68% 9.72% 9.76% 9.80%
5.21%..................................... 9.66% 9.70% 9.74% 9.78%
5.22%..................................... 9.63% 9.67% 9.71% 9.75%
5.23%..................................... 9.60% 9.64% 9.68% 9.72%
5.24%..................................... 9.57% 9.61% 9.65% 9.69%
5.25%..................................... 9.55% 9.59% 9.63% 9.66%
5.26%..................................... 9.52% 9.56% 9.60% 9.64%
5.27%..................................... 9.49% 9.53% 9.57% 9.61%
5.28%..................................... 9.46% 9.50% 9.54% 9.58%
5.29%..................................... 9.44% 9.48% 9.51% 9.55%
5.30%..................................... 9.41% 9.45% 9.49% 9.53%
5.31%..................................... 9.38% 9.42% 9.46% 9.50%
5.32%..................................... 9.35% 9.39% 9.43% 9.47%
5.33%..................................... 9.33% 9.36% 9.40% 9.44%
5.34%..................................... 9.30% 9.34% 9.38% 9.42%
5.35%..................................... 9.27% 9.31% 9.35% 9.39%
5.36%..................................... 9.24% 9.28% 9.32% 9.36%
5.37%..................................... 9.22% 9.25% 9.29% 9.33%
5.38%..................................... 9.19% 9.23% 9.27% 9.31%
5.39%..................................... 9.16% 9.20% 9.24% 9.28%
5.40%..................................... 9.13% 9.17% 9.21% 9.25%
5.41%..................................... 9.11% 9.15% 9.18% 9.22%
5.42%..................................... 9.08% 9.12% 9.16% 9.20%
5.43%..................................... 9.05% 9.09% 9.13% 9.17%
5.44%..................................... 9.02% 9.06% 9.10% 9.14%
5.45%..................................... 9.00% 9.04% 9.08% 9.11%
5.46%..................................... 8.97% 9.01% 9.05% 9.09%
5.47%..................................... 8.94% 8.98% 9.02% 9.06%
5.48%..................................... 8.92% 8.96% 8.99% 9.03%
5.49%..................................... 8.89% 8.93% 8.97% 9.01%
5.50%..................................... 8.86% 8.90% 8.94% 8.98%
5.51%..................................... 8.84% 8.87% 8.91% 8.95%
5.52%..................................... 8.81% 8.85% 8.89% 8.92%
5.53%..................................... 8.78% 8.82% 8.86% 8.90%
5.54%..................................... 8.75% 8.79% 8.83% 8.87%
5.55%..................................... 8.73% 8.77% 8.80% 8.84%
5.56%..................................... 8.70% 8.74% 8.78% 8.82%
5.57%..................................... 8.67% 8.71% 8.75% 8.79%
5.58%..................................... 8.65% 8.69% 8.72% 8.76%
5.59%..................................... 8.62% 8.66% 8.70% 8.74%
5.60%..................................... 8.59% 8.63% 8.67% 8.71%
5.61%..................................... 8.57% 8.60% 8.64% 8.68%
5.62%..................................... 8.54% 8.58% 8.62% 8.65%
5.63%..................................... 8.51% 8.55% 8.59% 8.63%
5.64%..................................... 8.49% 8.52% 8.56% 8.60%
5.65%..................................... 8.46% 8.50% 8.54% 8.57%
5.66%..................................... 8.43% 8.47% 8.51% 8.55%
5.67%..................................... 8.41% 8.44% 8.48% 8.52%
5.68%..................................... 8.38% 8.42% 8.46% 8.49%
5.69%..................................... 8.35% 8.39% 8.43% 8.47%
5.70%..................................... 8.33% 8.36% 8.40% 8.44%
5.71%..................................... 8.30% 8.34% 8.38% 8.41%
5.72%..................................... 8.27% 8.31% 8.35% 8.39%
5.73%..................................... 8.25% 8.29% 8.32% 8.36%
5.74%..................................... 8.22% 8.26% 8.30% 8.33%
5.75%..................................... 8.19% 8.23% 8.27% 8.31%
5.76%..................................... 8.17% 8.21% 8.24% 8.28%
5.77%..................................... 8.14% 8.18% 8.22% 8.25%
5.78%..................................... 8.12% 8.15% 8.19% 8.23%
5.79%..................................... 8.09% 8.13% 8.16% 8.20%
5.80%..................................... 8.06% 8.10% 8.14% 8.18%
5.81%..................................... 8.04% 8.07% 8.11% 8.15%
5.82%..................................... 8.01% 8.05% 8.09% 8.12%
5.83%..................................... 7.98% 8.02% 8.06% 8.10%
5.84%..................................... 7.96% 8.00% 8.03% 8.07%
5.85%..................................... 7.93% 7.97% 8.01% 8.04%
5.86%..................................... 7.91% 7.94% 7.98% 8.02%
5.87%..................................... 7.88% 7.92% 7.95% 7.99%
5.88%..................................... 7.85% 7.89% 7.93% 7.97%
5.89%..................................... 7.83% 7.87% 7.90% 7.94%
5.90%..................................... 7.80% 7.84% 7.88% 7.91%
5.91%..................................... 7.78% 7.81% 7.85% 7.89%
5.92%..................................... 7.75% 7.79% 7.82% 7.86%
5.93%..................................... 7.72% 7.76% 7.80% 7.83%
5.94%..................................... 7.70% 7.73% 7.77% 7.81%
5.95%..................................... 7.67% 7.71% 7.75% 7.78%
5.96%..................................... 7.65% 7.68% 7.72% 7.76%
5.97%..................................... 7.62% 7.66% 7.69% 7.73%
5.98%..................................... 7.59% 7.63% 7.67% 7.70%
5.99%..................................... 7.57% 7.61% 7.64% 7.68%
6.00%..................................... 7.54% 7.58% 7.62% 7.65%
</TABLE>
F-2-3
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
10 YEAR 30 YEAR BENCHMARK TREASURY YIELD
BENCHMARK ----------------------------------------------------------------------------
TREASURY YIELD 5.98% 5.99% 6.00% 6.01% 6.02% 6.03%
- ---------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%......................................... 9.84% 9.88% 9.92% 9.96% 10.00% 10.05%
5.21%......................................... 9.82% 9.86% 9.90% 9.94% 9.98% 10.02%
5.22%......................................... 9.79% 9.83% 9.87% 9.91% 9.95% 9.99%
5.23%......................................... 9.76% 9.80% 9.84% 9.88% 9.92% 9.96%
5.24%......................................... 9.73% 9.77% 9.81% 9.85% 9.89% 9.93%
5.25%......................................... 9.70% 9.74% 9.78% 9.82% 9.86% 9.90%
5.26%......................................... 9.68% 9.72% 9.76% 9.80% 9.84% 9.88%
5.27%......................................... 9.65% 9.69% 9.73% 9.77% 9.81% 9.85%
5.28%......................................... 9.62% 9.66% 9.70% 9.74% 9.78% 9.82%
5.29%......................................... 9.59% 9.63% 9.67% 9.71% 9.75% 9.79%
5.30%......................................... 9.57% 9.61% 9.65% 9.68% 9.72% 9.76%
5.31%......................................... 9.54% 9.58% 9.62% 9.66% 9.70% 9.74%
5.32%......................................... 9.51% 9.55% 9.59% 9.63% 9.67% 9.71%
5.33%......................................... 9.48% 9.52% 9.56% 9.60% 9.64% 9.68%
5.34%......................................... 9.46% 9.49% 9.53% 9.57% 9.61% 9.65%
5.35%......................................... 9.43% 9.47% 9.51% 9.55% 9.59% 9.63%
5.36%......................................... 9.40% 9.44% 9.48% 9.52% 9.56% 9.60%
5.37%......................................... 9.37% 9.41% 9.45% 9.49% 9.53% 9.57%
5.38%......................................... 9.35% 9.38% 9.42% 9.46% 9.50% 9.54%
5.39%......................................... 9.32% 9.36% 9.40% 9.44% 9.47% 9.51%
5.40%......................................... 9.29% 9.33% 9.37% 9.41% 9.45% 9.49%
5.41%......................................... 9.26% 9.30% 9.34% 9.38% 9.42% 9.46%
5.42%......................................... 9.24% 9.27% 9.31% 9.35% 9.39% 9.43%
5.43%......................................... 9.21% 9.25% 9.29% 9.33% 9.36% 9.40%
5.44%......................................... 9.18% 9.22% 9.26% 9.30% 9.34% 9.38%
5.45%......................................... 9.15% 9.19% 9.23% 9.27% 9.31% 9.35%
5.46%......................................... 9.13% 9.16% 9.20% 9.24% 9.28% 9.32%
5.47%......................................... 9.10% 9.14% 9.18% 9.22% 9.25% 9.29%
5.48%......................................... 9.07% 9.11% 9.15% 9.19% 9.23% 9.27%
5.49%......................................... 9.04% 9.08% 9.12% 9.16% 9.20% 9.24%
5.50%......................................... 9.02% 9.06% 9.09% 9.13% 9.17% 9.21%
5.51%......................................... 8.99% 9.03% 9.07% 9.11% 9.15% 9.18%
5.52%......................................... 8.96% 9.00% 9.04% 9.08% 9.12% 9.16%
5.53%......................................... 8.94% 8.97% 9.01% 9.05% 9.09% 9.13%
5.54%......................................... 8.91% 8.95% 8.99% 9.02% 9.06% 9.10%
5.55%......................................... 8.88% 8.92% 8.96% 9.00% 9.04% 9.07%
5.56%......................................... 8.85% 8.89% 8.93% 8.97% 9.01% 9.05%
5.57%......................................... 8.83% 8.87% 8.90% 8.94% 8.98% 9.02%
5.58%......................................... 8.80% 8.84% 8.88% 8.92% 8.95% 8.99%
5.59%......................................... 8.77% 8.81% 8.85% 8.89% 8.93% 8.97%
5.60%......................................... 8.75% 8.78% 8.82% 8.86% 8.90% 8.94%
5.61%......................................... 8.72% 8.76% 8.80% 8.83% 8.87% 8.91%
5.62%......................................... 8.69% 8.73% 8.77% 8.81% 8.85% 8.88%
5.63%......................................... 8.67% 8.70% 8.74% 8.78% 8.82% 8.86%
5.64%......................................... 8.64% 8.68% 8.72% 8.75% 8.79% 8.83%
5.65%......................................... 8.61% 8.65% 8.69% 8.73% 8.77% 8.80%
5.66%......................................... 8.59% 8.62% 8.66% 8.70% 8.74% 8.78%
5.67%......................................... 8.56% 8.60% 8.63% 8.67% 8.71% 8.75%
5.68%......................................... 8.53% 8.57% 8.61% 8.65% 8.68% 8.72%
5.69%......................................... 8.51% 8.54% 8.58% 8.62% 8.66% 8.70%
5.70%......................................... 8.48% 8.52% 8.55% 8.59% 8.63% 8.67%
5.71%......................................... 8.45% 8.49% 8.53% 8.57% 8.60% 8.64%
5.72%......................................... 8.43% 8.46% 8.50% 8.54% 8.58% 8.62%
5.73%......................................... 8.40% 8.44% 8.47% 8.51% 8.55% 8.59%
5.74%......................................... 8.37% 8.41% 8.45% 8.49% 8.52% 8.56%
5.75%......................................... 8.35% 8.38% 8.42% 8.46% 8.50% 8.53%
5.76%......................................... 8.32% 8.36% 8.39% 8.43% 8.47% 8.51%
5.77%......................................... 8.29% 8.33% 8.37% 8.41% 8.44% 8.48%
5.78%......................................... 8.27% 8.30% 8.34% 8.38% 8.42% 8.45%
5.79%......................................... 8.24% 8.28% 8.31% 8.35% 8.39% 8.43%
5.80%......................................... 8.21% 8.25% 8.29% 8.33% 8.36% 8.40%
5.81%......................................... 8.19% 8.22% 8.26% 8.30% 8.34% 8.37%
5.82%......................................... 8.16% 8.20% 8.24% 8.27% 8.31% 8.35%
5.83%......................................... 8.13% 8.17% 8.21% 8.25% 8.28% 8.32%
5.84%......................................... 8.11% 8.15% 8.18% 8.22% 8.26% 8.30%
5.85%......................................... 8.08% 8.12% 8.16% 8.19% 8.23% 8.27%
5.86%......................................... 8.05% 8.09% 8.13% 8.17% 8.20% 8.24%
5.87%......................................... 8.03% 8.07% 8.10% 8.14% 8.18% 8.22%
5.88%......................................... 8.00% 8.04% 8.08% 8.11% 8.15% 8.19%
5.89%......................................... 7.98% 8.01% 8.05% 8.09% 8.13% 8.16%
5.90%......................................... 7.95% 7.99% 8.02% 8.06% 8.10% 8.14%
5.91%......................................... 7.92% 7.96% 8.00% 8.04% 8.07% 8.11%
5.92%......................................... 7.90% 7.93% 7.97% 8.01% 8.05% 8.08%
5.93%......................................... 7.87% 7.91% 7.95% 7.98% 8.02% 8.06%
5.94%......................................... 7.85% 7.88% 7.92% 7.96% 7.99% 8.03%
5.95%......................................... 7.82% 7.86% 7.89% 7.93% 7.97% 8.00%
5.96%......................................... 7.79% 7.83% 7.87% 7.90% 7.94% 7.98%
5.97%......................................... 7.77% 7.80% 7.84% 7.88% 7.92% 7.95%
5.98%......................................... 7.74% 7.78% 7.82% 7.85% 7.89% 7.93%
5.99%......................................... 7.72% 7.75% 7.79% 7.83% 7.86% 7.90%
6.00%......................................... 7.69% 7.73% 7.76% 7.80% 7.84% 7.87%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.04% 6.05% 6.06% 6.07% 6.08% 6.09%
- ---------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C>
5.20%......................................... 10.09% 10.13% 10.17% 10.21% 10.25% 10.29%
5.21%......................................... 10.06% 10.10% 10.14% 10.18% 10.22% 10.26%
5.22%......................................... 10.03% 10.07% 10.11% 10.15% 10.19% 10.23%
5.23%......................................... 10.00% 10.04% 10.08% 10.12% 10.16% 10.20%
5.24%......................................... 9.97% 10.01% 10.05% 10.09% 10.13% 10.17%
5.25%......................................... 9.94% 9.98% 10.02% 10.07% 10.11% 10.15%
5.26%......................................... 9.92% 9.96% 10.00% 10.04% 10.08% 10.12%
5.27%......................................... 9.89% 9.93% 9.97% 10.01% 10.05% 10.09%
5.28%......................................... 9.86% 9.90% 9.94% 9.98% 10.02% 10.06%
5.29%......................................... 9.83% 9.87% 9.91% 9.95% 9.99% 10.03%
5.30%......................................... 9.80% 9.84% 9.88% 9.92% 9.96% 10.00%
5.31%......................................... 9.78% 9.82% 9.86% 9.90% 9.94% 9.98%
5.32%......................................... 9.75% 9.79% 9.83% 9.87% 9.91% 9.95%
5.33%......................................... 9.72% 9.76% 9.80% 9.84% 9.88% 9.92%
5.34%......................................... 9.69% 9.73% 9.77% 9.81% 9.85% 9.89%
5.35%......................................... 9.66% 9.70% 9.74% 9.78% 9.82% 9.86%
5.36%......................................... 9.64% 9.68% 9.72% 9.76% 9.80% 9.84%
5.37%......................................... 9.61% 9.65% 9.69% 9.73% 9.77% 9.81%
5.38%......................................... 9.58% 9.62% 9.66% 9.70% 9.74% 9.78%
5.39%......................................... 9.55% 9.59% 9.63% 9.67% 9.71% 9.75%
5.40%......................................... 9.53% 9.57% 9.61% 9.64% 9.68% 9.72%
5.41%......................................... 9.50% 9.54% 9.58% 9.62% 9.66% 9.70%
5.42%......................................... 9.47% 9.51% 9.55% 9.59% 9.63% 9.67%
5.43%......................................... 9.44% 9.48% 9.52% 9.56% 9.60% 9.64%
5.44%......................................... 9.42% 9.45% 9.49% 9.53% 9.57% 9.61%
5.45%......................................... 9.39% 9.43% 9.47% 9.51% 9.55% 9.59%
5.46%......................................... 9.36% 9.40% 9.44% 9.48% 9.52% 9.56%
5.47%......................................... 9.33% 9.37% 9.41% 9.45% 9.49% 9.53%
5.48%......................................... 9.31% 9.34% 9.38% 9.42% 9.46% 9.50%
5.49%......................................... 9.28% 9.32% 9.36% 9.40% 9.43% 9.47%
5.50%......................................... 9.25% 9.29% 9.33% 9.37% 9.41% 9.45%
5.51%......................................... 9.22% 9.26% 9.30% 9.34% 9.38% 9.42%
5.52%......................................... 9.20% 9.23% 9.27% 9.31% 9.35% 9.39%
5.53%......................................... 9.17% 9.21% 9.25% 9.29% 9.32% 9.36%
5.54%......................................... 9.14% 9.18% 9.22% 9.26% 9.30% 9.34%
5.55%......................................... 9.11% 9.15% 9.19% 9.23% 9.27% 9.31%
5.56%......................................... 9.09% 9.13% 9.16% 9.20% 9.24% 9.28%
5.57%......................................... 9.06% 9.10% 9.14% 9.18% 9.21% 9.25%
5.58%......................................... 9.03% 9.07% 9.11% 9.15% 9.19% 9.23%
5.59%......................................... 9.00% 9.04% 9.08% 9.12% 9.16% 9.20%
5.60%......................................... 8.98% 9.02% 9.05% 9.09% 9.13% 9.17%
5.61%......................................... 8.95% 8.99% 9.03% 9.07% 9.11% 9.14%
5.62%......................................... 8.92% 8.96% 9.00% 9.04% 9.08% 9.12%
5.63%......................................... 8.90% 8.93% 8.97% 9.01% 9.05% 9.09%
5.64%......................................... 8.87% 8.91% 8.95% 8.98% 9.02% 9.06%
5.65%......................................... 8.84% 8.88% 8.92% 8.96% 9.00% 9.04%
5.66%......................................... 8.81% 8.85% 8.89% 8.93% 8.97% 9.01%
5.67%......................................... 8.79% 8.83% 8.86% 8.90% 8.94% 8.98%
5.68%......................................... 8.76% 8.80% 8.84% 8.88% 8.91% 8.95%
5.69%......................................... 8.73% 8.77% 8.81% 8.85% 8.89% 8.93%
5.70%......................................... 8.71% 8.75% 8.78% 8.82% 8.86% 8.90%
5.71%......................................... 8.68% 8.72% 8.76% 8.80% 8.83% 8.87%
5.72%......................................... 8.65% 8.69% 8.73% 8.77% 8.81% 8.85%
5.73%......................................... 8.63% 8.66% 8.70% 8.74% 8.78% 8.82%
5.74%......................................... 8.60% 8.64% 8.68% 8.71% 8.75% 8.79%
5.75%......................................... 8.57% 8.61% 8.65% 8.69% 8.73% 8.76%
5.76%......................................... 8.55% 8.58% 8.62% 8.66% 8.70% 8.74%
5.77%......................................... 8.52% 8.56% 8.60% 8.63% 8.67% 8.71%
5.78%......................................... 8.49% 8.53% 8.57% 8.61% 8.64% 8.68%
5.79%......................................... 8.47% 8.50% 8.54% 8.58% 8.62% 8.66%
5.80%......................................... 8.44% 8.48% 8.52% 8.55% 8.59% 8.63%
5.81%......................................... 8.41% 8.45% 8.49% 8.53% 8.56% 8.60%
5.82%......................................... 8.39% 8.42% 8.46% 8.50% 8.54% 8.58%
5.83%......................................... 8.36% 8.40% 8.43% 8.47% 8.51% 8.55%
5.84%......................................... 8.33% 8.37% 8.41% 8.45% 8.48% 8.52%
5.85%......................................... 8.31% 8.34% 8.38% 8.42% 8.46% 8.50%
5.86%......................................... 8.28% 8.32% 8.36% 8.39% 8.43% 8.47%
5.87%......................................... 8.25% 8.29% 8.33% 8.37% 8.40% 8.44%
5.88%......................................... 8.23% 8.26% 8.30% 8.34% 8.38% 8.42%
5.89%......................................... 8.20% 8.24% 8.28% 8.31% 8.35% 8.39%
5.90%......................................... 8.17% 8.21% 8.25% 8.29% 8.32% 8.36%
5.91%......................................... 8.15% 8.19% 8.22% 8.26% 8.30% 8.34%
5.92%......................................... 8.12% 8.16% 8.20% 8.23% 8.27% 8.31%
5.93%......................................... 8.09% 8.13% 8.17% 8.21% 8.24% 8.28%
5.94%......................................... 8.07% 8.11% 8.14% 8.18% 8.22% 8.26%
5.95%......................................... 8.04% 8.08% 8.12% 8.15% 8.19% 8.23%
5.96%......................................... 8.02% 8.05% 8.09% 8.13% 8.17% 8.20%
5.97%......................................... 7.99% 8.03% 8.06% 8.10% 8.14% 8.18%
5.98%......................................... 7.96% 8.00% 8.04% 8.08% 8.11% 8.15%
5.99%......................................... 7.94% 7.97% 8.01% 8.05% 8.09% 8.12%
6.00%......................................... 7.91% 7.95% 7.99% 8.02% 8.06% 8.10%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.10% 6.11% 6.12%
- ---------------------------------------------- ----------- ----------- -----------
5.20%......................................... 10.33% 10.37% 10.41%
5.21%......................................... 10.30% 10.34% 10.38%
5.22%......................................... 10.27% 10.31% 10.35%
5.23%......................................... 10.24% 10.28% 10.32%
5.24%......................................... 10.21% 10.26% 10.30%
5.25%......................................... 10.19% 10.23% 10.27%
5.26%......................................... 10.16% 10.20% 10.24%
5.27%......................................... 10.13% 10.17% 10.21%
5.28%......................................... 10.10% 10.14% 10.18%
5.29%......................................... 10.07% 10.11% 10.15%
5.30%......................................... 10.05% 10.09% 10.13%
5.31%......................................... 10.02% 10.06% 10.10%
5.32%......................................... 9.99% 10.03% 10.07%
5.33%......................................... 9.96% 10.00% 10.04%
5.34%......................................... 9.93% 9.97% 10.01%
5.35%......................................... 9.90% 9.94% 9.98%
5.36%......................................... 9.88% 9.92% 9.96%
5.37%......................................... 9.85% 9.89% 9.93%
5.38%......................................... 9.82% 9.86% 9.90%
5.39%......................................... 9.79% 9.83% 9.87%
5.40%......................................... 9.76% 9.80% 9.84%
5.41%......................................... 9.74% 9.78% 9.82%
5.42%......................................... 9.71% 9.75% 9.79%
5.43%......................................... 9.68% 9.72% 9.76%
5.44%......................................... 9.65% 9.69% 9.73%
5.45%......................................... 9.63% 9.66% 9.70%
5.46%......................................... 9.60% 9.64% 9.68%
5.47%......................................... 9.57% 9.61% 9.65%
5.48%......................................... 9.54% 9.58% 9.62%
5.49%......................................... 9.51% 9.55% 9.59%
5.50%......................................... 9.49% 9.53% 9.57%
5.51%......................................... 9.46% 9.50% 9.54%
5.52%......................................... 9.43% 9.47% 9.51%
5.53%......................................... 9.40% 9.44% 9.48%
5.54%......................................... 9.38% 9.41% 9.45%
5.55%......................................... 9.35% 9.39% 9.43%
5.56%......................................... 9.32% 9.36% 9.40%
5.57%......................................... 9.29% 9.33% 9.37%
5.58%......................................... 9.27% 9.30% 9.34%
5.59%......................................... 9.24% 9.28% 9.32%
5.60%......................................... 9.21% 9.25% 9.29%
5.61%......................................... 9.18% 9.22% 9.26%
5.62%......................................... 9.16% 9.19% 9.23%
5.63%......................................... 9.13% 9.17% 9.21%
5.64%......................................... 9.10% 9.14% 9.18%
5.65%......................................... 9.07% 9.11% 9.15%
5.66%......................................... 9.05% 9.09% 9.12%
5.67%......................................... 9.02% 9.06% 9.10%
5.68%......................................... 8.99% 9.03% 9.07%
5.69%......................................... 8.96% 9.00% 9.04%
5.70%......................................... 8.94% 8.98% 9.02%
5.71%......................................... 8.91% 8.95% 8.99%
5.72%......................................... 8.88% 8.92% 8.96%
5.73%......................................... 8.86% 8.89% 8.93%
5.74%......................................... 8.83% 8.87% 8.91%
5.75%......................................... 8.80% 8.84% 8.88%
5.76%......................................... 8.78% 8.81% 8.85%
5.77%......................................... 8.75% 8.79% 8.83%
5.78%......................................... 8.72% 8.76% 8.80%
5.79%......................................... 8.69% 8.73% 8.77%
5.80%......................................... 8.67% 8.71% 8.74%
5.81%......................................... 8.64% 8.68% 8.72%
5.82%......................................... 8.61% 8.65% 8.69%
5.83%......................................... 8.59% 8.62% 8.66%
5.84%......................................... 8.56% 8.60% 8.64%
5.85%......................................... 8.53% 8.57% 8.61%
5.86%......................................... 8.51% 8.54% 8.58%
5.87%......................................... 8.48% 8.52% 8.56%
5.88%......................................... 8.45% 8.49% 8.53%
5.89%......................................... 8.43% 8.46% 8.50%
5.90%......................................... 8.40% 8.44% 8.48%
5.91%......................................... 8.37% 8.41% 8.45%
5.92%......................................... 8.35% 8.38% 8.42%
5.93%......................................... 8.32% 8.36% 8.40%
5.94%......................................... 8.29% 8.33% 8.37%
5.95%......................................... 8.27% 8.30% 8.34%
5.96%......................................... 8.24% 8.28% 8.32%
5.97%......................................... 8.21% 8.25% 8.29%
5.98%......................................... 8.19% 8.22% 8.26%
5.99%......................................... 8.16% 8.20% 8.24%
6.00%......................................... 8.13% 8.17% 8.21%
</TABLE>
F-2-4
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
10 YEAR 30 YEAR BENCHMARK TREASURY YIELD
BENCHMARK ----------------------------------------------------------------------------
TREASURY YIELD 6.13% 6.14% 6.15% 6.16% 6.17% 6.18%
- ------------------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%................................................. 10.45% 10.49% 10.53% 10.57% 10.62% 10.66%
5.21%................................................. 10.42% 10.46% 10.50% 10.55% 10.59% 10.63%
5.22%................................................. 10.39% 10.43% 10.48% 10.52% 10.56% 10.60%
5.23%................................................. 10.37% 10.41% 10.45% 10.49% 10.53% 10.57%
5.24%................................................. 10.34% 10.38% 10.42% 10.46% 10.50% 10.54%
5.25%................................................. 10.31% 10.35% 10.39% 10.43% 10.47% 10.51%
5.26%................................................. 10.28% 10.32% 10.36% 10.40% 10.44% 10.48%
5.27%................................................. 10.25% 10.29% 10.33% 10.37% 10.41% 10.45%
5.28%................................................. 10.22% 10.26% 10.30% 10.34% 10.39% 10.43%
5.29%................................................. 10.19% 10.24% 10.28% 10.32% 10.36% 10.40%
5.30%................................................. 10.17% 10.21% 10.25% 10.29% 10.33% 10.37%
5.31%................................................. 10.14% 10.18% 10.22% 10.26% 10.30% 10.34%
5.32%................................................. 10.11% 10.15% 10.19% 10.23% 10.27% 10.31%
5.33%................................................. 10.08% 10.12% 10.16% 10.20% 10.24% 10.28%
5.34%................................................. 10.05% 10.09% 10.13% 10.17% 10.21% 10.26%
5.35%................................................. 10.02% 10.06% 10.11% 10.15% 10.19% 10.23%
5.36%................................................. 10.00% 10.04% 10.08% 10.12% 10.16% 10.20%
5.37%................................................. 9.97% 10.01% 10.05% 10.09% 10.13% 10.17%
5.38%................................................. 9.94% 9.98% 10.02% 10.06% 10.10% 10.14%
5.39%................................................. 9.91% 9.95% 9.99% 10.03% 10.07% 10.11%
5.40%................................................. 9.88% 9.92% 9.96% 10.00% 10.04% 10.08%
5.41%................................................. 9.86% 9.90% 9.94% 9.98% 10.02% 10.06%
5.42%................................................. 9.83% 9.87% 9.91% 9.95% 9.99% 10.03%
5.43%................................................. 9.80% 9.84% 9.88% 9.92% 9.96% 10.00%
5.44%................................................. 9.77% 9.81% 9.85% 9.89% 9.93% 9.97%
5.45%................................................. 9.74% 9.78% 9.82% 9.86% 9.90% 9.94%
5.46%................................................. 9.72% 9.76% 9.80% 9.84% 9.88% 9.92%
5.47%................................................. 9.69% 9.73% 9.77% 9.81% 9.85% 9.89%
5.48%................................................. 9.66% 9.70% 9.74% 9.78% 9.82% 9.86%
5.49%................................................. 9.63% 9.67% 9.71% 9.75% 9.79% 9.83%
5.50%................................................. 9.60% 9.64% 9.68% 9.72% 9.76% 9.80%
5.51%................................................. 9.58% 9.62% 9.66% 9.70% 9.74% 9.78%
5.52%................................................. 9.55% 9.59% 9.63% 9.67% 9.71% 9.75%
5.53%................................................. 9.52% 9.56% 9.60% 9.64% 9.68% 9.72%
5.54%................................................. 9.49% 9.53% 9.57% 9.61% 9.65% 9.69%
5.55%................................................. 9.47% 9.51% 9.54% 9.58% 9.62% 9.66%
5.56%................................................. 9.44% 9.48% 9.52% 9.56% 9.60% 9.64%
5.57%................................................. 9.41% 9.45% 9.49% 9.53% 9.57% 9.61%
5.58%................................................. 9.38% 9.42% 9.46% 9.50% 9.54% 9.58%
5.59%................................................. 9.36% 9.39% 9.43% 9.47% 9.51% 9.55%
5.60%................................................. 9.33% 9.37% 9.41% 9.45% 9.49% 9.52%
5.61%................................................. 9.30% 9.34% 9.38% 9.42% 9.46% 9.50%
5.62%................................................. 9.27% 9.31% 9.35% 9.39% 9.43% 9.47%
5.63%................................................. 9.25% 9.28% 9.32% 9.36% 9.40% 9.44%
5.64%................................................. 9.22% 9.26% 9.30% 9.34% 9.37% 9.41%
5.65%................................................. 9.19% 9.23% 9.27% 9.31% 9.35% 9.39%
5.66%................................................. 9.16% 9.20% 9.24% 9.28% 9.32% 9.36%
5.67%................................................. 9.14% 9.17% 9.21% 9.25% 9.29% 9.33%
5.68%................................................. 9.11% 9.15% 9.19% 9.23% 9.26% 9.30%
5.69%................................................. 9.08% 9.12% 9.16% 9.20% 9.24% 9.28%
5.70%................................................. 9.05% 9.09% 9.13% 9.17% 9.21% 9.25%
5.71%................................................. 9.03% 9.07% 9.10% 9.14% 9.18% 9.22%
5.72%................................................. 9.00% 9.04% 9.08% 9.12% 9.15% 9.19%
5.73%................................................. 8.97% 9.01% 9.05% 9.09% 9.13% 9.17%
5.74%................................................. 8.94% 8.98% 9.02% 9.06% 9.10% 9.14%
5.75%................................................. 8.92% 8.96% 9.00% 9.03% 9.07% 9.11%
5.76%................................................. 8.89% 8.93% 8.97% 9.01% 9.05% 9.08%
5.77%................................................. 8.86% 8.90% 8.94% 8.98% 9.02% 9.06%
5.78%................................................. 8.84% 8.88% 8.91% 8.95% 8.99% 9.03%
5.79%................................................. 8.81% 8.85% 8.89% 8.92% 8.96% 9.00%
5.80%................................................. 8.78% 8.82% 8.86% 8.90% 8.94% 8.97%
5.81%................................................. 8.76% 8.79% 8.83% 8.87% 8.91% 8.95%
5.82%................................................. 8.73% 8.77% 8.81% 8.84% 8.88% 8.92%
5.83%................................................. 8.70% 8.74% 8.78% 8.82% 8.85% 8.89%
5.84%................................................. 8.67% 8.71% 8.75% 8.79% 8.83% 8.87%
5.85%................................................. 8.65% 8.69% 8.72% 8.76% 8.80% 8.84%
5.86%................................................. 8.62% 8.66% 8.70% 8.74% 8.77% 8.81%
5.87%................................................. 8.59% 8.63% 8.67% 8.71% 8.75% 8.79%
5.88%................................................. 8.57% 8.61% 8.64% 8.68% 8.72% 8.76%
5.89%................................................. 8.54% 8.58% 8.62% 8.65% 8.69% 8.73%
5.90%................................................. 8.51% 8.55% 8.59% 8.63% 8.67% 8.70%
5.91%................................................. 8.49% 8.52% 8.56% 8.60% 8.64% 8.68%
5.92%................................................. 8.46% 8.50% 8.54% 8.57% 8.61% 8.65%
5.93%................................................. 8.43% 8.47% 8.51% 8.55% 8.58% 8.62%
5.94%................................................. 8.41% 8.44% 8.48% 8.52% 8.56% 8.60%
5.95%................................................. 8.38% 8.42% 8.46% 8.49% 8.53% 8.57%
5.96%................................................. 8.35% 8.39% 8.43% 8.47% 8.50% 8.54%
5.97%................................................. 8.33% 8.36% 8.40% 8.44% 8.48% 8.52%
5.98%................................................. 8.30% 8.34% 8.38% 8.41% 8.45% 8.49%
5.99%................................................. 8.27% 8.31% 8.35% 8.39% 8.42% 8.46%
6.00%................................................. 8.25% 8.28% 8.32% 8.36% 8.40% 8.44%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.19% 6.20% 6.21% 6.22% 6.23% 6.24%
- ------------------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C>
5.20%................................................. 10.70% 10.74% 10.78% 10.82% 10.86% 10.90%
5.21%................................................. 10.67% 10.71% 10.75% 10.79% 10.83% 10.88%
5.22%................................................. 10.64% 10.68% 10.72% 10.76% 10.80% 10.85%
5.23%................................................. 10.61% 10.65% 10.69% 10.73% 10.78% 10.82%
5.24%................................................. 10.58% 10.62% 10.66% 10.71% 10.75% 10.79%
5.25%................................................. 10.55% 10.59% 10.64% 10.68% 10.72% 10.76%
5.26%................................................. 10.52% 10.57% 10.61% 10.65% 10.69% 10.73%
5.27%................................................. 10.50% 10.54% 10.58% 10.62% 10.66% 10.70%
5.28%................................................. 10.47% 10.51% 10.55% 10.59% 10.63% 10.67%
5.29%................................................. 10.44% 10.48% 10.52% 10.56% 10.60% 10.64%
5.30%................................................. 10.41% 10.45% 10.49% 10.53% 10.57% 10.62%
5.31%................................................. 10.38% 10.42% 10.46% 10.50% 10.55% 10.59%
5.32%................................................. 10.35% 10.39% 10.43% 10.48% 10.52% 10.56%
5.33%................................................. 10.32% 10.37% 10.41% 10.45% 10.49% 10.53%
5.34%................................................. 10.30% 10.34% 10.38% 10.42% 10.46% 10.50%
5.35%................................................. 10.27% 10.31% 10.35% 10.39% 10.43% 10.47%
5.36%................................................. 10.24% 10.28% 10.32% 10.36% 10.40% 10.44%
5.37%................................................. 10.21% 10.25% 10.29% 10.33% 10.37% 10.41%
5.38%................................................. 10.18% 10.22% 10.26% 10.30% 10.34% 10.39%
5.39%................................................. 10.15% 10.19% 10.23% 10.28% 10.32% 10.36%
5.40%................................................. 10.13% 10.17% 10.21% 10.25% 10.29% 10.33%
5.41%................................................. 10.10% 10.14% 10.18% 10.22% 10.26% 10.30%
5.42%................................................. 10.07% 10.11% 10.15% 10.19% 10.23% 10.27%
5.43%................................................. 10.04% 10.08% 10.12% 10.16% 10.20% 10.24%
5.44%................................................. 10.01% 10.05% 10.09% 10.13% 10.17% 10.21%
5.45%................................................. 9.98% 10.02% 10.06% 10.11% 10.15% 10.19%
5.46%................................................. 9.96% 10.00% 10.04% 10.08% 10.12% 10.16%
5.47%................................................. 9.93% 9.97% 10.01% 10.05% 10.09% 10.13%
5.48%................................................. 9.90% 9.94% 9.98% 10.02% 10.06% 10.10%
5.49%................................................. 9.87% 9.91% 9.95% 9.99% 10.03% 10.07%
5.50%................................................. 9.84% 9.88% 9.92% 9.96% 10.00% 10.04%
5.51%................................................. 9.82% 9.86% 9.90% 9.94% 9.98% 10.02%
5.52%................................................. 9.79% 9.83% 9.87% 9.91% 9.95% 9.99%
5.53%................................................. 9.76% 9.80% 9.84% 9.88% 9.92% 9.96%
5.54%................................................. 9.73% 9.77% 9.81% 9.85% 9.89% 9.93%
5.55%................................................. 9.70% 9.74% 9.78% 9.82% 9.86% 9.90%
5.56%................................................. 9.68% 9.72% 9.76% 9.80% 9.84% 9.88%
5.57%................................................. 9.65% 9.69% 9.73% 9.77% 9.81% 9.85%
5.58%................................................. 9.62% 9.66% 9.70% 9.74% 9.78% 9.82%
5.59%................................................. 9.59% 9.63% 9.67% 9.71% 9.75% 9.79%
5.60%................................................. 9.56% 9.60% 9.64% 9.68% 9.72% 9.76%
5.61%................................................. 9.54% 9.58% 9.62% 9.66% 9.70% 9.73%
5.62%................................................. 9.51% 9.55% 9.59% 9.63% 9.67% 9.71%
5.63%................................................. 9.48% 9.52% 9.56% 9.60% 9.64% 9.68%
5.64%................................................. 9.45% 9.49% 9.53% 9.57% 9.61% 9.65%
5.65%................................................. 9.43% 9.47% 9.50% 9.54% 9.58% 9.62%
5.66%................................................. 9.40% 9.44% 9.48% 9.52% 9.56% 9.60%
5.67%................................................. 9.37% 9.41% 9.45% 9.49% 9.53% 9.57%
5.68%................................................. 9.34% 9.38% 9.42% 9.46% 9.50% 9.54%
5.69%................................................. 9.32% 9.35% 9.39% 9.43% 9.47% 9.51%
5.70%................................................. 9.29% 9.33% 9.37% 9.41% 9.44% 9.48%
5.71%................................................. 9.26% 9.30% 9.34% 9.38% 9.42% 9.46%
5.72%................................................. 9.23% 9.27% 9.31% 9.35% 9.39% 9.43%
5.73%................................................. 9.21% 9.24% 9.28% 9.32% 9.36% 9.40%
5.74%................................................. 9.18% 9.22% 9.26% 9.29% 9.33% 9.37%
5.75%................................................. 9.15% 9.19% 9.23% 9.27% 9.31% 9.35%
5.76%................................................. 9.12% 9.16% 9.20% 9.24% 9.28% 9.32%
5.77%................................................. 9.10% 9.13% 9.17% 9.21% 9.25% 9.29%
5.78%................................................. 9.07% 9.11% 9.15% 9.19% 9.22% 9.26%
5.79%................................................. 9.04% 9.08% 9.12% 9.16% 9.20% 9.24%
5.80%................................................. 9.01% 9.05% 9.09% 9.13% 9.17% 9.21%
5.81%................................................. 8.99% 9.03% 9.06% 9.10% 9.14% 9.18%
5.82%................................................. 8.96% 9.00% 9.04% 9.08% 9.11% 9.15%
5.83%................................................. 8.93% 8.97% 9.01% 9.05% 9.09% 9.13%
5.84%................................................. 8.90% 8.94% 8.98% 9.02% 9.06% 9.10%
5.85%................................................. 8.88% 8.92% 8.95% 8.99% 9.03% 9.07%
5.86%................................................. 8.85% 8.89% 8.93% 8.97% 9.00% 9.04%
5.87%................................................. 8.82% 8.86% 8.90% 8.94% 8.98% 9.02%
5.88%................................................. 8.80% 8.83% 8.87% 8.91% 8.95% 8.99%
5.89%................................................. 8.77% 8.81% 8.85% 8.88% 8.92% 8.96%
5.90%................................................. 8.74% 8.78% 8.82% 8.86% 8.90% 8.93%
5.91%................................................. 8.72% 8.75% 8.79% 8.83% 8.87% 8.91%
5.92%................................................. 8.69% 8.73% 8.76% 8.80% 8.84% 8.88%
5.93%................................................. 8.66% 8.70% 8.74% 8.78% 8.81% 8.85%
5.94%................................................. 8.63% 8.67% 8.71% 8.75% 8.79% 8.83%
5.95%................................................. 8.61% 8.65% 8.68% 8.72% 8.76% 8.80%
5.96%................................................. 8.58% 8.62% 8.66% 8.70% 8.73% 8.77%
5.97%................................................. 8.55% 8.59% 8.63% 8.67% 8.71% 8.74%
5.98%................................................. 8.53% 8.57% 8.60% 8.64% 8.68% 8.72%
5.99%................................................. 8.50% 8.54% 8.58% 8.61% 8.65% 8.69%
6.00%................................................. 8.47% 8.51% 8.55% 8.59% 8.63% 8.66%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.25%
- ------------------------------------------------------ -----------
5.20%................................................. 10.95%
5.21%................................................. 10.92%
5.22%................................................. 10.89%
5.23%................................................. 10.86%
5.24%................................................. 10.83%
5.25%................................................. 10.80%
5.26%................................................. 10.77%
5.27%................................................. 10.74%
5.28%................................................. 10.71%
5.29%................................................. 10.69%
5.30%................................................. 10.66%
5.31%................................................. 10.63%
5.32%................................................. 10.60%
5.33%................................................. 10.57%
5.34%................................................. 10.54%
5.35%................................................. 10.51%
5.36%................................................. 10.48%
5.37%................................................. 10.45%
5.38%................................................. 10.43%
5.39%................................................. 10.40%
5.40%................................................. 10.37%
5.41%................................................. 10.34%
5.42%................................................. 10.31%
5.43%................................................. 10.28%
5.44%................................................. 10.25%
5.45%................................................. 10.23%
5.46%................................................. 10.20%
5.47%................................................. 10.17%
5.48%................................................. 10.14%
5.49%................................................. 10.11%
5.50%................................................. 10.08%
5.51%................................................. 10.06%
5.52%................................................. 10.03%
5.53%................................................. 10.00%
5.54%................................................. 9.97%
5.55%................................................. 9.94%
5.56%................................................. 9.92%
5.57%................................................. 9.89%
5.58%................................................. 9.86%
5.59%................................................. 9.83%
5.60%................................................. 9.80%
5.61%................................................. 9.77%
5.62%................................................. 9.75%
5.63%................................................. 9.72%
5.64%................................................. 9.69%
5.65%................................................. 9.66%
5.66%................................................. 9.63%
5.67%................................................. 9.61%
5.68%................................................. 9.58%
5.69%................................................. 9.55%
5.70%................................................. 9.52%
5.71%................................................. 9.50%
5.72%................................................. 9.47%
5.73%................................................. 9.44%
5.74%................................................. 9.41%
5.75%................................................. 9.39%
5.76%................................................. 9.36%
5.77%................................................. 9.33%
5.78%................................................. 9.30%
5.79%................................................. 9.27%
5.80%................................................. 9.25%
5.81%................................................. 9.22%
5.82%................................................. 9.19%
5.83%................................................. 9.16%
5.84%................................................. 9.14%
5.85%................................................. 9.11%
5.86%................................................. 9.08%
5.87%................................................. 9.06%
5.88%................................................. 9.03%
5.89%................................................. 9.00%
5.90%................................................. 8.97%
5.91%................................................. 8.95%
5.92%................................................. 8.92%
5.93%................................................. 8.89%
5.94%................................................. 8.86%
5.95%................................................. 8.84%
5.96%................................................. 8.81%
5.97%................................................. 8.78%
5.98%................................................. 8.76%
5.99%................................................. 8.73%
6.00%................................................. 8.70%
</TABLE>
F-2-5
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
10 YEAR 30 YEAR BENCHMARK TREASURY YIELD
BENCHMARK ----------------------------------------------------------------------------
TREASURY YIELD 6.26% 6.27% 6.28% 6.29% 6.30% 6.31%
- ------------------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%................................................. 10.99% 11.03% 11.07% 11.11% 11.16% 11.20%
5.21%................................................. 10.96% 11.00% 11.04% 11.08% 11.13% 11.17%
5.22%................................................. 10.93% 10.97% 11.01% 11.05% 11.10% 11.14%
5.23%................................................. 10.90% 10.94% 10.98% 11.03% 11.07% 11.11%
5.24%................................................. 10.87% 10.91% 10.95% 11.00% 11.04% 11.08%
5.25%................................................. 10.84% 10.88% 10.93% 10.97% 11.01% 11.05%
5.26%................................................. 10.81% 10.85% 10.90% 10.94% 10.98% 11.02%
5.27%................................................. 10.78% 10.83% 10.87% 10.91% 10.95% 10.99%
5.28%................................................. 10.76% 10.80% 10.84% 10.88% 10.92% 10.96%
5.29%................................................. 10.73% 10.77% 10.81% 10.85% 10.89% 10.93%
5.30%................................................. 10.70% 10.74% 10.78% 10.82% 10.86% 10.90%
5.31%................................................. 10.67% 10.71% 10.75% 10.79% 10.83% 10.88%
5.32%................................................. 10.64% 10.68% 10.72% 10.76% 10.80% 10.85%
5.33%................................................. 10.61% 10.65% 10.69% 10.73% 10.78% 10.82%
5.34%................................................. 10.58% 10.62% 10.66% 10.71% 10.75% 10.79%
5.35%................................................. 10.55% 10.59% 10.64% 10.68% 10.72% 10.76%
5.36%................................................. 10.52% 10.57% 10.61% 10.65% 10.69% 10.73%
5.37%................................................. 10.50% 10.54% 10.58% 10.62% 10.66% 10.70%
5.38%................................................. 10.47% 10.51% 10.55% 10.59% 10.63% 10.67%
5.39%................................................. 10.44% 10.48% 10.52% 10.56% 10.60% 10.64%
5.40%................................................. 10.41% 10.45% 10.49% 10.53% 10.57% 10.61%
5.41%................................................. 10.38% 10.42% 10.46% 10.50% 10.54% 10.59%
5.42%................................................. 10.35% 10.39% 10.43% 10.47% 10.52% 10.56%
5.43%................................................. 10.32% 10.36% 10.41% 10.45% 10.49% 10.53%
5.44%................................................. 10.30% 10.34% 10.38% 10.42% 10.46% 10.50%
5.45%................................................. 10.27% 10.31% 10.35% 10.39% 10.43% 10.47%
5.46%................................................. 10.24% 10.28% 10.32% 10.36% 10.40% 10.44%
5.47%................................................. 10.21% 10.25% 10.29% 10.33% 10.37% 10.41%
5.48%................................................. 10.18% 10.22% 10.26% 10.30% 10.34% 10.38%
5.49%................................................. 10.15% 10.19% 10.23% 10.27% 10.32% 10.36%
5.50%................................................. 10.12% 10.17% 10.21% 10.25% 10.29% 10.33%
5.51%................................................. 10.10% 10.14% 10.18% 10.22% 10.26% 10.30%
5.52%................................................. 10.07% 10.11% 10.15% 10.19% 10.23% 10.27%
5.53%................................................. 10.04% 10.08% 10.12% 10.16% 10.20% 10.24%
5.54%................................................. 10.01% 10.05% 10.09% 10.13% 10.17% 10.21%
5.55%................................................. 9.98% 10.02% 10.06% 10.10% 10.14% 10.18%
5.56%................................................. 9.96% 10.00% 10.04% 10.08% 10.12% 10.16%
5.57%................................................. 9.93% 9.97% 10.01% 10.05% 10.09% 10.13%
5.58%................................................. 9.90% 9.94% 9.98% 10.02% 10.06% 10.10%
5.59%................................................. 9.87% 9.91% 9.95% 9.99% 10.03% 10.07%
5.60%................................................. 9.84% 9.88% 9.92% 9.96% 10.00% 10.04%
5.61%................................................. 9.81% 9.85% 9.89% 9.93% 9.97% 10.02%
5.62%................................................. 9.79% 9.83% 9.87% 9.91% 9.95% 9.99%
5.63%................................................. 9.76% 9.80% 9.84% 9.88% 9.92% 9.96%
5.64%................................................. 9.73% 9.77% 9.81% 9.85% 9.89% 9.93%
5.65%................................................. 9.70% 9.74% 9.78% 9.82% 9.86% 9.90%
5.66%................................................. 9.67% 9.71% 9.75% 9.79% 9.83% 9.87%
5.67%................................................. 9.65% 9.69% 9.73% 9.77% 9.81% 9.85%
5.68%................................................. 9.62% 9.66% 9.70% 9.74% 9.78% 9.82%
5.69%................................................. 9.59% 9.63% 9.67% 9.71% 9.75% 9.79%
5.70%................................................. 9.56% 9.60% 9.64% 9.68% 9.72% 9.76%
5.71%................................................. 9.54% 9.57% 9.61% 9.65% 9.69% 9.73%
5.72%................................................. 9.51% 9.55% 9.59% 9.63% 9.67% 9.71%
5.73%................................................. 9.48% 9.52% 9.56% 9.60% 9.64% 9.68%
5.74%................................................. 9.45% 9.49% 9.53% 9.57% 9.61% 9.65%
5.75%................................................. 9.42% 9.46% 9.50% 9.54% 9.58% 9.62%
5.76%................................................. 9.40% 9.44% 9.48% 9.51% 9.55% 9.59%
5.77%................................................. 9.37% 9.41% 9.45% 9.49% 9.53% 9.57%
5.78%................................................. 9.34% 9.38% 9.42% 9.46% 9.50% 9.54%
5.79%................................................. 9.31% 9.35% 9.39% 9.43% 9.47% 9.51%
5.80%................................................. 9.29% 9.33% 9.36% 9.40% 9.44% 9.48%
5.81%................................................. 9.26% 9.30% 9.34% 9.38% 9.42% 9.45%
5.82%................................................. 9.23% 9.27% 9.31% 9.35% 9.39% 9.43%
5.83%................................................. 9.20% 9.24% 9.28% 9.32% 9.36% 9.40%
5.84%................................................. 9.18% 9.22% 9.25% 9.29% 9.33% 9.37%
5.85%................................................. 9.15% 9.19% 9.23% 9.27% 9.30% 9.34%
5.86%................................................. 9.12% 9.16% 9.20% 9.24% 9.28% 9.32%
5.87%................................................. 9.09% 9.13% 9.17% 9.21% 9.25% 9.29%
5.88%................................................. 9.07% 9.11% 9.14% 9.18% 9.22% 9.26%
5.89%................................................. 9.04% 9.08% 9.12% 9.16% 9.19% 9.23%
5.90%................................................. 9.01% 9.05% 9.09% 9.13% 9.17% 9.21%
5.91%................................................. 8.98% 9.02% 9.06% 9.10% 9.14% 9.18%
5.92%................................................. 8.96% 9.00% 9.03% 9.07% 9.11% 9.15%
5.93%................................................. 8.93% 8.97% 9.01% 9.05% 9.08% 9.12%
5.94%................................................. 8.90% 8.94% 8.98% 9.02% 9.06% 9.10%
5.95%................................................. 8.88% 8.91% 8.95% 8.99% 9.03% 9.07%
5.96%................................................. 8.85% 8.89% 8.93% 8.96% 9.00% 9.04%
5.97%................................................. 8.82% 8.86% 8.90% 8.94% 8.98% 9.01%
5.98%................................................. 8.79% 8.83% 8.87% 8.91% 8.95% 8.99%
5.99%................................................. 8.77% 8.81% 8.84% 8.88% 8.92% 8.96%
6.00%................................................. 8.74% 8.78% 8.82% 8.86% 8.89% 8.93%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.32% 6.33% 6.34% 6.35% 6.36% 6.37%
- ------------------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C>
5.20%................................................. 11.24% 11.28% 11.32% 11.37% 11.41% 11.45%
5.21%................................................. 11.21% 11.25% 11.29% 11.34% 11.38% 11.42%
5.22%................................................. 11.18% 11.22% 11.26% 11.31% 11.35% 11.39%
5.23%................................................. 11.15% 11.19% 11.23% 11.28% 11.32% 11.36%
5.24%................................................. 11.12% 11.16% 11.21% 11.25% 11.29% 11.33%
5.25%................................................. 11.09% 11.13% 11.18% 11.22% 11.26% 11.30%
5.26%................................................. 11.06% 11.10% 11.15% 11.19% 11.23% 11.27%
5.27%................................................. 11.03% 11.08% 11.12% 11.16% 11.20% 11.24%
5.28%................................................. 11.00% 11.05% 11.09% 11.13% 11.17% 11.21%
5.29%................................................. 10.98% 11.02% 11.06% 11.10% 11.14% 11.18%
5.30%................................................. 10.95% 10.99% 11.03% 11.07% 11.11% 11.16%
5.31%................................................. 10.92% 10.96% 11.00% 11.04% 11.08% 11.13%
5.32%................................................. 10.89% 10.93% 10.97% 11.01% 11.05% 11.10%
5.33%................................................. 10.86% 10.90% 10.94% 10.98% 11.03% 11.07%
5.34%................................................. 10.83% 10.87% 10.91% 10.95% 11.00% 11.04%
5.35%................................................. 10.80% 10.84% 10.88% 10.92% 10.97% 11.01%
5.36%................................................. 10.77% 10.81% 10.85% 10.90% 10.94% 10.98%
5.37%................................................. 10.74% 10.78% 10.83% 10.87% 10.91% 10.95%
5.38%................................................. 10.71% 10.75% 10.80% 10.84% 10.88% 10.92%
5.39%................................................. 10.68% 10.73% 10.77% 10.81% 10.85% 10.89%
5.40%................................................. 10.66% 10.70% 10.74% 10.78% 10.82% 10.86%
5.41%................................................. 10.63% 10.67% 10.71% 10.75% 10.79% 10.83%
5.42%................................................. 10.60% 10.64% 10.68% 10.72% 10.76% 10.80%
5.43%................................................. 10.57% 10.61% 10.65% 10.69% 10.73% 10.78%
5.44%................................................. 10.54% 10.58% 10.62% 10.66% 10.70% 10.75%
5.45%................................................. 10.51% 10.55% 10.59% 10.64% 10.68% 10.72%
5.46%................................................. 10.48% 10.52% 10.57% 10.61% 10.65% 10.69%
5.47%................................................. 10.45% 10.50% 10.54% 10.58% 10.62% 10.66%
5.48%................................................. 10.43% 10.47% 10.51% 10.55% 10.59% 10.63%
5.49%................................................. 10.40% 10.44% 10.48% 10.52% 10.56% 10.60%
5.50%................................................. 10.37% 10.41% 10.45% 10.49% 10.53% 10.57%
5.51%................................................. 10.34% 10.38% 10.42% 10.46% 10.50% 10.54%
5.52%................................................. 10.31% 10.35% 10.39% 10.43% 10.47% 10.52%
5.53%................................................. 10.28% 10.32% 10.36% 10.40% 10.45% 10.49%
5.54%................................................. 10.25% 10.29% 10.34% 10.38% 10.42% 10.46%
5.55%................................................. 10.23% 10.27% 10.31% 10.35% 10.39% 10.43%
5.56%................................................. 10.20% 10.24% 10.28% 10.32% 10.36% 10.40%
5.57%................................................. 10.17% 10.21% 10.25% 10.29% 10.33% 10.37%
5.58%................................................. 10.14% 10.18% 10.22% 10.26% 10.30% 10.34%
5.59%................................................. 10.11% 10.15% 10.19% 10.23% 10.27% 10.31%
5.60%................................................. 10.08% 10.12% 10.16% 10.20% 10.25% 10.29%
5.61%................................................. 10.06% 10.10% 10.14% 10.18% 10.22% 10.26%
5.62%................................................. 10.03% 10.07% 10.11% 10.15% 10.19% 10.23%
5.63%................................................. 10.00% 10.04% 10.08% 10.12% 10.16% 10.20%
5.64%................................................. 9.97% 10.01% 10.05% 10.09% 10.13% 10.17%
5.65%................................................. 9.94% 9.98% 10.02% 10.06% 10.10% 10.14%
5.66%................................................. 9.91% 9.95% 9.99% 10.03% 10.07% 10.12%
5.67%................................................. 9.89% 9.93% 9.97% 10.01% 10.05% 10.09%
5.68%................................................. 9.86% 9.90% 9.94% 9.98% 10.02% 10.06%
5.69%................................................. 9.83% 9.87% 9.91% 9.95% 9.99% 10.03%
5.70%................................................. 9.80% 9.84% 9.88% 9.92% 9.96% 10.00%
5.71%................................................. 9.77% 9.81% 9.85% 9.89% 9.93% 9.97%
5.72%................................................. 9.75% 9.79% 9.83% 9.87% 9.91% 9.95%
5.73%................................................. 9.72% 9.76% 9.80% 9.84% 9.88% 9.92%
5.74%................................................. 9.69% 9.73% 9.77% 9.81% 9.85% 9.89%
5.75%................................................. 9.66% 9.70% 9.74% 9.78% 9.82% 9.86%
5.76%................................................. 9.63% 9.67% 9.71% 9.75% 9.79% 9.83%
5.77%................................................. 9.61% 9.65% 9.69% 9.72% 9.76% 9.80%
5.78%................................................. 9.58% 9.62% 9.66% 9.70% 9.74% 9.78%
5.79%................................................. 9.55% 9.59% 9.63% 9.67% 9.71% 9.75%
5.80%................................................. 9.52% 9.56% 9.60% 9.64% 9.68% 9.72%
5.81%................................................. 9.49% 9.53% 9.57% 9.61% 9.65% 9.69%
5.82%................................................. 9.47% 9.51% 9.55% 9.59% 9.62% 9.66%
5.83%................................................. 9.44% 9.48% 9.52% 9.56% 9.60% 9.64%
5.84%................................................. 9.41% 9.45% 9.49% 9.53% 9.57% 9.61%
5.85%................................................. 9.38% 9.42% 9.46% 9.50% 9.54% 9.58%
5.86%................................................. 9.36% 9.39% 9.43% 9.47% 9.51% 9.55%
5.87%................................................. 9.33% 9.37% 9.41% 9.45% 9.49% 9.52%
5.88%................................................. 9.30% 9.34% 9.38% 9.42% 9.46% 9.50%
5.89%................................................. 9.27% 9.31% 9.35% 9.39% 9.43% 9.47%
5.90%................................................. 9.25% 9.28% 9.32% 9.36% 9.40% 9.44%
5.91%................................................. 9.22% 9.26% 9.30% 9.34% 9.37% 9.41%
5.92%................................................. 9.19% 9.23% 9.27% 9.31% 9.35% 9.39%
5.93%................................................. 9.16% 9.20% 9.24% 9.28% 9.32% 9.36%
5.94%................................................. 9.14% 9.17% 9.21% 9.25% 9.29% 9.33%
5.95%................................................. 9.11% 9.15% 9.19% 9.22% 9.26% 9.30%
5.96%................................................. 9.08% 9.12% 9.16% 9.20% 9.24% 9.28%
5.97%................................................. 9.05% 9.09% 9.13% 9.17% 9.21% 9.25%
5.98%................................................. 9.03% 9.06% 9.10% 9.14% 9.18% 9.22%
5.99%................................................. 9.00% 9.04% 9.08% 9.11% 9.15% 9.19%
6.00%................................................. 8.97% 9.01% 9.05% 9.09% 9.13% 9.17%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.38%
- ------------------------------------------------------ -----------
5.20%................................................. 11.49%
5.21%................................................. 11.46%
5.22%................................................. 11.43%
5.23%................................................. 11.40%
5.24%................................................. 11.37%
5.25%................................................. 11.34%
5.26%................................................. 11.31%
5.27%................................................. 11.29%
5.28%................................................. 11.26%
5.29%................................................. 11.23%
5.30%................................................. 11.20%
5.31%................................................. 11.17%
5.32%................................................. 11.14%
5.33%................................................. 11.11%
5.34%................................................. 11.08%
5.35%................................................. 11.05%
5.36%................................................. 11.02%
5.37%................................................. 10.99%
5.38%................................................. 10.96%
5.39%................................................. 10.93%
5.40%................................................. 10.90%
5.41%................................................. 10.87%
5.42%................................................. 10.85%
5.43%................................................. 10.82%
5.44%................................................. 10.79%
5.45%................................................. 10.76%
5.46%................................................. 10.73%
5.47%................................................. 10.70%
5.48%................................................. 10.67%
5.49%................................................. 10.64%
5.50%................................................. 10.61%
5.51%................................................. 10.59%
5.52%................................................. 10.56%
5.53%................................................. 10.53%
5.54%................................................. 10.50%
5.55%................................................. 10.47%
5.56%................................................. 10.44%
5.57%................................................. 10.41%
5.58%................................................. 10.38%
5.59%................................................. 10.36%
5.60%................................................. 10.33%
5.61%................................................. 10.30%
5.62%................................................. 10.27%
5.63%................................................. 10.24%
5.64%................................................. 10.21%
5.65%................................................. 10.18%
5.66%................................................. 10.16%
5.67%................................................. 10.13%
5.68%................................................. 10.10%
5.69%................................................. 10.07%
5.70%................................................. 10.04%
5.71%................................................. 10.01%
5.72%................................................. 9.99%
5.73%................................................. 9.96%
5.74%................................................. 9.93%
5.75%................................................. 9.90%
5.76%................................................. 9.87%
5.77%................................................. 9.84%
5.78%................................................. 9.82%
5.79%................................................. 9.79%
5.80%................................................. 9.76%
5.81%................................................. 9.73%
5.82%................................................. 9.70%
5.83%................................................. 9.68%
5.84%................................................. 9.65%
5.85%................................................. 9.62%
5.86%................................................. 9.59%
5.87%................................................. 9.56%
5.88%................................................. 9.54%
5.89%................................................. 9.51%
5.90%................................................. 9.48%
5.91%................................................. 9.45%
5.92%................................................. 9.43%
5.93%................................................. 9.40%
5.94%................................................. 9.37%
5.95%................................................. 9.34%
5.96%................................................. 9.31%
5.97%................................................. 9.29%
5.98%................................................. 9.26%
5.99%................................................. 9.23%
6.00%................................................. 9.20%
</TABLE>
F-2-6
<PAGE>
TABLE F-2
MATRIX OF EXTENSION COUPONS OF THE NEW NOTES
<TABLE>
<CAPTION>
10 YEAR 30 YEAR BENCHMARK TREASURY YIELD
BENCHMARK ---------------------------------------------------------------
TREASURY YIELD 6.39% 6.40% 6.41% 6.42% 6.43%
- -------------------------------------------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
5.20%......................................................... 11.54% 11.58% 11.62% 11.66% 11.71%
5.21%......................................................... 11.51% 11.55% 11.59% 11.63% 11.68%
5.22%......................................................... 11.48% 11.52% 11.56% 11.60% 11.65%
5.23%......................................................... 11.45% 11.49% 11.53% 11.57% 11.62%
5.24%......................................................... 11.42% 11.46% 11.50% 11.54% 11.59%
5.25%......................................................... 11.39% 11.43% 11.47% 11.51% 11.56%
5.26%......................................................... 11.36% 11.40% 11.44% 11.48% 11.53%
5.27%......................................................... 11.33% 11.37% 11.41% 11.45% 11.50%
5.28%......................................................... 11.30% 11.34% 11.38% 11.42% 11.47%
5.29%......................................................... 11.27% 11.31% 11.35% 11.40% 11.44%
5.30%......................................................... 11.24% 11.28% 11.32% 11.37% 11.41%
5.31%......................................................... 11.21% 11.25% 11.29% 11.34% 11.38%
5.32%......................................................... 11.18% 11.22% 11.26% 11.31% 11.35%
5.33%......................................................... 11.15% 11.19% 11.23% 11.28% 11.32%
5.34%......................................................... 11.12% 11.16% 11.21% 11.25% 11.29%
5.35%......................................................... 11.09% 11.13% 11.18% 11.22% 11.26%
5.36%......................................................... 11.06% 11.10% 11.15% 11.19% 11.23%
5.37%......................................................... 11.03% 11.08% 11.12% 11.16% 11.20%
5.38%......................................................... 11.00% 11.05% 11.09% 11.13% 11.17%
5.39%......................................................... 10.97% 11.02% 11.06% 11.10% 11.14%
5.40%......................................................... 10.95% 10.99% 11.03% 11.07% 11.11%
5.41%......................................................... 10.92% 10.96% 11.00% 11.04% 11.08%
5.42%......................................................... 10.89% 10.93% 10.97% 11.01% 11.05%
5.43%......................................................... 10.86% 10.90% 10.94% 10.98% 11.02%
5.44%......................................................... 10.83% 10.87% 10.91% 10.95% 11.00%
5.45%......................................................... 10.80% 10.84% 10.88% 10.92% 10.97%
5.46%......................................................... 10.77% 10.81% 10.85% 10.90% 10.94%
5.47%......................................................... 10.74% 10.78% 10.82% 10.87% 10.91%
5.48%......................................................... 10.71% 10.75% 10.80% 10.84% 10.88%
5.49%......................................................... 10.68% 10.73% 10.77% 10.81% 10.85%
5.50%......................................................... 10.66% 10.70% 10.74% 10.78% 10.82%
5.51%......................................................... 10.63% 10.67% 10.71% 10.75% 10.79%
5.52%......................................................... 10.60% 10.64% 10.68% 10.72% 10.76%
5.53%......................................................... 10.57% 10.61% 10.65% 10.69% 10.73%
5.54%......................................................... 10.54% 10.58% 10.62% 10.66% 10.70%
5.55%......................................................... 10.51% 10.55% 10.59% 10.63% 10.68%
5.56%......................................................... 10.48% 10.52% 10.56% 10.61% 10.65%
5.57%......................................................... 10.45% 10.49% 10.54% 10.58% 10.62%
5.58%......................................................... 10.42% 10.47% 10.51% 10.55% 10.59%
5.59%......................................................... 10.40% 10.44% 10.48% 10.52% 10.56%
5.60%......................................................... 10.37% 10.41% 10.45% 10.49% 10.53%
5.61%......................................................... 10.34% 10.38% 10.42% 10.46% 10.50%
5.62%......................................................... 10.31% 10.35% 10.39% 10.43% 10.47%
5.63%......................................................... 10.28% 10.32% 10.36% 10.40% 10.44%
5.64%......................................................... 10.25% 10.29% 10.33% 10.38% 10.42%
5.65%......................................................... 10.22% 10.27% 10.31% 10.35% 10.39%
5.66%......................................................... 10.20% 10.24% 10.28% 10.32% 10.36%
5.67%......................................................... 10.17% 10.21% 10.25% 10.29% 10.33%
5.68%......................................................... 10.14% 10.18% 10.22% 10.26% 10.30%
5.69%......................................................... 10.11% 10.15% 10.19% 10.23% 10.27%
5.70%......................................................... 10.08% 10.12% 10.16% 10.20% 10.24%
5.71%......................................................... 10.05% 10.09% 10.13% 10.17% 10.22%
5.72%......................................................... 10.03% 10.07% 10.11% 10.15% 10.19%
5.73%......................................................... 10.00% 10.04% 10.08% 10.12% 10.16%
5.74%......................................................... 9.97% 10.01% 10.05% 10.09% 10.13%
5.75%......................................................... 9.94% 9.98% 10.02% 10.06% 10.10%
5.76%......................................................... 9.91% 9.95% 9.99% 10.03% 10.07%
5.77%......................................................... 9.88% 9.92% 9.96% 10.00% 10.05%
5.78%......................................................... 9.86% 9.90% 9.94% 9.98% 10.02%
5.79%......................................................... 9.83% 9.87% 9.91% 9.95% 9.99%
5.80%......................................................... 9.80% 9.84% 9.88% 9.92% 9.96%
5.81%......................................................... 9.77% 9.81% 9.85% 9.89% 9.93%
5.82%......................................................... 9.74% 9.78% 9.82% 9.86% 9.90%
5.83%......................................................... 9.72% 9.76% 9.80% 9.84% 9.88%
5.84%......................................................... 9.69% 9.73% 9.77% 9.81% 9.85%
5.85%......................................................... 9.66% 9.70% 9.74% 9.78% 9.82%
5.86%......................................................... 9.63% 9.67% 9.71% 9.75% 9.79%
5.87%......................................................... 9.60% 9.64% 9.68% 9.72% 9.76%
5.88%......................................................... 9.58% 9.62% 9.66% 9.70% 9.73%
5.89%......................................................... 9.55% 9.59% 9.63% 9.67% 9.71%
5.90%......................................................... 9.52% 9.56% 9.60% 9.64% 9.68%
5.91%......................................................... 9.49% 9.53% 9.57% 9.61% 9.65%
5.92%......................................................... 9.46% 9.50% 9.54% 9.58% 9.62%
5.93%......................................................... 9.44% 9.48% 9.52% 9.56% 9.59%
5.94%......................................................... 9.41% 9.45% 9.49% 9.53% 9.57%
5.95%......................................................... 9.38% 9.42% 9.46% 9.50% 9.54%
5.96%......................................................... 9.35% 9.39% 9.43% 9.47% 9.51%
5.97%......................................................... 9.33% 9.37% 9.40% 9.44% 9.48%
5.98%......................................................... 9.30% 9.34% 9.38% 9.42% 9.46%
5.99%......................................................... 9.27% 9.31% 9.35% 9.39% 9.43%
6.00%......................................................... 9.24% 9.28% 9.32% 9.36% 9.40%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.44% 6.45% 6.46% 6.47% 6.48%
- -------------------------------------------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C>
5.20%......................................................... 11.75% 11.79% 11.83% 11.88% 11.92%
5.21%......................................................... 11.72% 11.76% 11.80% 11.85% 11.89%
5.22%......................................................... 11.69% 11.73% 11.77% 11.82% 11.86%
5.23%......................................................... 11.66% 11.70% 11.74% 11.79% 11.83%
5.24%......................................................... 11.63% 11.67% 11.71% 11.76% 11.80%
5.25%......................................................... 11.60% 11.64% 11.68% 11.73% 11.77%
5.26%......................................................... 11.57% 11.61% 11.65% 11.70% 11.74%
5.27%......................................................... 11.54% 11.58% 11.62% 11.67% 11.71%
5.28%......................................................... 11.51% 11.55% 11.59% 11.64% 11.68%
5.29%......................................................... 11.48% 11.52% 11.56% 11.61% 11.65%
5.30%......................................................... 11.45% 11.49% 11.54% 11.58% 11.62%
5.31%......................................................... 11.42% 11.46% 11.51% 11.55% 11.59%
5.32%......................................................... 11.39% 11.43% 11.48% 11.52% 11.56%
5.33%......................................................... 11.36% 11.40% 11.45% 11.49% 11.53%
5.34%......................................................... 11.33% 11.37% 11.42% 11.46% 11.50%
5.35%......................................................... 11.30% 11.34% 11.39% 11.43% 11.47%
5.36%......................................................... 11.27% 11.31% 11.36% 11.40% 11.44%
5.37%......................................................... 11.24% 11.28% 11.33% 11.37% 11.41%
5.38%......................................................... 11.21% 11.26% 11.30% 11.34% 11.38%
5.39%......................................................... 11.18% 11.23% 11.27% 11.31% 11.35%
5.40%......................................................... 11.15% 11.20% 11.24% 11.28% 11.32%
5.41%......................................................... 11.13% 11.17% 11.21% 11.25% 11.29%
5.42%......................................................... 11.10% 11.14% 11.18% 11.22% 11.26%
5.43%......................................................... 11.07% 11.11% 11.15% 11.19% 11.23%
5.44%......................................................... 11.04% 11.08% 11.12% 11.16% 11.20%
5.45%......................................................... 11.01% 11.05% 11.09% 11.13% 11.18%
5.46%......................................................... 10.98% 11.02% 11.06% 11.10% 11.15%
5.47%......................................................... 10.95% 10.99% 11.03% 11.07% 11.12%
5.48%......................................................... 10.92% 10.96% 11.00% 11.05% 11.09%
5.49%......................................................... 10.89% 10.93% 10.97% 11.02% 11.06%
5.50%......................................................... 10.86% 10.90% 10.94% 10.99% 11.03%
5.51%......................................................... 10.83% 10.87% 10.92% 10.96% 11.00%
5.52%......................................................... 10.80% 10.84% 10.89% 10.93% 10.97%
5.53%......................................................... 10.77% 10.82% 10.86% 10.90% 10.94%
5.54%......................................................... 10.75% 10.79% 10.83% 10.87% 10.91%
5.55%......................................................... 10.72% 10.76% 10.80% 10.84% 10.88%
5.56%......................................................... 10.69% 10.73% 10.77% 10.81% 10.85%
5.57%......................................................... 10.66% 10.70% 10.74% 10.78% 10.82%
5.58%......................................................... 10.63% 10.67% 10.71% 10.75% 10.79%
5.59%......................................................... 10.60% 10.64% 10.68% 10.72% 10.77%
5.60%......................................................... 10.57% 10.61% 10.65% 10.70% 10.74%
5.61%......................................................... 10.54% 10.58% 10.63% 10.67% 10.71%
5.62%......................................................... 10.51% 10.56% 10.60% 10.64% 10.68%
5.63%......................................................... 10.49% 10.53% 10.57% 10.61% 10.65%
5.64%......................................................... 10.46% 10.50% 10.54% 10.58% 10.62%
5.65%......................................................... 10.43% 10.47% 10.51% 10.55% 10.59%
5.66%......................................................... 10.40% 10.44% 10.48% 10.52% 10.56%
5.67%......................................................... 10.37% 10.41% 10.45% 10.49% 10.53%
5.68%......................................................... 10.34% 10.38% 10.42% 10.46% 10.51%
5.69%......................................................... 10.31% 10.35% 10.39% 10.44% 10.48%
5.70%......................................................... 10.28% 10.33% 10.37% 10.41% 10.45%
5.71%......................................................... 10.26% 10.30% 10.34% 10.38% 10.42%
5.72%......................................................... 10.23% 10.27% 10.31% 10.35% 10.39%
5.73%......................................................... 10.20% 10.24% 10.28% 10.32% 10.36%
5.74%......................................................... 10.17% 10.21% 10.25% 10.29% 10.33%
5.75%......................................................... 10.14% 10.18% 10.22% 10.26% 10.30%
5.76%......................................................... 10.11% 10.15% 10.19% 10.24% 10.28%
5.77%......................................................... 10.09% 10.13% 10.17% 10.21% 10.25%
5.78%......................................................... 10.06% 10.10% 10.14% 10.18% 10.22%
5.79%......................................................... 10.03% 10.07% 10.11% 10.15% 10.19%
5.80%......................................................... 10.00% 10.04% 10.08% 10.12% 10.16%
5.81%......................................................... 9.97% 10.01% 10.05% 10.09% 10.13%
5.82%......................................................... 9.94% 9.98% 10.02% 10.06% 10.10%
5.83%......................................................... 9.92% 9.96% 10.00% 10.04% 10.08%
5.84%......................................................... 9.89% 9.93% 9.97% 10.01% 10.05%
5.85%......................................................... 9.86% 9.90% 9.94% 9.98% 10.02%
5.86%......................................................... 9.83% 9.87% 9.91% 9.95% 9.99%
5.87%......................................................... 9.80% 9.84% 9.88% 9.92% 9.96%
5.88%......................................................... 9.77% 9.81% 9.85% 9.89% 9.93%
5.89%......................................................... 9.75% 9.79% 9.83% 9.87% 9.91%
5.90%......................................................... 9.72% 9.76% 9.80% 9.84% 9.88%
5.91%......................................................... 9.69% 9.73% 9.77% 9.81% 9.85%
5.92%......................................................... 9.66% 9.70% 9.74% 9.78% 9.82%
5.93%......................................................... 9.63% 9.67% 9.71% 9.75% 9.79%
5.94%......................................................... 9.61% 9.65% 9.69% 9.73% 9.77%
5.95%......................................................... 9.58% 9.62% 9.66% 9.70% 9.74%
5.96%......................................................... 9.55% 9.59% 9.63% 9.67% 9.71%
5.97%......................................................... 9.52% 9.56% 9.60% 9.64% 9.68%
5.98%......................................................... 9.49% 9.53% 9.57% 9.61% 9.65%
5.99%......................................................... 9.47% 9.51% 9.55% 9.59% 9.63%
6.00%......................................................... 9.44% 9.48% 9.52% 9.56% 9.60%
<CAPTION>
10 YEAR
BENCHMARK
TREASURY YIELD 6.49% 6.50%
- -------------------------------------------------------------- ----------- -----------
5.20%......................................................... 11.96% 12.01%
5.21%......................................................... 11.93% 11.98%
5.22%......................................................... 11.90% 11.95%
5.23%......................................................... 11.87% 11.92%
5.24%......................................................... 11.84% 11.89%
5.25%......................................................... 11.81% 11.86%
5.26%......................................................... 11.78% 11.83%
5.27%......................................................... 11.75% 11.80%
5.28%......................................................... 11.72% 11.77%
5.29%......................................................... 11.69% 11.74%
5.30%......................................................... 11.66% 11.71%
5.31%......................................................... 11.63% 11.68%
5.32%......................................................... 11.60% 11.65%
5.33%......................................................... 11.57% 11.62%
5.34%......................................................... 11.54% 11.59%
5.35%......................................................... 11.51% 11.56%
5.36%......................................................... 11.48% 11.53%
5.37%......................................................... 11.45% 11.50%
5.38%......................................................... 11.42% 11.47%
5.39%......................................................... 11.39% 11.44%
5.40%......................................................... 11.36% 11.41%
5.41%......................................................... 11.34% 11.38%
5.42%......................................................... 11.31% 11.35%
5.43%......................................................... 11.28% 11.32%
5.44%......................................................... 11.25% 11.29%
5.45%......................................................... 11.22% 11.26%
5.46%......................................................... 11.19% 11.23%
5.47%......................................................... 11.16% 11.20%
5.48%......................................................... 11.13% 11.17%
5.49%......................................................... 11.10% 11.14%
5.50%......................................................... 11.07% 11.11%
5.51%......................................................... 11.04% 11.08%
5.52%......................................................... 11.01% 11.05%
5.53%......................................................... 10.98% 11.02%
5.54%......................................................... 10.95% 10.99%
5.55%......................................................... 10.92% 10.97%
5.56%......................................................... 10.89% 10.94%
5.57%......................................................... 10.87% 10.91%
5.58%......................................................... 10.84% 10.88%
5.59%......................................................... 10.81% 10.85%
5.60%......................................................... 10.78% 10.82%
5.61%......................................................... 10.75% 10.79%
5.62%......................................................... 10.72% 10.76%
5.63%......................................................... 10.69% 10.73%
5.64%......................................................... 10.66% 10.70%
5.65%......................................................... 10.63% 10.67%
5.66%......................................................... 10.60% 10.65%
5.67%......................................................... 10.58% 10.62%
5.68%......................................................... 10.55% 10.59%
5.69%......................................................... 10.52% 10.56%
5.70%......................................................... 10.49% 10.53%
5.71%......................................................... 10.46% 10.50%
5.72%......................................................... 10.43% 10.47%
5.73%......................................................... 10.40% 10.44%
5.74%......................................................... 10.37% 10.41%
5.75%......................................................... 10.34% 10.39%
5.76%......................................................... 10.32% 10.36%
5.77%......................................................... 10.29% 10.33%
5.78%......................................................... 10.26% 10.30%
5.79%......................................................... 10.23% 10.27%
5.80%......................................................... 10.20% 10.24%
5.81%......................................................... 10.17% 10.21%
5.82%......................................................... 10.15% 10.19%
5.83%......................................................... 10.12% 10.16%
5.84%......................................................... 10.09% 10.13%
5.85%......................................................... 10.06% 10.10%
5.86%......................................................... 10.03% 10.07%
5.87%......................................................... 10.00% 10.04%
5.88%......................................................... 9.97% 10.01%
5.89%......................................................... 9.95% 9.99%
5.90%......................................................... 9.92% 9.96%
5.91%......................................................... 9.89% 9.93%
5.92%......................................................... 9.86% 9.90%
5.93%......................................................... 9.83% 9.87%
5.94%......................................................... 9.81% 9.85%
5.95%......................................................... 9.78% 9.82%
5.96%......................................................... 9.75% 9.79%
5.97%......................................................... 9.72% 9.76%
5.98%......................................................... 9.69% 9.73%
5.99%......................................................... 9.66% 9.70%
6.00%......................................................... 9.64% 9.68%
</TABLE>
F-2-7
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.50% 5.51% 5.52% 5.53% 5.54% 5.55% 5.56% 5.57%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,314.96 $1,315.05 $1,315.15 $1,314.88 $1,314.98 $1,315.07 $1,315.15 $1,314.88
5.21%.................................... $1,314.23 $1,313.97 $1,314.07 $1,314.17 $1,313.90 $1,313.99 $1,314.08 $1,314.17
5.22%.................................... $1,313.15 $1,313.25 $1,312.99 $1,313.09 $1,313.18 $1,313.27 $1,313.01 $1,313.09
5.23%.................................... $1,312.07 $1,312.17 $1,312.27 $1,312.01 $1,312.10 $1,312.20 $1,312.29 $1,312.02
5.24%.................................... $1,311.34 $1,311.09 $1,311.19 $1,311.29 $1,311.39 $1,311.12 $1,311.22 $1,311.31
5.25%.................................... $1,310.26 $1,310.37 $1,310.47 $1,310.21 $1,310.31 $1,310.41 $1,310.14 $1,310.23
5.26%.................................... $1,309.54 $1,309.28 $1,309.39 $1,309.49 $1,309.23 $1,309.33 $1,309.43 $1,309.52
5.27%.................................... $1,308.45 $1,308.56 $1,308.31 $1,308.41 $1,308.51 $1,308.61 $1,308.35 $1,308.45
5.28%.................................... $1,307.37 $1,307.48 $1,307.59 $1,307.33 $1,307.44 $1,307.54 $1,307.64 $1,307.37
5.29%.................................... $1,306.65 $1,306.76 $1,306.51 $1,306.61 $1,306.72 $1,306.46 $1,306.56 $1,306.66
5.30%.................................... $1,305.56 $1,305.68 $1,305.79 $1,305.54 $1,305.64 $1,305.74 $1,305.49 $1,305.59
5.31%.................................... $1,304.84 $1,304.59 $1,304.71 $1,304.82 $1,304.56 $1,304.67 $1,304.77 $1,304.87
5.32%.................................... $1,303.76 $1,303.87 $1,303.63 $1,303.74 $1,303.85 $1,303.95 $1,303.70 $1,303.80
5.33%.................................... $1,303.04 $1,302.79 $1,302.91 $1,303.02 $1,302.77 $1,302.88 $1,302.98 $1,302.73
5.34%.................................... $1,301.95 $1,302.07 $1,301.83 $1,301.94 $1,302.05 $1,301.80 $1,301.91 $1,302.01
5.35%.................................... $1,300.87 $1,300.99 $1,301.11 $1,300.86 $1,300.97 $1,301.08 $1,300.83 $1,300.94
5.36%.................................... $1,300.15 $1,299.91 $1,300.02 $1,300.14 $1,300.26 $1,300.01 $1,300.12 $1,300.23
5.37%.................................... $1,299.06 $1,299.18 $1,299.30 $1,299.06 $1,299.18 $1,299.29 $1,299.04 $1,299.15
5.38%.................................... $1,298.34 $1,298.10 $1,298.22 $1,298.34 $1,298.10 $1,298.22 $1,298.33 $1,298.08
5.39%.................................... $1,297.26 $1,297.38 $1,297.14 $1,297.26 $1,297.38 $1,297.14 $1,297.26 $1,297.37
5.40%.................................... $1,296.53 $1,296.30 $1,296.42 $1,296.55 $1,296.31 $1,296.42 $1,296.54 $1,296.29
5.41%.................................... $1,295.45 $1,295.58 $1,295.34 $1,295.47 $1,295.59 $1,295.35 $1,295.47 $1,295.58
5.42%.................................... $1,294.37 $1,294.50 $1,294.62 $1,294.39 $1,294.51 $1,294.63 $1,294.39 $1,294.51
5.43%.................................... $1,293.64 $1,293.77 $1,293.54 $1,293.67 $1,293.79 $1,293.56 $1,293.68 $1,293.79
5.44%.................................... $1,292.56 $1,292.69 $1,292.82 $1,292.59 $1,292.72 $1,292.84 $1,292.60 $1,292.72
5.45%.................................... $1,291.84 $1,291.61 $1,291.74 $1,291.87 $1,291.64 $1,291.76 $1,291.89 $1,291.65
5.46%.................................... $1,290.75 $1,290.89 $1,291.02 $1,290.79 $1,290.92 $1,291.05 $1,290.81 $1,290.93
5.47%.................................... $1,290.03 $1,289.81 $1,289.94 $1,290.07 $1,289.84 $1,289.97 $1,290.10 $1,289.86
5.48%.................................... $1,288.95 $1,289.09 $1,288.86 $1,288.99 $1,289.12 $1,288.90 $1,289.02 $1,289.15
5.49%.................................... $1,288.23 $1,288.00 $1,288.14 $1,288.27 $1,288.05 $1,288.18 $1,287.95 $1,288.07
5.50%.................................... $1,287.14 $1,287.28 $1,287.06 $1,287.20 $1,287.33 $1,287.10 $1,287.23 $1,287.36
5.51%.................................... $1,286.42 $1,286.20 $1,286.34 $1,286.48 $1,286.25 $1,286.39 $1,286.16 $1,286.29
5.52%.................................... $1,285.34 $1,285.48 $1,285.26 $1,285.40 $1,285.53 $1,285.31 $1,285.44 $1,285.21
5.53%.................................... $1,284.61 $1,284.40 $1,284.54 $1,284.32 $1,284.46 $1,284.59 $1,284.37 $1,284.50
5.54%.................................... $1,283.53 $1,283.68 $1,283.46 $1,283.60 $1,283.38 $1,283.52 $1,283.65 $1,283.43
5.55%.................................... $1,282.81 $1,282.59 $1,282.74 $1,282.52 $1,282.66 $1,282.80 $1,282.58 $1,282.71
5.56%.................................... $1,281.72 $1,281.87 $1,281.66 $1,281.80 $1,281.58 $1,281.73 $1,281.86 $1,281.64
5.57%.................................... $1,281.00 $1,280.79 $1,280.94 $1,280.72 $1,280.87 $1,281.01 $1,280.79 $1,280.93
5.58%.................................... $1,279.92 $1,280.07 $1,279.86 $1,280.00 $1,279.79 $1,279.93 $1,280.07 $1,279.85
5.59%.................................... $1,279.19 $1,278.99 $1,279.14 $1,278.93 $1,279.07 $1,278.86 $1,279.00 $1,279.14
5.60%.................................... $1,278.11 $1,278.26 $1,278.06 $1,278.21 $1,277.99 $1,278.14 $1,278.28 $1,278.07
5.61%.................................... $1,277.39 $1,277.18 $1,277.34 $1,277.13 $1,277.28 $1,277.06 $1,277.21 $1,277.35
5.62%.................................... $1,276.30 $1,276.46 $1,276.26 $1,276.41 $1,276.20 $1,276.35 $1,276.14 $1,276.28
5.63%.................................... $1,275.58 $1,275.38 $1,275.54 $1,275.33 $1,275.48 $1,275.27 $1,275.42 $1,275.56
5.64%.................................... $1,274.50 $1,274.66 $1,274.45 $1,274.61 $1,274.40 $1,274.55 $1,274.35 $1,274.49
5.65%.................................... $1,273.78 $1,273.58 $1,273.73 $1,273.53 $1,273.69 $1,273.48 $1,273.63 $1,273.78
5.66%.................................... $1,272.69 $1,272.85 $1,272.65 $1,272.81 $1,272.61 $1,272.76 $1,272.56 $1,272.71
5.67%.................................... $1,271.97 $1,271.77 $1,271.93 $1,271.73 $1,271.89 $1,271.69 $1,271.84 $1,271.63
5.68%.................................... $1,270.89 $1,271.05 $1,270.85 $1,271.01 $1,270.81 $1,270.97 $1,270.77 $1,270.92
5.69%.................................... $1,270.16 $1,269.97 $1,270.13 $1,269.94 $1,270.10 $1,269.89 $1,270.05 $1,269.85
5.70%.................................... $1,269.08 $1,269.25 $1,269.05 $1,269.22 $1,269.02 $1,269.18 $1,268.98 $1,269.13
5.71%.................................... $1,268.36 $1,268.17 $1,268.33 $1,268.14 $1,268.30 $1,268.10 $1,268.26 $1,268.06
5.72%.................................... $1,267.27 $1,267.44 $1,267.25 $1,267.42 $1,267.22 $1,267.38 $1,267.19 $1,267.34
5.73%.................................... $1,266.55 $1,266.36 $1,266.53 $1,266.34 $1,266.50 $1,266.31 $1,266.47 $1,266.27
5.74%.................................... $1,265.47 $1,265.64 $1,265.45 $1,265.62 $1,265.43 $1,265.59 $1,265.40 $1,265.56
5.75%.................................... $1,264.75 $1,264.56 $1,264.73 $1,264.54 $1,264.71 $1,264.52 $1,264.68 $1,264.48
5.76%.................................... $1,263.66 $1,263.84 $1,263.65 $1,263.82 $1,263.63 $1,263.80 $1,263.61 $1,263.77
5.77%.................................... $1,262.94 $1,262.76 $1,262.93 $1,262.74 $1,262.91 $1,262.72 $1,262.89 $1,262.70
5.78%.................................... $1,261.86 $1,262.03 $1,261.85 $1,262.02 $1,261.84 $1,262.01 $1,261.82 $1,261.98
5.79%.................................... $1,261.13 $1,260.95 $1,261.13 $1,260.95 $1,261.12 $1,260.93 $1,261.10 $1,260.91
5.80%.................................... $1,260.05 $1,260.23 $1,260.05 $1,260.23 $1,260.04 $1,260.21 $1,260.03 $1,260.20
5.81%.................................... $1,259.33 $1,259.15 $1,259.33 $1,259.15 $1,259.32 $1,259.14 $1,259.31 $1,259.48
5.82%.................................... $1,258.60 $1,258.43 $1,258.61 $1,258.43 $1,258.61 $1,258.42 $1,258.60 $1,258.41
5.83%.................................... $1,257.52 $1,257.71 $1,257.53 $1,257.71 $1,257.53 $1,257.71 $1,257.52 $1,257.69
5.84%.................................... $1,256.80 $1,256.62 $1,256.81 $1,256.63 $1,256.81 $1,256.63 $1,256.81 $1,256.62
5.85%.................................... $1,255.71 $1,255.90 $1,255.73 $1,255.91 $1,255.73 $1,255.91 $1,255.73 $1,255.91
5.86%.................................... $1,254.99 $1,254.82 $1,255.01 $1,254.83 $1,255.02 $1,254.84 $1,255.02 $1,254.83
5.87%.................................... $1,253.91 $1,254.10 $1,253.93 $1,254.11 $1,253.94 $1,254.12 $1,253.94 $1,254.12
5.88%.................................... $1,253.19 $1,253.02 $1,253.21 $1,253.03 $1,253.22 $1,253.04 $1,253.23 $1,253.05
5.89%.................................... $1,252.10 $1,252.30 $1,252.13 $1,252.32 $1,252.14 $1,252.33 $1,252.15 $1,252.33
5.90%.................................... $1,251.38 $1,251.21 $1,251.41 $1,251.24 $1,251.42 $1,251.25 $1,251.44 $1,251.26
5.91%.................................... $1,250.66 $1,250.49 $1,250.33 $1,250.52 $1,250.35 $1,250.54 $1,250.36 $1,250.55
5.92%.................................... $1,249.57 $1,249.77 $1,249.61 $1,249.44 $1,249.63 $1,249.46 $1,249.65 $1,249.47
5.93%.................................... $1,248.85 $1,248.69 $1,248.89 $1,248.72 $1,248.55 $1,248.74 $1,248.57 $1,248.76
5.94%.................................... $1,247.77 $1,247.97 $1,247.80 $1,248.00 $1,247.83 $1,248.03 $1,247.86 $1,247.69
5.95%.................................... $1,247.05 $1,246.89 $1,247.08 $1,246.92 $1,247.12 $1,246.95 $1,247.14 $1,246.97
5.96%.................................... $1,245.96 $1,246.16 $1,246.00 $1,246.20 $1,246.04 $1,246.23 $1,246.07 $1,246.26
5.97%.................................... $1,245.24 $1,245.08 $1,245.28 $1,245.12 $1,245.32 $1,245.16 $1,245.35 $1,245.18
5.98%.................................... $1,244.52 $1,244.36 $1,244.20 $1,244.40 $1,244.24 $1,244.44 $1,244.28 $1,244.47
5.99%.................................... $1,243.43 $1,243.64 $1,243.48 $1,243.33 $1,243.53 $1,243.37 $1,243.56 $1,243.40
6.00%.................................... $1,242.71 $1,242.56 $1,242.76 $1,242.61 $1,242.45 $1,242.65 $1,242.49 $1,242.68
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.58% 5.59% 5.60%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,314.96 $1,315.05 $1,315.12
5.21%.................................... $1,313.89 $1,313.98 $1,314.06
5.22%.................................... $1,313.18 $1,313.26 $1,312.99
5.23%.................................... $1,312.11 $1,312.19 $1,312.28
5.24%.................................... $1,311.40 $1,311.13 $1,311.21
5.25%.................................... $1,310.32 $1,310.41 $1,310.14
5.26%.................................... $1,309.25 $1,309.34 $1,309.43
5.27%.................................... $1,308.54 $1,308.27 $1,308.36
5.28%.................................... $1,307.47 $1,307.56 $1,307.65
5.29%.................................... $1,306.76 $1,306.49 $1,306.58
5.30%.................................... $1,305.69 $1,305.78 $1,305.52
5.31%.................................... $1,304.61 $1,304.71 $1,304.81
5.32%.................................... $1,303.90 $1,303.64 $1,303.74
5.33%.................................... $1,302.83 $1,302.93 $1,303.03
5.34%.................................... $1,301.76 $1,301.86 $1,301.96
5.35%.................................... $1,301.05 $1,301.15 $1,300.89
5.36%.................................... $1,299.98 $1,300.08 $1,300.18
5.37%.................................... $1,299.26 $1,299.01 $1,299.11
5.38%.................................... $1,298.19 $1,298.30 $1,298.40
5.39%.................................... $1,297.48 $1,297.23 $1,297.33
5.40%.................................... $1,296.41 $1,296.52 $1,296.27
5.41%.................................... $1,295.34 $1,295.45 $1,295.56
5.42%.................................... $1,294.62 $1,294.38 $1,294.49
5.43%.................................... $1,293.55 $1,293.66 $1,293.78
5.44%.................................... $1,292.84 $1,292.60 $1,292.71
5.45%.................................... $1,291.77 $1,291.88 $1,291.64
5.46%.................................... $1,290.70 $1,290.81 $1,290.93
5.47%.................................... $1,289.98 $1,290.10 $1,289.86
5.48%.................................... $1,288.91 $1,289.03 $1,289.15
5.49%.................................... $1,288.20 $1,287.96 $1,288.08
5.50%.................................... $1,287.13 $1,287.25 $1,287.37
5.51%.................................... $1,286.41 $1,286.18 $1,286.30
5.52%.................................... $1,285.34 $1,285.47 $1,285.24
5.53%.................................... $1,284.63 $1,284.40 $1,284.53
5.54%.................................... $1,283.56 $1,283.69 $1,283.46
5.55%.................................... $1,282.49 $1,282.62 $1,282.75
5.56%.................................... $1,281.77 $1,281.91 $1,281.68
5.57%.................................... $1,280.70 $1,280.84 $1,280.97
5.58%.................................... $1,279.99 $1,279.77 $1,279.90
5.59%.................................... $1,278.92 $1,279.06 $1,279.19
5.60%.................................... $1,278.21 $1,277.99 $1,278.12
5.61%.................................... $1,277.14 $1,277.27 $1,277.05
5.62%.................................... $1,276.42 $1,276.20 $1,276.34
5.63%.................................... $1,275.35 $1,275.49 $1,275.27
5.64%.................................... $1,274.64 $1,274.42 $1,274.56
5.65%.................................... $1,273.57 $1,273.71 $1,273.50
5.66%.................................... $1,272.85 $1,272.64 $1,272.78
5.67%.................................... $1,271.78 $1,271.93 $1,271.72
5.68%.................................... $1,271.07 $1,270.86 $1,271.00
5.69%.................................... $1,270.00 $1,270.15 $1,269.94
5.70%.................................... $1,269.28 $1,269.08 $1,269.23
5.71%.................................... $1,268.21 $1,268.36 $1,268.16
5.72%.................................... $1,267.50 $1,267.30 $1,267.45
5.73%.................................... $1,266.43 $1,266.58 $1,266.38
5.74%.................................... $1,265.71 $1,265.51 $1,265.67
5.75%.................................... $1,264.64 $1,264.80 $1,264.60
5.76%.................................... $1,263.93 $1,263.73 $1,263.89
5.77%.................................... $1,262.86 $1,263.02 $1,262.82
5.78%.................................... $1,262.15 $1,261.95 $1,262.11
5.79%.................................... $1,261.08 $1,261.24 $1,261.04
5.80%.................................... $1,260.36 $1,260.17 $1,260.33
5.81%.................................... $1,259.29 $1,259.46 $1,259.26
5.82%.................................... $1,258.58 $1,258.39 $1,258.55
5.83%.................................... $1,257.51 $1,257.67 $1,257.48
5.84%.................................... $1,256.79 $1,256.61 $1,256.77
5.85%.................................... $1,255.72 $1,255.89 $1,255.71
5.86%.................................... $1,255.01 $1,254.82 $1,254.99
5.87%.................................... $1,253.94 $1,254.11 $1,253.93
5.88%.................................... $1,253.22 $1,253.04 $1,253.22
5.89%.................................... $1,252.15 $1,252.33 $1,252.15
5.90%.................................... $1,251.44 $1,251.26 $1,251.44
5.91%.................................... $1,250.37 $1,250.55 $1,250.37
5.92%.................................... $1,249.66 $1,249.48 $1,249.66
5.93%.................................... $1,248.58 $1,248.77 $1,248.59
5.94%.................................... $1,247.87 $1,247.70 $1,247.88
5.95%.................................... $1,246.80 $1,246.98 $1,246.81
5.96%.................................... $1,246.09 $1,246.27 $1,246.10
5.97%.................................... $1,245.37 $1,245.20 $1,245.39
5.98%.................................... $1,244.30 $1,244.49 $1,244.32
5.99%.................................... $1,243.59 $1,243.42 $1,243.61
6.00%.................................... $1,242.52 $1,242.71 $1,242.54
</TABLE>
F-3-1
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.61% 5.62% 5.63% 5.64% 5.65% 5.66% 5.67% 5.68%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,314.85 $1,314.92 $1,314.99 $1,315.06 $1,315.13 $1,314.85 $1,314.91 $1,314.97
5.21%.................................... $1,314.13 $1,314.21 $1,313.93 $1,314.00 $1,314.07 $1,314.14 $1,314.21 $1,313.92
5.22%.................................... $1,313.07 $1,313.15 $1,313.22 $1,312.94 $1,313.01 $1,313.08 $1,313.15 $1,313.21
5.23%.................................... $1,312.00 $1,312.08 $1,312.16 $1,312.23 $1,312.31 $1,312.02 $1,312.09 $1,312.16
5.24%.................................... $1,311.29 $1,311.37 $1,311.10 $1,311.17 $1,311.25 $1,311.32 $1,311.39 $1,311.11
5.25%.................................... $1,310.23 $1,310.31 $1,310.39 $1,310.47 $1,310.19 $1,310.26 $1,310.33 $1,310.40
5.26%.................................... $1,309.52 $1,309.24 $1,309.33 $1,309.40 $1,309.48 $1,309.20 $1,309.28 $1,309.35
5.27%.................................... $1,308.45 $1,308.54 $1,308.26 $1,308.34 $1,308.42 $1,308.50 $1,308.57 $1,308.29
5.28%.................................... $1,307.38 $1,307.47 $1,307.55 $1,307.64 $1,307.36 $1,307.44 $1,307.52 $1,307.59
5.29%.................................... $1,306.67 $1,306.41 $1,306.49 $1,306.58 $1,306.66 $1,306.74 $1,306.46 $1,306.54
5.30%.................................... $1,305.61 $1,305.70 $1,305.78 $1,305.51 $1,305.60 $1,305.68 $1,305.76 $1,305.48
5.31%.................................... $1,304.54 $1,304.63 $1,304.72 $1,304.81 $1,304.89 $1,304.62 $1,304.70 $1,304.78
5.32%.................................... $1,303.83 $1,303.92 $1,303.66 $1,303.75 $1,303.83 $1,303.92 $1,303.64 $1,303.72
5.33%.................................... $1,302.77 $1,302.86 $1,302.95 $1,302.69 $1,302.77 $1,302.86 $1,302.94 $1,303.02
5.34%.................................... $1,302.06 $1,301.80 $1,301.89 $1,301.98 $1,302.07 $1,301.80 $1,301.88 $1,301.97
5.35%.................................... $1,300.99 $1,301.09 $1,300.83 $1,300.92 $1,301.01 $1,301.09 $1,300.83 $1,300.91
5.36%.................................... $1,299.92 $1,300.02 $1,300.12 $1,300.21 $1,299.95 $1,300.04 $1,300.12 $1,300.21
5.37%.................................... $1,299.21 $1,299.31 $1,299.05 $1,299.15 $1,299.24 $1,298.98 $1,299.07 $1,299.15
5.38%.................................... $1,298.15 $1,298.25 $1,298.35 $1,298.09 $1,298.18 $1,298.27 $1,298.36 $1,298.10
5.39%.................................... $1,297.44 $1,297.18 $1,297.28 $1,297.38 $1,297.48 $1,297.22 $1,297.31 $1,297.40
5.40%.................................... $1,296.37 $1,296.47 $1,296.22 $1,296.32 $1,296.42 $1,296.51 $1,296.25 $1,296.34
5.41%.................................... $1,295.31 $1,295.41 $1,295.51 $1,295.61 $1,295.36 $1,295.45 $1,295.55 $1,295.29
5.42%.................................... $1,294.60 $1,294.70 $1,294.45 $1,294.55 $1,294.65 $1,294.40 $1,294.49 $1,294.58
5.43%.................................... $1,293.53 $1,293.64 $1,293.74 $1,293.49 $1,293.59 $1,293.69 $1,293.79 $1,293.53
5.44%.................................... $1,292.82 $1,292.57 $1,292.68 $1,292.78 $1,292.53 $1,292.63 $1,292.73 $1,292.83
5.45%.................................... $1,291.75 $1,291.86 $1,291.62 $1,291.72 $1,291.83 $1,291.93 $1,291.67 $1,291.77
5.46%.................................... $1,291.04 $1,290.80 $1,290.91 $1,291.02 $1,290.77 $1,290.87 $1,290.97 $1,290.72
5.47%.................................... $1,289.98 $1,290.09 $1,289.85 $1,289.95 $1,290.06 $1,289.81 $1,289.91 $1,290.01
5.48%.................................... $1,288.91 $1,289.03 $1,289.14 $1,288.89 $1,289.00 $1,289.11 $1,289.21 $1,288.96
5.49%.................................... $1,288.20 $1,287.96 $1,288.07 $1,288.19 $1,287.94 $1,288.05 $1,288.15 $1,288.26
5.50%.................................... $1,287.14 $1,287.25 $1,287.37 $1,287.13 $1,287.24 $1,287.34 $1,287.10 $1,287.20
5.51%.................................... $1,286.42 $1,286.19 $1,286.30 $1,286.42 $1,286.18 $1,286.29 $1,286.39 $1,286.15
5.52%.................................... $1,285.36 $1,285.48 $1,285.24 $1,285.36 $1,285.47 $1,285.23 $1,285.34 $1,285.44
5.53%.................................... $1,284.29 $1,284.41 $1,284.53 $1,284.30 $1,284.41 $1,284.52 $1,284.63 $1,284.39
5.54%.................................... $1,283.58 $1,283.70 $1,283.47 $1,283.59 $1,283.70 $1,283.47 $1,283.58 $1,283.69
5.55%.................................... $1,282.52 $1,282.64 $1,282.76 $1,282.53 $1,282.65 $1,282.76 $1,282.52 $1,282.63
5.56%.................................... $1,281.81 $1,281.58 $1,281.70 $1,281.82 $1,281.59 $1,281.70 $1,281.82 $1,281.58
5.57%.................................... $1,280.74 $1,280.87 $1,280.99 $1,280.76 $1,280.88 $1,281.00 $1,280.76 $1,280.87
5.58%.................................... $1,280.03 $1,279.80 $1,279.93 $1,280.05 $1,279.82 $1,279.94 $1,280.06 $1,279.82
5.59%.................................... $1,278.96 $1,279.09 $1,278.87 $1,278.99 $1,279.11 $1,278.88 $1,279.00 $1,279.12
5.60%.................................... $1,278.25 $1,278.03 $1,278.16 $1,278.28 $1,278.05 $1,278.18 $1,277.94 $1,278.06
5.61%.................................... $1,277.19 $1,277.32 $1,277.10 $1,277.22 $1,277.35 $1,277.12 $1,277.24 $1,277.36
5.62%.................................... $1,276.48 $1,276.26 $1,276.39 $1,276.16 $1,276.29 $1,276.41 $1,276.18 $1,276.31
5.63%.................................... $1,275.41 $1,275.55 $1,275.32 $1,275.45 $1,275.58 $1,275.36 $1,275.48 $1,275.25
5.64%.................................... $1,274.35 $1,274.48 $1,274.62 $1,274.39 $1,274.52 $1,274.65 $1,274.42 $1,274.55
5.65%.................................... $1,273.64 $1,273.77 $1,273.55 $1,273.69 $1,273.46 $1,273.59 $1,273.72 $1,273.49
5.66%.................................... $1,272.57 $1,272.71 $1,272.84 $1,272.63 $1,272.76 $1,272.54 $1,272.66 $1,272.79
5.67%.................................... $1,271.86 $1,271.64 $1,271.78 $1,271.92 $1,271.70 $1,271.83 $1,271.96 $1,271.74
5.68%.................................... $1,270.79 $1,270.93 $1,271.07 $1,270.86 $1,270.99 $1,270.77 $1,270.90 $1,271.03
5.69%.................................... $1,270.08 $1,269.87 $1,270.01 $1,270.15 $1,269.93 $1,270.07 $1,269.85 $1,269.98
5.70%.................................... $1,269.02 $1,269.16 $1,268.95 $1,269.09 $1,269.23 $1,269.01 $1,269.14 $1,269.27
5.71%.................................... $1,268.31 $1,268.10 $1,268.24 $1,268.38 $1,268.17 $1,268.30 $1,268.09 $1,268.22
5.72%.................................... $1,267.24 $1,267.39 $1,267.18 $1,267.32 $1,267.46 $1,267.25 $1,267.38 $1,267.17
5.73%.................................... $1,266.53 $1,266.32 $1,266.47 $1,266.26 $1,266.40 $1,266.54 $1,266.33 $1,266.46
5.74%.................................... $1,265.46 $1,265.61 $1,265.41 $1,265.55 $1,265.70 $1,265.48 $1,265.62 $1,265.41
5.75%.................................... $1,264.75 $1,264.55 $1,264.70 $1,264.49 $1,264.64 $1,264.78 $1,264.57 $1,264.71
5.76%.................................... $1,263.69 $1,263.84 $1,263.64 $1,263.78 $1,263.93 $1,263.72 $1,263.86 $1,263.65
5.77%.................................... $1,262.98 $1,262.78 $1,262.93 $1,262.72 $1,262.87 $1,263.02 $1,262.81 $1,262.95
5.78%.................................... $1,261.91 $1,262.07 $1,261.87 $1,262.02 $1,261.81 $1,261.96 $1,262.10 $1,261.89
5.79%.................................... $1,261.20 $1,261.00 $1,261.16 $1,260.95 $1,261.11 $1,261.25 $1,261.05 $1,261.19
5.80%.................................... $1,260.14 $1,260.29 $1,260.09 $1,260.25 $1,260.05 $1,260.20 $1,260.34 $1,260.14
5.81%.................................... $1,259.42 $1,259.23 $1,259.39 $1,259.19 $1,259.34 $1,259.14 $1,259.29 $1,259.43
5.82%.................................... $1,258.36 $1,258.52 $1,258.32 $1,258.48 $1,258.28 $1,258.43 $1,258.58 $1,258.38
5.83%.................................... $1,257.65 $1,257.46 $1,257.61 $1,257.42 $1,257.57 $1,257.37 $1,257.53 $1,257.67
5.84%.................................... $1,256.58 $1,256.75 $1,256.55 $1,256.71 $1,256.51 $1,256.67 $1,256.82 $1,256.62
5.85%.................................... $1,255.87 $1,255.68 $1,255.84 $1,255.65 $1,255.81 $1,255.61 $1,255.77 $1,255.92
5.86%.................................... $1,254.81 $1,254.97 $1,254.78 $1,254.94 $1,254.75 $1,254.91 $1,255.06 $1,254.86
5.87%.................................... $1,254.10 $1,253.91 $1,254.07 $1,253.88 $1,254.04 $1,253.85 $1,254.01 $1,254.16
5.88%.................................... $1,253.03 $1,253.20 $1,253.01 $1,253.17 $1,252.98 $1,253.14 $1,253.30 $1,253.11
5.89%.................................... $1,252.32 $1,252.13 $1,252.30 $1,252.11 $1,252.28 $1,252.09 $1,252.25 $1,252.40
5.90%.................................... $1,251.25 $1,251.42 $1,251.24 $1,251.41 $1,251.22 $1,251.38 $1,251.54 $1,251.35
5.91%.................................... $1,250.54 $1,250.36 $1,250.53 $1,250.35 $1,250.51 $1,250.32 $1,250.48 $1,250.64
5.92%.................................... $1,249.48 $1,249.65 $1,249.47 $1,249.64 $1,249.45 $1,249.62 $1,249.78 $1,249.59
5.93%.................................... $1,248.77 $1,248.59 $1,248.76 $1,248.58 $1,248.75 $1,248.56 $1,248.72 $1,248.89
5.94%.................................... $1,247.70 $1,247.88 $1,247.70 $1,247.87 $1,247.69 $1,247.85 $1,248.02 $1,247.83
5.95%.................................... $1,246.99 $1,246.81 $1,246.99 $1,246.81 $1,246.98 $1,247.15 $1,246.96 $1,247.13
5.96%.................................... $1,246.28 $1,246.10 $1,246.28 $1,246.10 $1,246.27 $1,246.09 $1,246.26 $1,246.07
5.97%.................................... $1,245.21 $1,245.39 $1,245.22 $1,245.39 $1,245.21 $1,245.39 $1,245.20 $1,245.37
5.98%.................................... $1,244.50 $1,244.33 $1,244.51 $1,244.33 $1,244.51 $1,244.33 $1,244.50 $1,244.32
5.99%.................................... $1,243.44 $1,243.62 $1,243.45 $1,243.63 $1,243.45 $1,243.62 $1,243.44 $1,243.61
6.00%.................................... $1,242.73 $1,242.56 $1,242.74 $1,242.57 $1,242.74 $1,242.57 $1,242.74 $1,242.56
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.69% 5.70% 5.71%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,315.03 $1,315.09 $1,315.15
5.21%.................................... $1,313.98 $1,314.04 $1,314.10
5.22%.................................... $1,313.28 $1,312.99 $1,313.05
5.23%.................................... $1,312.22 $1,312.29 $1,312.35
5.24%.................................... $1,311.17 $1,311.23 $1,311.30
5.25%.................................... $1,310.47 $1,310.18 $1,310.25
5.26%.................................... $1,309.42 $1,309.48 $1,309.55
5.27%.................................... $1,308.36 $1,308.43 $1,308.50
5.28%.................................... $1,307.66 $1,307.38 $1,307.45
5.29%.................................... $1,306.61 $1,306.68 $1,306.75
5.30%.................................... $1,305.56 $1,305.63 $1,305.70
5.31%.................................... $1,304.85 $1,304.58 $1,304.65
5.32%.................................... $1,303.80 $1,303.88 $1,303.95
5.33%.................................... $1,302.75 $1,302.82 $1,302.90
5.34%.................................... $1,302.05 $1,301.77 $1,301.85
5.35%.................................... $1,300.99 $1,301.07 $1,301.15
5.36%.................................... $1,299.94 $1,300.02 $1,300.10
5.37%.................................... $1,299.24 $1,299.32 $1,299.05
5.38%.................................... $1,298.18 $1,298.27 $1,298.35
5.39%.................................... $1,297.13 $1,297.22 $1,297.30
5.40%.................................... $1,296.43 $1,296.52 $1,296.25
5.41%.................................... $1,295.38 $1,295.46 $1,295.55
5.42%.................................... $1,294.67 $1,294.41 $1,294.50
5.43%.................................... $1,293.62 $1,293.71 $1,293.45
5.44%.................................... $1,292.57 $1,292.66 $1,292.75
5.45%.................................... $1,291.87 $1,291.96 $1,291.70
5.46%.................................... $1,290.81 $1,290.91 $1,291.00
5.47%.................................... $1,290.11 $1,289.86 $1,289.95
5.48%.................................... $1,289.06 $1,289.16 $1,288.90
5.49%.................................... $1,288.01 $1,288.10 $1,288.20
5.50%.................................... $1,287.30 $1,287.05 $1,287.15
5.51%.................................... $1,286.25 $1,286.35 $1,286.45
5.52%.................................... $1,285.55 $1,285.30 $1,285.40
5.53%.................................... $1,284.50 $1,284.60 $1,284.35
5.54%.................................... $1,283.44 $1,283.55 $1,283.65
5.55%.................................... $1,282.74 $1,282.50 $1,282.60
5.56%.................................... $1,281.69 $1,281.80 $1,281.90
5.57%.................................... $1,280.99 $1,280.75 $1,280.85
5.58%.................................... $1,279.93 $1,280.04 $1,279.80
5.59%.................................... $1,278.88 $1,278.99 $1,279.10
5.60%.................................... $1,278.18 $1,277.94 $1,278.05
5.61%.................................... $1,277.13 $1,277.24 $1,277.35
5.62%.................................... $1,276.42 $1,276.19 $1,276.30
5.63%.................................... $1,275.37 $1,275.49 $1,275.25
5.64%.................................... $1,274.67 $1,274.44 $1,274.55
5.65%.................................... $1,273.62 $1,273.74 $1,273.50
5.66%.................................... $1,272.56 $1,272.68 $1,272.80
5.67%.................................... $1,271.86 $1,271.63 $1,271.75
5.68%.................................... $1,270.81 $1,270.93 $1,271.06
5.69%.................................... $1,270.11 $1,269.88 $1,270.01
5.70%.................................... $1,269.05 $1,269.18 $1,268.96
5.71%.................................... $1,268.35 $1,268.13 $1,268.26
5.72%.................................... $1,267.30 $1,267.43 $1,267.21
5.73%.................................... $1,266.60 $1,266.38 $1,266.51
5.74%.................................... $1,265.54 $1,265.68 $1,265.46
5.75%.................................... $1,264.49 $1,264.62 $1,264.76
5.76%.................................... $1,263.79 $1,263.92 $1,263.71
5.77%.................................... $1,262.74 $1,262.87 $1,263.01
5.78%.................................... $1,262.03 $1,261.82 $1,261.96
5.79%.................................... $1,260.98 $1,261.12 $1,261.26
5.80%.................................... $1,260.28 $1,260.07 $1,260.21
5.81%.................................... $1,259.23 $1,259.37 $1,259.16
5.82%.................................... $1,258.52 $1,258.32 $1,258.46
5.83%.................................... $1,257.47 $1,257.62 $1,257.41
5.84%.................................... $1,256.77 $1,256.56 $1,256.71
5.85%.................................... $1,255.72 $1,255.86 $1,255.66
5.86%.................................... $1,255.01 $1,254.81 $1,254.96
5.87%.................................... $1,253.96 $1,254.11 $1,253.91
5.88%.................................... $1,253.26 $1,253.06 $1,253.21
5.89%.................................... $1,252.21 $1,252.36 $1,252.16
5.90%.................................... $1,251.50 $1,251.31 $1,251.46
5.91%.................................... $1,250.45 $1,250.61 $1,250.41
5.92%.................................... $1,249.75 $1,249.56 $1,249.71
5.93%.................................... $1,248.70 $1,248.85 $1,248.66
5.94%.................................... $1,247.99 $1,247.80 $1,247.96
5.95%.................................... $1,246.94 $1,247.10 $1,246.91
5.96%.................................... $1,246.24 $1,246.05 $1,246.21
5.97%.................................... $1,245.19 $1,245.35 $1,245.16
5.98%.................................... $1,244.48 $1,244.30 $1,244.46
5.99%.................................... $1,243.43 $1,243.60 $1,243.41
6.00%.................................... $1,242.73 $1,242.55 $1,242.71
</TABLE>
F-3-2
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.72% 5.73% 5.74% 5.75% 5.76% 5.77% 5.78% 5.79%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,314.85 $1,314.90 $1,314.95 $1,315.00 $1,315.04 $1,315.09 $1,315.13 $1,314.82
5.21%.................................... $1,314.15 $1,314.20 $1,313.91 $1,313.96 $1,314.00 $1,314.05 $1,314.09 $1,314.13
5.22%.................................... $1,313.10 $1,313.16 $1,313.21 $1,313.26 $1,312.96 $1,313.01 $1,313.05 $1,313.09
5.23%.................................... $1,312.05 $1,312.11 $1,312.16 $1,312.22 $1,312.27 $1,312.31 $1,312.01 $1,312.06
5.24%.................................... $1,311.36 $1,311.41 $1,311.12 $1,311.17 $1,311.22 $1,311.27 $1,311.32 $1,311.36
5.25%.................................... $1,310.31 $1,310.37 $1,310.42 $1,310.48 $1,310.18 $1,310.23 $1,310.28 $1,310.33
5.26%.................................... $1,309.26 $1,309.32 $1,309.38 $1,309.43 $1,309.49 $1,309.54 $1,309.24 $1,309.29
5.27%.................................... $1,308.56 $1,308.27 $1,308.33 $1,308.39 $1,308.45 $1,308.50 $1,308.55 $1,308.60
5.28%.................................... $1,307.51 $1,307.58 $1,307.64 $1,307.35 $1,307.40 $1,307.46 $1,307.51 $1,307.56
5.29%.................................... $1,306.46 $1,306.53 $1,306.59 $1,306.65 $1,306.71 $1,306.42 $1,306.47 $1,306.52
5.30%.................................... $1,305.77 $1,305.48 $1,305.55 $1,305.61 $1,305.67 $1,305.72 $1,305.78 $1,305.49
5.31%.................................... $1,304.72 $1,304.78 $1,304.85 $1,304.56 $1,304.63 $1,304.68 $1,304.74 $1,304.80
5.32%.................................... $1,303.67 $1,303.74 $1,303.80 $1,303.87 $1,303.93 $1,303.64 $1,303.70 $1,303.76
5.33%.................................... $1,302.97 $1,302.69 $1,302.76 $1,302.83 $1,302.89 $1,302.95 $1,303.01 $1,302.72
5.34%.................................... $1,301.92 $1,301.99 $1,302.06 $1,301.78 $1,301.85 $1,301.91 $1,301.97 $1,302.03
5.35%.................................... $1,300.87 $1,300.95 $1,301.02 $1,301.09 $1,301.15 $1,300.87 $1,300.93 $1,300.99
5.36%.................................... $1,300.17 $1,299.90 $1,299.97 $1,300.04 $1,300.11 $1,300.18 $1,300.24 $1,299.96
5.37%.................................... $1,299.13 $1,299.20 $1,299.28 $1,299.00 $1,299.07 $1,299.14 $1,299.20 $1,299.26
5.38%.................................... $1,298.08 $1,298.16 $1,298.23 $1,298.30 $1,298.37 $1,298.10 $1,298.16 $1,298.23
5.39%.................................... $1,297.38 $1,297.46 $1,297.19 $1,297.26 $1,297.33 $1,297.40 $1,297.47 $1,297.19
5.40%.................................... $1,296.33 $1,296.41 $1,296.49 $1,296.22 $1,296.29 $1,296.36 $1,296.43 $1,296.50
5.41%.................................... $1,295.28 $1,295.36 $1,295.44 $1,295.52 $1,295.60 $1,295.32 $1,295.39 $1,295.46
5.42%.................................... $1,294.58 $1,294.67 $1,294.40 $1,294.48 $1,294.55 $1,294.63 $1,294.70 $1,294.42
5.43%.................................... $1,293.54 $1,293.62 $1,293.70 $1,293.78 $1,293.51 $1,293.59 $1,293.66 $1,293.73
5.44%.................................... $1,292.84 $1,292.57 $1,292.66 $1,292.74 $1,292.82 $1,292.55 $1,292.62 $1,292.70
5.45%.................................... $1,291.79 $1,291.88 $1,291.61 $1,291.70 $1,291.78 $1,291.85 $1,291.93 $1,291.66
5.46%.................................... $1,290.74 $1,290.83 $1,290.92 $1,291.00 $1,290.73 $1,290.81 $1,290.89 $1,290.97
5.47%.................................... $1,290.04 $1,289.78 $1,289.87 $1,289.96 $1,290.04 $1,289.77 $1,289.85 $1,289.93
5.48%.................................... $1,288.99 $1,289.09 $1,289.17 $1,288.91 $1,289.00 $1,289.08 $1,289.16 $1,288.89
5.49%.................................... $1,287.95 $1,288.04 $1,288.13 $1,288.22 $1,287.96 $1,288.04 $1,288.12 $1,288.20
5.50%.................................... $1,287.25 $1,287.34 $1,287.08 $1,287.17 $1,287.26 $1,287.35 $1,287.08 $1,287.16
5.51%.................................... $1,286.20 $1,286.29 $1,286.39 $1,286.13 $1,286.22 $1,286.31 $1,286.39 $1,286.13
5.52%.................................... $1,285.50 $1,285.25 $1,285.34 $1,285.43 $1,285.52 $1,285.27 $1,285.35 $1,285.44
5.53%.................................... $1,284.45 $1,284.55 $1,284.30 $1,284.39 $1,284.48 $1,284.57 $1,284.31 $1,284.40
5.54%.................................... $1,283.40 $1,283.50 $1,283.60 $1,283.70 $1,283.44 $1,283.53 $1,283.62 $1,283.71
5.55%.................................... $1,282.71 $1,282.81 $1,282.56 $1,282.65 $1,282.75 $1,282.49 $1,282.58 $1,282.67
5.56%.................................... $1,281.66 $1,281.76 $1,281.86 $1,281.61 $1,281.70 $1,281.80 $1,281.89 $1,281.63
5.57%.................................... $1,280.96 $1,280.71 $1,280.81 $1,280.91 $1,280.66 $1,280.76 $1,280.85 $1,280.94
5.58%.................................... $1,279.91 $1,280.01 $1,279.77 $1,279.87 $1,279.97 $1,280.06 $1,279.81 $1,279.90
5.59%.................................... $1,278.86 $1,278.97 $1,279.07 $1,279.17 $1,278.93 $1,279.02 $1,279.12 $1,278.87
5.60%.................................... $1,278.16 $1,278.27 $1,278.03 $1,278.13 $1,278.23 $1,277.98 $1,278.08 $1,278.18
5.61%.................................... $1,277.11 $1,277.22 $1,277.33 $1,277.09 $1,277.19 $1,277.29 $1,277.04 $1,277.14
5.62%.................................... $1,276.42 $1,276.18 $1,276.29 $1,276.39 $1,276.15 $1,276.25 $1,276.35 $1,276.45
5.63%.................................... $1,275.37 $1,275.48 $1,275.24 $1,275.35 $1,275.45 $1,275.56 $1,275.31 $1,275.41
5.64%.................................... $1,274.67 $1,274.43 $1,274.54 $1,274.65 $1,274.41 $1,274.52 $1,274.62 $1,274.37
5.65%.................................... $1,273.62 $1,273.74 $1,273.50 $1,273.61 $1,273.72 $1,273.48 $1,273.58 $1,273.68
5.66%.................................... $1,272.57 $1,272.69 $1,272.80 $1,272.57 $1,272.68 $1,272.78 $1,272.54 $1,272.64
5.67%.................................... $1,271.87 $1,271.64 $1,271.76 $1,271.87 $1,271.63 $1,271.74 $1,271.85 $1,271.95
5.68%.................................... $1,270.83 $1,270.94 $1,271.06 $1,270.83 $1,270.94 $1,271.05 $1,270.81 $1,270.92
5.69%.................................... $1,270.13 $1,269.90 $1,270.02 $1,270.13 $1,269.90 $1,270.01 $1,270.12 $1,269.88
5.70%.................................... $1,269.08 $1,269.20 $1,268.97 $1,269.09 $1,269.20 $1,268.97 $1,269.08 $1,269.19
5.71%.................................... $1,268.38 $1,268.15 $1,268.27 $1,268.04 $1,268.16 $1,268.27 $1,268.04 $1,268.15
5.72%.................................... $1,267.33 $1,267.46 $1,267.23 $1,267.35 $1,267.47 $1,267.23 $1,267.35 $1,267.46
5.73%.................................... $1,266.28 $1,266.41 $1,266.53 $1,266.31 $1,266.42 $1,266.54 $1,266.31 $1,266.42
5.74%.................................... $1,265.58 $1,265.36 $1,265.49 $1,265.61 $1,265.38 $1,265.50 $1,265.62 $1,265.38
5.75%.................................... $1,264.54 $1,264.66 $1,264.79 $1,264.57 $1,264.69 $1,264.81 $1,264.58 $1,264.69
5.76%.................................... $1,263.84 $1,263.62 $1,263.75 $1,263.87 $1,263.65 $1,263.77 $1,263.89 $1,263.66
5.77%.................................... $1,262.79 $1,262.92 $1,262.70 $1,262.83 $1,262.95 $1,262.73 $1,262.85 $1,262.96
5.78%.................................... $1,262.09 $1,261.87 $1,262.00 $1,262.13 $1,261.91 $1,262.03 $1,261.81 $1,261.93
5.79%.................................... $1,261.04 $1,261.18 $1,260.96 $1,261.09 $1,261.21 $1,260.99 $1,261.12 $1,261.24
5.80%.................................... $1,260.34 $1,260.13 $1,260.26 $1,260.04 $1,260.17 $1,260.30 $1,260.08 $1,260.20
5.81%.................................... $1,259.30 $1,259.43 $1,259.22 $1,259.35 $1,259.13 $1,259.26 $1,259.38 $1,259.16
5.82%.................................... $1,258.60 $1,258.39 $1,258.52 $1,258.31 $1,258.44 $1,258.57 $1,258.35 $1,258.47
5.83%.................................... $1,257.55 $1,257.69 $1,257.48 $1,257.61 $1,257.39 $1,257.53 $1,257.65 $1,257.43
5.84%.................................... $1,256.50 $1,256.64 $1,256.78 $1,256.57 $1,256.70 $1,256.48 $1,256.61 $1,256.74
5.85%.................................... $1,255.80 $1,255.59 $1,255.73 $1,255.87 $1,255.66 $1,255.79 $1,255.92 $1,255.70
5.86%.................................... $1,254.75 $1,254.90 $1,255.04 $1,254.83 $1,254.96 $1,254.75 $1,254.88 $1,255.01
5.87%.................................... $1,254.05 $1,253.85 $1,253.99 $1,254.13 $1,253.92 $1,254.06 $1,253.84 $1,253.98
5.88%.................................... $1,253.01 $1,253.15 $1,253.30 $1,253.09 $1,253.23 $1,253.02 $1,253.15 $1,253.29
5.89%.................................... $1,252.31 $1,252.11 $1,252.25 $1,252.39 $1,252.19 $1,252.32 $1,252.11 $1,252.25
5.90%.................................... $1,251.26 $1,251.41 $1,251.21 $1,251.35 $1,251.49 $1,251.28 $1,251.42 $1,251.21
5.91%.................................... $1,250.56 $1,250.36 $1,250.51 $1,250.65 $1,250.45 $1,250.59 $1,250.38 $1,250.52
5.92%.................................... $1,249.51 $1,249.66 $1,249.46 $1,249.61 $1,249.75 $1,249.55 $1,249.69 $1,249.48
5.93%.................................... $1,248.81 $1,248.62 $1,248.77 $1,248.57 $1,248.71 $1,248.86 $1,248.65 $1,248.79
5.94%.................................... $1,247.77 $1,247.92 $1,247.72 $1,247.87 $1,248.02 $1,247.82 $1,247.96 $1,247.75
5.95%.................................... $1,247.07 $1,246.87 $1,247.03 $1,246.83 $1,246.98 $1,247.12 $1,246.92 $1,247.06
5.96%.................................... $1,246.02 $1,246.17 $1,245.98 $1,246.13 $1,245.93 $1,246.08 $1,246.23 $1,246.03
5.97%.................................... $1,245.32 $1,245.13 $1,245.28 $1,245.09 $1,245.24 $1,245.39 $1,245.19 $1,245.33
5.98%.................................... $1,244.27 $1,244.43 $1,244.24 $1,244.39 $1,244.20 $1,244.35 $1,244.50 $1,244.30
5.99%.................................... $1,243.57 $1,243.38 $1,243.54 $1,243.35 $1,243.50 $1,243.65 $1,243.46 $1,243.61
6.00%.................................... $1,242.53 $1,242.69 $1,242.50 $1,242.65 $1,242.46 $1,242.61 $1,242.77 $1,242.57
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.80% 5.81% 5.82%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,314.86 $1,314.89 $1,314.93
5.21%.................................... $1,314.17 $1,314.21 $1,313.90
5.22%.................................... $1,313.13 $1,313.17 $1,313.21
5.23%.................................... $1,312.10 $1,312.14 $1,312.18
5.24%.................................... $1,311.41 $1,311.10 $1,311.14
5.25%.................................... $1,310.37 $1,310.41 $1,310.45
5.26%.................................... $1,309.34 $1,309.38 $1,309.42
5.27%.................................... $1,308.30 $1,308.35 $1,308.39
5.28%.................................... $1,307.61 $1,307.66 $1,307.36
5.29%.................................... $1,306.57 $1,306.62 $1,306.67
5.30%.................................... $1,305.54 $1,305.59 $1,305.64
5.31%.................................... $1,304.85 $1,304.55 $1,304.60
5.32%.................................... $1,303.81 $1,303.87 $1,303.92
5.33%.................................... $1,302.78 $1,302.83 $1,302.88
5.34%.................................... $1,302.09 $1,301.80 $1,301.85
5.35%.................................... $1,301.05 $1,301.11 $1,301.16
5.36%.................................... $1,300.02 $1,300.07 $1,300.13
5.37%.................................... $1,298.98 $1,299.04 $1,299.10
5.38%.................................... $1,298.29 $1,298.35 $1,298.06
5.39%.................................... $1,297.25 $1,297.32 $1,297.38
5.40%.................................... $1,296.22 $1,296.28 $1,296.34
5.41%.................................... $1,295.53 $1,295.59 $1,295.31
5.42%.................................... $1,294.49 $1,294.56 $1,294.62
5.43%.................................... $1,293.46 $1,293.53 $1,293.59
5.44%.................................... $1,292.77 $1,292.84 $1,292.56
5.45%.................................... $1,291.73 $1,291.80 $1,291.87
5.46%.................................... $1,290.70 $1,290.77 $1,290.84
5.47%.................................... $1,290.01 $1,290.08 $1,289.81
5.48%.................................... $1,288.97 $1,289.04 $1,289.12
5.49%.................................... $1,288.28 $1,288.01 $1,288.08
5.50%.................................... $1,287.24 $1,287.32 $1,287.05
5.51%.................................... $1,286.21 $1,286.29 $1,286.36
5.52%.................................... $1,285.52 $1,285.25 $1,285.33
5.53%.................................... $1,284.48 $1,284.56 $1,284.30
5.54%.................................... $1,283.45 $1,283.53 $1,283.61
5.55%.................................... $1,282.76 $1,282.50 $1,282.58
5.56%.................................... $1,281.72 $1,281.81 $1,281.89
5.57%.................................... $1,280.69 $1,280.77 $1,280.86
5.58%.................................... $1,280.00 $1,280.08 $1,279.82
5.59%.................................... $1,278.96 $1,279.05 $1,279.14
5.60%.................................... $1,278.27 $1,278.02 $1,278.10
5.61%.................................... $1,277.23 $1,277.33 $1,277.07
5.62%.................................... $1,276.20 $1,276.29 $1,276.38
5.63%.................................... $1,275.51 $1,275.26 $1,275.35
5.64%.................................... $1,274.47 $1,274.57 $1,274.66
5.65%.................................... $1,273.44 $1,273.53 $1,273.63
5.66%.................................... $1,272.75 $1,272.85 $1,272.60
5.67%.................................... $1,271.71 $1,271.81 $1,271.91
5.68%.................................... $1,271.02 $1,270.78 $1,270.88
5.69%.................................... $1,269.98 $1,270.09 $1,269.84
5.70%.................................... $1,268.95 $1,269.05 $1,269.16
5.71%.................................... $1,268.26 $1,268.36 $1,268.12
5.72%.................................... $1,267.22 $1,267.33 $1,267.44
5.73%.................................... $1,266.53 $1,266.30 $1,266.40
5.74%.................................... $1,265.50 $1,265.61 $1,265.37
5.75%.................................... $1,264.81 $1,264.57 $1,264.68
5.76%.................................... $1,263.77 $1,263.88 $1,263.65
5.77%.................................... $1,262.74 $1,262.85 $1,262.96
5.78%.................................... $1,262.05 $1,261.82 $1,261.93
5.79%.................................... $1,261.01 $1,261.13 $1,261.24
5.80%.................................... $1,260.32 $1,260.09 $1,260.21
5.81%.................................... $1,259.28 $1,259.40 $1,259.18
5.82%.................................... $1,258.59 $1,258.37 $1,258.49
5.83%.................................... $1,257.56 $1,257.68 $1,257.46
5.84%.................................... $1,256.52 $1,256.65 $1,256.77
5.85%.................................... $1,255.83 $1,255.61 $1,255.73
5.86%.................................... $1,254.80 $1,254.92 $1,255.05
5.87%.................................... $1,254.11 $1,253.89 $1,254.01
5.88%.................................... $1,253.07 $1,253.20 $1,252.98
5.89%.................................... $1,252.38 $1,252.16 $1,252.29
5.90%.................................... $1,251.34 $1,251.48 $1,251.26
5.91%.................................... $1,250.65 $1,250.44 $1,250.57
5.92%.................................... $1,249.62 $1,249.75 $1,249.54
5.93%.................................... $1,248.58 $1,248.72 $1,248.85
5.94%.................................... $1,247.89 $1,247.68 $1,247.82
5.95%.................................... $1,246.86 $1,246.99 $1,247.13
5.96%.................................... $1,246.17 $1,245.96 $1,246.10
5.97%.................................... $1,245.13 $1,245.27 $1,245.07
5.98%.................................... $1,244.44 $1,244.24 $1,244.38
5.99%.................................... $1,243.40 $1,243.55 $1,243.35
6.00%.................................... $1,242.71 $1,242.51 $1,242.66
</TABLE>
F-3-3
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.83% 5.84% 5.85% 5.86% 5.87% 5.88% 5.89% 5.90%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,314.96 $1,314.99 $1,315.02 $1,315.04 $1,315.06 $1,315.08 $1,315.10 $1,315.12
5.21%.................................... $1,313.93 $1,313.96 $1,313.99 $1,314.01 $1,314.04 $1,314.06 $1,314.08 $1,314.10
5.22%.................................... $1,313.24 $1,313.27 $1,312.96 $1,312.99 $1,313.01 $1,313.04 $1,313.06 $1,313.08
5.23%.................................... $1,312.21 $1,312.24 $1,312.27 $1,312.30 $1,312.33 $1,312.01 $1,312.04 $1,312.06
5.24%.................................... $1,311.18 $1,311.21 $1,311.25 $1,311.28 $1,311.31 $1,311.33 $1,311.36 $1,311.38
5.25%.................................... $1,310.15 $1,310.18 $1,310.22 $1,310.25 $1,310.28 $1,310.31 $1,310.34 $1,310.36
5.26%.................................... $1,309.46 $1,309.50 $1,309.53 $1,309.23 $1,309.26 $1,309.29 $1,309.31 $1,309.34
5.27%.................................... $1,308.43 $1,308.47 $1,308.51 $1,308.54 $1,308.57 $1,308.26 $1,308.29 $1,308.32
5.28%.................................... $1,307.40 $1,307.44 $1,307.48 $1,307.51 $1,307.55 $1,307.58 $1,307.61 $1,307.64
5.29%.................................... $1,306.71 $1,306.41 $1,306.45 $1,306.49 $1,306.52 $1,306.56 $1,306.59 $1,306.62
5.30%.................................... $1,305.68 $1,305.72 $1,305.77 $1,305.80 $1,305.50 $1,305.54 $1,305.57 $1,305.60
5.31%.................................... $1,304.65 $1,304.70 $1,304.74 $1,304.78 $1,304.82 $1,304.85 $1,304.55 $1,304.58
5.32%.................................... $1,303.62 $1,303.67 $1,303.71 $1,303.75 $1,303.79 $1,303.83 $1,303.87 $1,303.90
5.33%.................................... $1,302.93 $1,302.98 $1,302.68 $1,302.73 $1,302.77 $1,302.81 $1,302.84 $1,302.88
5.34%.................................... $1,301.90 $1,301.95 $1,302.00 $1,302.04 $1,302.08 $1,301.78 $1,301.82 $1,301.86
5.35%.................................... $1,300.87 $1,300.92 $1,300.97 $1,301.02 $1,301.06 $1,301.10 $1,301.14 $1,300.84
5.36%.................................... $1,300.18 $1,300.23 $1,299.94 $1,299.99 $1,300.03 $1,300.08 $1,300.12 $1,300.16
5.37%.................................... $1,299.15 $1,299.21 $1,299.26 $1,299.31 $1,299.01 $1,299.06 $1,299.10 $1,299.14
5.38%.................................... $1,298.12 $1,298.18 $1,298.23 $1,298.28 $1,298.33 $1,298.37 $1,298.08 $1,298.12
5.39%.................................... $1,297.43 $1,297.15 $1,297.20 $1,297.25 $1,297.30 $1,297.35 $1,297.40 $1,297.44
5.40%.................................... $1,296.40 $1,296.46 $1,296.52 $1,296.23 $1,296.28 $1,296.33 $1,296.37 $1,296.42
5.41%.................................... $1,295.37 $1,295.43 $1,295.49 $1,295.54 $1,295.59 $1,295.30 $1,295.35 $1,295.40
5.42%.................................... $1,294.69 $1,294.40 $1,294.46 $1,294.52 $1,294.57 $1,294.62 $1,294.67 $1,294.38
5.43%.................................... $1,293.65 $1,293.72 $1,293.77 $1,293.49 $1,293.55 $1,293.60 $1,293.65 $1,293.70
5.44%.................................... $1,292.62 $1,292.69 $1,292.75 $1,292.81 $1,292.52 $1,292.58 $1,292.63 $1,292.68
5.45%.................................... $1,291.94 $1,291.66 $1,291.72 $1,291.78 $1,291.84 $1,291.89 $1,291.95 $1,291.66
5.46%.................................... $1,290.91 $1,290.97 $1,290.69 $1,290.75 $1,290.81 $1,290.87 $1,290.93 $1,290.98
5.47%.................................... $1,289.87 $1,289.94 $1,290.01 $1,290.07 $1,289.79 $1,289.85 $1,289.90 $1,289.96
5.48%.................................... $1,289.19 $1,288.91 $1,288.98 $1,289.04 $1,289.10 $1,289.16 $1,288.88 $1,288.94
5.49%.................................... $1,288.16 $1,288.23 $1,287.95 $1,288.02 $1,288.08 $1,288.14 $1,288.20 $1,288.26
5.50%.................................... $1,287.13 $1,287.20 $1,287.27 $1,287.33 $1,287.06 $1,287.12 $1,287.18 $1,287.24
5.51%.................................... $1,286.44 $1,286.17 $1,286.24 $1,286.31 $1,286.37 $1,286.44 $1,286.16 $1,286.22
5.52%.................................... $1,285.41 $1,285.48 $1,285.21 $1,285.28 $1,285.35 $1,285.41 $1,285.48 $1,285.54
5.53%.................................... $1,284.38 $1,284.45 $1,284.52 $1,284.60 $1,284.32 $1,284.39 $1,284.46 $1,284.52
5.54%.................................... $1,283.69 $1,283.42 $1,283.50 $1,283.57 $1,283.64 $1,283.71 $1,283.43 $1,283.50
5.55%.................................... $1,282.66 $1,282.74 $1,282.81 $1,282.54 $1,282.62 $1,282.69 $1,282.75 $1,282.48
5.56%.................................... $1,281.63 $1,281.71 $1,281.78 $1,281.86 $1,281.59 $1,281.66 $1,281.73 $1,281.80
5.57%.................................... $1,280.94 $1,280.68 $1,280.76 $1,280.83 $1,280.91 $1,280.98 $1,280.71 $1,280.78
5.58%.................................... $1,279.91 $1,279.99 $1,280.07 $1,279.81 $1,279.88 $1,279.96 $1,280.03 $1,279.76
5.59%.................................... $1,278.88 $1,278.96 $1,279.04 $1,279.12 $1,278.86 $1,278.93 $1,279.01 $1,279.08
5.60%.................................... $1,278.19 $1,278.28 $1,278.02 $1,278.10 $1,278.18 $1,278.25 $1,277.99 $1,278.06
5.61%.................................... $1,277.16 $1,277.25 $1,277.33 $1,277.07 $1,277.15 $1,277.23 $1,277.30 $1,277.38
5.62%.................................... $1,276.47 $1,276.22 $1,276.30 $1,276.39 $1,276.47 $1,276.21 $1,276.28 $1,276.36
5.63%.................................... $1,275.44 $1,275.53 $1,275.27 $1,275.36 $1,275.44 $1,275.52 $1,275.26 $1,275.34
5.64%.................................... $1,274.41 $1,274.50 $1,274.59 $1,274.33 $1,274.42 $1,274.50 $1,274.58 $1,274.66
5.65%.................................... $1,273.72 $1,273.47 $1,273.56 $1,273.65 $1,273.73 $1,273.48 $1,273.56 $1,273.64
5.66%.................................... $1,272.69 $1,272.79 $1,272.53 $1,272.62 $1,272.71 $1,272.79 $1,272.54 $1,272.62
5.67%.................................... $1,271.66 $1,271.76 $1,271.85 $1,271.94 $1,271.69 $1,271.77 $1,271.86 $1,271.94
5.68%.................................... $1,270.97 $1,271.07 $1,270.82 $1,270.91 $1,271.00 $1,270.75 $1,270.83 $1,270.92
5.69%.................................... $1,269.94 $1,270.04 $1,270.14 $1,269.89 $1,269.98 $1,270.07 $1,270.15 $1,269.90
5.70%.................................... $1,269.26 $1,269.01 $1,269.11 $1,269.20 $1,268.95 $1,269.04 $1,269.13 $1,269.22
5.71%.................................... $1,268.23 $1,268.33 $1,268.08 $1,268.18 $1,268.27 $1,268.36 $1,268.11 $1,268.20
5.72%.................................... $1,267.19 $1,267.30 $1,267.40 $1,267.49 $1,267.25 $1,267.34 $1,267.43 $1,267.18
5.73%.................................... $1,266.51 $1,266.27 $1,266.37 $1,266.47 $1,266.56 $1,266.32 $1,266.41 $1,266.50
5.74%.................................... $1,265.48 $1,265.58 $1,265.68 $1,265.44 $1,265.54 $1,265.63 $1,265.39 $1,265.48
5.75%.................................... $1,264.79 $1,264.55 $1,264.65 $1,264.76 $1,264.51 $1,264.61 $1,264.70 $1,264.80
5.76%.................................... $1,263.76 $1,263.87 $1,263.63 $1,263.73 $1,263.83 $1,263.59 $1,263.68 $1,263.78
5.77%.................................... $1,262.73 $1,262.84 $1,262.94 $1,262.70 $1,262.80 $1,262.90 $1,263.00 $1,262.76
5.78%.................................... $1,262.04 $1,261.81 $1,261.91 $1,262.02 $1,262.12 $1,261.88 $1,261.98 $1,262.08
5.79%.................................... $1,261.01 $1,261.12 $1,261.23 $1,260.99 $1,261.10 $1,261.20 $1,260.96 $1,261.06
5.80%.................................... $1,260.32 $1,260.09 $1,260.20 $1,260.31 $1,260.07 $1,260.18 $1,260.28 $1,260.04
5.81%.................................... $1,259.29 $1,259.40 $1,259.17 $1,259.28 $1,259.39 $1,259.15 $1,259.26 $1,259.36
5.82%.................................... $1,258.26 $1,258.38 $1,258.49 $1,258.26 $1,258.36 $1,258.47 $1,258.58 $1,258.34
5.83%.................................... $1,257.57 $1,257.69 $1,257.46 $1,257.57 $1,257.68 $1,257.45 $1,257.55 $1,257.66
5.84%.................................... $1,256.54 $1,256.66 $1,256.77 $1,256.55 $1,256.66 $1,256.77 $1,256.53 $1,256.64
5.85%.................................... $1,255.86 $1,255.63 $1,255.75 $1,255.86 $1,255.63 $1,255.74 $1,255.85 $1,255.62
5.86%.................................... $1,254.82 $1,254.94 $1,254.72 $1,254.84 $1,254.95 $1,254.72 $1,254.83 $1,254.94
5.87%.................................... $1,254.14 $1,253.91 $1,254.03 $1,254.15 $1,253.92 $1,254.04 $1,254.15 $1,253.92
5.88%.................................... $1,253.11 $1,253.23 $1,253.01 $1,253.12 $1,253.24 $1,253.01 $1,253.13 $1,253.24
5.89%.................................... $1,252.08 $1,252.20 $1,252.32 $1,252.10 $1,252.22 $1,252.33 $1,252.11 $1,252.22
5.90%.................................... $1,251.39 $1,251.51 $1,251.29 $1,251.41 $1,251.19 $1,251.31 $1,251.42 $1,251.20
5.91%.................................... $1,250.36 $1,250.48 $1,250.61 $1,250.39 $1,250.51 $1,250.63 $1,250.40 $1,250.52
5.92%.................................... $1,249.67 $1,249.45 $1,249.58 $1,249.70 $1,249.48 $1,249.60 $1,249.72 $1,249.50
5.93%.................................... $1,248.64 $1,248.77 $1,248.55 $1,248.68 $1,248.80 $1,248.58 $1,248.70 $1,248.82
5.94%.................................... $1,247.95 $1,247.74 $1,247.87 $1,247.99 $1,247.78 $1,247.90 $1,248.02 $1,247.80
5.95%.................................... $1,246.92 $1,247.05 $1,246.84 $1,246.97 $1,247.09 $1,246.88 $1,247.00 $1,247.12
5.96%.................................... $1,246.23 $1,246.02 $1,246.15 $1,245.94 $1,246.07 $1,246.19 $1,245.98 $1,246.10
5.97%.................................... $1,245.20 $1,245.34 $1,245.13 $1,245.26 $1,245.39 $1,245.17 $1,245.29 $1,245.08
5.98%.................................... $1,244.52 $1,244.31 $1,244.44 $1,244.23 $1,244.36 $1,244.49 $1,244.27 $1,244.40
5.99%.................................... $1,243.48 $1,243.62 $1,243.41 $1,243.55 $1,243.34 $1,243.47 $1,243.59 $1,243.38
6.00%.................................... $1,242.45 $1,242.59 $1,242.73 $1,242.52 $1,242.65 $1,242.44 $1,242.57 $1,242.70
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.91% 5.92% 5.93%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,315.13 $1,315.15 $1,315.16
5.21%.................................... $1,314.12 $1,314.13 $1,314.14
5.22%.................................... $1,313.10 $1,313.11 $1,313.13
5.23%.................................... $1,312.08 $1,312.10 $1,312.11
5.24%.................................... $1,311.40 $1,311.08 $1,311.10
5.25%.................................... $1,310.38 $1,310.40 $1,310.42
5.26%.................................... $1,309.36 $1,309.38 $1,309.40
5.27%.................................... $1,308.34 $1,308.37 $1,308.39
5.28%.................................... $1,307.67 $1,307.35 $1,307.37
5.29%.................................... $1,306.65 $1,306.67 $1,306.70
5.30%.................................... $1,305.63 $1,305.66 $1,305.68
5.31%.................................... $1,304.61 $1,304.64 $1,304.66
5.32%.................................... $1,303.93 $1,303.62 $1,303.65
5.33%.................................... $1,302.91 $1,302.94 $1,302.97
5.34%.................................... $1,301.89 $1,301.93 $1,301.96
5.35%.................................... $1,300.88 $1,300.91 $1,300.94
5.36%.................................... $1,300.20 $1,300.23 $1,299.93
5.37%.................................... $1,299.18 $1,299.21 $1,299.25
5.38%.................................... $1,298.16 $1,298.20 $1,298.23
5.39%.................................... $1,297.14 $1,297.18 $1,297.22
5.40%.................................... $1,296.46 $1,296.50 $1,296.20
5.41%.................................... $1,295.44 $1,295.49 $1,295.53
5.42%.................................... $1,294.42 $1,294.47 $1,294.51
5.43%.................................... $1,293.75 $1,293.45 $1,293.50
5.44%.................................... $1,292.73 $1,292.77 $1,292.82
5.45%.................................... $1,291.71 $1,291.76 $1,291.80
5.46%.................................... $1,290.69 $1,290.74 $1,290.79
5.47%.................................... $1,290.01 $1,290.06 $1,289.77
5.48%.................................... $1,288.99 $1,289.04 $1,289.09
5.49%.................................... $1,287.97 $1,288.03 $1,288.08
5.50%.................................... $1,287.30 $1,287.35 $1,287.06
5.51%.................................... $1,286.28 $1,286.33 $1,286.39
5.52%.................................... $1,285.26 $1,285.32 $1,285.37
5.53%.................................... $1,284.58 $1,284.30 $1,284.36
5.54%.................................... $1,283.56 $1,283.62 $1,283.68
5.55%.................................... $1,282.54 $1,282.60 $1,282.66
5.56%.................................... $1,281.86 $1,281.59 $1,281.65
5.57%.................................... $1,280.84 $1,280.91 $1,280.97
5.58%.................................... $1,279.83 $1,279.89 $1,279.96
5.59%.................................... $1,279.15 $1,278.88 $1,278.94
5.60%.................................... $1,278.13 $1,278.20 $1,278.26
5.61%.................................... $1,277.11 $1,277.18 $1,277.25
5.62%.................................... $1,276.43 $1,276.16 $1,276.23
5.63%.................................... $1,275.41 $1,275.49 $1,275.56
5.64%.................................... $1,274.39 $1,274.47 $1,274.54
5.65%.................................... $1,273.72 $1,273.45 $1,273.52
5.66%.................................... $1,272.70 $1,272.77 $1,272.85
5.67%.................................... $1,271.68 $1,271.76 $1,271.83
5.68%.................................... $1,271.00 $1,270.74 $1,270.82
5.69%.................................... $1,269.98 $1,270.06 $1,270.14
5.70%.................................... $1,268.96 $1,269.04 $1,269.12
5.71%.................................... $1,268.28 $1,268.37 $1,268.11
5.72%.................................... $1,267.26 $1,267.35 $1,267.43
5.73%.................................... $1,266.59 $1,266.33 $1,266.42
5.74%.................................... $1,265.57 $1,265.65 $1,265.40
5.75%.................................... $1,264.55 $1,264.64 $1,264.72
5.76%.................................... $1,263.87 $1,263.62 $1,263.71
5.77%.................................... $1,262.85 $1,262.94 $1,262.69
5.78%.................................... $1,261.83 $1,261.93 $1,262.02
5.79%.................................... $1,261.15 $1,261.25 $1,261.00
5.80%.................................... $1,260.14 $1,260.23 $1,260.32
5.81%.................................... $1,259.46 $1,259.21 $1,259.31
5.82%.................................... $1,258.44 $1,258.54 $1,258.29
5.83%.................................... $1,257.42 $1,257.52 $1,257.62
5.84%.................................... $1,256.74 $1,256.50 $1,256.60
5.85%.................................... $1,255.72 $1,255.82 $1,255.92
5.86%.................................... $1,255.04 $1,254.81 $1,254.91
5.87%.................................... $1,254.02 $1,254.13 $1,253.89
5.88%.................................... $1,253.01 $1,253.11 $1,253.22
5.89%.................................... $1,252.33 $1,252.10 $1,252.20
5.90%.................................... $1,251.31 $1,251.42 $1,251.52
5.91%.................................... $1,250.63 $1,250.40 $1,250.51
5.92%.................................... $1,249.61 $1,249.72 $1,249.49
5.93%.................................... $1,248.59 $1,248.71 $1,248.82
5.94%.................................... $1,247.91 $1,247.69 $1,247.80
5.95%.................................... $1,246.89 $1,247.01 $1,247.12
5.96%.................................... $1,246.22 $1,245.99 $1,246.11
5.97%.................................... $1,245.20 $1,245.32 $1,245.09
5.98%.................................... $1,244.52 $1,244.30 $1,244.42
5.99%.................................... $1,243.50 $1,243.62 $1,243.40
6.00%.................................... $1,242.48 $1,242.60 $1,242.72
</TABLE>
F-3-4
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.94% 5.95% 5.96% 5.97% 5.98% 5.99% 6.00% 6.01%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,314.83 $1,314.84 $1,314.84 $1,314.84 $1,314.84 $1,314.84 $1,314.84 $1,314.84
5.21%.................................... $1,314.15 $1,314.16 $1,314.17 $1,314.17 $1,314.17 $1,314.17 $1,314.17 $1,314.17
5.22%.................................... $1,313.14 $1,313.15 $1,313.16 $1,313.16 $1,313.16 $1,313.17 $1,313.17 $1,313.16
5.23%.................................... $1,312.12 $1,312.14 $1,312.14 $1,312.15 $1,312.16 $1,312.16 $1,312.16 $1,312.16
5.24%.................................... $1,311.11 $1,311.12 $1,311.13 $1,311.14 $1,311.15 $1,311.15 $1,311.16 $1,311.16
5.25%.................................... $1,310.43 $1,310.45 $1,310.46 $1,310.13 $1,310.14 $1,310.15 $1,310.15 $1,310.15
5.26%.................................... $1,309.42 $1,309.44 $1,309.45 $1,309.46 $1,309.47 $1,309.48 $1,309.48 $1,309.49
5.27%.................................... $1,308.41 $1,308.42 $1,308.44 $1,308.45 $1,308.46 $1,308.47 $1,308.48 $1,308.48
5.28%.................................... $1,307.39 $1,307.41 $1,307.43 $1,307.44 $1,307.45 $1,307.46 $1,307.47 $1,307.48
5.29%.................................... $1,306.72 $1,306.74 $1,306.42 $1,306.43 $1,306.45 $1,306.46 $1,306.47 $1,306.48
5.30%.................................... $1,305.70 $1,305.72 $1,305.74 $1,305.76 $1,305.77 $1,305.79 $1,305.80 $1,305.47
5.31%.................................... $1,304.69 $1,304.71 $1,304.73 $1,304.75 $1,304.77 $1,304.78 $1,304.79 $1,304.80
5.32%.................................... $1,303.68 $1,303.70 $1,303.72 $1,303.74 $1,303.76 $1,303.77 $1,303.79 $1,303.80
5.33%.................................... $1,303.00 $1,302.69 $1,302.71 $1,302.73 $1,302.75 $1,302.77 $1,302.78 $1,302.80
5.34%.................................... $1,301.99 $1,302.01 $1,302.04 $1,302.06 $1,302.08 $1,301.76 $1,301.78 $1,301.79
5.35%.................................... $1,300.97 $1,301.00 $1,301.03 $1,301.05 $1,301.07 $1,301.09 $1,301.11 $1,301.12
5.36%.................................... $1,299.96 $1,299.99 $1,300.01 $1,300.04 $1,300.06 $1,300.08 $1,300.10 $1,300.12
5.37%.................................... $1,299.28 $1,298.97 $1,299.00 $1,299.03 $1,299.06 $1,299.08 $1,299.10 $1,299.12
5.38%.................................... $1,298.27 $1,298.30 $1,298.33 $1,298.36 $1,298.38 $1,298.07 $1,298.09 $1,298.11
5.39%.................................... $1,297.25 $1,297.29 $1,297.32 $1,297.35 $1,297.38 $1,297.40 $1,297.42 $1,297.45
5.40%.................................... $1,296.24 $1,296.28 $1,296.31 $1,296.34 $1,296.37 $1,296.40 $1,296.42 $1,296.44
5.41%.................................... $1,295.56 $1,295.60 $1,295.30 $1,295.33 $1,295.36 $1,295.39 $1,295.42 $1,295.44
5.42%.................................... $1,294.55 $1,294.59 $1,294.62 $1,294.66 $1,294.69 $1,294.38 $1,294.41 $1,294.44
5.43%.................................... $1,293.54 $1,293.58 $1,293.61 $1,293.65 $1,293.68 $1,293.71 $1,293.74 $1,293.77
5.44%.................................... $1,292.52 $1,292.56 $1,292.60 $1,292.64 $1,292.67 $1,292.71 $1,292.74 $1,292.76
5.45%.................................... $1,291.85 $1,291.89 $1,291.93 $1,291.63 $1,291.67 $1,291.70 $1,291.73 $1,291.76
5.46%.................................... $1,290.83 $1,290.88 $1,290.92 $1,290.96 $1,290.99 $1,290.69 $1,290.73 $1,290.76
5.47%.................................... $1,289.82 $1,289.86 $1,289.91 $1,289.95 $1,289.99 $1,290.02 $1,290.06 $1,290.09
5.48%.................................... $1,289.14 $1,289.19 $1,288.90 $1,288.94 $1,288.98 $1,289.02 $1,289.05 $1,289.09
5.49%.................................... $1,288.13 $1,288.18 $1,288.22 $1,288.26 $1,287.97 $1,288.01 $1,288.05 $1,288.08
5.50%.................................... $1,287.11 $1,287.16 $1,287.21 $1,287.26 $1,287.30 $1,287.34 $1,287.04 $1,287.08
5.51%.................................... $1,286.44 $1,286.15 $1,286.20 $1,286.25 $1,286.29 $1,286.33 $1,286.37 $1,286.41
5.52%.................................... $1,285.43 $1,285.48 $1,285.53 $1,285.24 $1,285.28 $1,285.33 $1,285.37 $1,285.41
5.53%.................................... $1,284.41 $1,284.46 $1,284.52 $1,284.56 $1,284.61 $1,284.32 $1,284.36 $1,284.40
5.54%.................................... $1,283.40 $1,283.45 $1,283.50 $1,283.55 $1,283.60 $1,283.65 $1,283.69 $1,283.40
5.55%.................................... $1,282.72 $1,282.78 $1,282.49 $1,282.55 $1,282.59 $1,282.64 $1,282.69 $1,282.73
5.56%.................................... $1,281.71 $1,281.76 $1,281.82 $1,281.87 $1,281.59 $1,281.64 $1,281.68 $1,281.73
5.57%.................................... $1,280.69 $1,280.75 $1,280.81 $1,280.86 $1,280.92 $1,280.97 $1,280.68 $1,280.73
5.58%.................................... $1,280.02 $1,280.08 $1,279.80 $1,279.85 $1,279.91 $1,279.96 $1,280.01 $1,280.06
5.59%.................................... $1,279.00 $1,279.06 $1,279.12 $1,279.18 $1,278.90 $1,278.95 $1,279.00 $1,279.05
5.60%.................................... $1,277.99 $1,278.05 $1,278.11 $1,278.17 $1,278.23 $1,277.95 $1,278.00 $1,278.05
5.61%.................................... $1,277.31 $1,277.04 $1,277.10 $1,277.16 $1,277.22 $1,277.28 $1,277.33 $1,277.05
5.62%.................................... $1,276.30 $1,276.37 $1,276.43 $1,276.15 $1,276.21 $1,276.27 $1,276.32 $1,276.38
5.63%.................................... $1,275.29 $1,275.35 $1,275.42 $1,275.48 $1,275.54 $1,275.26 $1,275.32 $1,275.37
5.64%.................................... $1,274.61 $1,274.34 $1,274.41 $1,274.47 $1,274.53 $1,274.59 $1,274.65 $1,274.37
5.65%.................................... $1,273.60 $1,273.67 $1,273.73 $1,273.46 $1,273.52 $1,273.59 $1,273.65 $1,273.70
5.66%.................................... $1,272.58 $1,272.65 $1,272.72 $1,272.79 $1,272.85 $1,272.58 $1,272.64 $1,272.70
5.67%.................................... $1,271.91 $1,271.64 $1,271.71 $1,271.78 $1,271.85 $1,271.91 $1,271.64 $1,271.70
5.68%.................................... $1,270.89 $1,270.97 $1,271.04 $1,270.77 $1,270.84 $1,270.90 $1,270.97 $1,271.03
5.69%.................................... $1,269.88 $1,269.95 $1,270.03 $1,270.10 $1,270.17 $1,269.90 $1,269.96 $1,270.02
5.70%.................................... $1,269.20 $1,268.94 $1,269.02 $1,269.09 $1,269.16 $1,269.23 $1,268.96 $1,269.02
5.71%.................................... $1,268.19 $1,268.27 $1,268.34 $1,268.08 $1,268.15 $1,268.22 $1,268.29 $1,268.35
5.72%.................................... $1,267.17 $1,267.25 $1,267.33 $1,267.41 $1,267.48 $1,267.21 $1,267.28 $1,267.35
5.73%.................................... $1,266.50 $1,266.58 $1,266.32 $1,266.40 $1,266.47 $1,266.54 $1,266.28 $1,266.35
5.74%.................................... $1,265.49 $1,265.57 $1,265.65 $1,265.39 $1,265.46 $1,265.54 $1,265.61 $1,265.68
5.75%.................................... $1,264.47 $1,264.55 $1,264.64 $1,264.71 $1,264.79 $1,264.53 $1,264.60 $1,264.67
5.76%.................................... $1,263.80 $1,263.88 $1,263.62 $1,263.70 $1,263.78 $1,263.86 $1,263.60 $1,263.67
5.77%.................................... $1,262.78 $1,262.87 $1,262.95 $1,262.70 $1,262.77 $1,262.85 $1,262.93 $1,263.00
5.78%.................................... $1,262.11 $1,261.85 $1,261.94 $1,262.02 $1,262.10 $1,261.85 $1,261.92 $1,262.00
5.79%.................................... $1,261.09 $1,261.18 $1,260.93 $1,261.01 $1,261.10 $1,261.18 $1,260.92 $1,260.99
5.80%.................................... $1,260.08 $1,260.17 $1,260.25 $1,260.34 $1,260.09 $1,260.17 $1,260.25 $1,260.33
5.81%.................................... $1,259.40 $1,259.15 $1,259.24 $1,259.33 $1,259.42 $1,259.16 $1,259.24 $1,259.32
5.82%.................................... $1,258.39 $1,258.48 $1,258.57 $1,258.32 $1,258.41 $1,258.49 $1,258.57 $1,258.32
5.83%.................................... $1,257.37 $1,257.47 $1,257.56 $1,257.65 $1,257.40 $1,257.49 $1,257.57 $1,257.65
5.84%.................................... $1,256.70 $1,256.79 $1,256.55 $1,256.64 $1,256.73 $1,256.81 $1,256.56 $1,256.65
5.85%.................................... $1,255.68 $1,255.78 $1,255.87 $1,255.63 $1,255.72 $1,255.81 $1,255.89 $1,255.64
5.86%.................................... $1,255.01 $1,254.77 $1,254.86 $1,254.96 $1,254.71 $1,254.80 $1,254.89 $1,254.98
5.87%.................................... $1,253.99 $1,254.09 $1,253.85 $1,253.95 $1,254.04 $1,254.13 $1,253.89 $1,253.97
5.88%.................................... $1,252.98 $1,253.08 $1,253.18 $1,253.27 $1,253.03 $1,253.13 $1,253.22 $1,252.97
5.89%.................................... $1,252.30 $1,252.41 $1,252.17 $1,252.27 $1,252.36 $1,252.12 $1,252.21 $1,252.30
5.90%.................................... $1,251.29 $1,251.39 $1,251.49 $1,251.26 $1,251.35 $1,251.45 $1,251.21 $1,251.30
5.91%.................................... $1,250.61 $1,250.38 $1,250.48 $1,250.58 $1,250.35 $1,250.44 $1,250.54 $1,250.63
5.92%.................................... $1,249.60 $1,249.71 $1,249.47 $1,249.57 $1,249.67 $1,249.44 $1,249.53 $1,249.62
5.93%.................................... $1,248.59 $1,248.69 $1,248.80 $1,248.56 $1,248.67 $1,248.76 $1,248.86 $1,248.62
5.94%.................................... $1,247.91 $1,247.68 $1,247.79 $1,247.89 $1,247.99 $1,247.76 $1,247.86 $1,247.95
5.95%.................................... $1,246.90 $1,247.01 $1,247.11 $1,246.88 $1,246.99 $1,247.09 $1,246.85 $1,246.95
5.96%.................................... $1,246.22 $1,245.99 $1,246.10 $1,246.21 $1,245.98 $1,246.08 $1,246.18 $1,245.95
5.97%.................................... $1,245.21 $1,245.32 $1,245.09 $1,245.20 $1,245.31 $1,245.07 $1,245.18 $1,245.28
5.98%.................................... $1,244.19 $1,244.31 $1,244.42 $1,244.19 $1,244.30 $1,244.40 $1,244.51 $1,244.27
5.99%.................................... $1,243.52 $1,243.63 $1,243.41 $1,243.52 $1,243.63 $1,243.40 $1,243.50 $1,243.61
6.00%.................................... $1,242.50 $1,242.62 $1,242.73 $1,242.51 $1,242.62 $1,242.73 $1,242.50 $1,242.60
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.02% 6.03% 6.04%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,314.83 $1,315.15 $1,315.14
5.21%.................................... $1,314.16 $1,314.15 $1,314.14
5.22%.................................... $1,313.16 $1,313.15 $1,313.14
5.23%.................................... $1,312.16 $1,312.15 $1,312.15
5.24%.................................... $1,311.16 $1,311.15 $1,311.15
5.25%.................................... $1,310.15 $1,310.15 $1,310.15
5.26%.................................... $1,309.49 $1,309.49 $1,309.48
5.27%.................................... $1,308.48 $1,308.49 $1,308.48
5.28%.................................... $1,307.48 $1,307.49 $1,307.49
5.29%.................................... $1,306.48 $1,306.48 $1,306.49
5.30%.................................... $1,305.48 $1,305.48 $1,305.49
5.31%.................................... $1,304.81 $1,304.82 $1,304.82
5.32%.................................... $1,303.81 $1,303.82 $1,303.82
5.33%.................................... $1,302.81 $1,302.82 $1,302.82
5.34%.................................... $1,301.81 $1,301.82 $1,301.83
5.35%.................................... $1,301.14 $1,301.15 $1,300.83
5.36%.................................... $1,300.14 $1,300.15 $1,300.16
5.37%.................................... $1,299.14 $1,299.15 $1,299.16
5.38%.................................... $1,298.13 $1,298.15 $1,298.16
5.39%.................................... $1,297.13 $1,297.15 $1,297.17
5.40%.................................... $1,296.46 $1,296.48 $1,296.50
5.41%.................................... $1,295.46 $1,295.48 $1,295.50
5.42%.................................... $1,294.46 $1,294.48 $1,294.50
5.43%.................................... $1,293.46 $1,293.48 $1,293.50
5.44%.................................... $1,292.79 $1,292.82 $1,292.84
5.45%.................................... $1,291.79 $1,291.81 $1,291.84
5.46%.................................... $1,290.79 $1,290.81 $1,290.84
5.47%.................................... $1,289.79 $1,289.81 $1,289.84
5.48%.................................... $1,289.12 $1,289.15 $1,289.18
5.49%.................................... $1,288.12 $1,288.15 $1,288.18
5.50%.................................... $1,287.11 $1,287.15 $1,287.18
5.51%.................................... $1,286.45 $1,286.15 $1,286.18
5.52%.................................... $1,285.44 $1,285.48 $1,285.51
5.53%.................................... $1,284.44 $1,284.48 $1,284.51
5.54%.................................... $1,283.44 $1,283.48 $1,283.52
5.55%.................................... $1,282.77 $1,282.48 $1,282.52
5.56%.................................... $1,281.77 $1,281.81 $1,281.85
5.57%.................................... $1,280.77 $1,280.81 $1,280.85
5.58%.................................... $1,279.77 $1,279.81 $1,279.85
5.59%.................................... $1,279.10 $1,279.15 $1,278.86
5.60%.................................... $1,278.10 $1,278.15 $1,278.19
5.61%.................................... $1,277.10 $1,277.14 $1,277.19
5.62%.................................... $1,276.43 $1,276.14 $1,276.19
5.63%.................................... $1,275.43 $1,275.48 $1,275.53
5.64%.................................... $1,274.43 $1,274.48 $1,274.53
5.65%.................................... $1,273.76 $1,273.48 $1,273.53
5.66%.................................... $1,272.76 $1,272.81 $1,272.53
5.67%.................................... $1,271.75 $1,271.81 $1,271.86
5.68%.................................... $1,270.75 $1,270.81 $1,270.87
5.69%.................................... $1,270.08 $1,270.14 $1,269.87
5.70%.................................... $1,269.08 $1,269.14 $1,269.20
5.71%.................................... $1,268.08 $1,268.14 $1,268.20
5.72%.................................... $1,267.41 $1,267.48 $1,267.20
5.73%.................................... $1,266.41 $1,266.48 $1,266.54
5.74%.................................... $1,265.41 $1,265.48 $1,265.54
5.75%.................................... $1,264.74 $1,264.48 $1,264.54
5.76%.................................... $1,263.74 $1,263.81 $1,263.87
5.77%.................................... $1,262.74 $1,262.81 $1,262.88
5.78%.................................... $1,262.07 $1,261.81 $1,261.88
5.79%.................................... $1,261.07 $1,261.14 $1,261.21
5.80%.................................... $1,260.07 $1,260.14 $1,260.21
5.81%.................................... $1,259.40 $1,259.14 $1,259.21
5.82%.................................... $1,258.40 $1,258.47 $1,258.55
5.83%.................................... $1,257.40 $1,257.47 $1,257.55
5.84%.................................... $1,256.73 $1,256.81 $1,256.55
5.85%.................................... $1,255.73 $1,255.81 $1,255.88
5.86%.................................... $1,254.72 $1,254.81 $1,254.89
5.87%.................................... $1,254.06 $1,254.14 $1,253.89
5.88%.................................... $1,253.06 $1,253.14 $1,253.22
5.89%.................................... $1,252.39 $1,252.14 $1,252.22
5.90%.................................... $1,251.39 $1,251.47 $1,251.22
5.91%.................................... $1,250.38 $1,250.47 $1,250.56
5.92%.................................... $1,249.72 $1,249.47 $1,249.56
5.93%.................................... $1,248.71 $1,248.81 $1,248.56
5.94%.................................... $1,247.71 $1,247.80 $1,247.90
5.95%.................................... $1,247.04 $1,246.80 $1,246.90
5.96%.................................... $1,246.04 $1,246.14 $1,246.23
5.97%.................................... $1,245.38 $1,245.14 $1,245.23
5.98%.................................... $1,244.37 $1,244.47 $1,244.23
5.99%.................................... $1,243.37 $1,243.47 $1,243.57
6.00%.................................... $1,242.70 $1,242.47 $1,242.57
</TABLE>
F-3-5
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.05% 6.06% 6.07% 6.08% 6.09% 6.10% 6.11% 6.12%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,315.13 $1,315.11 $1,315.10 $1,315.08 $1,315.06 $1,315.03 $1,315.01 $1,314.98
5.21%.................................... $1,314.13 $1,314.12 $1,314.10 $1,314.08 $1,314.06 $1,314.04 $1,314.02 $1,313.99
5.22%.................................... $1,313.13 $1,313.12 $1,313.11 $1,313.09 $1,313.07 $1,313.05 $1,313.03 $1,313.01
5.23%.................................... $1,312.14 $1,312.13 $1,312.11 $1,312.10 $1,312.08 $1,312.06 $1,312.04 $1,312.02
5.24%.................................... $1,311.14 $1,311.13 $1,311.12 $1,311.11 $1,311.09 $1,311.07 $1,311.38 $1,311.36
5.25%.................................... $1,310.14 $1,310.13 $1,310.46 $1,310.44 $1,310.43 $1,310.41 $1,310.40 $1,310.38
5.26%.................................... $1,309.48 $1,309.47 $1,309.46 $1,309.45 $1,309.44 $1,309.42 $1,309.41 $1,309.39
5.27%.................................... $1,308.48 $1,308.48 $1,308.47 $1,308.46 $1,308.45 $1,308.44 $1,308.42 $1,308.40
5.28%.................................... $1,307.48 $1,307.48 $1,307.47 $1,307.47 $1,307.46 $1,307.45 $1,307.43 $1,307.42
5.29%.................................... $1,306.49 $1,306.48 $1,306.48 $1,306.47 $1,306.47 $1,306.46 $1,306.44 $1,306.43
5.30%.................................... $1,305.49 $1,305.49 $1,305.49 $1,305.48 $1,305.47 $1,305.80 $1,305.78 $1,305.77
5.31%.................................... $1,304.82 $1,304.82 $1,304.82 $1,304.82 $1,304.81 $1,304.81 $1,304.80 $1,304.79
5.32%.................................... $1,303.83 $1,303.83 $1,303.83 $1,303.83 $1,303.82 $1,303.82 $1,303.81 $1,303.80
5.33%.................................... $1,302.83 $1,302.83 $1,302.83 $1,302.83 $1,302.83 $1,302.83 $1,302.82 $1,302.81
5.34%.................................... $1,301.83 $1,301.84 $1,301.84 $1,301.84 $1,301.84 $1,301.84 $1,301.83 $1,301.82
5.35%.................................... $1,300.84 $1,300.84 $1,300.85 $1,300.85 $1,300.85 $1,300.85 $1,300.84 $1,300.84
5.36%.................................... $1,300.17 $1,300.18 $1,300.18 $1,300.19 $1,300.19 $1,300.19 $1,300.18 $1,300.18
5.37%.................................... $1,299.17 $1,299.18 $1,299.19 $1,299.19 $1,299.20 $1,299.20 $1,299.20 $1,299.19
5.38%.................................... $1,298.18 $1,298.19 $1,298.19 $1,298.20 $1,298.21 $1,298.21 $1,298.21 $1,298.21
5.39%.................................... $1,297.18 $1,297.19 $1,297.20 $1,297.21 $1,297.21 $1,297.22 $1,297.22 $1,297.22
5.40%.................................... $1,296.51 $1,296.53 $1,296.21 $1,296.22 $1,296.22 $1,296.23 $1,296.23 $1,296.23
5.41%.................................... $1,295.52 $1,295.53 $1,295.54 $1,295.55 $1,295.56 $1,295.57 $1,295.57 $1,295.58
5.42%.................................... $1,294.52 $1,294.54 $1,294.55 $1,294.56 $1,294.57 $1,294.58 $1,294.58 $1,294.59
5.43%.................................... $1,293.52 $1,293.54 $1,293.56 $1,293.57 $1,293.58 $1,293.59 $1,293.60 $1,293.60
5.44%.................................... $1,292.53 $1,292.54 $1,292.56 $1,292.58 $1,292.59 $1,292.60 $1,292.61 $1,292.62
5.45%.................................... $1,291.86 $1,291.88 $1,291.90 $1,291.91 $1,291.93 $1,291.94 $1,291.62 $1,291.63
5.46%.................................... $1,290.86 $1,290.88 $1,290.90 $1,290.92 $1,290.94 $1,290.95 $1,290.96 $1,290.97
5.47%.................................... $1,289.87 $1,289.89 $1,289.91 $1,289.93 $1,289.95 $1,289.96 $1,289.97 $1,289.98
5.48%.................................... $1,288.87 $1,288.89 $1,288.92 $1,288.94 $1,288.95 $1,288.97 $1,288.98 $1,289.00
5.49%.................................... $1,288.20 $1,288.23 $1,288.25 $1,287.94 $1,287.96 $1,287.98 $1,288.00 $1,288.01
5.50%.................................... $1,287.21 $1,287.23 $1,287.26 $1,287.28 $1,287.30 $1,287.32 $1,287.34 $1,287.35
5.51%.................................... $1,286.21 $1,286.24 $1,286.26 $1,286.29 $1,286.31 $1,286.33 $1,286.35 $1,286.37
5.52%.................................... $1,285.21 $1,285.24 $1,285.27 $1,285.30 $1,285.32 $1,285.34 $1,285.36 $1,285.38
5.53%.................................... $1,284.55 $1,284.58 $1,284.61 $1,284.30 $1,284.33 $1,284.35 $1,284.37 $1,284.39
5.54%.................................... $1,283.55 $1,283.58 $1,283.61 $1,283.64 $1,283.67 $1,283.69 $1,283.38 $1,283.41
5.55%.................................... $1,282.55 $1,282.59 $1,282.62 $1,282.65 $1,282.68 $1,282.70 $1,282.73 $1,282.75
5.56%.................................... $1,281.89 $1,281.59 $1,281.62 $1,281.66 $1,281.69 $1,281.71 $1,281.74 $1,281.76
5.57%.................................... $1,280.89 $1,280.93 $1,280.96 $1,280.66 $1,280.69 $1,280.72 $1,280.75 $1,280.77
5.58%.................................... $1,279.89 $1,279.93 $1,279.97 $1,280.00 $1,280.03 $1,280.06 $1,279.76 $1,279.79
5.59%.................................... $1,278.90 $1,278.94 $1,278.97 $1,279.01 $1,279.04 $1,279.07 $1,279.10 $1,279.13
5.60%.................................... $1,278.23 $1,277.94 $1,277.98 $1,278.02 $1,278.05 $1,278.08 $1,278.11 $1,278.14
5.61%.................................... $1,277.23 $1,277.28 $1,277.32 $1,277.35 $1,277.06 $1,277.09 $1,277.13 $1,277.16
5.62%.................................... $1,276.24 $1,276.28 $1,276.32 $1,276.36 $1,276.40 $1,276.43 $1,276.14 $1,276.17
5.63%.................................... $1,275.24 $1,275.29 $1,275.33 $1,275.37 $1,275.41 $1,275.44 $1,275.48 $1,275.51
5.64%.................................... $1,274.58 $1,274.62 $1,274.33 $1,274.38 $1,274.42 $1,274.45 $1,274.49 $1,274.52
5.65%.................................... $1,273.58 $1,273.63 $1,273.67 $1,273.71 $1,273.76 $1,273.46 $1,273.50 $1,273.54
5.66%.................................... $1,272.58 $1,272.63 $1,272.68 $1,272.72 $1,272.76 $1,272.80 $1,272.84 $1,272.55
5.67%.................................... $1,271.92 $1,271.63 $1,271.68 $1,271.73 $1,271.77 $1,271.82 $1,271.86 $1,271.89
5.68%.................................... $1,270.92 $1,270.97 $1,271.02 $1,270.74 $1,270.78 $1,270.83 $1,270.87 $1,270.91
5.69%.................................... $1,269.92 $1,269.97 $1,270.03 $1,270.07 $1,270.12 $1,269.84 $1,269.88 $1,269.92
5.70%.................................... $1,269.26 $1,268.98 $1,269.03 $1,269.08 $1,269.13 $1,269.18 $1,269.22 $1,269.26
5.71%.................................... $1,268.26 $1,268.32 $1,268.37 $1,268.09 $1,268.14 $1,268.19 $1,268.23 $1,268.28
5.72%.................................... $1,267.26 $1,267.32 $1,267.37 $1,267.43 $1,267.48 $1,267.20 $1,267.24 $1,267.29
5.73%.................................... $1,266.27 $1,266.32 $1,266.38 $1,266.43 $1,266.49 $1,266.54 $1,266.26 $1,266.30
5.74%.................................... $1,265.60 $1,265.66 $1,265.39 $1,265.44 $1,265.50 $1,265.55 $1,265.60 $1,265.64
5.75%.................................... $1,264.60 $1,264.66 $1,264.72 $1,264.78 $1,264.50 $1,264.56 $1,264.61 $1,264.66
5.76%.................................... $1,263.61 $1,263.67 $1,263.73 $1,263.79 $1,263.84 $1,263.90 $1,263.62 $1,263.67
5.77%.................................... $1,262.94 $1,263.00 $1,262.73 $1,262.79 $1,262.85 $1,262.91 $1,262.96 $1,263.01
5.78%.................................... $1,261.94 $1,262.01 $1,262.07 $1,261.80 $1,261.86 $1,261.92 $1,261.97 $1,262.03
5.79%.................................... $1,260.95 $1,261.01 $1,261.08 $1,261.14 $1,261.20 $1,260.93 $1,260.98 $1,261.04
5.80%.................................... $1,260.28 $1,260.35 $1,260.08 $1,260.15 $1,260.21 $1,260.27 $1,260.33 $1,260.05
5.81%.................................... $1,259.28 $1,259.35 $1,259.42 $1,259.15 $1,259.22 $1,259.28 $1,259.34 $1,259.39
5.82%.................................... $1,258.29 $1,258.36 $1,258.43 $1,258.49 $1,258.56 $1,258.29 $1,258.35 $1,258.41
5.83%.................................... $1,257.62 $1,257.36 $1,257.43 $1,257.50 $1,257.57 $1,257.63 $1,257.36 $1,257.42
5.84%.................................... $1,256.63 $1,256.70 $1,256.77 $1,256.51 $1,256.57 $1,256.64 $1,256.70 $1,256.76
5.85%.................................... $1,255.63 $1,255.70 $1,255.78 $1,255.85 $1,255.91 $1,255.65 $1,255.71 $1,255.78
5.86%.................................... $1,254.96 $1,255.04 $1,254.78 $1,254.85 $1,254.92 $1,254.99 $1,254.73 $1,254.79
5.87%.................................... $1,253.97 $1,254.04 $1,254.12 $1,253.86 $1,253.93 $1,254.00 $1,254.07 $1,254.13
5.88%.................................... $1,252.97 $1,253.05 $1,253.12 $1,253.20 $1,253.27 $1,253.01 $1,253.08 $1,253.15
5.89%.................................... $1,252.30 $1,252.38 $1,252.13 $1,252.21 $1,252.28 $1,252.35 $1,252.09 $1,252.16
5.90%.................................... $1,251.31 $1,251.39 $1,251.47 $1,251.21 $1,251.29 $1,251.36 $1,251.43 $1,251.50
5.91%.................................... $1,250.64 $1,250.39 $1,250.47 $1,250.55 $1,250.63 $1,250.37 $1,250.44 $1,250.51
5.92%.................................... $1,249.65 $1,249.73 $1,249.48 $1,249.56 $1,249.64 $1,249.71 $1,249.46 $1,249.53
5.93%.................................... $1,248.65 $1,248.73 $1,248.82 $1,248.57 $1,248.64 $1,248.72 $1,248.80 $1,248.87
5.94%.................................... $1,247.98 $1,247.74 $1,247.82 $1,247.90 $1,247.98 $1,247.73 $1,247.81 $1,247.88
5.95%.................................... $1,246.99 $1,247.07 $1,246.83 $1,246.91 $1,246.99 $1,247.07 $1,246.82 $1,246.90
5.96%.................................... $1,245.99 $1,246.08 $1,246.16 $1,246.25 $1,246.00 $1,246.08 $1,246.16 $1,246.24
5.97%.................................... $1,245.32 $1,245.08 $1,245.17 $1,245.26 $1,245.34 $1,245.09 $1,245.17 $1,245.25
5.98%.................................... $1,244.33 $1,244.42 $1,244.51 $1,244.26 $1,244.35 $1,244.43 $1,244.18 $1,244.26
5.99%.................................... $1,243.33 $1,243.42 $1,243.51 $1,243.60 $1,243.36 $1,243.44 $1,243.53 $1,243.61
6.00%.................................... $1,242.66 $1,242.76 $1,242.52 $1,242.61 $1,242.70 $1,242.45 $1,242.54 $1,242.62
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.13% 6.14% 6.15%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,314.95 $1,314.92 $1,314.89
5.21%.................................... $1,313.97 $1,313.94 $1,313.91
5.22%.................................... $1,312.98 $1,312.95 $1,313.25
5.23%.................................... $1,312.33 $1,312.30 $1,312.27
5.24%.................................... $1,311.34 $1,311.31 $1,311.29
5.25%.................................... $1,310.35 $1,310.33 $1,310.31
5.26%.................................... $1,309.37 $1,309.35 $1,309.32
5.27%.................................... $1,308.38 $1,308.36 $1,308.34
5.28%.................................... $1,307.40 $1,307.38 $1,307.36
5.29%.................................... $1,306.41 $1,306.72 $1,306.70
5.30%.................................... $1,305.76 $1,305.74 $1,305.72
5.31%.................................... $1,304.77 $1,304.76 $1,304.74
5.32%.................................... $1,303.79 $1,303.77 $1,303.76
5.33%.................................... $1,302.80 $1,302.79 $1,302.77
5.34%.................................... $1,301.82 $1,301.81 $1,301.79
5.35%.................................... $1,300.83 $1,300.82 $1,301.14
5.36%.................................... $1,300.17 $1,300.17 $1,300.16
5.37%.................................... $1,299.19 $1,299.18 $1,299.17
5.38%.................................... $1,298.20 $1,298.20 $1,298.19
5.39%.................................... $1,297.22 $1,297.21 $1,297.21
5.40%.................................... $1,296.23 $1,296.23 $1,296.23
5.41%.................................... $1,295.58 $1,295.57 $1,295.57
5.42%.................................... $1,294.59 $1,294.59 $1,294.59
5.43%.................................... $1,293.61 $1,293.61 $1,293.61
5.44%.................................... $1,292.62 $1,292.62 $1,292.62
5.45%.................................... $1,291.63 $1,291.64 $1,291.64
5.46%.................................... $1,290.98 $1,290.98 $1,290.99
5.47%.................................... $1,289.99 $1,290.00 $1,290.00
5.48%.................................... $1,289.01 $1,289.02 $1,289.02
5.49%.................................... $1,288.02 $1,288.03 $1,288.04
5.50%.................................... $1,287.04 $1,287.05 $1,287.06
5.51%.................................... $1,286.38 $1,286.39 $1,286.40
5.52%.................................... $1,285.39 $1,285.41 $1,285.42
5.53%.................................... $1,284.41 $1,284.43 $1,284.44
5.54%.................................... $1,283.42 $1,283.44 $1,283.46
5.55%.................................... $1,282.77 $1,282.79 $1,282.47
5.56%.................................... $1,281.78 $1,281.80 $1,281.82
5.57%.................................... $1,280.80 $1,280.82 $1,280.84
5.58%.................................... $1,279.81 $1,279.83 $1,279.85
5.59%.................................... $1,279.15 $1,278.85 $1,278.87
5.60%.................................... $1,278.17 $1,278.19 $1,278.22
5.61%.................................... $1,277.18 $1,277.21 $1,277.23
5.62%.................................... $1,276.20 $1,276.23 $1,276.25
5.63%.................................... $1,275.54 $1,275.24 $1,275.27
5.64%.................................... $1,274.56 $1,274.59 $1,274.62
5.65%.................................... $1,273.57 $1,273.60 $1,273.63
5.66%.................................... $1,272.59 $1,272.62 $1,272.65
5.67%.................................... $1,271.93 $1,271.64 $1,271.67
5.68%.................................... $1,270.94 $1,270.98 $1,271.01
5.69%.................................... $1,269.96 $1,270.00 $1,270.03
5.70%.................................... $1,268.97 $1,269.01 $1,269.05
5.71%.................................... $1,268.32 $1,268.36 $1,268.07
5.72%.................................... $1,267.33 $1,267.37 $1,267.41
5.73%.................................... $1,266.35 $1,266.39 $1,266.43
5.74%.................................... $1,265.36 $1,265.41 $1,265.45
5.75%.................................... $1,264.70 $1,264.75 $1,264.79
5.76%.................................... $1,263.72 $1,263.77 $1,263.81
5.77%.................................... $1,262.73 $1,262.78 $1,262.83
5.78%.................................... $1,262.08 $1,262.13 $1,261.85
5.79%.................................... $1,261.09 $1,261.14 $1,261.19
5.80%.................................... $1,260.11 $1,260.16 $1,260.21
5.81%.................................... $1,259.45 $1,259.17 $1,259.23
5.82%.................................... $1,258.46 $1,258.52 $1,258.57
5.83%.................................... $1,257.48 $1,257.54 $1,257.59
5.84%.................................... $1,256.49 $1,256.55 $1,256.61
5.85%.................................... $1,255.84 $1,255.90 $1,255.62
5.86%.................................... $1,254.85 $1,254.91 $1,254.97
5.87%.................................... $1,253.87 $1,253.93 $1,253.99
5.88%.................................... $1,253.21 $1,253.27 $1,253.00
5.89%.................................... $1,252.22 $1,252.29 $1,252.35
5.90%.................................... $1,251.24 $1,251.30 $1,251.37
5.91%.................................... $1,250.58 $1,250.32 $1,250.39
5.92%.................................... $1,249.60 $1,249.66 $1,249.73
5.93%.................................... $1,248.61 $1,248.68 $1,248.75
5.94%.................................... $1,247.96 $1,247.70 $1,247.77
5.95%.................................... $1,246.97 $1,247.04 $1,247.11
5.96%.................................... $1,245.98 $1,246.06 $1,246.13
5.97%.................................... $1,245.33 $1,245.07 $1,245.15
5.98%.................................... $1,244.34 $1,244.42 $1,244.49
5.99%.................................... $1,243.36 $1,243.43 $1,243.51
6.00%.................................... $1,242.70 $1,242.45 $1,242.53
</TABLE>
F-3-6
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.16% 6.17% 6.18% 6.19% 6.20% 6.21% 6.22% 6.23%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,314.86 $1,315.15 $1,315.11 $1,315.07 $1,315.02 $1,314.98 $1,314.93 $1,314.88
5.21%.................................... $1,314.20 $1,314.17 $1,314.13 $1,314.09 $1,314.05 $1,314.01 $1,313.96 $1,313.91
5.22%.................................... $1,313.22 $1,313.19 $1,313.15 $1,313.11 $1,313.07 $1,313.03 $1,312.99 $1,312.94
5.23%.................................... $1,312.24 $1,312.21 $1,312.17 $1,312.14 $1,312.10 $1,312.06 $1,312.02 $1,312.30
5.24%.................................... $1,311.26 $1,311.23 $1,311.20 $1,311.16 $1,311.12 $1,311.09 $1,311.37 $1,311.33
5.25%.................................... $1,310.28 $1,310.25 $1,310.22 $1,310.18 $1,310.15 $1,310.44 $1,310.40 $1,310.36
5.26%.................................... $1,309.30 $1,309.27 $1,309.24 $1,309.21 $1,309.50 $1,309.46 $1,309.43 $1,309.39
5.27%.................................... $1,308.32 $1,308.29 $1,308.26 $1,308.56 $1,308.52 $1,308.49 $1,308.45 $1,308.41
5.28%.................................... $1,307.34 $1,307.64 $1,307.61 $1,307.58 $1,307.55 $1,307.52 $1,307.48 $1,307.44
5.29%.................................... $1,306.68 $1,306.66 $1,306.63 $1,306.60 $1,306.57 $1,306.54 $1,306.51 $1,306.47
5.30%.................................... $1,305.70 $1,305.68 $1,305.65 $1,305.63 $1,305.60 $1,305.57 $1,305.54 $1,305.50
5.31%.................................... $1,304.72 $1,304.70 $1,304.68 $1,304.65 $1,304.62 $1,304.60 $1,304.57 $1,304.86
5.32%.................................... $1,303.74 $1,303.72 $1,303.70 $1,303.67 $1,303.65 $1,303.62 $1,303.92 $1,303.89
5.33%.................................... $1,302.76 $1,302.74 $1,302.72 $1,302.70 $1,303.00 $1,302.97 $1,302.95 $1,302.92
5.34%.................................... $1,301.78 $1,301.76 $1,302.07 $1,302.05 $1,302.02 $1,302.00 $1,301.97 $1,301.94
5.35%.................................... $1,301.12 $1,301.11 $1,301.09 $1,301.07 $1,301.05 $1,301.03 $1,301.00 $1,300.97
5.36%.................................... $1,300.14 $1,300.13 $1,300.11 $1,300.09 $1,300.07 $1,300.05 $1,300.03 $1,300.00
5.37%.................................... $1,299.16 $1,299.15 $1,299.13 $1,299.12 $1,299.10 $1,299.08 $1,299.06 $1,299.03
5.38%.................................... $1,298.18 $1,298.17 $1,298.16 $1,298.14 $1,298.12 $1,298.11 $1,298.09 $1,298.06
5.39%.................................... $1,297.20 $1,297.19 $1,297.18 $1,297.17 $1,297.15 $1,297.13 $1,297.44 $1,297.42
5.40%.................................... $1,296.22 $1,296.21 $1,296.20 $1,296.51 $1,296.50 $1,296.48 $1,296.47 $1,296.44
5.41%.................................... $1,295.57 $1,295.56 $1,295.55 $1,295.54 $1,295.52 $1,295.51 $1,295.49 $1,295.47
5.42%.................................... $1,294.58 $1,294.58 $1,294.57 $1,294.56 $1,294.55 $1,294.54 $1,294.52 $1,294.50
5.43%.................................... $1,293.60 $1,293.60 $1,293.59 $1,293.59 $1,293.58 $1,293.56 $1,293.55 $1,293.53
5.44%.................................... $1,292.62 $1,292.62 $1,292.62 $1,292.61 $1,292.60 $1,292.59 $1,292.58 $1,292.56
5.45%.................................... $1,291.64 $1,291.64 $1,291.64 $1,291.63 $1,291.63 $1,291.62 $1,291.93 $1,291.92
5.46%.................................... $1,290.99 $1,290.99 $1,290.99 $1,290.98 $1,290.98 $1,290.97 $1,290.96 $1,290.95
5.47%.................................... $1,290.01 $1,290.01 $1,290.01 $1,290.01 $1,290.00 $1,289.99 $1,289.99 $1,289.97
5.48%.................................... $1,289.03 $1,289.03 $1,289.03 $1,289.03 $1,289.03 $1,289.02 $1,289.01 $1,289.00
5.49%.................................... $1,288.05 $1,288.05 $1,288.05 $1,288.05 $1,288.05 $1,288.05 $1,288.04 $1,288.03
5.50%.................................... $1,287.07 $1,287.07 $1,287.07 $1,287.08 $1,287.08 $1,287.07 $1,287.07 $1,287.06
5.51%.................................... $1,286.41 $1,286.42 $1,286.42 $1,286.43 $1,286.43 $1,286.42 $1,286.42 $1,286.42
5.52%.................................... $1,285.43 $1,285.44 $1,285.44 $1,285.45 $1,285.45 $1,285.45 $1,285.45 $1,285.45
5.53%.................................... $1,284.45 $1,284.46 $1,284.47 $1,284.47 $1,284.48 $1,284.48 $1,284.48 $1,284.48
5.54%.................................... $1,283.47 $1,283.48 $1,283.49 $1,283.50 $1,283.50 $1,283.50 $1,283.51 $1,283.50
5.55%.................................... $1,282.49 $1,282.50 $1,282.51 $1,282.52 $1,282.53 $1,282.53 $1,282.53 $1,282.53
5.56%.................................... $1,281.83 $1,281.85 $1,281.86 $1,281.87 $1,281.88 $1,281.88 $1,281.89 $1,281.89
5.57%.................................... $1,280.85 $1,280.87 $1,280.88 $1,280.89 $1,280.90 $1,280.91 $1,280.91 $1,280.92
5.58%.................................... $1,279.87 $1,279.89 $1,279.90 $1,279.92 $1,279.93 $1,279.93 $1,279.94 $1,279.95
5.59%.................................... $1,278.89 $1,278.91 $1,278.93 $1,278.94 $1,278.95 $1,278.96 $1,278.97 $1,278.98
5.60%.................................... $1,278.24 $1,278.26 $1,277.95 $1,277.96 $1,277.98 $1,277.99 $1,278.00 $1,278.00
5.61%.................................... $1,277.26 $1,277.28 $1,277.30 $1,277.31 $1,277.33 $1,277.34 $1,277.35 $1,277.36
5.62%.................................... $1,276.28 $1,276.30 $1,276.32 $1,276.34 $1,276.35 $1,276.37 $1,276.38 $1,276.39
5.63%.................................... $1,275.30 $1,275.32 $1,275.34 $1,275.36 $1,275.38 $1,275.39 $1,275.41 $1,275.42
5.64%.................................... $1,274.64 $1,274.34 $1,274.36 $1,274.38 $1,274.40 $1,274.42 $1,274.43 $1,274.45
5.65%.................................... $1,273.66 $1,273.69 $1,273.71 $1,273.73 $1,273.75 $1,273.44 $1,273.46 $1,273.48
5.66%.................................... $1,272.68 $1,272.71 $1,272.73 $1,272.76 $1,272.78 $1,272.80 $1,272.81 $1,272.83
5.67%.................................... $1,271.70 $1,271.73 $1,271.75 $1,271.78 $1,271.80 $1,271.82 $1,271.84 $1,271.86
5.68%.................................... $1,271.05 $1,270.75 $1,270.78 $1,270.80 $1,270.83 $1,270.85 $1,270.87 $1,270.89
5.69%.................................... $1,270.06 $1,270.10 $1,270.12 $1,270.15 $1,269.85 $1,269.88 $1,269.90 $1,269.92
5.70%.................................... $1,269.08 $1,269.12 $1,269.15 $1,269.18 $1,269.20 $1,269.23 $1,269.25 $1,268.95
5.71%.................................... $1,268.10 $1,268.14 $1,268.17 $1,268.20 $1,268.23 $1,268.25 $1,268.28 $1,268.30
5.72%.................................... $1,267.45 $1,267.16 $1,267.19 $1,267.22 $1,267.25 $1,267.28 $1,267.31 $1,267.33
5.73%.................................... $1,266.47 $1,266.50 $1,266.54 $1,266.57 $1,266.28 $1,266.31 $1,266.33 $1,266.36
5.74%.................................... $1,265.49 $1,265.53 $1,265.56 $1,265.60 $1,265.63 $1,265.66 $1,265.36 $1,265.39
5.75%.................................... $1,264.51 $1,264.55 $1,264.58 $1,264.62 $1,264.65 $1,264.68 $1,264.71 $1,264.74
5.76%.................................... $1,263.85 $1,263.89 $1,263.61 $1,263.64 $1,263.68 $1,263.71 $1,263.74 $1,263.77
5.77%.................................... $1,262.87 $1,262.91 $1,262.95 $1,262.99 $1,262.70 $1,262.74 $1,262.77 $1,262.80
5.78%.................................... $1,261.89 $1,261.93 $1,261.98 $1,262.02 $1,262.05 $1,262.09 $1,262.12 $1,261.83
5.79%.................................... $1,260.91 $1,260.96 $1,261.00 $1,261.04 $1,261.08 $1,261.11 $1,261.15 $1,261.18
5.80%.................................... $1,260.26 $1,260.30 $1,260.02 $1,260.06 $1,260.10 $1,260.14 $1,260.18 $1,260.21
5.81%.................................... $1,259.28 $1,259.32 $1,259.37 $1,259.41 $1,259.45 $1,259.17 $1,259.21 $1,259.24
5.82%.................................... $1,258.29 $1,258.34 $1,258.39 $1,258.44 $1,258.48 $1,258.52 $1,258.56 $1,258.27
5.83%.................................... $1,257.64 $1,257.36 $1,257.41 $1,257.46 $1,257.50 $1,257.55 $1,257.59 $1,257.62
5.84%.................................... $1,256.66 $1,256.71 $1,256.76 $1,256.48 $1,256.53 $1,256.57 $1,256.61 $1,256.65
5.85%.................................... $1,255.68 $1,255.73 $1,255.78 $1,255.83 $1,255.88 $1,255.60 $1,255.64 $1,255.68
5.86%.................................... $1,255.03 $1,254.75 $1,254.80 $1,254.85 $1,254.90 $1,254.95 $1,254.99 $1,254.71
5.87%.................................... $1,254.04 $1,254.10 $1,254.15 $1,253.88 $1,253.93 $1,253.98 $1,254.02 $1,254.07
5.88%.................................... $1,253.06 $1,253.12 $1,253.18 $1,253.23 $1,252.95 $1,253.00 $1,253.05 $1,253.09
5.89%.................................... $1,252.08 $1,252.14 $1,252.20 $1,252.25 $1,252.30 $1,252.35 $1,252.08 $1,252.12
5.90%.................................... $1,251.43 $1,251.49 $1,251.22 $1,251.27 $1,251.33 $1,251.38 $1,251.43 $1,251.48
5.91%.................................... $1,250.45 $1,250.51 $1,250.57 $1,250.62 $1,250.35 $1,250.41 $1,250.46 $1,250.51
5.92%.................................... $1,249.47 $1,249.53 $1,249.59 $1,249.65 $1,249.70 $1,249.43 $1,249.49 $1,249.54
5.93%.................................... $1,248.81 $1,248.55 $1,248.61 $1,248.67 $1,248.73 $1,248.78 $1,248.84 $1,248.57
5.94%.................................... $1,247.83 $1,247.90 $1,247.96 $1,247.69 $1,247.75 $1,247.81 $1,247.87 $1,247.92
5.95%.................................... $1,246.85 $1,246.92 $1,246.98 $1,247.04 $1,247.10 $1,246.84 $1,246.89 $1,246.95
5.96%.................................... $1,246.20 $1,245.94 $1,246.00 $1,246.07 $1,246.13 $1,246.19 $1,246.25 $1,245.98
5.97%.................................... $1,245.22 $1,245.29 $1,245.35 $1,245.09 $1,245.15 $1,245.21 $1,245.27 $1,245.33
5.98%.................................... $1,244.24 $1,244.31 $1,244.37 $1,244.44 $1,244.50 $1,244.24 $1,244.30 $1,244.36
5.99%.................................... $1,243.58 $1,243.33 $1,243.40 $1,243.46 $1,243.53 $1,243.59 $1,243.33 $1,243.39
6.00%.................................... $1,242.60 $1,242.67 $1,242.74 $1,242.49 $1,242.55 $1,242.62 $1,242.68 $1,242.74
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.24% 6.25% 6.26%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,314.84 $1,315.11 $1,315.05
5.21%.................................... $1,314.19 $1,314.14 $1,314.09
5.22%.................................... $1,313.22 $1,313.17 $1,313.12
5.23%.................................... $1,312.25 $1,312.20 $1,312.15
5.24%.................................... $1,311.28 $1,311.24 $1,311.19
5.25%.................................... $1,310.31 $1,310.27 $1,310.22
5.26%.................................... $1,309.34 $1,309.30 $1,309.25
5.27%.................................... $1,308.37 $1,308.33 $1,308.29
5.28%.................................... $1,307.41 $1,307.37 $1,307.64
5.29%.................................... $1,306.44 $1,306.72 $1,306.68
5.30%.................................... $1,305.79 $1,305.75 $1,305.71
5.31%.................................... $1,304.82 $1,304.78 $1,304.75
5.32%.................................... $1,303.85 $1,303.82 $1,303.78
5.33%.................................... $1,302.88 $1,302.85 $1,302.81
5.34%.................................... $1,301.91 $1,301.88 $1,301.85
5.35%.................................... $1,300.95 $1,300.91 $1,300.88
5.36%.................................... $1,299.98 $1,299.95 $1,299.92
5.37%.................................... $1,299.01 $1,298.98 $1,299.27
5.38%.................................... $1,298.36 $1,298.33 $1,298.31
5.39%.................................... $1,297.39 $1,297.37 $1,297.34
5.40%.................................... $1,296.42 $1,296.40 $1,296.37
5.41%.................................... $1,295.45 $1,295.43 $1,295.41
5.42%.................................... $1,294.48 $1,294.46 $1,294.44
5.43%.................................... $1,293.52 $1,293.50 $1,293.47
5.44%.................................... $1,292.55 $1,292.53 $1,292.83
5.45%.................................... $1,291.90 $1,291.88 $1,291.86
5.46%.................................... $1,290.93 $1,290.92 $1,290.90
5.47%.................................... $1,289.96 $1,289.95 $1,289.93
5.48%.................................... $1,288.99 $1,288.98 $1,288.97
5.49%.................................... $1,288.02 $1,288.01 $1,288.00
5.50%.................................... $1,287.06 $1,287.05 $1,287.03
5.51%.................................... $1,286.41 $1,286.40 $1,286.39
5.52%.................................... $1,285.44 $1,285.43 $1,285.42
5.53%.................................... $1,284.47 $1,284.46 $1,284.46
5.54%.................................... $1,283.50 $1,283.50 $1,283.49
5.55%.................................... $1,282.53 $1,282.53 $1,282.52
5.56%.................................... $1,281.89 $1,281.88 $1,281.88
5.57%.................................... $1,280.92 $1,280.92 $1,280.91
5.58%.................................... $1,279.95 $1,279.95 $1,279.95
5.59%.................................... $1,278.98 $1,278.98 $1,278.98
5.60%.................................... $1,278.01 $1,278.01 $1,278.02
5.61%.................................... $1,277.04 $1,277.05 $1,277.05
5.62%.................................... $1,276.40 $1,276.40 $1,276.41
5.63%.................................... $1,275.43 $1,275.43 $1,275.44
5.64%.................................... $1,274.46 $1,274.47 $1,274.47
5.65%.................................... $1,273.49 $1,273.50 $1,273.51
5.66%.................................... $1,272.84 $1,272.53 $1,272.54
5.67%.................................... $1,271.87 $1,271.89 $1,271.90
5.68%.................................... $1,270.90 $1,270.92 $1,270.93
5.69%.................................... $1,269.93 $1,269.95 $1,269.96
5.70%.................................... $1,268.97 $1,268.98 $1,269.00
5.71%.................................... $1,268.32 $1,268.34 $1,268.35
5.72%.................................... $1,267.35 $1,267.37 $1,267.39
5.73%.................................... $1,266.38 $1,266.40 $1,266.42
5.74%.................................... $1,265.41 $1,265.44 $1,265.46
5.75%.................................... $1,264.77 $1,264.79 $1,264.49
5.76%.................................... $1,263.80 $1,263.82 $1,263.85
5.77%.................................... $1,262.83 $1,262.85 $1,262.88
5.78%.................................... $1,261.86 $1,261.89 $1,261.91
5.79%.................................... $1,261.21 $1,260.92 $1,260.95
5.80%.................................... $1,260.24 $1,260.27 $1,260.30
5.81%.................................... $1,259.28 $1,259.31 $1,259.34
5.82%.................................... $1,258.31 $1,258.34 $1,258.37
5.83%.................................... $1,257.66 $1,257.37 $1,257.40
5.84%.................................... $1,256.69 $1,256.73 $1,256.76
5.85%.................................... $1,255.72 $1,255.76 $1,255.79
5.86%.................................... $1,254.75 $1,254.79 $1,254.83
5.87%.................................... $1,254.11 $1,254.15 $1,253.86
5.88%.................................... $1,253.14 $1,253.18 $1,253.22
5.89%.................................... $1,252.17 $1,252.21 $1,252.25
5.90%.................................... $1,251.20 $1,251.24 $1,251.29
5.91%.................................... $1,250.55 $1,250.60 $1,250.32
5.92%.................................... $1,249.58 $1,249.63 $1,249.68
5.93%.................................... $1,248.62 $1,248.66 $1,248.71
5.94%.................................... $1,247.97 $1,247.70 $1,247.74
5.95%.................................... $1,247.00 $1,247.05 $1,247.10
5.96%.................................... $1,246.03 $1,246.08 $1,246.13
5.97%.................................... $1,245.06 $1,245.12 $1,245.17
5.98%.................................... $1,244.42 $1,244.47 $1,244.20
5.99%.................................... $1,243.45 $1,243.50 $1,243.56
6.00%.................................... $1,242.48 $1,242.53 $1,242.59
</TABLE>
F-3-7
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.27% 6.28% 6.29% 6.30% 6.31% 6.32% 6.33% 6.34%
- ----------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%.................................... $1,315.00 $1,314.94 $1,314.88 $1,315.14 $1,315.07 $1,315.01 $1,314.94 $1,314.87
5.21%.................................... $1,314.03 $1,313.98 $1,313.92 $1,314.18 $1,314.12 $1,314.05 $1,313.99 $1,313.92
5.22%.................................... $1,313.07 $1,313.01 $1,312.96 $1,313.22 $1,313.16 $1,313.09 $1,313.03 $1,312.96
5.23%.................................... $1,312.10 $1,312.05 $1,312.31 $1,312.26 $1,312.20 $1,312.14 $1,312.07 $1,312.01
5.24%.................................... $1,311.14 $1,311.09 $1,311.35 $1,311.30 $1,311.24 $1,311.18 $1,311.12 $1,311.37
5.25%.................................... $1,310.17 $1,310.44 $1,310.39 $1,310.34 $1,310.28 $1,310.22 $1,310.16 $1,310.42
5.26%.................................... $1,309.21 $1,309.48 $1,309.43 $1,309.38 $1,309.32 $1,309.26 $1,309.21 $1,309.46
5.27%.................................... $1,308.56 $1,308.52 $1,308.47 $1,308.42 $1,308.36 $1,308.31 $1,308.57 $1,308.51
5.28%.................................... $1,307.60 $1,307.55 $1,307.51 $1,307.45 $1,307.40 $1,307.35 $1,307.61 $1,307.55
5.29%.................................... $1,306.64 $1,306.59 $1,306.54 $1,306.49 $1,306.44 $1,306.71 $1,306.66 $1,306.60
5.30%.................................... $1,305.67 $1,305.63 $1,305.58 $1,305.53 $1,305.48 $1,305.75 $1,305.70 $1,305.64
5.31%.................................... $1,304.71 $1,304.66 $1,304.62 $1,304.57 $1,304.85 $1,304.80 $1,304.74 $1,304.69
5.32%.................................... $1,303.74 $1,303.70 $1,303.66 $1,303.61 $1,303.89 $1,303.84 $1,303.79 $1,303.74
5.33%.................................... $1,302.78 $1,302.74 $1,302.70 $1,302.97 $1,302.93 $1,302.88 $1,302.83 $1,302.78
5.34%.................................... $1,301.81 $1,301.77 $1,302.05 $1,302.01 $1,301.97 $1,301.92 $1,301.88 $1,301.83
5.35%.................................... $1,300.85 $1,301.13 $1,301.09 $1,301.05 $1,301.01 $1,300.97 $1,300.92 $1,300.87
5.36%.................................... $1,300.20 $1,300.17 $1,300.13 $1,300.09 $1,300.05 $1,300.01 $1,299.96 $1,299.92
5.37%.................................... $1,299.24 $1,299.21 $1,299.17 $1,299.13 $1,299.09 $1,299.05 $1,299.01 $1,299.28
5.38%.................................... $1,298.27 $1,298.24 $1,298.21 $1,298.17 $1,298.13 $1,298.09 $1,298.05 $1,298.33
5.39%.................................... $1,297.31 $1,297.28 $1,297.25 $1,297.21 $1,297.17 $1,297.14 $1,297.41 $1,297.37
5.40%.................................... $1,296.35 $1,296.32 $1,296.28 $1,296.25 $1,296.22 $1,296.50 $1,296.46 $1,296.42
5.41%.................................... $1,295.38 $1,295.35 $1,295.32 $1,295.29 $1,295.58 $1,295.54 $1,295.50 $1,295.46
5.42%.................................... $1,294.42 $1,294.39 $1,294.36 $1,294.65 $1,294.62 $1,294.58 $1,294.55 $1,294.51
5.43%.................................... $1,293.45 $1,293.75 $1,293.72 $1,293.69 $1,293.66 $1,293.63 $1,293.59 $1,293.55
5.44%.................................... $1,292.81 $1,292.78 $1,292.76 $1,292.73 $1,292.70 $1,292.67 $1,292.63 $1,292.60
5.45%.................................... $1,291.84 $1,291.82 $1,291.80 $1,291.77 $1,291.74 $1,291.71 $1,291.68 $1,291.64
5.46%.................................... $1,290.88 $1,290.86 $1,290.83 $1,290.81 $1,290.78 $1,290.75 $1,290.72 $1,291.01
5.47%.................................... $1,289.91 $1,289.89 $1,289.87 $1,289.85 $1,289.82 $1,289.80 $1,290.08 $1,290.05
5.48%.................................... $1,288.95 $1,288.93 $1,288.91 $1,288.89 $1,288.86 $1,289.16 $1,289.13 $1,289.10
5.49%.................................... $1,287.98 $1,287.97 $1,287.95 $1,288.25 $1,288.22 $1,288.20 $1,288.17 $1,288.14
5.50%.................................... $1,287.34 $1,287.33 $1,287.31 $1,287.29 $1,287.27 $1,287.24 $1,287.22 $1,287.19
5.51%.................................... $1,286.38 $1,286.36 $1,286.35 $1,286.33 $1,286.31 $1,286.28 $1,286.26 $1,286.23
5.52%.................................... $1,285.41 $1,285.40 $1,285.38 $1,285.37 $1,285.35 $1,285.33 $1,285.30 $1,285.28
5.53%.................................... $1,284.45 $1,284.44 $1,284.42 $1,284.41 $1,284.39 $1,284.37 $1,284.35 $1,284.33
5.54%.................................... $1,283.48 $1,283.47 $1,283.46 $1,283.45 $1,283.43 $1,283.41 $1,283.39 $1,283.69
5.55%.................................... $1,282.52 $1,282.51 $1,282.50 $1,282.49 $1,282.47 $1,282.77 $1,282.75 $1,282.73
5.56%.................................... $1,281.87 $1,281.87 $1,281.86 $1,281.85 $1,281.83 $1,281.82 $1,281.80 $1,281.78
5.57%.................................... $1,280.91 $1,280.90 $1,280.90 $1,280.88 $1,280.87 $1,280.86 $1,280.84 $1,280.83
5.58%.................................... $1,279.95 $1,279.94 $1,279.93 $1,279.92 $1,279.91 $1,279.90 $1,279.89 $1,279.87
5.59%.................................... $1,278.98 $1,278.98 $1,278.97 $1,278.96 $1,278.95 $1,278.94 $1,278.93 $1,278.92
5.60%.................................... $1,278.02 $1,278.01 $1,278.01 $1,278.00 $1,278.00 $1,277.99 $1,277.97 $1,277.96
5.61%.................................... $1,277.05 $1,277.05 $1,277.05 $1,277.04 $1,277.36 $1,277.35 $1,277.34 $1,277.32
5.62%.................................... $1,276.41 $1,276.41 $1,276.41 $1,276.40 $1,276.40 $1,276.39 $1,276.38 $1,276.37
5.63%.................................... $1,275.44 $1,275.44 $1,275.44 $1,275.44 $1,275.44 $1,275.43 $1,275.43 $1,275.42
5.64%.................................... $1,274.48 $1,274.48 $1,274.48 $1,274.48 $1,274.48 $1,274.48 $1,274.47 $1,274.46
5.65%.................................... $1,273.51 $1,273.52 $1,273.52 $1,273.52 $1,273.52 $1,273.52 $1,273.51 $1,273.51
5.66%.................................... $1,272.55 $1,272.56 $1,272.56 $1,272.56 $1,272.56 $1,272.56 $1,272.56 $1,272.55
5.67%.................................... $1,271.91 $1,271.91 $1,271.92 $1,271.92 $1,271.92 $1,271.92 $1,271.92 $1,271.92
5.68%.................................... $1,270.94 $1,270.95 $1,270.96 $1,270.96 $1,270.96 $1,270.96 $1,270.96 $1,270.96
5.69%.................................... $1,269.98 $1,269.99 $1,269.99 $1,270.00 $1,270.01 $1,270.01 $1,270.01 $1,270.01
5.70%.................................... $1,269.01 $1,269.02 $1,269.03 $1,269.04 $1,269.05 $1,269.05 $1,269.05 $1,269.05
5.71%.................................... $1,268.05 $1,268.06 $1,268.07 $1,268.08 $1,268.09 $1,268.09 $1,268.10 $1,268.10
5.72%.................................... $1,267.40 $1,267.42 $1,267.43 $1,267.44 $1,267.45 $1,267.45 $1,267.46 $1,267.46
5.73%.................................... $1,266.44 $1,266.45 $1,266.47 $1,266.48 $1,266.49 $1,266.50 $1,266.50 $1,266.51
5.74%.................................... $1,265.47 $1,265.49 $1,265.51 $1,265.52 $1,265.53 $1,265.54 $1,265.55 $1,265.55
5.75%.................................... $1,264.51 $1,264.53 $1,264.54 $1,264.56 $1,264.57 $1,264.58 $1,264.59 $1,264.60
5.76%.................................... $1,263.87 $1,263.89 $1,263.58 $1,263.60 $1,263.61 $1,263.62 $1,263.63 $1,263.64
5.77%.................................... $1,262.90 $1,262.92 $1,262.94 $1,262.96 $1,262.97 $1,262.99 $1,263.00 $1,263.01
5.78%.................................... $1,261.94 $1,261.96 $1,261.98 $1,262.00 $1,262.01 $1,262.03 $1,262.04 $1,262.05
5.79%.................................... $1,260.97 $1,261.00 $1,261.02 $1,261.04 $1,261.06 $1,261.07 $1,261.08 $1,261.10
5.80%.................................... $1,260.33 $1,260.03 $1,260.06 $1,260.08 $1,260.10 $1,260.11 $1,260.13 $1,260.14
5.81%.................................... $1,259.36 $1,259.39 $1,259.41 $1,259.44 $1,259.14 $1,259.16 $1,259.17 $1,259.19
5.82%.................................... $1,258.40 $1,258.43 $1,258.45 $1,258.48 $1,258.50 $1,258.52 $1,258.54 $1,258.55
5.83%.................................... $1,257.44 $1,257.46 $1,257.49 $1,257.52 $1,257.54 $1,257.56 $1,257.58 $1,257.60
5.84%.................................... $1,256.79 $1,256.50 $1,256.53 $1,256.56 $1,256.58 $1,256.60 $1,256.62 $1,256.64
5.85%.................................... $1,255.83 $1,255.86 $1,255.89 $1,255.60 $1,255.62 $1,255.65 $1,255.67 $1,255.69
5.86%.................................... $1,254.86 $1,254.90 $1,254.93 $1,254.96 $1,254.98 $1,255.01 $1,254.71 $1,254.73
5.87%.................................... $1,253.90 $1,253.93 $1,253.96 $1,253.99 $1,254.02 $1,254.05 $1,254.07 $1,254.10
5.88%.................................... $1,253.25 $1,252.97 $1,253.00 $1,253.03 $1,253.06 $1,253.09 $1,253.12 $1,253.14
5.89%.................................... $1,252.29 $1,252.33 $1,252.36 $1,252.07 $1,252.11 $1,252.13 $1,252.16 $1,252.19
5.90%.................................... $1,251.33 $1,251.36 $1,251.40 $1,251.43 $1,251.47 $1,251.50 $1,251.21 $1,251.23
5.91%.................................... $1,250.36 $1,250.40 $1,250.44 $1,250.47 $1,250.51 $1,250.54 $1,250.57 $1,250.60
5.92%.................................... $1,249.72 $1,249.44 $1,249.48 $1,249.51 $1,249.55 $1,249.58 $1,249.61 $1,249.64
5.93%.................................... $1,248.75 $1,248.79 $1,248.83 $1,248.55 $1,248.59 $1,248.62 $1,248.66 $1,248.69
5.94%.................................... $1,247.79 $1,247.83 $1,247.87 $1,247.91 $1,247.95 $1,247.99 $1,247.70 $1,247.73
5.95%.................................... $1,246.82 $1,246.87 $1,246.91 $1,246.95 $1,246.99 $1,247.03 $1,247.06 $1,247.10
5.96%.................................... $1,246.18 $1,246.23 $1,245.95 $1,245.99 $1,246.03 $1,246.07 $1,246.11 $1,246.14
5.97%.................................... $1,245.22 $1,245.26 $1,245.31 $1,245.35 $1,245.07 $1,245.11 $1,245.15 $1,245.19
5.98%.................................... $1,244.25 $1,244.30 $1,244.35 $1,244.39 $1,244.43 $1,244.47 $1,244.19 $1,244.23
5.99%.................................... $1,243.61 $1,243.34 $1,243.38 $1,243.43 $1,243.47 $1,243.52 $1,243.56 $1,243.60
6.00%.................................... $1,242.64 $1,242.69 $1,242.74 $1,242.47 $1,242.52 $1,242.56 $1,242.60 $1,242.64
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.35% 6.36% 6.37%
- ----------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
5.20%.................................... $1,315.12 $1,315.05 $1,314.97
5.21%.................................... $1,314.17 $1,314.09 $1,314.02
5.22%.................................... $1,313.21 $1,313.14 $1,313.07
5.23%.................................... $1,312.26 $1,312.19 $1,312.12
5.24%.................................... $1,311.31 $1,311.24 $1,311.17
5.25%.................................... $1,310.35 $1,310.29 $1,310.22
5.26%.................................... $1,309.40 $1,309.34 $1,309.27
5.27%.................................... $1,308.45 $1,308.38 $1,308.32
5.28%.................................... $1,307.49 $1,307.43 $1,307.37
5.29%.................................... $1,306.54 $1,306.48 $1,306.42
5.30%.................................... $1,305.59 $1,305.53 $1,305.79
5.31%.................................... $1,304.63 $1,304.58 $1,304.84
5.32%.................................... $1,303.68 $1,303.63 $1,303.88
5.33%.................................... $1,302.73 $1,302.99 $1,302.93
5.34%.................................... $1,301.78 $1,302.04 $1,301.98
5.35%.................................... $1,300.82 $1,301.09 $1,301.03
5.36%.................................... $1,300.19 $1,300.14 $1,300.08
5.37%.................................... $1,299.23 $1,299.18 $1,299.13
5.38%.................................... $1,298.28 $1,298.23 $1,298.18
5.39%.................................... $1,297.33 $1,297.28 $1,297.23
5.40%.................................... $1,296.37 $1,296.33 $1,296.28
5.41%.................................... $1,295.42 $1,295.38 $1,295.33
5.42%.................................... $1,294.47 $1,294.43 $1,294.38
5.43%.................................... $1,293.51 $1,293.47 $1,293.75
5.44%.................................... $1,292.56 $1,292.52 $1,292.80
5.45%.................................... $1,291.93 $1,291.89 $1,291.85
5.46%.................................... $1,290.97 $1,290.94 $1,290.90
5.47%.................................... $1,290.02 $1,289.98 $1,289.95
5.48%.................................... $1,289.07 $1,289.03 $1,289.00
5.49%.................................... $1,288.11 $1,288.08 $1,288.05
5.50%.................................... $1,287.16 $1,287.13 $1,287.10
5.51%.................................... $1,286.21 $1,286.18 $1,286.15
5.52%.................................... $1,285.25 $1,285.23 $1,285.51
5.53%.................................... $1,284.30 $1,284.59 $1,284.56
5.54%.................................... $1,283.67 $1,283.64 $1,283.61
5.55%.................................... $1,282.71 $1,282.69 $1,282.66
5.56%.................................... $1,281.76 $1,281.74 $1,281.71
5.57%.................................... $1,280.81 $1,280.78 $1,280.76
5.58%.................................... $1,279.85 $1,279.83 $1,279.81
5.59%.................................... $1,278.90 $1,278.88 $1,278.86
5.60%.................................... $1,277.95 $1,278.25 $1,278.23
5.61%.................................... $1,277.31 $1,277.29 $1,277.28
5.62%.................................... $1,276.36 $1,276.34 $1,276.33
5.63%.................................... $1,275.40 $1,275.39 $1,275.38
5.64%.................................... $1,274.45 $1,274.44 $1,274.43
5.65%.................................... $1,273.50 $1,273.49 $1,273.48
5.66%.................................... $1,272.54 $1,272.54 $1,272.84
5.67%.................................... $1,271.91 $1,271.90 $1,271.89
5.68%.................................... $1,270.96 $1,270.95 $1,270.94
5.69%.................................... $1,270.00 $1,270.00 $1,269.99
5.70%.................................... $1,269.05 $1,269.05 $1,269.04
5.71%.................................... $1,268.10 $1,268.09 $1,268.09
5.72%.................................... $1,267.46 $1,267.46 $1,267.46
5.73%.................................... $1,266.51 $1,266.51 $1,266.51
5.74%.................................... $1,265.55 $1,265.56 $1,265.56
5.75%.................................... $1,264.60 $1,264.60 $1,264.61
5.76%.................................... $1,263.65 $1,263.65 $1,263.66
5.77%.................................... $1,262.70 $1,262.70 $1,262.71
5.78%.................................... $1,262.06 $1,262.07 $1,262.07
5.79%.................................... $1,261.11 $1,261.11 $1,261.12
5.80%.................................... $1,260.15 $1,260.16 $1,260.17
5.81%.................................... $1,259.20 $1,259.21 $1,259.22
5.82%.................................... $1,258.57 $1,258.26 $1,258.27
5.83%.................................... $1,257.61 $1,257.63 $1,257.64
5.84%.................................... $1,256.66 $1,256.67 $1,256.69
5.85%.................................... $1,255.71 $1,255.72 $1,255.74
5.86%.................................... $1,254.75 $1,254.77 $1,254.79
5.87%.................................... $1,254.12 $1,254.14 $1,253.84
5.88%.................................... $1,253.16 $1,253.18 $1,253.20
5.89%.................................... $1,252.21 $1,252.23 $1,252.25
5.90%.................................... $1,251.26 $1,251.28 $1,251.30
5.91%.................................... $1,250.62 $1,250.33 $1,250.35
5.92%.................................... $1,249.67 $1,249.69 $1,249.72
5.93%.................................... $1,248.72 $1,248.74 $1,248.77
5.94%.................................... $1,247.76 $1,247.79 $1,247.82
5.95%.................................... $1,246.81 $1,246.84 $1,246.87
5.96%.................................... $1,246.17 $1,246.20 $1,246.23
5.97%.................................... $1,245.22 $1,245.25 $1,245.28
5.98%.................................... $1,244.27 $1,244.30 $1,244.33
5.99%.................................... $1,243.31 $1,243.35 $1,243.38
6.00%.................................... $1,242.68 $1,242.71 $1,242.75
</TABLE>
F-3-8
<PAGE>
TABLE F-3
MATRIX OF REFERENCE PRICES OF THE NEW NOTES
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
--------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.38% 6.39% 6.40% 6.41% 6.42% 6.43% 6.44% 6.45%
- ------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.20%................................ $1,314.90 $1,315.13 $1,315.05 $1,314.97 $1,314.89 $1,315.11 $1,315.03 $1,314.94
5.21%................................ $1,313.95 $1,314.19 $1,314.11 $1,314.03 $1,313.94 $1,314.17 $1,314.09 $1,314.00
5.22%................................ $1,313.00 $1,313.24 $1,313.16 $1,313.08 $1,313.00 $1,313.23 $1,313.15 $1,313.06
5.23%................................ $1,312.05 $1,312.29 $1,312.21 $1,312.14 $1,312.06 $1,312.29 $1,312.20 $1,312.12
5.24%................................ $1,311.10 $1,311.34 $1,311.27 $1,311.19 $1,311.11 $1,311.35 $1,311.26 $1,311.18
5.25%................................ $1,310.15 $1,310.40 $1,310.32 $1,310.25 $1,310.17 $1,310.41 $1,310.32 $1,310.24
5.26%................................ $1,309.20 $1,309.45 $1,309.38 $1,309.30 $1,309.23 $1,309.46 $1,309.38 $1,309.30
5.27%................................ $1,308.57 $1,308.50 $1,308.43 $1,308.36 $1,308.28 $1,308.52 $1,308.44 $1,308.36
5.28%................................ $1,307.62 $1,307.55 $1,307.48 $1,307.41 $1,307.34 $1,307.58 $1,307.50 $1,307.42
5.29%................................ $1,306.67 $1,306.61 $1,306.54 $1,306.47 $1,306.71 $1,306.64 $1,306.56 $1,306.49
5.30%................................ $1,305.72 $1,305.66 $1,305.59 $1,305.52 $1,305.77 $1,305.70 $1,305.62 $1,305.55
5.31%................................ $1,304.77 $1,304.71 $1,304.65 $1,304.58 $1,304.83 $1,304.75 $1,304.68 $1,304.61
5.32%................................ $1,303.82 $1,303.76 $1,303.70 $1,303.63 $1,303.88 $1,303.81 $1,303.74 $1,303.67
5.33%................................ $1,302.88 $1,302.82 $1,302.75 $1,302.69 $1,302.94 $1,302.87 $1,302.80 $1,302.73
5.34%................................ $1,301.93 $1,301.87 $1,301.81 $1,302.06 $1,302.00 $1,301.93 $1,301.86 $1,301.79
5.35%................................ $1,300.98 $1,300.92 $1,300.86 $1,301.12 $1,301.05 $1,300.99 $1,300.92 $1,300.85
5.36%................................ $1,300.03 $1,299.97 $1,299.92 $1,300.17 $1,300.11 $1,300.05 $1,299.98 $1,299.91
5.37%................................ $1,299.08 $1,299.03 $1,299.29 $1,299.23 $1,299.17 $1,299.10 $1,299.04 $1,298.97
5.38%................................ $1,298.13 $1,298.08 $1,298.34 $1,298.28 $1,298.22 $1,298.16 $1,298.10 $1,298.35
5.39%................................ $1,297.18 $1,297.13 $1,297.39 $1,297.34 $1,297.28 $1,297.22 $1,297.16 $1,297.41
5.40%................................ $1,296.23 $1,296.50 $1,296.45 $1,296.39 $1,296.34 $1,296.28 $1,296.22 $1,296.47
5.41%................................ $1,295.29 $1,295.55 $1,295.50 $1,295.45 $1,295.39 $1,295.34 $1,295.59 $1,295.53
5.42%................................ $1,294.65 $1,294.60 $1,294.55 $1,294.50 $1,294.45 $1,294.40 $1,294.65 $1,294.59
5.43%................................ $1,293.70 $1,293.66 $1,293.61 $1,293.56 $1,293.51 $1,293.45 $1,293.71 $1,293.65
5.44%................................ $1,292.75 $1,292.71 $1,292.66 $1,292.61 $1,292.56 $1,292.83 $1,292.77 $1,292.71
5.45%................................ $1,291.81 $1,291.76 $1,291.72 $1,291.67 $1,291.62 $1,291.88 $1,291.83 $1,291.78
5.46%................................ $1,290.86 $1,290.81 $1,290.77 $1,290.72 $1,290.99 $1,290.94 $1,290.89 $1,290.84
5.47%................................ $1,289.91 $1,289.87 $1,289.82 $1,289.78 $1,290.05 $1,290.00 $1,289.95 $1,289.90
5.48%................................ $1,288.96 $1,288.92 $1,288.88 $1,289.15 $1,289.11 $1,289.06 $1,289.01 $1,288.96
5.49%................................ $1,288.01 $1,287.97 $1,288.25 $1,288.21 $1,288.16 $1,288.12 $1,288.07 $1,288.02
5.50%................................ $1,287.06 $1,287.34 $1,287.30 $1,287.26 $1,287.22 $1,287.17 $1,287.13 $1,287.08
5.51%................................ $1,286.43 $1,286.39 $1,286.36 $1,286.32 $1,286.28 $1,286.23 $1,286.19 $1,286.14
5.52%................................ $1,285.48 $1,285.45 $1,285.41 $1,285.37 $1,285.33 $1,285.29 $1,285.25 $1,285.20
5.53%................................ $1,284.53 $1,284.50 $1,284.46 $1,284.43 $1,284.39 $1,284.35 $1,284.31 $1,284.58
5.54%................................ $1,283.58 $1,283.55 $1,283.52 $1,283.48 $1,283.45 $1,283.41 $1,283.68 $1,283.64
5.55%................................ $1,282.63 $1,282.60 $1,282.57 $1,282.54 $1,282.50 $1,282.78 $1,282.74 $1,282.70
5.56%................................ $1,281.68 $1,281.66 $1,281.63 $1,281.59 $1,281.87 $1,281.84 $1,281.80 $1,281.76
5.57%................................ $1,280.74 $1,280.71 $1,280.68 $1,280.96 $1,280.93 $1,280.90 $1,280.86 $1,280.82
5.58%................................ $1,279.79 $1,279.76 $1,280.05 $1,280.02 $1,279.99 $1,279.95 $1,279.92 $1,279.88
5.59%................................ $1,279.15 $1,279.13 $1,279.10 $1,279.07 $1,279.04 $1,279.01 $1,278.98 $1,278.94
5.60%................................ $1,278.21 $1,278.18 $1,278.16 $1,278.13 $1,278.10 $1,278.07 $1,278.04 $1,278.00
5.61%................................ $1,277.26 $1,277.23 $1,277.21 $1,277.19 $1,277.16 $1,277.13 $1,277.10 $1,277.07
5.62%................................ $1,276.31 $1,276.29 $1,276.26 $1,276.24 $1,276.22 $1,276.19 $1,276.16 $1,276.44
5.63%................................ $1,275.36 $1,275.34 $1,275.32 $1,275.30 $1,275.27 $1,275.25 $1,275.53 $1,275.50
5.64%................................ $1,274.41 $1,274.39 $1,274.37 $1,274.35 $1,274.64 $1,274.62 $1,274.59 $1,274.56
5.65%................................ $1,273.46 $1,273.44 $1,273.74 $1,273.72 $1,273.70 $1,273.68 $1,273.65 $1,273.62
5.66%................................ $1,272.83 $1,272.81 $1,272.80 $1,272.78 $1,272.76 $1,272.73 $1,272.71 $1,272.68
5.67%................................ $1,271.88 $1,271.87 $1,271.85 $1,271.83 $1,271.81 $1,271.79 $1,271.77 $1,271.74
5.68%................................ $1,270.93 $1,270.92 $1,270.90 $1,270.89 $1,270.87 $1,270.85 $1,270.83 $1,270.81
5.69%................................ $1,269.98 $1,269.97 $1,269.96 $1,269.94 $1,269.93 $1,269.91 $1,269.89 $1,269.87
5.70%................................ $1,269.03 $1,269.02 $1,269.01 $1,269.00 $1,268.98 $1,268.97 $1,268.95 $1,269.24
5.71%................................ $1,268.08 $1,268.08 $1,268.07 $1,268.05 $1,268.04 $1,268.34 $1,268.32 $1,268.30
5.72%................................ $1,267.45 $1,267.44 $1,267.44 $1,267.42 $1,267.41 $1,267.40 $1,267.38 $1,267.36
5.73%................................ $1,266.50 $1,266.50 $1,266.49 $1,266.48 $1,266.47 $1,266.46 $1,266.44 $1,266.42
5.74%................................ $1,265.55 $1,265.55 $1,265.54 $1,265.54 $1,265.53 $1,265.51 $1,265.50 $1,265.49
5.75%................................ $1,264.60 $1,264.60 $1,264.60 $1,264.59 $1,264.58 $1,264.57 $1,264.56 $1,264.55
5.76%................................ $1,263.66 $1,263.65 $1,263.65 $1,263.65 $1,263.64 $1,263.63 $1,263.62 $1,263.61
5.77%................................ $1,262.71 $1,262.71 $1,262.71 $1,262.70 $1,262.70 $1,263.00 $1,262.99 $1,262.98
5.78%................................ $1,262.07 $1,262.08 $1,262.07 $1,262.07 $1,262.07 $1,262.06 $1,262.05 $1,262.04
5.79%................................ $1,261.13 $1,261.13 $1,261.13 $1,261.13 $1,261.12 $1,261.12 $1,261.11 $1,261.10
5.80%................................ $1,260.18 $1,260.18 $1,260.18 $1,260.18 $1,260.18 $1,260.18 $1,260.17 $1,260.16
5.81%................................ $1,259.23 $1,259.23 $1,259.24 $1,259.24 $1,259.24 $1,259.24 $1,259.23 $1,259.23
5.82%................................ $1,258.28 $1,258.29 $1,258.29 $1,258.29 $1,258.29 $1,258.29 $1,258.29 $1,258.29
5.83%................................ $1,257.65 $1,257.65 $1,257.66 $1,257.66 $1,257.67 $1,257.67 $1,257.66 $1,257.66
5.84%................................ $1,256.70 $1,256.71 $1,256.71 $1,256.72 $1,256.72 $1,256.72 $1,256.72 $1,256.72
5.85%................................ $1,255.75 $1,255.76 $1,255.77 $1,255.77 $1,255.78 $1,255.78 $1,255.78 $1,255.78
5.86%................................ $1,254.80 $1,254.81 $1,254.82 $1,254.83 $1,254.84 $1,254.84 $1,254.84 $1,254.84
5.87%................................ $1,253.85 $1,253.86 $1,253.88 $1,253.89 $1,253.89 $1,253.90 $1,253.90 $1,253.90
5.88%................................ $1,253.22 $1,253.23 $1,253.24 $1,253.26 $1,253.26 $1,252.96 $1,252.96 $1,252.97
5.89%................................ $1,252.27 $1,252.29 $1,252.30 $1,252.31 $1,252.32 $1,252.33 $1,252.34 $1,252.34
5.90%................................ $1,251.32 $1,251.34 $1,251.35 $1,251.37 $1,251.38 $1,251.39 $1,251.40 $1,251.40
5.91%................................ $1,250.37 $1,250.39 $1,250.41 $1,250.42 $1,250.43 $1,250.45 $1,250.45 $1,250.46
5.92%................................ $1,249.74 $1,249.44 $1,249.46 $1,249.48 $1,249.49 $1,249.50 $1,249.51 $1,249.52
5.93%................................ $1,248.79 $1,248.81 $1,248.83 $1,248.85 $1,248.86 $1,248.56 $1,248.57 $1,248.58
5.94%................................ $1,247.84 $1,247.86 $1,247.88 $1,247.90 $1,247.92 $1,247.93 $1,247.95 $1,247.96
5.95%................................ $1,246.89 $1,246.92 $1,246.94 $1,246.96 $1,246.98 $1,246.99 $1,247.01 $1,247.02
5.96%................................ $1,245.94 $1,245.97 $1,245.99 $1,246.01 $1,246.03 $1,246.05 $1,246.07 $1,246.08
5.97%................................ $1,245.31 $1,245.34 $1,245.36 $1,245.07 $1,245.09 $1,245.11 $1,245.13 $1,245.14
5.98%................................ $1,244.36 $1,244.39 $1,244.42 $1,244.44 $1,244.46 $1,244.48 $1,244.19 $1,244.20
5.99%................................ $1,243.41 $1,243.44 $1,243.47 $1,243.49 $1,243.52 $1,243.54 $1,243.56 $1,243.58
6.00%................................ $1,242.46 $1,242.49 $1,242.52 $1,242.55 $1,242.57 $1,242.60 $1,242.62 $1,242.64
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.46% 6.47% 6.48% 6.49% 6.50%
- ------------------------------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
5.20%................................ $1,314.84 $1,315.06 $1,314.97 $1,314.87 $1,315.08
5.21%................................ $1,313.91 $1,314.13 $1,314.03 $1,313.94 $1,314.15
5.22%................................ $1,312.97 $1,313.19 $1,313.10 $1,313.00 $1,313.22
5.23%................................ $1,312.03 $1,312.26 $1,312.16 $1,312.07 $1,312.29
5.24%................................ $1,311.09 $1,311.32 $1,311.23 $1,311.14 $1,311.36
5.25%................................ $1,310.16 $1,310.38 $1,310.29 $1,310.20 $1,310.42
5.26%................................ $1,309.22 $1,309.45 $1,309.36 $1,309.27 $1,309.49
5.27%................................ $1,308.28 $1,308.51 $1,308.43 $1,308.34 $1,308.56
5.28%................................ $1,307.34 $1,307.57 $1,307.49 $1,307.40 $1,307.63
5.29%................................ $1,306.41 $1,306.64 $1,306.56 $1,306.47 $1,306.70
5.30%................................ $1,305.78 $1,305.70 $1,305.62 $1,305.54 $1,305.76
5.31%................................ $1,304.84 $1,304.77 $1,304.69 $1,304.60 $1,304.83
5.32%................................ $1,303.91 $1,303.83 $1,303.75 $1,303.67 $1,303.90
5.33%................................ $1,302.97 $1,302.89 $1,302.82 $1,302.74 $1,302.97
5.34%................................ $1,302.03 $1,301.96 $1,301.88 $1,301.80 $1,302.04
5.35%................................ $1,301.09 $1,301.02 $1,300.95 $1,300.87 $1,301.10
5.36%................................ $1,300.16 $1,300.09 $1,300.01 $1,299.94 $1,300.17
5.37%................................ $1,299.22 $1,299.15 $1,299.08 $1,299.01 $1,299.24
5.38%................................ $1,298.28 $1,298.21 $1,298.14 $1,298.07 $1,298.31
5.39%................................ $1,297.34 $1,297.28 $1,297.21 $1,297.14 $1,297.38
5.40%................................ $1,296.41 $1,296.34 $1,296.27 $1,296.21 $1,296.44
5.41%................................ $1,295.47 $1,295.41 $1,295.34 $1,295.58 $1,295.51
5.42%................................ $1,294.53 $1,294.47 $1,294.40 $1,294.65 $1,294.58
5.43%................................ $1,293.59 $1,293.53 $1,293.47 $1,293.72 $1,293.65
5.44%................................ $1,292.66 $1,292.60 $1,292.54 $1,292.78 $1,292.72
5.45%................................ $1,291.72 $1,291.66 $1,291.91 $1,291.85 $1,291.79
5.46%................................ $1,290.78 $1,290.72 $1,290.98 $1,290.92 $1,290.85
5.47%................................ $1,289.84 $1,289.79 $1,290.04 $1,289.98 $1,289.92
5.48%................................ $1,288.91 $1,289.16 $1,289.11 $1,289.05 $1,288.99
5.49%................................ $1,287.97 $1,288.23 $1,288.17 $1,288.12 $1,288.06
5.50%................................ $1,287.03 $1,287.29 $1,287.24 $1,287.18 $1,287.13
5.51%................................ $1,286.41 $1,286.36 $1,286.30 $1,286.25 $1,286.19
5.52%................................ $1,285.47 $1,285.42 $1,285.37 $1,285.32 $1,285.26
5.53%................................ $1,284.53 $1,284.48 $1,284.43 $1,284.38 $1,284.33
5.54%................................ $1,283.59 $1,283.55 $1,283.50 $1,283.45 $1,283.40
5.55%................................ $1,282.66 $1,282.61 $1,282.56 $1,282.52 $1,282.78
5.56%................................ $1,281.72 $1,281.68 $1,281.63 $1,281.58 $1,281.84
5.57%................................ $1,280.78 $1,280.74 $1,280.70 $1,280.96 $1,280.91
5.58%................................ $1,279.84 $1,279.80 $1,279.76 $1,280.03 $1,279.98
5.59%................................ $1,278.91 $1,278.87 $1,279.14 $1,279.09 $1,279.05
5.60%................................ $1,277.97 $1,278.24 $1,278.20 $1,278.16 $1,278.12
5.61%................................ $1,277.34 $1,277.31 $1,277.27 $1,277.23 $1,277.19
5.62%................................ $1,276.41 $1,276.37 $1,276.33 $1,276.29 $1,276.25
5.63%................................ $1,275.47 $1,275.43 $1,275.40 $1,275.36 $1,275.32
5.64%................................ $1,274.53 $1,274.50 $1,274.46 $1,274.43 $1,274.39
5.65%................................ $1,273.59 $1,273.56 $1,273.53 $1,273.49 $1,273.46
5.66%................................ $1,272.66 $1,272.63 $1,272.59 $1,272.56 $1,272.84
5.67%................................ $1,271.72 $1,271.69 $1,271.66 $1,271.94 $1,271.90
5.68%................................ $1,270.78 $1,270.75 $1,271.04 $1,271.01 $1,270.97
5.69%................................ $1,269.84 $1,270.13 $1,270.10 $1,270.07 $1,270.04
5.70%................................ $1,269.22 $1,269.19 $1,269.17 $1,269.14 $1,269.11
5.71%................................ $1,268.28 $1,268.26 $1,268.23 $1,268.21 $1,268.18
5.72%................................ $1,267.34 $1,267.32 $1,267.30 $1,267.27 $1,267.24
5.73%................................ $1,266.41 $1,266.38 $1,266.36 $1,266.34 $1,266.31
5.74%................................ $1,265.47 $1,265.45 $1,265.43 $1,265.41 $1,265.38
5.75%................................ $1,264.53 $1,264.51 $1,264.49 $1,264.47 $1,264.76
5.76%................................ $1,263.59 $1,263.89 $1,263.87 $1,263.85 $1,263.83
5.77%................................ $1,262.97 $1,262.95 $1,262.94 $1,262.92 $1,262.90
5.78%................................ $1,262.03 $1,262.02 $1,262.00 $1,261.98 $1,261.96
5.79%................................ $1,261.09 $1,261.08 $1,261.07 $1,261.05 $1,261.03
5.80%................................ $1,260.16 $1,260.14 $1,260.13 $1,260.12 $1,260.10
5.81%................................ $1,259.22 $1,259.21 $1,259.20 $1,259.18 $1,259.17
5.82%................................ $1,258.28 $1,258.27 $1,258.26 $1,258.56 $1,258.55
5.83%................................ $1,257.66 $1,257.65 $1,257.64 $1,257.63 $1,257.61
5.84%................................ $1,256.72 $1,256.71 $1,256.70 $1,256.69 $1,256.68
5.85%................................ $1,255.78 $1,255.78 $1,255.77 $1,255.76 $1,255.75
5.86%................................ $1,254.84 $1,254.84 $1,254.83 $1,254.83 $1,254.82
5.87%................................ $1,253.90 $1,253.90 $1,253.90 $1,253.89 $1,253.89
5.88%................................ $1,252.97 $1,252.97 $1,252.96 $1,252.96 $1,252.96
5.89%................................ $1,252.34 $1,252.34 $1,252.34 $1,252.34 $1,252.33
5.90%................................ $1,251.40 $1,251.41 $1,251.41 $1,251.41 $1,251.40
5.91%................................ $1,250.47 $1,250.47 $1,250.47 $1,250.47 $1,250.47
5.92%................................ $1,249.53 $1,249.53 $1,249.54 $1,249.54 $1,249.54
5.93%................................ $1,248.59 $1,248.60 $1,248.60 $1,248.61 $1,248.61
5.94%................................ $1,247.97 $1,247.97 $1,247.98 $1,247.98 $1,247.98
5.95%................................ $1,247.03 $1,247.04 $1,247.05 $1,247.05 $1,247.05
5.96%................................ $1,246.09 $1,246.10 $1,246.11 $1,246.12 $1,246.12
5.97%................................ $1,245.15 $1,245.17 $1,245.18 $1,245.18 $1,245.19
5.98%................................ $1,244.22 $1,244.23 $1,244.24 $1,244.25 $1,244.26
5.99%................................ $1,243.59 $1,243.61 $1,243.62 $1,243.32 $1,243.33
6.00%................................ $1,242.65 $1,242.67 $1,242.68 $1,242.69 $1,242.70
</TABLE>
F-3-9
<PAGE>
TABLE F-4
MATRIX OF TREASURY ADJUSTED SPREAD DIFFERENTIALS IN BASIS POINTS
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
-----------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.50% 5.51% 5.52% 5.53% 5.54% 5.55% 5.56%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 24 23 23 23 23 23 23
5.22%.............................. 23 24 23 23 23 24 23
5.23%.............................. 23 23 23 23 23 23 24
5.24%.............................. 23 23 23 23 24 23 23
5.25%.............................. 23 23 24 23 23 24 23
5.26%.............................. 24 23 23 24 23 23 23
5.27%.............................. 23 24 23 23 24 24 23
5.28%.............................. 23 23 24 23 23 23 24
5.29%.............................. 24 24 23 24 24 23 23
5.30%.............................. 23 24 24 23 23 24 23
5.31%.............................. 24 23 24 24 23 23 24
5.32%.............................. 24 24 23 23 24 24 23
5.33%.............................. 24 23 24 24 23 24 24
5.34%.............................. 24 24 23 24 24 23 24
5.35%.............................. 23 24 24 23 24 24 23
5.36%.............................. 24 23 24 24 24 24 24
5.37%.............................. 24 24 24 24 24 24 24
5.38%.............................. 24 24 24 24 24 24 24
5.39%.............................. 24 24 23 24 24 23 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 24 25 24 24 24 24 24
6.00%.............................. 24 24 25 24 24 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.57% 5.58% 5.59% 5.60% 5.61% 5.62% 5.63%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 23 23 23 23 23 24 23
5.22%.............................. 23 23 24 23 23 23 23
5.23%.............................. 23 23 23 23 23 23 23
5.24%.............................. 23 24 23 23 23 24 23
5.25%.............................. 23 23 24 23 23 23 24
5.26%.............................. 24 23 23 23 24 23 23
5.27%.............................. 23 24 23 23 23 24 23
5.28%.............................. 23 23 24 24 23 23 24
5.29%.............................. 24 24 23 23 24 23 23
5.30%.............................. 23 24 24 23 23 24 24
5.31%.............................. 24 23 24 24 23 23 24
5.32%.............................. 24 24 23 23 24 24 23
5.33%.............................. 23 24 24 24 23 24 24
5.34%.............................. 24 23 24 24 24 23 24
5.35%.............................. 24 24 24 23 24 24 23
5.36%.............................. 24 24 24 24 23 24 24
5.37%.............................. 24 24 23 24 24 24 24
5.38%.............................. 23 24 24 24 24 24 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 24 24 24 24 24 24 24
6.00%.............................. 24 24 24 24 24 24 25
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.64% 5.65% 5.66%
- ----------------------------------- ----------- ----------- -----------
5.20%.............................. 23 23 23
5.21%.............................. 23 23 23
5.22%.............................. 23 23 23
5.23%.............................. 23 24 23
5.24%.............................. 23 23 23
5.25%.............................. 24 23 23
5.26%.............................. 23 24 23
5.27%.............................. 23 23 24
5.28%.............................. 24 23 23
5.29%.............................. 23 24 24
5.30%.............................. 23 23 24
5.31%.............................. 24 24 23
5.32%.............................. 24 24 24
5.33%.............................. 23 23 24
5.34%.............................. 24 24 23
5.35%.............................. 24 24 24
5.36%.............................. 24 23 24
5.37%.............................. 24 24 23
5.38%.............................. 23 24 24
5.39%.............................. 24 24 24
5.40%.............................. 24 24 24
5.41%.............................. 24 24 24
5.42%.............................. 24 24 24
5.43%.............................. 24 24 24
5.44%.............................. 24 24 24
5.45%.............................. 24 24 24
5.46%.............................. 24 24 24
5.47%.............................. 24 24 24
5.48%.............................. 24 24 24
5.49%.............................. 24 24 24
5.50%.............................. 24 24 24
5.51%.............................. 24 24 24
5.52%.............................. 24 24 24
5.53%.............................. 24 24 24
5.54%.............................. 24 24 24
5.55%.............................. 24 24 24
5.56%.............................. 24 24 24
5.57%.............................. 24 24 24
5.58%.............................. 24 24 24
5.59%.............................. 24 24 24
5.60%.............................. 24 24 24
5.61%.............................. 24 24 24
5.62%.............................. 24 24 24
5.63%.............................. 24 24 24
5.64%.............................. 24 24 24
5.65%.............................. 24 24 24
5.66%.............................. 24 24 24
5.67%.............................. 24 24 24
5.68%.............................. 24 24 24
5.69%.............................. 24 24 24
5.70%.............................. 24 24 24
5.71%.............................. 24 24 24
5.72%.............................. 24 24 24
5.73%.............................. 24 24 24
5.74%.............................. 24 24 24
5.75%.............................. 24 24 24
5.76%.............................. 24 24 24
5.77%.............................. 24 24 24
5.78%.............................. 24 24 24
5.79%.............................. 24 24 24
5.80%.............................. 24 24 24
5.81%.............................. 24 24 24
5.82%.............................. 24 24 24
5.83%.............................. 24 24 24
5.84%.............................. 24 24 24
5.85%.............................. 24 24 24
5.86%.............................. 24 24 24
5.87%.............................. 24 24 24
5.88%.............................. 24 24 24
5.89%.............................. 24 24 24
5.90%.............................. 24 24 24
5.91%.............................. 24 24 24
5.92%.............................. 24 24 24
5.93%.............................. 24 24 24
5.94%.............................. 24 24 24
5.95%.............................. 24 24 24
5.96%.............................. 24 24 24
5.97%.............................. 24 24 24
5.98%.............................. 24 24 24
5.99%.............................. 25 24 25
6.00%.............................. 24 25 24
</TABLE>
F-4-1
<PAGE>
TABLE F-4
MATRIX OF TREASURY ADJUSTED SPREAD DIFFERENTIALS IN BASIS POINTS
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
-----------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.67% 5.68% 5.69% 5.70% 5.71% 5.72% 5.73%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 24 23 23 23 23 23 24
5.22%.............................. 23 23 24 23 23 23 23
5.23%.............................. 23 23 23 24 24 23 23
5.24%.............................. 24 23 23 23 23 24 24
5.25%.............................. 23 24 24 23 23 23 23
5.26%.............................. 23 23 23 24 24 23 23
5.27%.............................. 24 23 23 23 24 24 23
5.28%.............................. 23 24 24 23 23 23 24
5.29%.............................. 23 23 24 24 24 23 23
5.30%.............................. 24 23 23 23 24 24 23
5.31%.............................. 24 24 24 23 23 24 24
5.32%.............................. 23 23 24 24 24 23 23
5.33%.............................. 24 24 23 24 24 24 23
5.34%.............................. 24 24 24 23 23 24 24
5.35%.............................. 23 23 24 24 24 23 24
5.36%.............................. 24 24 23 24 24 24 23
5.37%.............................. 24 24 24 24 24 24 24
5.38%.............................. 24 24 24 24 24 23 24
5.39%.............................. 24 24 23 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 24 24 24 24 24 24 24
6.00%.............................. 25 24 24 24 24 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.74% 5.75% 5.76% 5.77% 5.78% 5.79% 5.80%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 23 23 23 23 23 23 23
5.22%.............................. 23 24 23 23 23 23 23
5.23%.............................. 23 23 23 24 23 23 23
5.24%.............................. 23 23 23 23 23 24 24
5.25%.............................. 24 24 23 23 23 23 23
5.26%.............................. 23 24 24 24 23 23 23
5.27%.............................. 23 23 23 24 24 24 23
5.28%.............................. 24 23 23 23 23 24 24
5.29%.............................. 24 24 24 23 23 23 23
5.30%.............................. 23 23 24 24 24 23 23
5.31%.............................. 24 23 23 23 24 24 24
5.32%.............................. 24 24 24 23 23 24 24
5.33%.............................. 23 24 24 24 24 23 23
5.34%.............................. 24 23 23 24 24 24 24
5.35%.............................. 24 24 24 23 24 24 24
5.36%.............................. 24 24 24 24 24 23 24
5.37%.............................. 24 23 24 24 24 24 23
5.38%.............................. 24 24 24 24 24 24 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 24 24 24 25 24 24 24
6.00%.............................. 24 24 24 24 25 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.81% 5.82% 5.83%
- ----------------------------------- ----------- ----------- -----------
5.20%.............................. 23 23 23
5.21%.............................. 24 23 23
5.22%.............................. 23 23 24
5.23%.............................. 23 23 23
5.24%.............................. 23 23 23
5.25%.............................. 24 24 23
5.26%.............................. 23 23 24
5.27%.............................. 23 23 23
5.28%.............................. 24 23 23
5.29%.............................. 24 24 24
5.30%.............................. 23 24 24
5.31%.............................. 23 23 23
5.32%.............................. 24 24 23
5.33%.............................. 24 24 24
5.34%.............................. 23 24 24
5.35%.............................. 24 24 23
5.36%.............................. 24 24 24
5.37%.............................. 24 24 24
5.38%.............................. 24 23 24
5.39%.............................. 24 24 24
5.40%.............................. 24 24 24
5.41%.............................. 24 24 24
5.42%.............................. 24 24 24
5.43%.............................. 24 24 24
5.44%.............................. 24 24 24
5.45%.............................. 24 24 24
5.46%.............................. 24 24 24
5.47%.............................. 24 24 24
5.48%.............................. 24 24 24
5.49%.............................. 24 24 24
5.50%.............................. 24 24 24
5.51%.............................. 24 24 24
5.52%.............................. 24 24 24
5.53%.............................. 24 24 24
5.54%.............................. 24 24 24
5.55%.............................. 24 24 24
5.56%.............................. 24 24 24
5.57%.............................. 24 24 24
5.58%.............................. 24 24 24
5.59%.............................. 24 24 24
5.60%.............................. 24 24 24
5.61%.............................. 24 24 24
5.62%.............................. 24 24 24
5.63%.............................. 24 24 24
5.64%.............................. 24 24 24
5.65%.............................. 24 24 24
5.66%.............................. 24 24 24
5.67%.............................. 24 24 24
5.68%.............................. 24 24 24
5.69%.............................. 24 24 24
5.70%.............................. 24 24 24
5.71%.............................. 24 24 24
5.72%.............................. 24 24 24
5.73%.............................. 24 24 24
5.74%.............................. 24 24 24
5.75%.............................. 24 24 24
5.76%.............................. 24 24 24
5.77%.............................. 24 24 24
5.78%.............................. 24 24 24
5.79%.............................. 24 24 24
5.80%.............................. 24 24 24
5.81%.............................. 24 24 24
5.82%.............................. 24 24 24
5.83%.............................. 24 24 24
5.84%.............................. 24 24 24
5.85%.............................. 24 24 24
5.86%.............................. 24 24 24
5.87%.............................. 24 24 24
5.88%.............................. 24 24 24
5.89%.............................. 24 24 24
5.90%.............................. 24 24 24
5.91%.............................. 24 24 24
5.92%.............................. 24 24 24
5.93%.............................. 24 24 24
5.94%.............................. 24 24 24
5.95%.............................. 24 24 24
5.96%.............................. 24 24 24
5.97%.............................. 24 24 24
5.98%.............................. 24 24 25
5.99%.............................. 24 24 24
6.00%.............................. 24 24 24
</TABLE>
F-4-2
<PAGE>
TABLE F-4
MATRIX OF TREASURY ADJUSTED SPREAD DIFFERENTIALS IN BASIS POINTS
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
-----------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 5.84% 5.85% 5.86% 5.87% 5.88% 5.89% 5.90%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 23 23 23 23 23 23 23
5.22%.............................. 24 23 23 23 23 23 23
5.23%.............................. 23 23 24 24 23 23 23
5.24%.............................. 23 23 23 23 24 24 24
5.25%.............................. 23 23 23 23 23 23 23
5.26%.............................. 24 24 23 23 23 23 23
5.27%.............................. 23 24 24 24 23 23 23
5.28%.............................. 23 23 23 24 24 24 24
5.29%.............................. 23 23 23 23 23 24 24
5.30%.............................. 24 24 24 23 23 23 23
5.31%.............................. 24 24 24 24 24 23 23
5.32%.............................. 23 23 24 24 24 24 24
5.33%.............................. 24 23 23 23 24 24 24
5.34%.............................. 24 24 24 24 23 23 24
5.35%.............................. 24 24 24 24 24 24 23
5.36%.............................. 24 23 24 24 24 24 24
5.37%.............................. 24 24 24 23 24 24 24
5.38%.............................. 24 24 24 24 24 23 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 25 24 24 24 24 24 24
6.00%.............................. 24 24 24 24 24 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.91% 5.92% 5.93% 5.94% 5.95% 5.96% 5.97%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C>
5.20%.............................. 23 24 24 23 23 23 23
5.21%.............................. 23 23 23 23 23 23 23
5.22%.............................. 23 23 23 23 23 23 23
5.23%.............................. 23 23 23 23 23 23 23
5.24%.............................. 24 23 23 23 23 23 23
5.25%.............................. 24 24 24 24 24 24 23
5.26%.............................. 23 23 23 23 24 24 24
5.27%.............................. 23 23 23 23 23 23 23
5.28%.............................. 24 23 23 23 23 23 23
5.29%.............................. 24 24 24 24 24 23 23
5.30%.............................. 24 24 24 24 24 24 24
5.31%.............................. 23 23 23 24 24 24 24
5.32%.............................. 24 23 23 23 23 23 24
5.33%.............................. 24 24 24 24 23 23 23
5.34%.............................. 24 24 24 24 24 24 24
5.35%.............................. 23 24 24 24 24 24 24
5.36%.............................. 24 24 23 23 24 24 24
5.37%.............................. 24 24 24 24 23 23 24
5.38%.............................. 24 24 24 24 24 24 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 25 24 24 24 24 24 24
5.99%.............................. 24 25 24 24 25 24 24
6.00%.............................. 24 24 24 24 24 25 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 5.98% 5.99% 6.00%
- ----------------------------------- ----------- ----------- -----------
5.20%.............................. 23 23 23
5.21%.............................. 23 23 23
5.22%.............................. 23 23 23
5.23%.............................. 23 23 23
5.24%.............................. 23 23 23
5.25%.............................. 23 23 23
5.26%.............................. 24 24 24
5.27%.............................. 23 24 24
5.28%.............................. 23 23 23
5.29%.............................. 23 23 23
5.30%.............................. 24 24 24
5.31%.............................. 24 24 24
5.32%.............................. 24 24 24
5.33%.............................. 23 23 23
5.34%.............................. 24 23 23
5.35%.............................. 24 24 24
5.36%.............................. 24 24 24
5.37%.............................. 24 24 24
5.38%.............................. 24 23 24
5.39%.............................. 24 24 24
5.40%.............................. 24 24 24
5.41%.............................. 24 24 24
5.42%.............................. 24 24 24
5.43%.............................. 24 24 24
5.44%.............................. 24 24 24
5.45%.............................. 24 24 24
5.46%.............................. 24 24 24
5.47%.............................. 24 24 24
5.48%.............................. 24 24 24
5.49%.............................. 24 24 24
5.50%.............................. 24 24 24
5.51%.............................. 24 24 24
5.52%.............................. 24 24 24
5.53%.............................. 24 24 24
5.54%.............................. 24 24 24
5.55%.............................. 24 24 24
5.56%.............................. 24 24 24
5.57%.............................. 24 24 24
5.58%.............................. 24 24 24
5.59%.............................. 24 24 24
5.60%.............................. 24 24 24
5.61%.............................. 24 24 24
5.62%.............................. 24 24 24
5.63%.............................. 24 24 24
5.64%.............................. 24 24 24
5.65%.............................. 24 24 24
5.66%.............................. 24 24 24
5.67%.............................. 24 24 24
5.68%.............................. 24 24 24
5.69%.............................. 24 24 24
5.70%.............................. 24 24 24
5.71%.............................. 24 24 24
5.72%.............................. 24 24 24
5.73%.............................. 24 24 24
5.74%.............................. 24 24 24
5.75%.............................. 24 24 24
5.76%.............................. 24 24 24
5.77%.............................. 24 24 24
5.78%.............................. 24 24 24
5.79%.............................. 24 24 24
5.80%.............................. 24 24 24
5.81%.............................. 24 24 24
5.82%.............................. 24 24 24
5.83%.............................. 24 24 24
5.84%.............................. 24 24 24
5.85%.............................. 24 24 24
5.86%.............................. 24 24 24
5.87%.............................. 24 24 24
5.88%.............................. 24 24 24
5.89%.............................. 24 24 24
5.90%.............................. 24 24 24
5.91%.............................. 24 24 24
5.92%.............................. 24 24 24
5.93%.............................. 24 24 24
5.94%.............................. 24 24 24
5.95%.............................. 24 24 24
5.96%.............................. 24 24 24
5.97%.............................. 24 24 24
5.98%.............................. 24 24 25
5.99%.............................. 25 24 24
6.00%.............................. 24 25 24
</TABLE>
F-4-3
<PAGE>
TABLE F-4
MATRIX OF TREASURY ADJUSTED SPREAD DIFFERENTIALS IN BASIS POINTS
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
-----------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.01% 6.02% 6.03% 6.04% 6.05% 6.06% 6.07%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
5.20%.............................. 23 23 24 24 23 23 23
5.21%.............................. 23 23 23 23 23 23 23
5.22%.............................. 23 23 23 23 23 23 23
5.23%.............................. 23 23 23 23 23 23 23
5.24%.............................. 23 23 23 23 23 23 23
5.25%.............................. 23 23 23 23 23 23 24
5.26%.............................. 24 24 24 24 24 24 24
5.27%.............................. 24 24 24 24 24 24 24
5.28%.............................. 23 23 23 23 23 23 23
5.29%.............................. 23 23 23 23 23 23 23
5.30%.............................. 23 23 23 23 23 23 23
5.31%.............................. 24 24 24 24 24 24 24
5.32%.............................. 24 24 24 24 24 24 24
5.33%.............................. 24 24 24 24 24 24 24
5.34%.............................. 23 23 23 23 23 23 23
5.35%.............................. 24 24 24 23 23 23 23
5.36%.............................. 24 24 24 24 24 24 24
5.37%.............................. 24 24 24 24 24 24 24
5.38%.............................. 24 24 24 24 24 24 24
5.39%.............................. 24 23 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 25
5.99%.............................. 24 24 24 24 24 24 24
6.00%.............................. 24 24 24 24 24 25 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.08% 6.09% 6.10% 6.11% 6.12% 6.13% 6.14%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 23 23 23 23 23 23 23
5.22%.............................. 23 23 23 23 23 23 23
5.23%.............................. 23 23 23 23 23 24 24
5.24%.............................. 23 23 23 24 24 24 23
5.25%.............................. 24 24 24 24 24 23 23
5.26%.............................. 24 24 24 23 23 23 23
5.27%.............................. 23 23 23 23 23 23 23
5.28%.............................. 23 23 23 23 23 23 23
5.29%.............................. 23 23 23 23 23 23 24
5.30%.............................. 23 23 24 24 24 24 24
5.31%.............................. 24 24 24 24 24 24 24
5.32%.............................. 24 24 24 24 24 24 24
5.33%.............................. 24 24 24 24 24 24 24
5.34%.............................. 24 23 23 23 23 23 23
5.35%.............................. 23 23 23 23 23 23 23
5.36%.............................. 24 24 24 24 24 24 24
5.37%.............................. 24 24 24 24 24 24 24
5.38%.............................. 24 24 24 24 24 24 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 24 24 24 24 24 24 24
6.00%.............................. 24 24 24 24 24 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.15% 6.16% 6.17%
- ----------------------------------- ----------- ----------- -----------
5.20%.............................. 23 23 24
5.21%.............................. 23 24 23
5.22%.............................. 24 23 23
5.23%.............................. 24 23 23
5.24%.............................. 23 23 23
5.25%.............................. 23 23 23
5.26%.............................. 23 23 23
5.27%.............................. 23 23 23
5.28%.............................. 23 23 24
5.29%.............................. 24 24 24
5.30%.............................. 24 24 24
5.31%.............................. 24 24 24
5.32%.............................. 24 24 23
5.33%.............................. 23 23 23
5.34%.............................. 23 23 23
5.35%.............................. 24 24 24
5.36%.............................. 24 24 24
5.37%.............................. 24 24 24
5.38%.............................. 24 24 24
5.39%.............................. 24 24 24
5.40%.............................. 24 24 24
5.41%.............................. 24 24 24
5.42%.............................. 24 24 24
5.43%.............................. 24 24 24
5.44%.............................. 24 24 24
5.45%.............................. 24 24 24
5.46%.............................. 24 24 24
5.47%.............................. 24 24 24
5.48%.............................. 24 24 24
5.49%.............................. 24 24 24
5.50%.............................. 24 24 24
5.51%.............................. 24 24 24
5.52%.............................. 24 24 24
5.53%.............................. 24 24 24
5.54%.............................. 24 24 24
5.55%.............................. 24 24 24
5.56%.............................. 24 24 24
5.57%.............................. 24 24 24
5.58%.............................. 24 24 24
5.59%.............................. 24 24 24
5.60%.............................. 24 24 24
5.61%.............................. 24 24 24
5.62%.............................. 24 24 24
5.63%.............................. 24 24 24
5.64%.............................. 24 24 24
5.65%.............................. 24 24 24
5.66%.............................. 24 24 24
5.67%.............................. 24 24 24
5.68%.............................. 24 24 24
5.69%.............................. 24 24 24
5.70%.............................. 24 24 24
5.71%.............................. 24 24 24
5.72%.............................. 24 24 24
5.73%.............................. 24 24 24
5.74%.............................. 24 24 24
5.75%.............................. 24 24 24
5.76%.............................. 24 24 24
5.77%.............................. 24 24 24
5.78%.............................. 24 24 24
5.79%.............................. 24 24 24
5.80%.............................. 24 24 24
5.81%.............................. 24 24 24
5.82%.............................. 24 24 24
5.83%.............................. 24 24 24
5.84%.............................. 24 24 24
5.85%.............................. 24 24 24
5.86%.............................. 24 24 24
5.87%.............................. 24 24 24
5.88%.............................. 24 24 24
5.89%.............................. 24 24 24
5.90%.............................. 24 24 24
5.91%.............................. 24 24 24
5.92%.............................. 24 24 24
5.93%.............................. 24 24 24
5.94%.............................. 24 24 24
5.95%.............................. 24 24 24
5.96%.............................. 24 24 24
5.97%.............................. 24 24 24
5.98%.............................. 24 24 24
5.99%.............................. 24 24 24
6.00%.............................. 24 24 24
</TABLE>
F-4-4
<PAGE>
TABLE F-4
MATRIX OF TREASURY ADJUSTED SPREAD DIFFERENTIALS IN BASIS POINTS
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
-----------------------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.18% 6.19% 6.20% 6.21% 6.22% 6.23% 6.24%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 23 23
5.21%.............................. 23 23 23 23 23 23 24
5.22%.............................. 23 23 23 23 23 23 23
5.23%.............................. 23 23 23 23 23 24 23
5.24%.............................. 23 23 23 23 24 24 23
5.25%.............................. 23 23 23 24 24 23 23
5.26%.............................. 23 23 24 24 24 23 23
5.27%.............................. 23 24 24 24 23 23 23
5.28%.............................. 24 24 24 24 23 23 23
5.29%.............................. 24 24 24 23 23 23 23
5.30%.............................. 24 24 23 23 23 23 24
5.31%.............................. 24 23 23 23 23 24 24
5.32%.............................. 23 23 23 23 24 24 24
5.33%.............................. 23 23 24 24 24 24 24
5.34%.............................. 24 24 24 24 24 24 24
5.35%.............................. 24 24 24 24 24 24 24
5.36%.............................. 24 24 24 24 24 24 24
5.37%.............................. 24 24 24 24 24 24 23
5.38%.............................. 24 24 24 24 24 23 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 25 24 24 24 24
5.99%.............................. 24 24 24 24 24 24 24
6.00%.............................. 25 24 24 24 24 25 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.25% 6.26% 6.27% 6.28% 6.29% 6.30% 6.31%
- ----------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C>
5.20%.............................. 23 23 23 23 23 24 23
5.21%.............................. 23 23 23 23 23 24 23
5.22%.............................. 23 23 23 23 23 23 23
5.23%.............................. 23 23 23 23 24 23 23
5.24%.............................. 23 23 23 23 24 23 23
5.25%.............................. 23 23 23 24 24 23 23
5.26%.............................. 23 23 23 24 24 23 23
5.27%.............................. 23 23 24 24 24 23 23
5.28%.............................. 23 24 24 24 23 23 23
5.29%.............................. 24 24 24 24 23 23 23
5.30%.............................. 24 24 24 24 23 23 23
5.31%.............................. 24 24 24 23 23 23 24
5.32%.............................. 24 24 24 23 23 23 24
5.33%.............................. 24 24 23 23 23 24 24
5.34%.............................. 24 24 23 23 24 24 24
5.35%.............................. 24 23 23 24 24 24 24
5.36%.............................. 23 23 24 24 24 24 24
5.37%.............................. 23 24 24 24 24 24 24
5.38%.............................. 24 24 24 24 24 24 24
5.39%.............................. 24 24 24 24 24 24 24
5.40%.............................. 24 24 24 24 24 24 24
5.41%.............................. 24 24 24 24 24 24 24
5.42%.............................. 24 24 24 24 24 24 24
5.43%.............................. 24 24 24 24 24 24 24
5.44%.............................. 24 24 24 24 24 24 24
5.45%.............................. 24 24 24 24 24 24 24
5.46%.............................. 24 24 24 24 24 24 24
5.47%.............................. 24 24 24 24 24 24 24
5.48%.............................. 24 24 24 24 24 24 24
5.49%.............................. 24 24 24 24 24 24 24
5.50%.............................. 24 24 24 24 24 24 24
5.51%.............................. 24 24 24 24 24 24 24
5.52%.............................. 24 24 24 24 24 24 24
5.53%.............................. 24 24 24 24 24 24 24
5.54%.............................. 24 24 24 24 24 24 24
5.55%.............................. 24 24 24 24 24 24 24
5.56%.............................. 24 24 24 24 24 24 24
5.57%.............................. 24 24 24 24 24 24 24
5.58%.............................. 24 24 24 24 24 24 24
5.59%.............................. 24 24 24 24 24 24 24
5.60%.............................. 24 24 24 24 24 24 24
5.61%.............................. 24 24 24 24 24 24 24
5.62%.............................. 24 24 24 24 24 24 24
5.63%.............................. 24 24 24 24 24 24 24
5.64%.............................. 24 24 24 24 24 24 24
5.65%.............................. 24 24 24 24 24 24 24
5.66%.............................. 24 24 24 24 24 24 24
5.67%.............................. 24 24 24 24 24 24 24
5.68%.............................. 24 24 24 24 24 24 24
5.69%.............................. 24 24 24 24 24 24 24
5.70%.............................. 24 24 24 24 24 24 24
5.71%.............................. 24 24 24 24 24 24 24
5.72%.............................. 24 24 24 24 24 24 24
5.73%.............................. 24 24 24 24 24 24 24
5.74%.............................. 24 24 24 24 24 24 24
5.75%.............................. 24 24 24 24 24 24 24
5.76%.............................. 24 24 24 24 24 24 24
5.77%.............................. 24 24 24 24 24 24 24
5.78%.............................. 24 24 24 24 24 24 24
5.79%.............................. 24 24 24 24 24 24 24
5.80%.............................. 24 24 24 24 24 24 24
5.81%.............................. 24 24 24 24 24 24 24
5.82%.............................. 24 24 24 24 24 24 24
5.83%.............................. 24 24 24 24 24 24 24
5.84%.............................. 24 24 24 24 24 24 24
5.85%.............................. 24 24 24 24 24 24 24
5.86%.............................. 24 24 24 24 24 24 24
5.87%.............................. 24 24 24 24 24 24 24
5.88%.............................. 24 24 24 24 24 24 24
5.89%.............................. 24 24 24 24 24 24 24
5.90%.............................. 24 24 24 24 24 24 24
5.91%.............................. 24 24 24 24 24 24 24
5.92%.............................. 24 24 24 24 24 24 24
5.93%.............................. 24 24 24 24 24 24 24
5.94%.............................. 24 24 24 24 24 24 24
5.95%.............................. 24 24 24 24 24 24 24
5.96%.............................. 24 24 24 24 24 24 24
5.97%.............................. 24 24 24 24 24 24 24
5.98%.............................. 24 24 24 24 24 24 24
5.99%.............................. 24 24 25 24 24 24 24
6.00%.............................. 24 24 24 24 25 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.32% 6.33% 6.34%
- ----------------------------------- ----------- ----------- -----------
5.20%.............................. 23 23 23
5.21%.............................. 23 23 23
5.22%.............................. 23 23 23
5.23%.............................. 23 23 23
5.24%.............................. 23 23 24
5.25%.............................. 23 23 24
5.26%.............................. 23 23 24
5.27%.............................. 23 24 24
5.28%.............................. 23 24 24
5.29%.............................. 24 24 24
5.30%.............................. 24 24 24
5.31%.............................. 24 24 24
5.32%.............................. 24 24 24
5.33%.............................. 24 24 24
5.34%.............................. 24 24 23
5.35%.............................. 24 24 23
5.36%.............................. 24 24 23
5.37%.............................. 24 23 24
5.38%.............................. 24 23 24
5.39%.............................. 24 24 24
5.40%.............................. 24 24 24
5.41%.............................. 24 24 24
5.42%.............................. 24 24 24
5.43%.............................. 24 24 24
5.44%.............................. 24 24 24
5.45%.............................. 24 24 24
5.46%.............................. 24 24 24
5.47%.............................. 24 24 24
5.48%.............................. 24 24 24
5.49%.............................. 24 24 24
5.50%.............................. 24 24 24
5.51%.............................. 24 24 24
5.52%.............................. 24 24 24
5.53%.............................. 24 24 24
5.54%.............................. 24 24 24
5.55%.............................. 24 24 24
5.56%.............................. 24 24 24
5.57%.............................. 24 24 24
5.58%.............................. 24 24 24
5.59%.............................. 24 24 24
5.60%.............................. 24 24 24
5.61%.............................. 24 24 24
5.62%.............................. 24 24 24
5.63%.............................. 24 24 24
5.64%.............................. 24 24 24
5.65%.............................. 24 24 24
5.66%.............................. 24 24 24
5.67%.............................. 24 24 24
5.68%.............................. 24 24 24
5.69%.............................. 24 24 24
5.70%.............................. 24 24 24
5.71%.............................. 24 24 24
5.72%.............................. 24 24 24
5.73%.............................. 24 24 24
5.74%.............................. 24 24 24
5.75%.............................. 24 24 24
5.76%.............................. 24 24 24
5.77%.............................. 24 24 24
5.78%.............................. 24 24 24
5.79%.............................. 24 24 24
5.80%.............................. 24 24 24
5.81%.............................. 24 24 24
5.82%.............................. 24 24 24
5.83%.............................. 24 24 24
5.84%.............................. 24 24 24
5.85%.............................. 24 24 24
5.86%.............................. 24 24 24
5.87%.............................. 24 24 24
5.88%.............................. 24 24 24
5.89%.............................. 24 24 24
5.90%.............................. 24 24 24
5.91%.............................. 24 24 24
5.92%.............................. 24 24 24
5.93%.............................. 24 24 24
5.94%.............................. 24 24 24
5.95%.............................. 24 24 24
5.96%.............................. 24 24 24
5.97%.............................. 24 24 24
5.98%.............................. 24 24 24
5.99%.............................. 24 24 24
6.00%.............................. 24 24 24
</TABLE>
F-4-5
<PAGE>
TABLE F-4
MATRIX OF TREASURY ADJUSTED SPREAD DIFFERENTIALS IN BASIS POINTS
<TABLE>
<CAPTION>
30 YEAR BENCHMARK TREASURY YIELD
----------------------------------------------------------------------------
10 YEAR BENCHMARK TREASURY YIELD 6.35% 6.36% 6.37% 6.38% 6.39% 6.40%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
5.20%..................................... 23 23 23 23 24 23
5.21%..................................... 23 23 23 23 24 23
5.22%..................................... 23 23 23 23 24 23
5.23%..................................... 23 23 23 23 24 23
5.24%..................................... 23 23 23 23 24 23
5.25%..................................... 23 23 23 23 24 23
5.26%..................................... 23 23 23 23 24 23
5.27%..................................... 23 23 23 24 24 23
5.28%..................................... 23 23 23 24 24 23
5.29%..................................... 23 23 23 24 24 23
5.30%..................................... 23 23 24 24 24 23
5.31%..................................... 23 23 24 24 24 23
5.32%..................................... 23 23 24 24 24 23
5.33%..................................... 23 24 24 24 24 23
5.34%..................................... 23 24 24 24 24 23
5.35%..................................... 23 24 24 24 24 23
5.36%..................................... 24 24 24 24 24 23
5.37%..................................... 24 24 24 24 24 24
5.38%..................................... 24 24 24 24 24 24
5.39%..................................... 24 24 24 24 24 24
5.40%..................................... 24 24 24 24 24 24
5.41%..................................... 24 24 24 24 24 24
5.42%..................................... 24 24 24 24 24 24
5.43%..................................... 24 24 24 24 24 24
5.44%..................................... 24 24 24 24 24 24
5.45%..................................... 24 24 24 24 24 24
5.46%..................................... 24 24 24 24 24 24
5.47%..................................... 24 24 24 24 24 24
5.48%..................................... 24 24 24 24 24 24
5.49%..................................... 24 24 24 24 24 24
5.50%..................................... 24 24 24 24 24 24
5.51%..................................... 24 24 24 24 24 24
5.52%..................................... 24 24 24 24 24 24
5.53%..................................... 24 24 24 24 24 24
5.54%..................................... 24 24 24 24 24 24
5.55%..................................... 24 24 24 24 24 24
5.56%..................................... 24 24 24 24 24 24
5.57%..................................... 24 24 24 24 24 24
5.58%..................................... 24 24 24 24 24 24
5.59%..................................... 24 24 24 24 24 24
5.60%..................................... 24 24 24 24 24 24
5.61%..................................... 24 24 24 24 24 24
5.62%..................................... 24 24 24 24 24 24
5.63%..................................... 24 24 24 24 24 24
5.64%..................................... 24 24 24 24 24 24
5.65%..................................... 24 24 24 24 24 24
5.66%..................................... 24 24 24 24 24 24
5.67%..................................... 24 24 24 24 24 24
5.68%..................................... 24 24 24 24 24 24
5.69%..................................... 24 24 24 24 24 24
5.70%..................................... 24 24 24 24 24 24
5.71%..................................... 24 24 24 24 24 24
5.72%..................................... 24 24 24 24 24 24
5.73%..................................... 24 24 24 24 24 24
5.74%..................................... 24 24 24 24 24 24
5.75%..................................... 24 24 24 24 24 24
5.76%..................................... 24 24 24 24 24 24
5.77%..................................... 24 24 24 24 24 24
5.78%..................................... 24 24 24 24 24 24
5.79%..................................... 24 24 24 24 24 24
5.80%..................................... 24 24 24 24 24 24
5.81%..................................... 24 24 24 24 24 24
5.82%..................................... 24 24 24 24 24 24
5.83%..................................... 24 24 24 24 24 24
5.84%..................................... 24 24 24 24 24 24
5.85%..................................... 24 24 24 24 24 24
5.86%..................................... 24 24 24 24 24 24
5.87%..................................... 24 24 24 24 24 24
5.88%..................................... 24 24 24 24 24 24
5.89%..................................... 24 24 24 24 24 24
5.90%..................................... 24 24 24 24 24 24
5.91%..................................... 24 24 24 24 24 24
5.92%..................................... 24 24 24 24 24 24
5.93%..................................... 24 24 24 24 24 24
5.94%..................................... 24 24 24 24 24 24
5.95%..................................... 24 24 24 24 24 24
5.96%..................................... 24 24 24 24 24 24
5.97%..................................... 24 24 24 24 24 24
5.98%..................................... 24 24 24 24 24 24
5.99%..................................... 24 24 24 24 24 24
6.00%..................................... 24 24 25 24 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.41% 6.42% 6.43% 6.44% 6.45% 6.46%
- ------------------------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
5.20%..................................... 23 23 23 23 23 23
5.21%..................................... 23 23 24 23 23 23
5.22%..................................... 23 23 24 23 23 23
5.23%..................................... 23 23 24 23 23 23
5.24%..................................... 23 23 24 23 23 23
5.25%..................................... 23 23 24 23 23 23
5.26%..................................... 23 23 24 23 23 23
5.27%..................................... 23 23 24 23 23 23
5.28%..................................... 23 23 24 23 23 23
5.29%..................................... 23 24 24 24 23 23
5.30%..................................... 23 24 24 24 23 24
5.31%..................................... 23 24 24 24 23 24
5.32%..................................... 23 24 24 24 23 24
5.33%..................................... 23 24 24 24 23 24
5.34%..................................... 24 24 24 24 23 24
5.35%..................................... 24 24 24 24 23 24
5.36%..................................... 24 24 24 24 23 24
5.37%..................................... 24 24 24 24 23 24
5.38%..................................... 24 24 24 24 24 24
5.39%..................................... 24 24 24 24 24 24
5.40%..................................... 24 24 24 24 24 24
5.41%..................................... 24 24 24 24 24 24
5.42%..................................... 24 24 24 24 24 24
5.43%..................................... 24 24 24 24 24 24
5.44%..................................... 24 24 24 24 24 24
5.45%..................................... 24 24 24 24 24 24
5.46%..................................... 24 24 24 24 24 24
5.47%..................................... 24 24 24 24 24 24
5.48%..................................... 24 24 24 24 24 24
5.49%..................................... 24 24 24 24 24 24
5.50%..................................... 24 24 24 24 24 24
5.51%..................................... 24 24 24 24 24 24
5.52%..................................... 24 24 24 24 24 24
5.53%..................................... 24 24 24 24 24 24
5.54%..................................... 24 24 24 24 24 24
5.55%..................................... 24 24 24 24 24 24
5.56%..................................... 24 24 24 24 24 24
5.57%..................................... 24 24 24 24 24 24
5.58%..................................... 24 24 24 24 24 24
5.59%..................................... 24 24 24 24 24 24
5.60%..................................... 24 24 24 24 24 24
5.61%..................................... 24 24 24 24 24 24
5.62%..................................... 24 24 24 24 24 24
5.63%..................................... 24 24 24 24 24 24
5.64%..................................... 24 24 24 24 24 24
5.65%..................................... 24 24 24 24 24 24
5.66%..................................... 24 24 24 24 24 24
5.67%..................................... 24 24 24 24 24 24
5.68%..................................... 24 24 24 24 24 24
5.69%..................................... 24 24 24 24 24 24
5.70%..................................... 24 24 24 24 24 24
5.71%..................................... 24 24 24 24 24 24
5.72%..................................... 24 24 24 24 24 24
5.73%..................................... 24 24 24 24 24 24
5.74%..................................... 24 24 24 24 24 24
5.75%..................................... 24 24 24 24 24 24
5.76%..................................... 24 24 24 24 24 24
5.77%..................................... 24 24 24 24 24 24
5.78%..................................... 24 24 24 24 24 24
5.79%..................................... 24 24 24 24 24 24
5.80%..................................... 24 24 24 24 24 24
5.81%..................................... 24 24 24 24 24 24
5.82%..................................... 24 24 24 24 24 24
5.83%..................................... 24 24 24 24 24 24
5.84%..................................... 24 24 24 24 24 24
5.85%..................................... 24 24 24 24 24 24
5.86%..................................... 24 24 24 24 24 24
5.87%..................................... 24 24 24 24 24 24
5.88%..................................... 24 24 24 24 24 24
5.89%..................................... 24 24 24 24 24 24
5.90%..................................... 24 24 24 24 24 24
5.91%..................................... 24 24 24 24 24 24
5.92%..................................... 24 24 24 24 24 24
5.93%..................................... 24 24 24 24 24 24
5.94%..................................... 24 24 24 24 24 24
5.95%..................................... 24 24 24 24 24 24
5.96%..................................... 24 24 24 24 24 24
5.97%..................................... 24 24 24 24 24 24
5.98%..................................... 24 24 24 24 24 24
5.99%..................................... 24 24 24 24 24 24
6.00%..................................... 24 24 24 24 24 24
<CAPTION>
10 YEAR BENCHMARK TREASURY YIELD 6.47% 6.48% 6.49% 6.50%
- ------------------------------------------ ----------- ----------- ----------- -----------
5.20%..................................... 23 23 23 23
5.21%..................................... 23 23 23 23
5.22%..................................... 23 23 23 24
5.23%..................................... 23 23 23 24
5.24%..................................... 24 23 23 24
5.25%..................................... 24 23 23 24
5.26%..................................... 24 23 23 24
5.27%..................................... 24 23 23 24
5.28%..................................... 24 23 23 24
5.29%..................................... 24 23 23 24
5.30%..................................... 24 24 23 24
5.31%..................................... 24 24 23 24
5.32%..................................... 24 24 23 24
5.33%..................................... 24 24 23 24
5.34%..................................... 24 24 23 24
5.35%..................................... 24 24 23 24
5.36%..................................... 24 24 23 24
5.37%..................................... 24 24 24 24
5.38%..................................... 24 24 24 24
5.39%..................................... 24 24 24 24
5.40%..................................... 24 24 24 24
5.41%..................................... 24 24 24 24
5.42%..................................... 24 24 24 24
5.43%..................................... 24 24 24 24
5.44%..................................... 24 24 24 24
5.45%..................................... 24 24 24 24
5.46%..................................... 24 24 24 24
5.47%..................................... 24 24 24 24
5.48%..................................... 24 24 24 24
5.49%..................................... 24 24 24 24
5.50%..................................... 24 24 24 24
5.51%..................................... 24 24 24 24
5.52%..................................... 24 24 24 24
5.53%..................................... 24 24 24 24
5.54%..................................... 24 24 24 24
5.55%..................................... 24 24 24 24
5.56%..................................... 24 24 24 24
5.57%..................................... 24 24 24 24
5.58%..................................... 24 24 24 24
5.59%..................................... 24 24 24 24
5.60%..................................... 24 24 24 24
5.61%..................................... 24 24 24 24
5.62%..................................... 24 24 24 24
5.63%..................................... 24 24 24 24
5.64%..................................... 24 24 24 24
5.65%..................................... 24 24 24 24
5.66%..................................... 24 24 24 24
5.67%..................................... 24 24 24 24
5.68%..................................... 24 24 24 24
5.69%..................................... 24 24 24 24
5.70%..................................... 24 24 24 24
5.71%..................................... 24 24 24 24
5.72%..................................... 24 24 24 24
5.73%..................................... 24 24 24 24
5.74%..................................... 24 24 24 24
5.75%..................................... 24 24 24 24
5.76%..................................... 24 24 24 24
5.77%..................................... 24 24 24 24
5.78%..................................... 24 24 24 24
5.79%..................................... 24 24 24 24
5.80%..................................... 24 24 24 24
5.81%..................................... 24 24 24 24
5.82%..................................... 24 24 24 24
5.83%..................................... 24 24 24 24
5.84%..................................... 24 24 24 24
5.85%..................................... 24 24 24 24
5.86%..................................... 24 24 24 24
5.87%..................................... 24 24 24 24
5.88%..................................... 24 24 24 24
5.89%..................................... 24 24 24 24
5.90%..................................... 24 24 24 24
5.91%..................................... 24 24 24 24
5.92%..................................... 24 24 24 24
5.93%..................................... 24 24 24 24
5.94%..................................... 24 24 24 24
5.95%..................................... 24 24 24 24
5.96%..................................... 24 24 24 24
5.97%..................................... 24 24 24 24
5.98%..................................... 24 24 24 24
5.99%..................................... 25 25 24 24
6.00%..................................... 24 24 24 24
</TABLE>
F-4-6
<PAGE>
LETTER OF TRANSMITTAL
TO TENDER FOR EXCHANGE
9 7/8% SUBORDINATED NOTES DUE 2009
FOR
SUBORDINATED NOTES DUE 2019
OF
BANC ONE CORPORATION
PURSUANT TO THE OFFERING CIRCULAR
DATED FEBRUARY 18, 1998
- --------------------------------------------------------------------------------
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED (THE "EXPIRATION DATE").
- --------------------------------------------------------------------------------
PLEASE READ CAREFULLY THE ATTACHED INSTRUCTIONS
IF YOU DESIRE TO ACCEPT THE EXCHANGE OFFER, THIS LETTER OF TRANSMITTAL SHOULD
BE COMPLETED, SIGNED, AND SUBMITTED TO THE EXCHANGE AGENT:
THE CHASE MANHATTAN BANK
<TABLE>
<S> <C> <C>
BY FAX: BY COURIER: BY MAIL:
(214) 672-5932 Chase Bank of Texas, N.A. Chase Bank of Texas, N.A.
Attention: Frank Ivins 1 Main Place P.O. Box 2320 - 18th Floor
1201 Main Street - 18th Floor Dallas, Texas 25221-2320
Attention: Frank Ivins Attention: Frank Ivins
Dallas, Texas 75202
Phone: 1-800-648-8380
</TABLE>
DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS, OR TRANSMISSION VIA
FACSIMILE TO A NUMBER, OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID
DELIVERY.
For any questions regarding this Letter of Transmittal or for any additional
information you may contact the Exchange Agent.
The undersigned hereby acknowledges receipt of the Offering Circular dated
February 18, 1998 (as it may be supplemented and amended from time to time, the
"Offering Circular") of BANC ONE CORPORATION (the "Company"), and this Letter of
Transmittal which together constitute the Company's offer (the "Exchange Offer")
to exchange an aggregate principal amount of up to $200,000,000 of its
Subordinated Notes Due March 1, 2019 (the "New Notes") for a like principal
amount of its issued and outstanding 9 7/8% Subordinated Notes Due March 1, 2009
(the "Old Notes") from the registered holders (individually, a "Holder" and
collectively, the "Holders") thereof. Capitalized terms used but not defined
herein have the meanings ascribed to them in the Offering Circular.
The undersigned hereby tenders the Old Notes described in Box 1 below, upon
the terms and subject to the conditions described in the Offering Circular and
this Letter of Transmittal. The undersigned is the Holder of all the Old Notes
and the undersigned represents that it has received from each beneficial owner
of the tendered Old Notes ("Beneficial Owners") valid instructions which
authorize and instruct the undersigned to take the action described in this
Letter of Transmittal.
Subject to, and effective upon, the acceptance for exchange of the tendered
Old Notes, the undersigned hereby exchanges, assigns and transfers to, or upon
the order of, the Company all right, title, and interest in, to and under the
tendered Old Notes.
Please issue the New Notes exchanged for tendered Old Notes in the name(s)
of the undersigned. If Old Notes not tendered or not exchanged are to be
delivered to a person other than to the Holder of the Old Notes tendered or to
an address other than that of the Holder of such Old Notes, such Holder should
so indicate in the section of this Letter of Transmittal entitled "Special
Delivery Instructions" below (see Box 2).
The undersigned hereby irrevocably constitutes and appoints the Exchange
Agent as the true and lawful agent and attorney in fact of the undersigned with
respect to the tendered Old Notes, with full power of substitution (such
<PAGE>
power of attorney being deemed to be an irrevocable power coupled with an
interest), to (i) deliver the tendered Old Notes to the Company or cause
ownership of the tendered Old Notes to be transferred to, or upon the order of,
the Company, on the books of the registrar for the Old Notes and deliver all
accompanying evidences of transfer and authenticity to, or upon the order of,
the Company upon receipt by the Exchange Agent, as the undersigned's agent, of
the New Notes to which the undersigned is entitled upon acceptance by the
Company of the tendered Old Notes pursuant to the Exchange Offer, and (ii)
receive all benefits and otherwise exercise all rights of beneficial ownership
of the tendered Old Notes, all in accordance with the terms of the Exchange
Offer.
The undersigned understands that tenders of Old Notes pursuant to the
procedures described under the caption "The Exchange Offer--Procedures for
Tendering Old Notes" in the Offering Circular and in the instructions hereto
will constitute a binding agreement between the undersigned and the Company upon
the terms and subject to the conditions of the Exchange Offer, subject only to
withdrawal of such tenders on the terms set forth in the Offering Circular under
the caption "The Exchange Offer-- Withdrawal Rights." All authority herein
conferred or agreed to be conferred shall survive the death or incapacity of the
undersigned and any Beneficial Owner(s), and every obligation of the undersigned
or any Beneficial Owner(s) hereunder shall be binding upon the heirs,
representatives, successors, and assigns of the undersigned and such Beneficial
Owner(s).
The undersigned hereby represents and warrants that the undersigned has full
power and authority to tender, exchange, assign, and transfer the tendered Old
Notes and that the Company will acquire good and unencumbered title thereto,
free and clear of all liens, restrictions, charges, encumbrances and adverse
claims when the tendered Old Notes are acquired by the Company as contemplated
herein. The undersigned and each Beneficial Owner will, upon request, execute
and deliver any additional documents reasonably requested by the Company or the
Exchange Agent as necessary or desirable to complete and give effect to the
transactions contemplated hereby.
The undersigned hereby represents and warrants that the information set
forth in Box 1 is true and correct.
Holders of Old Notes that are tendering by book-entry transfer to the
Exchange Agent's account at DTC can execute the tender through the DTC Automated
Tender Offer Program ("ATOP"), for which the transaction will be eligible. DTC
participants that are accepting the Exchange Offer must transmit their
acceptance to DTC, which will verify the acceptance and execute a book- entry
delivery to the Exchange Agent's DTC account. DTC will then send an Agent's
Message to the Exchange Agent for its acceptance. DTC participants may also
accept the Exchange Offer prior to the Expiration Date by submitting a Notice of
Guaranteed Delivery through ATOP.
PLEASE CHECK THE APPROPRIATE BOX
/ / CHECK HERE IF OLD NOTES ARE BEING DELIVERED HEREWITH.
/ / CHECK HERE IF OLD NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF
GUARANTEED DELIVERY PREVIOUSLY DELIVERED TO THE EXCHANGE AGENT AND COMPLETE
"USE OF GUARANTEED DELIVERY" BELOW (BOX 3).
/ / CHECK HERE IF TENDERED OLD NOTES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER
MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE BOOK-ENTRY
TRANSFER FACILITY AND COMPLETE "USE OF BOOK-ENTRY TRANSFER" BELOW (BOX 4).
/ / CHECK HERE IF TENDERED OLD NOTES ARE NOT BEING DELIVERED BY BOOK-ENTRY
TRANSFER AND COMPLETE "DTC PARTICIPANT INFORMATION" BELOW (BOX 5).
<PAGE>
PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL CAREFULLY BEFORE COMPLETING THE
BOXES
BOX 1
(ATTACH ADDITIONAL SIGNED PAGES, IF NECESSARY)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
DESCRIPTION OF OLD NOTES TENDERED
- ----------------------------------------------------------------------------------------------------
NAMES(S) AND ADDRESS(ES) OF HOLDER(S)
(PLEASE FILL IN, IF BLANK, EXACTLY AS NAME(S) OLD NOTES TENDERED
APPEAR(S) ON OLD NOTES) (ATTACH ADDITIONAL SCHEDULE, IF NECESSARY)
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------
(1) (2) (3)
------------------------------------------------
Certificate Number(s)* Total Principal Amount
of Old Notes Tendered**
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------
</TABLE>
* Need not be completed by persons tendering by book-entry transfer.
** Tenders may only be made in denominations of $1,000 or integral multiples
thereof. Unless otherwise indicated in this column, the principal amount of
all Old Notes identified in this Box 1 or delivered to the Exchange Agent
herewith shall be deemed tendered. See Instruction 4.
BOX 2
SPECIAL DELIVERY INSTRUCTIONS
(SEE INSTRUCTIONS 5, 6 AND 7)
- --------------------------------------------------------------------------------
TO BE COMPLETED ONLY IF NEW NOTES EXCHANGED FOR OLD NOTES AND UNTENDERED OLD
NOTES ARE TO BE SENT TO SOMEONE OTHER THAN THE UNDERSIGNED, OR TO THE
UNDERSIGNED AT AN ADDRESS OTHER THAN THAT SHOWN ABOVE.
Mail any Old Note(s) not tendered hereby to:
Name(s): ___________________________________________________________________
(Please Print)
Address: ___________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
(include Zip Code)
Tax Identification or
Social Security No.: _______________________________________________________
- --------------------------------------------------------------------------------
<PAGE>
BOX 3
USE OF GUARANTEED DELIVERY
(SEE INSTRUCTION 2)
- --------------------------------------------------------------------------------
TO BE COMPLETED ONLY IF OLD NOTES ARE BEING TENDERED BY MEANS OF A NOTICE OF
GUARANTEED DELIVERY.
Name(s) of Holder(s): ______________________________________________________
Window Ticket No. (if any): ________________________________________________
Date of Execution of Notice of Guaranteed Delivery: ________________________
Name of Eligible Institution that Guaranteed Delivery: _____________________
If Delivered by Book-Entry Transfer, complete the following:
DTC Account Number: ____________________________________________________
Transaction Code Number: _______________________________________________
- --------------------------------------------------------------------------------
BOX 4
USE OF BOOK-ENTRY TRANSFER
(SEE INSTRUCTION 1)
- --------------------------------------------------------------------------------
TO BE COMPLETED ONLY IF DELIVERY OF OLD NOTES IS TO BE MADE BY BOOK-ENTRY
TRANSFER.
Name of Tendering Institution: _____________________________________________
Name of DTC Participant: ___________________________________________________
DTC Participant Number: ____________________________________________________
Transaction Code Number: ___________________________________________________
- --------------------------------------------------------------------------------
BOX 5
DTC PARTICIPANT INFORMATION
(SEE INSTRUCTION 1)
- --------------------------------------------------------------------------------
TO BE COMPLETED TO INDICATE HOW NEW NOTES ARE TO BE DELIVERED BY BOOK-ENTRY
TRANSFER.
Name of DTC Participant: ___________________________________________________
DTC Participant Number: ____________________________________________________
- --------------------------------------------------------------------------------
<PAGE>
BOX 6
TENDERING HOLDER SIGNATURE
(SEE INSTRUCTIONS 1 AND 5)
IN ADDITION, COMPLETE SUBSTITUTE FORM W-9
- ------------------------------------------------
x __________________________________________________________________________
x __________________________________________________________________________
(Signature of Holder(s)
or Authorized Signatory)
Note: The above lines must be signed by the registered holder(s) of Old
Notes as their name(s) appear(s) therein or on the DTC security position
listing with respect thereto or by the person(s) authorized to become
registered holder(s) (evidence of such authorization must be transmitted
with this Letter of Transmittal). If signature is by a trustee, executor,
administrator, guardian, attorney-in-fact, officer, or other person acting
in a fiduciary or representative capacity, such person must set forth his or
her full title below. See Instruction 5
Name(s): ___________________________________________________________________
Capacity: __________________________________________________________________
Address: ___________________________________________________________________
____________________________________________________________________________
(Zip Code)
Area Code and Telephone Number: ____________________________________________
Tax Identification or Social
Security Number: ___________________________________________________________
- ------------------------------------------------
- ------------------------------------------------
Signature Guarantee
(If required by Instruction 5)
Authorized Signature
x __________________________________________________________________________
Name: ______________________________________________________________________
(please print)
Title: _____________________________________________________________________
Name of Firm: ______________________________________________________________
(Must be an Eligible
Institution as defined
in Instruction 5)
Address: ___________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
(Zip Code)
Area Code and Telephone Number: ____________________________________________
Dated: _____________________________________________________________________
- ------------------------------------------
<PAGE>
PAYORS NAME: THE CHASE MANHATTAN BANK
<TABLE>
<C> <S> <C>
- ---------------------------------------------------------------------------------------------------
SUBSTITUTE Part I--PLEASE PROVIDE YOUR TIN ------------------------
FORM W-9 IN THE BOX AT RIGHT AND CERTIFY Social Security Number
Department of the Treasury BY SIGNING AND DATING BELOW. OR -------------------
Internal Revenue Service Employer Identification Number
Payer's Request for Taxpayer -----------------------------------------------------------------
Identification Number (TIN)
CERTIFICATION--UNDER PENALTIES OF PERJURY, I CERTIFY THAT:
(1) The number shown on this form is my correct Taxpayer Identification Number (or I am waiting
for a number to be issued to me) and
(2) I am not subject to backup withholding either because: (a) I am exempt from backup
withholding; or (b) I have not been notified by the Internal Revenue Service (the "IRS") that
I am subject to backup withholding as a result of failure to report all interest or dividends,
or (c) the IRS has notified me that I am no longer subject to backup withholding.
-----------------------------------------------------------------
PART II--AWAITING TIN / / PART III--EXEMPT / /
-----------------------------------------------------------------
CERTIFICATION INSTRUCTIONS--You must cross out item (2) above if you have been notified by the
IRS that you are subject to backup withholding because of under-reporting interest or
dividends on your tax return. However, if after being notified by the IRS that you were
subject to backup withholding you received another notification from the IRS stating that you
are no longer subject to backup withholding, do not cross out item (2). If you are exempt from
backup withholding, check the box in Part III.
Signature ----------------------------------------- Date--------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAYER'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER (TIN)
Please fill out your name and address below:
____________________________________________________________________________
Name
____________________________________________________________________________
Address (Number and street)
____________________________________________________________________________
City, State and Zip Code
- --------------------------------------------------------------------------------
NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING
OF 31% OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE OFFER AND THE
SOLICITATION. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF
TAXPAYER IDENTIFICATION NUMBER OF SUBSTITUTE FORM W-9 FOR ADDITIONAL
DETAILS.
YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN
PART II OF SUBSTITUTE FORM W-9.
<TABLE>
<S> <C>
- ----------------------------------------------------------------------------------------------------
CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER
I certify under penalties of perjury that a taxpayer identification number has not been issued to
me, and either (a) I have mailed or delivered an application to receive a taxpayer identification
number to the appropriate Internal Revenue Service Center or Social Security Administration Office or
(b) I intend to mail or deliver an application in the near future. I understand that if I do not
provide a taxpayer identification number to the payor by the time of payment, 31% of all reportable
payments made to me will be withheld until I provide a number and that, if I do not provide my
taxpayer identification number within 60 days, such retained amounts shall be remitted to the IRS as
backup withholding.
Signature ----------------------------------------------------------------- Date--------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
INSTRUCTIONS TO LETTER OF TRANSMITTAL
FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER
1. DELIVERY OF THIS LETTER OF TRANSMITTAL AND OLD NOTES. This Letter of
Transmittal is to be completed by Holders of tendered Old Notes if certificates
representing such tendered Old Notes are to be forwarded herewith pursuant to
the procedures set forth in the Offering Circular under "The Exchange
Offer--Procedures for Tendering Old Notes," unless delivery of such certificates
is to be made by book-entry transfer to the Exchange Agent's account maintained
by DTC through ATOP. For a Holder to properly tender Old Notes pursuant to the
Exchange Offer, a properly completed and duly executed copy of this Letter of
Transmittal, including the Substitute Form W-9, and any other documents required
by this Letter of Transmittal must be received by the Exchange Agent at its
address set forth herein, and either (i) certificates for tendered Old Notes
must be received by the Exchange Agent at its address set forth herein, or (ii)
such tendered Old Notes must be transferred pursuant to the procedures for
book-entry transfer described in the Offering Circular under the caption "The
Exchange Offer--Procedures for Tendering" (and a confirmation of such transfer
must be received by the Exchange Agent) in each case prior to Expiration Date.
The method of delivery of certificates for tendered Old Notes, this Letter of
Transmittal and all other required documents to the Exchange Agent is at the
election and risk of the tendering holder and the delivery will be deemed made
only when actually received by the Exchange Agent. If delivery is by mail,
registered mail with return receipt requested, properly insured, is recommended.
Instead of delivery by mail, it is recommended that the Holder use an overnight
or hand delivery service. In all cases, sufficient time should be allowed to
assure timely delivery. No Letter of Transmittal or certificates for Old Notes
should be sent to the Company. Neither the Company nor the Exchange Agent is
under any obligation to notify any tendering holder of the Company's acceptance
of tendered Old Notes prior to the closing of the Exchange Offer. New Notes will
be delivered only in book-entry form through DTC and only to the DTC account of
the tendering Holder or the tendering Holder's Custodian. Accordingly, a Holder
who tenders Old Notes must specify in Box 5 the DTC Participant name and number
to which the New Notes should be delivered.
2. GUARANTEED DELIVERY PROCEDURES. If a Holder desires to tender Old Notes
pursuant to the Exchange Offer and (a) certificates representing such tendered
Old Notes are not immediately available, (b) time will not permit such Holder(s)
Letter of Transmittal, certificates representing such tendered Old Notes and all
other required documents to reach the Exchange Agent prior to the Expiration
Date, or (c) the procedures for book-entry transfer cannot be completed prior to
the Expiration Date, such Holder may tender Old Notes pursuant to the procedures
set forth below and in the Offering Circular under "The Exchange
Offer--Guaranteed Delivery Procedures" (including the completion of Box 3
above). Pursuant to such procedures, (i) the tender must be made by or through
an Eligible Institution (as defined below), (ii) a properly completed and duly
executed Notice of Guaranteed Delivery, substantially in the form provided by
the Company herewith, or an Agent's Message with respect to a guaranteed
delivery that is accepted by the Company, must be received by the Exchange Agent
on or prior to the Expiration Date, and (iii) the certificates for the tendered
Old Notes, in proper form for transfer (or a Book-Entry Confirmation of the
transfer of such tendered Old Notes to the Exchange Agent's account at DTC as
described in the Offering Circular), together with a Letter of Transmittal (or
manually signed facsimile thereof) properly completed and duly executed, with
any required signature guarantees and any other documents required by the Letter
of Transmittal or a properly transmitted Agent's Message, must be received by
the Exchange Agent within three NYSE trading days after the date of execution of
the Notice of Guaranteed Delivery. Any Holder who wishes to tender Old Notes
pursuant to the guaranteed delivery procedures described above must ensure that
the Exchange Agent receives the Notice of Guaranteed Delivery relating to such
tendered Old Notes prior to the Expiration Date. Failure to complete the
guaranteed delivery procedures outlined above will not, of itself, affect the
validity or effect a revocation of any Letter of Transmittal form properly
completed and executed by an Eligible Holder who attempted to use the guaranteed
delivery process.
3. BENEFICIAL OWNER INSTRUCTIONS TO HOLDERS. Only a Holder in whose name
Old Notes are registered on the books of the registrar (or the legal
representative or attorney-in-fact of such registered holder) or whose name
appears on a DTC security position listing as a holder of Old Notes may execute
and deliver this Letter of Transmittal. Any Beneficial Owner of Old Notes who is
not the Holder must arrange promptly with the Holder to execute and deliver this
Letter of Transmittal on his or her behalf.
4. PARTIAL TENDERS. Tenders of Old Notes will be accepted only in
denominations of $1,000 or in integral multiples thereof. If less than the
entire principal amount of Old Notes held by the Holder is tendered, the Holder
should fill in the principal amount tendered in the column labeled "Total
Principal Amount of Old Notes Tendered" of the box entitled "Description of Old
Notes Tendered" (see Box 1) above. The entire principal amount of Old Notes
delivered to the Exchange Agent will be deemed to have been tendered unless
otherwise indicated. If the entire principal amount of all Old Notes held by the
Holder is not tendered, then new Certificates representing the Old Notes for the
principal amount of Old Notes not tendered and New Notes issued in exchange for
any Old Notes tendered and accepted will be sent to the Holder at its registered
address, unless a different address is provided in Box 2 above entitled "Special
Delivery Instructions" on this Letter of Transmittal, as soon as practicable
following the Expiration Date.
5. SIGNATURES ON THE LETTER OF TRANSMITTAL; BOND POWERS AND ENDORSEMENTS;
GUARANTEE OF SIGNATURES. If this Letter of Transmittal is signed by the
Holder(s) of the tendered Old Notes, the signature must correspond with the
name(s) as written on the face of the tendered Old Notes without alteration,
enlargement or any change whatsoever.
<PAGE>
If any of the tendered Old Notes are owned of record by two or more joint
owners, all such owners must sign this Letter of Transmittal. If any tendered
Old Notes are held in different names, it will be necessary to complete, sign
and submit as many separate copies of the Letter of Transmittal as there are
different names in which such tendered Old Notes are held.
If this Letter of Transmittal is signed by the Holder(s) of Old Notes, and
New Notes issued in exchange therefor are to be issued (and any untendered
principal amount of Old Notes is to be reissued) in the name of the Holder(s),
then such Holder(s) need not and should not endorse any Old Notes, nor provide a
separate bond power. In any other case, such Holder(s) must either properly
endorse the tendered Old Notes or transmit a properly completed separate bond
power with this Letter of Transmittal with the signature(s) on the endorsement
or bond power guaranteed by a Medallion Signature Guarantor (as defined below).
If this Letter of Transmittal is signed by a person other than the Holder(s)
of any tendered Old Notes, such tendered Old Notes must be endorsed or
accompanied by appropriate bond powers, in each case, signed as the name(s) of
the Holder(s) appear(s) on the tendered Old Notes, with the signature(s) on the
endorsement or bond power guaranteed by a Medallion Signature Guarantor.
If this Letter of Transmittal or any tendered Old Notes or bond powers are
signed by trustees, executors, administrators, guardians, attorney-in-fact,
officers of corporations, or others acting in a fiduciary or representative
capacity, such persons should so indicate when signing and, unless waived by the
Company, evidence satisfactory to the Company of their authority to so act must
be submitted with this Letter of Transmittal.
Signatures on this Letter of Transmittal must be guaranteed by a recognized
participant in the Securities Transfer Agents Medallion Program, the New York
Stock Exchange Medallion Signature Program or the Stock Exchange Medallion
Program (each a "Medallion Signature Guarantor"), unless the Old Notes are
tendered (i) by the Holder of the Old Notes (or by a participant in DTC whose
name appears on a security position listing as the owner of such Old Notes) who
has not completed Box 2 ("Special Delivery Instructions") on this Letter of
Transmittal, or (ii) for the account of a member firm of a registered national
securities exchange, a member of the National Association of Securities Dealers,
Inc. ("NASD") or a commercial bank or trust company having an office or
correspondent in the United States (each of the foregoing being referred to as
an "Eligible Institution"). If the tendered Old Notes are registered in the name
of a person other than the signer of the Letter of Transmittal or if Old Notes
not tendered are to be returned to a person other than the Holder, then the
signature on this Letter of Transmittal accompanying the tendered Old Notes must
be guaranteed by a Medallion Signature Guarantor as described above. Beneficial
Owners whose tendered Old Notes are registered in the name of a broker, dealer,
commercial bank, trust company or other nominee must contact such broker,
dealer, commercial bank, trust company or other nominee if they desire to tender
such Old Notes.
6. SPECIAL DELIVERY INSTRUCTIONS. Holders should indicate in Box 2
("Special Delivery Instructions") the name and address to which the New Notes
and/or substitute Old Notes for principal amounts not tendered or not accepted
for exchange are to be sent, if different from the name and address of the
person signing this Letter of Transmittal. In the case of issuance in a
different name, the taxpayer identification or social security number of the
person named must also be indicated.
7. TRANSFER TAXES. The Company will pay all transfer taxes, if any,
applicable to the exchange of Old Notes pursuant to the Exchange Offer. If,
however, a transfer tax is imposed for any reason other than the transfer and
exchange of Old Notes pursuant to the Exchange Offer, then the amount of any
such transfer taxes (whether imposed on the Holder or on any other person) will
be payable by the Holder. If satisfactory evidence of payment of such taxes or
exemption therefrom is not submitted with this Letter of Transmittal, the amount
of such transfer taxes will be billed directly to such Holder.
It will not be necessary for transfer tax stamps to be affixed to the
tendered Old Notes listed in this Letter of Transmittal.
8. TAX IDENTIFICATION NUMBER. Federal income tax law requires that the
Holder(s) of any Old Notes which are accepted for exchange must provide the
Exchange Agent (as payor) with its correct taxpayer identification number
("TIN"), which, in the case of a Holder who is an individual, is his or her
social security number. If the Exchange Agent is not provided with the correct
TIN, the Holder may be subject to backup withholding and a $50 penalty imposed
by the Internal Revenue Service ("IRS"). (If withholding results in an
over-payment of taxes, a refund may be obtained.) Certain Holders (including,
among others, all corporations and certain foreign individuals) are not subject
to these backup withholding and reporting requirements. See the enclosed
"Guidelines for Certification of Taxpayer Identification Number on Substitute
Form W-9" for additional instructions.
To prevent backup withholding, each Holder of tendered Old Notes must
provide such Holder's correct TIN by completing the Substitute Form W-9 set
forth herein, certifying that the TIN provided is correct (or that such Holder
is awaiting a TIN), and that (i) the Holder has not been notified by the IRS
that such Holder is subject to backup withholding as a result of failure to
report all interest or dividends or (ii) if previously so notified, the IRS has
notified the Holder that such Holder is no longer subject to backup withholding.
If the tendered Old Notes are registered in more than one name or are not in the
name of the actual owner, consult the "Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9" for information on which TIN to
report.
<PAGE>
The Company reserves the right in its sole discretion to take whatever steps
are necessary to comply with the Company's obligation regarding backup
withholding.
9. VALIDITY OF TENDERS. All questions as to the validity, form,
eligibility (including time of receipt), acceptance and withdrawal of tendered
Old Notes will be determined by the Company in its sole discretion, which
determination will be final and binding. The Company reserves the right to
reject any and all Old Notes not validly tendered or any Old Notes the Company's
acceptance of which would, in the opinion of the Company or its counsel, be
unlawful. The Company also reserves the right to waive any conditions of the
Exchange Offer or defects or irregularities in tenders of Old Notes as to any
ineligibility of any Holder who seeks to tender Old Notes in the Exchange Offer.
The interpretation of the terms and conditions of the Exchange Offer (including
this Letter of Transmittal and the instructions hereto) by the Company shall be
final and binding on all parties. Unless waived, any defects or irregularities
in connection with tenders of Old Notes must be cured within such time as the
Company shall determine. Neither the Company, the Exchange Agent nor any other
person shall be under any duty to give notification of defects or irregularities
with respect to tenders of Old Notes, nor shall any of them incur any liability
for failure to give such notification. Tenders of Old Notes will not be deemed
to have been made until such defects or irregularities have been cured or
waived. Any Old Notes received by the Exchange Agent that are not properly
tendered and as to which the defects or irregularities have not been cured or
waived will be returned by the Exchange Agent to the Holders, unless otherwise
provided in this Letter of Transmittal, as soon as practicable following the
Expiration Date.
10. WAIVER OF CONDITIONS. The Company reserves the absolute right to
amend, waive or modify any of the conditions in the Exchange Offer in the case
of any Old Notes.
11. NO CONDITIONAL TENDER. No alternative, conditional, irregular or
contingent tender of Old Notes or transmittal of this Letter of Transmittal will
be accepted.
12. MUTILATED, LOST, STOLEN OR DESTROYED NOTES. Any Holder whose tendered
Old Notes have been mutilated, lost, stolen or destroyed should contact the
Exchange Agent at the address indicated herein for further instructions.
13. REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES. Questions and requests
for assistance and requests for additional copies of the Offering Circular or
this Letter of Transmittal may be directed to the Exchange Agent or the
Information Agent at the addresses and telephone numbers indicated herein.
Holders may also contact their broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the Exchange Offer.
14. ACCEPTANCE OF TENDERED OLD NOTES AND ISSUANCE OF NEW NOTES; RETURN OF
OLD NOTES. Subject to the terms and conditions of the Exchange Offer, the
Company will accept for exchange all validly tendered Old Notes as soon as
practicable after the Expiration Date and will issue New Notes therefor on the
fifth business day following the Expiration Date. For purposes of the Exchange
Offer, the Company shall be deemed to have accepted tendered Old Notes when, as
and if the Company has given written or oral notice (immediately followed in
writing) thereof to the Exchange Agent. If any tendered Old Notes are not
exchanged pursuant to the Exchange Offer for any reason, such unexchanged Old
Notes will be returned, without expense, to the undersigned at the address shown
in Box 1 or at a different address as may be indicated in Box 2 "Special
Delivery Instructions".
15. WITHDRAWAL. Tenders may be withdrawn only pursuant to the procedures
set forth in the Offering Circular under the caption "The Exchange
Offer--Withdrawal Rights."
<PAGE>
NOTICE OF GUARANTEED DELIVERY
IN RESPECT OF
9 7/8% SUBORDINATED NOTES DUE 2009
OF
BANC ONE CORPORATION
PURSUANT TO THE OFFERING CIRCULAR
DATED FEBRUARY 18, 1998
The Exchange Agent for the Exchange Offer is:
EXCHANGE AGENT
THE CHASE MANHATTAN BANK
<TABLE>
<S> <C> <C>
BY FAX: BY COURIER: BY MAIL:
(214) 672-5932 Chase Bank of Texas, N.A. Chase Bank of Texas, N.A.
Attention: Frank Ivins 1 Main Place P.O. Box 2320 - 18th Floor
1201 Main Street - 18th Dallas, Texas 25221-2320
Floor Attention: Frank Ivins
Attention: Frank Ivins
Dallas, Texas 75202
Phone: 1-800-648-8380
</TABLE>
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS, OR TRANSMISSION
VIA FACSIMILE TO A NUMBER, OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE
VALID DELIVERY.
- --------------------------------------------------------------------------------
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED (THE "EXPIRATION DATE").
- --------------------------------------------------------------------------------
As set forth in the Offering Circular dated February 18, 1998 (as it may be
supplemented and amended from time to time, the "Offering Circular") of BANC ONE
CORPORATION (the "Company") under "The Exchange Offer--Guaranteed Delivery
Procedures," and in the Instructions to the related Letter of Transmittal (the
"Letter of Transmittal"), this form, or one substantially equivalent hereto, or
an Agent's Message relating to the guaranteed delivery procedures, must be used
to accept the Company's offer (the "Exchange Offer") to exchange an aggregate
principal amount of up to $200,000,000 of its Subordinated Notes due March 1,
2019 (the "New Notes") for a like principal amount of its issued and outstanding
9 7/8% Subordinated Notes Due March 1, 2009 (the "Old Notes"), if time will not
permit the Letter of Transmittal, certificates representing such Old Notes and
other required documents to reach the Exchange Agent, or the procedures for
book-entry transfer cannot be completed, prior to the Expiration Date (as
defined herein).
This form must be delivered by an Eligible Institution (as defined herein)
by facsimile transmission, mail or hand delivery to the Exchange Agent as set
forth above. If a signature on the Letter of Transmittal is required to be
guaranteed by a Medallion Signature Guarantor under the instructions thereto,
such signature guarantee must appear in the applicable space provided in the
Letter of Transmittal. This form is not to be used to guarantee signatures.
Questions and requests for assistance and requests for additional copies of
the Offering Circular may be directed to the Exchange Agent at the address
above. Beneficial owners may also contact their broker, dealer, commercial bank,
trust company, or other nominee for assistance concerning the Exchange Offer.
<PAGE>
LADIES AND GENTLEMEN:
The undersigned hereby tender(s) to the Company, upon the terms and subject
to the conditions set forth in the Offering Circular and the Letter of
Transmittal (receipt of which is hereby acknowledged), the principal amount of
the Old Notes specified below pursuant to the guaranteed delivery procedures set
forth in the Offering Circular under "The Exchange Offer--Guaranteed Delivery
Procedures" and in Instruction 2 to the Letter of Transmittal. The undersigned
hereby authorizes the Exchange Agent to deliver this Notice of Guaranteed
Delivery to the Company with respect to the Old Notes tendered pursuant to the
Exchange Offer.
The undersigned understands that Old Notes will be exchanged only after
timely receipt by the Exchange Agent of (i) such Old Notes, or a Book-Entry
Confirmation of the transfer of such Old Notes into the Exchange Agent's account
at the Book-Entry Transfer Facility, and (ii) a Letter of Transmittal (or a
manually signed facsimile thereof), with respect to such Old Notes, properly
completed and duly executed, with any signature guarantees (or an Agent's
Message in lieu thereof) and any other documents required by the Letter of
Transmittal within three New York Stock Exchange trading days after the
execution hereof. The undersigned also understands that the method of delivery
of this Notice of Guaranteed Delivery and any other required documents to the
Exchange Agent is at the election and sole risk of the Holder, and the delivery
will be deemed made only when actually received by the Exchange Agent.
THE UNDERSIGNED UNDERSTANDS THAT TENDERS OF OLD NOTES WILL BE ACCEPTED ONLY
IN DENOMINATIONS OF $1,000 OR AN INTEGRAL MULTIPLE THEREOF. THE UNDERSIGNED ALSO
UNDERSTANDS THAT TENDERS OF OLD NOTES MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE
EXPIRATION DATE.
All authority conferred or agreed to be conferred by this Notice of
Guaranteed Delivery shall not be affected by, and shall survive, the death or
incapacity of the undersigned, and every obligation of the undersigned under
this Notice of Guaranteed Delivery shall be binding upon the heirs, executors,
administrators, trustees in bankruptcy, personal and legal representatives,
successors and assigns of the undersigned.
All capitalized terms used herein but not defined herein shall have the
meanings ascribed to them in the Offering Circular.
<PAGE>
PLEASE SIGN AND COMPLETE
- -------------------------------------------
Signature(s) of Holder(s) or
Authorized Signatory: ______________________________________________________
____________________________________________________________________________
____________________________________________________________________________
Name(s) of Holder(s): ______________________________________________________
____________________________________________________________________________
____________________________________________________________________________
Principal Amount of Old Notes
Tendered: __________________________________________________________________
____________________________________________________________________________
Certificate No.(s) of Old Notes
(if available): ____________________________________________________________
____________________________________________________________________________
-----------------------------------------------
-----------------------------------------------
Date: ______________________________________________________________________
Address: ___________________________________________________________________
____________________________________________________________________________
Area Code and Telephone No: ________________________________________________
____________________________________________________________________________
If Notes will be delivered by book-entry transfer, check book-entry transfer
facility below:
/ / The Depository Trust Company
DTC Account No. ____________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
----------------------------------------------
This Notice of Guaranteed Delivery must be signed by the Holder(s) exactly
as their name(s) appear(s) on certificate(s) for Old Notes, or by person(s)
authorized to become Holder(s) by endorsements and documents transmitted with
this Notice of Guaranteed Delivery without alteration, enlargement or any change
whatsoever. If signature is by a trustee, executor, administrator, guardian,
attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must provide the following information.
Please print name(s) and address(es)
Name(s): _______________________________________________________________________
________________________________________________________________________________
Capacity: ______________________________________________________________________
Address(es): ___________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
DO NOT SEND OLD NOTES WITH THIS FORM. OLD NOTES SHOULD BE SENT TO THE
EXCHANGE AGENT TOGETHER WITH A PROPERLY COMPLETED AND DULY EXECUTED LETTER OF
TRANSMITTAL.
<PAGE>
GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEE)
The undersigned, a member of the Securities Transfer Agents Medallion
Program, the Stock Exchange Medallion Program or the New York Stock Exchange,
Inc. Medallion Signature Program (each, an "Eligible Institution"), hereby (i)
represents that the above-named persons are deemed to own the Old Notes tendered
hereby within the meaning of Rule 14e-4 promulgated under the Securities
Exchange Act of 1934, as amended ("Rule 14e-4"), (ii) represents that such
tender of Old Notes complies with Rule 14e-4 and (iii) guarantees that the Notes
tendered hereby are in proper form for transfer (pursuant to the procedures set
forth in the Offering Circular under "The Exchange Offer--Guaranteed Delivery
Procedures"), and that the Exchange Agent will receive (a) such Old Notes, or a
Book-Entry Confirmation of the transfer of such Old Notes into the Exchange
Agent's account at the Book-Entry Transfer Facility and (b) a properly completed
and duly executed Letter of Transmittal or manually signed facsimile thereof (or
Agent's message) with any required signature guarantees and any other documents
required by the Letter of Transmittal within three New York Stock Exchange
trading days after the date of execution hereof.
The Eligible Institution that completes this form must communicate the
guarantee to the Exchange Agent and must deliver the Letter of Transmittal and
Old Notes to the Exchange Agent within the time period shown herein. Failure to
do so could result in a financial loss to such Eligible Institution.
Name of Firm: __________________________________________________________________
Authorized Signature: __________________________________________________________
Title: _________________________________________________________________________
Address: _______________________________________________________________________
________________________________________________________________________________
(Zip Code)
Area Code and Telephone Number: ________________________________________________
Dated: _____________________________________
________________________________________________________________________________
<PAGE>
LETTER TO DTC PARTICIPANTS
BANC ONE CORPORATION
OFFER TO EXCHANGE
SUBORDINATED NOTES DUE 2019
FOR ANY AND ALL OF ITS OUTSTANDING
9 7/8% SUBORDINATED NOTES DUE 2009
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK
CITY TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED (THE "EXPIRATION
DATE").
February 18, 1998
To DTC participants, including Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees:
BANC ONE CORPORATION (the "Company"), is offering upon the terms and subject
to the conditions set forth in the Offering Circular dated February 18, 1998
(the "Offering Circular") and the accompanying Letter of Transmittal which
together constitute the Company's offer (the "Exchange Offer") to exchange an
aggregate principal amount of up to $200,000,000 of its Subordinated Notes Due
March 1, 2019 (the "New Notes") for a like principal amount of its issued and
outstanding 9 7/8% Subordinated Notes Due March 1, 2009 (the "Old Notes") from
the registered holders (individually, a "Holder" and collectively, the
"Holders") thereof. The New Notes will evidence the same class of debt as the
Old Notes and will be issued pursuant to, and entitled to the benefits of, an
Indenture dated as of March 3, 1997 between the Company and The Chase Manhattan
Bank, as trustee.
The New Notes will have the same interest rate as the Old Notes until March
1, 2009, and, thereafter, the interest rate on the New Notes will be as provided
herein. For the Old Notes, a price (the "Reference Price of the Old Notes") will
be determined using a specified fixed spread pricing formula. The Reference
Price of the Old Notes will be based on a yield to the maturity date of the Old
Notes equal to (i) the yield on the 5 1/2% U.S. Treasury Note due February 15,
2008 plus (ii) 88 basis points. For the New Notes, a per annum interest rate
(the "Extension Coupon") will be determined for the period from, and including,
March 1, 2009 to, but not including, the maturity date, March 1, 2019. This
Extension Coupon (expressed as a percentage with two decimal places) will be
such that the price of the New Notes (the "Reference Price of the New Notes")
will be at least $15.00 or greater than the Reference Price of the Old Notes per
$1,000 principal amount thereof . The Reference Price of the New Notes will be
based on a yield to the maturity date of the New Notes equal to (i) the yield on
the 6 3/8% U.S. Treasury Note due August 15, 2027 plus (ii) 100 basis points.
For each $1,000 principal amount of Old Notes exchanged, the Holder thereof will
receive $1,000 principal amount of New Notes.
The Extension Coupon and the reference prices will be determined as of 2:00
p.m., New York City time, on the second business day prior to the Expiration
Date, unless the Expiration Date is extended.
Upon the terms and subject to the conditions of the Exchange Offer and
applicable law, the Company will exchange all Old Notes validly tendered (and
not withdrawn) pursuant to the Exchange Offer and accepted for exchange on the
fifth New York Stock Exchange trading day following the Expiration Date, or as
soon as possible thereafter (the "Settlement Date").
For your information and for forwarding to your clients for whom you hold
Old Notes registered in your name or in the name of your nominee, we are
enclosing the following documents:
1. Offering Circular;
2. The Letter of Transmittal to be used by each Holder of Old Notes to
exchange Old Notes for New Notes;
3. A Notice of Guaranteed Delivery to be used to accept the Exchange Offer
if Old Notes and all other required documents cannot be delivered to The Chase
Manhattan Bank (the "Exchange Agent") by
<PAGE>
the Expiration Date, or the book-entry transfer of such Old Notes cannot be
completed by the Expiration Date;
4. A form of letter which may be sent to your clients for whose accounts
you hold Old Notes in your name or in the name of your nominee with space
provided for obtaining such clients' instructions with regard to the Exchange
Offer;
5. A letter from the Company regarding the Exchange Offer that may be sent
to your clients;
6. Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9; and
7. A return envelope addressed to The Chase Manhattan Bank, as Exchange
Agent.
YOUR PROMPT ACTION IS REQUESTED. WE URGE YOU TO CONTACT YOUR CLIENTS
PROMPTLY. PLEASE NOTE THAT THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK
CITY TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED.
IMPORTANT: THE LETTER OF TRANSMITTAL (OR A MANUALLY SIGNED FACSIMILE
THEREOF), TOGETHER WITH THE OLD NOTES AND ALL OTHER REQUIRED DOCUMENTS, MUST BE
RECEIVED BY THE EXCHANGE AGENT PRIOR TO THE EXPIRATION DATE.
In order to exchange Old Notes pursuant to the Exchange Offer, a duly
executed and properly completed Letter of Transmittal and any required signature
guarantees should be sent to the Exchange Agent, and certificates representing
the tendered Old Notes (or confirmation of a book-entry transfer) should be
delivered to the Exchange Agent, all in accordance with the instructions set
forth in the Letter of Transmittal and the Offering Circular.
The Company will, upon request, reimburse brokers, dealers, commercial
banks, trust companies and other nominees for reasonable and customary mailing
and handling expenses incurred by them in forwarding material to their
customers. The Company will pay or cause to be paid all transfer taxes, if any,
with respect to the transfer of any Old Notes to it pursuant to the Exchange
Offer, except as otherwise provided in Instruction 7 of the Letter of
Transmittal.
Any inquiries you may have with respect to the Exchange Offer should be
addressed to, and additional copies of the enclosed materials may be obtained
from, Georgeson & Company, Inc., the Information Agent, at the address and
telephone number contained in the Offering Circular. In addition, Holders may
contact Deutsche Morgan Grenfell Inc., the financial advisor, at the address and
telephone number contained in the Offering Circular.
Very truly yours,
BANC ONE CORPORATION
NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS IS INTENDED TO
CONSTITUTE YOU OR ANY PERSON THE AGENT OF THE COMPANY, THE CHASE MANHATTAN BANK,
GEORGESON & COMPANY, INC. OR ANY OF THEIR RESPECTIVE AFFILIATES, OR AUTHORIZE
YOU OR ANY OTHER PERSON TO MAKE ANY STATEMENT ON THEIR BEHALF OTHER THAN
STATEMENTS EXPRESSLY MADE IN THE OFFERING CIRCULAR OR THE LETTER OF TRANSMITTAL
OR USE ANY DOCUMENTS IN CONNECTION WITH THE EXCHANGE OFFER OTHER THAN FOR THE
PURPOSES DESCRIBED HEREIN.
<PAGE>
LETTER TO BENEFICIAL OWNERS
BANC ONE CORPORATION
OFFER TO EXCHANGE
SUBORDINATED NOTES DUE 2019
FOR ANY AND ALL OF ITS OUTSTANDING
9 7/8% SUBORDINATED NOTES DUE 2009
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW
YORK CITY TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED (THE "EXPIRATION
DATE").
FEBRUARY 18, 1998
TO OUR CLIENTS:
Enclosed for your consideration are the Offering Circular dated February 18,
1998 (the "Offering Circular") and the accompanying Letter of Transmittal (which
together constitute the "Exchange Offer") in connection with the offer by BANC
ONE CORPORATION (the "Company") upon the terms and subject to the conditions set
forth in the Offering Circular and the accompanying Letter of Transmittal to
exchange an aggregate principal amount of up to $200,000,000 of its Subordinated
Notes Due March 1, 2019 (the "New Notes") for a like principal amount of its
issued and outstanding 9 7/8% Subordinated Notes Due March 1, 2009 (the "Old
Notes") from the registered holders (individually, a "Holder" and collectively,
the "Holders") thereof. The New Notes will evidence the same class of debt as
the Old Notes and will be issued pursuant to, and entitled to the benefits of,
an Indenture dated as of March 3, 1997 between the Company and The Chase
Manhattan Bank, as trustee.
The New Notes will have the same interest rate as the Old Notes until March
1, 2009, and, thereafter, the interest rate on the New Notes will be as provided
herein. For the Old Notes, a price (the "Reference Price of the Old Notes") will
be determined using a specified fixed spread pricing formula. The Reference
Price of the Old Notes will be based on a yield to the maturity date of the Old
Notes equal to (i) the yield on the 5 1/2% U.S. Treasury Note due February 15,
2008 plus (ii) 88 basis points. For the New Notes, a per annum interest rate
(the "Extension Coupon") will be determined for the period from, and including,
March 1, 2009 to but not including the maturity date, March 1, 2019. This
Extension Coupon (expressed as a percentage with two decimal places) will be
such that the price of the New Notes (the "Reference Price of the New Notes")
will be at least $15.00 or greater than the Reference Price of the Old Notes per
$1,000 principal amount thereof . The Reference Price of the New Notes will be
based on a yield to the maturity date of the New Notes equal to (i) the yield on
the 6 3/8% U.S. Treasury Note due August 15, 2027 plus (ii) 100 basis points.
For each $1,000 principal amount of Old Notes exchanged, the Holder thereof will
receive $1,000 principal amount of New Notes.
The Extension Coupon and the reference prices will be determined as of 2:00
p.m., New York City time, on the second business day prior to the Expiration
Date, unless the Expiration Date is extended.
We are the Holder of Old Notes held for your account. A tender of such Old
Notes can be made only by us as the Holder and pursuant to your instructions.
The enclosed Letter of Transmittal is furnished to you for your information only
and cannot be used by you to tender Old Notes held by us for your account.
Beneficial owners of Old Notes whose Old Notes are held in the name of a broker,
dealer, commercial bank, trust company or other nominee must contact such
broker, dealer, commercial bank, trust company or other nominee if they desire
to exchange such Old Notes.
We request that you advise us whether you wish us to tender any or all of
the Old Notes held by us for your account upon the terms and subject to the
conditions set forth in the Offering Circular and the Letter of Transmittal.
<PAGE>
Your instructions to us should be forwarded as promptly as possible in order
to permit us to execute a Letter of Transmittal and tender your Old Notes on
your behalf in accordance with the terms of the Exchange Offer.
Your attention is directed to the following:
1. The Exchange Offer and withdrawal rights will expire at 5:00 p.m. New
York City time, on Wednesday, March 18, 1998, unless extended.
2. The Company's obligation to exchange Old Notes for New Notes is subject
to certain conditions set forth in the Offering Circular under the caption "The
Exchange Offer--Conditions to the Exchange Offer".
3. Tenders of Old Notes may only be withdrawn prior to the Expiration Date.
4. Any transfer taxes with respect to the exchange and transfer of any Old
Notes pursuant to the Exchange Offer will be paid by the Company, except as
otherwise provided in Instruction 7 of the Letter of Transmittal.
If you wish to have us tender any or all of your Old Notes, please so
instruct us by completing, executing, detaching and returning to us the
detachable instruction form set forth below. An envelope to return your
instructions is enclosed. If you authorize the tender of your Old Notes, all
such Old Notes will be tendered unless otherwise specified on such instructions.
Your instruction should be forwarded to us in ample time to permit us to submit
a tender on your behalf before the Expiration Date.
The Exchange Offer is not being made to, and offers are not being solicited
from (nor will tenders of Old Notes be accepted from or on behalf of, Holders in
any jurisdiction in which the making of the Exchange Offer or acceptance for
exchange of the Old Notes would not be in compliance with the laws of that
jurisdiction. However, the Company may, in its sole discretion, take such action
as it may deem necessary to make the Exchange Offer in any such jurisdiction,
and may extend the Exchange Offer to Holders in that jurisdiction.
IMPORTANT: THE LETTER OF TRANSMITTAL (OR A MANUALLY SIGNED FACSIMILE
THEREOF), TOGETHER WITH THE OLD NOTES AND ALL OTHER REQUIRED DOCUMENTS MUST BE
RECEIVED BY THE EXCHANGE AGENT PRIOR TO THE EXPIRATION DATE.
<PAGE>
INSTRUCTION WITH RESPECT TO THE EXCHANGE OFFER
The undersigned acknowledge(s) receipt of your letter, the Offering Circular
dated February 18, 1998 and the related Letter of Transmittal relating to the
Old Notes in connection with the Exchange Offer by the Company to exchange its
New Notes for up to $200,000,000 of the Old Notes that are validly tendered and
accepted for exchange, upon the terms and subject to the conditions set forth in
the Offering Circular.
This will instruct you to tender the number of Old Notes indicated below
held by you for the account of the undersigned, upon the terms and subject to
the conditions set forth in the Offering Circular and the Letter of Transmittal
with respect to the Old Notes tendered.
SIGN HERE
<TABLE>
<S> <C>
- ------------------------------------------- -------------------------------------------
Signature Signature
(if more than one account holder)
- ------------------------------------------- -------------------------------------------
Name (Please Print) Name (Please Print)
- ------------------------------------------- -------------------------------------------
Address Telephone No. (including Area Code)
- ------------------------------------------- Date: -------------------------------------
City, State and Postal Code
</TABLE>
/ / By checking this box, all Old Notes held by you for our account will be
tendered in the Exchange Offer. If fewer than all Old Notes are to be tendered,
we have checked the box below and indicated the principal amount of Old Notes to
be tendered by you.
/ / $_________ Old Notes*
- ------------------------
* Unless otherwise indicated, it will be assumed that all such Old Notes
are to be tendered.
<PAGE>
THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF
AN OFFER TO BUY THESE SECURITIES. THE EXCHANGE OFFER IS MADE SOLELY
BY THE OFFERING CIRCULAR DATED FEBRUARY 18, 1998.
$200,000,000
BANC ONE
CORPORATION
NOTICE OF OFFER TO EXCHANGE SUBORDINATED NOTES
DUE 2019 FOR ANY AND ALL OF ITS OUTSTANDING
9 7/8% SUBORDINATED NOTES DUE 2009
BANC ONE CORPORATION (the "Company"), is offering, upon the terms and
subject to the conditions set forth in the Offering Circular dated February
18, 1998 (the "Offering Circular") and the accompanying Letter of Transmittal
which together constitute the Company's offer (the "Exchange Offer") to
exchange an aggregate principal amount of up to $200,000,000 of its
Subordinated Notes Due March 1, 2019 (the "New Notes") for a like principal
amount of its issued and outstanding 9 7/8% Subordinated Notes Due March 1,
2009 (the "Old Notes") from the registered holders (individually, a "Holder"
and collectively, the "Holders") thereof. The New Notes will evidence the
same class of debt as the Old Notes and will be issued pursuant to, and
entitled to the benefits of, an Indenture, dated as of March 3, 1997, between
the Company and The Chase Manhattan Bank.
The New Notes will have the same interest rate as the Old Notes until
March 1, 2009, and, thereafter, the interest rate will be calculated for the
final 10 years of maturity based on a fixed spread pricing formula
For the Old Notes, a price (the "Reference Price of the Old Notes"] will
be determined using a specified fixed spread pricing formula. The Reference
Price of the Old Notes will be based on a yield (the "Reference Yield on the
Old Notes") to the maturity date of the Old Notes equal to (i) the per annum
yield on the 5 1/2% U.S. Treasury Note due February 15, 2008 plus (ii) 88
basis points. For the New Notes, a per annum interest rate (the "Extension
Coupon") will be determined for the period from March 1, 2009 to the maturity
date, March 1, 2019. This Extension Coupon (expressed as a percentage with
two decimal places) will be such that the price of the New Notes (the
"Reference Price of the New Notes") will be at least S15.00 greater than the
Reference Price of the Old Notes per $1,000 principal amount thereof. The
Reference Price of the New Notes will be based on a yield (the "Reference
Yield of the New Notes") to the maturity date of the New Notes equal to (i) the
yield on the 6 3/8% U.S. Treasury Note due August 15, 2027 plus (ii) 100 basis
points. For each $1,000 principal amount of Old Notes exchanged, the holder
thereof will receive $l,000 principal amount of New Notes.
The Extension Coupon and reference price, will be determined as of 2:00
p.m., New York City time, on the second business day prior to the expiration
date, unless the expiration date is extended.
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK
CITY TIME, ON WEDNESDAY, MARCH 18, 1998, UNLESS EXTENDED.
The "Exchange Date" in respect of any Old Notes tendered and accepted
for exchange will be the fifth New York City business day following the date
on which such Old Notes are tendered and accepted for exchange. The terms of
the Exchange Offer are more fully described in the Offering Circular.
Information regarding the Exchange Offer, including the applicable
Extension Coupon, reference prices, reference yields and other such
information will be available on MCM "CorporateWatch" Service on Telerate
Page 58248. In addition, holders of the Old Notes may obtain additional
copies of the Offering Circular by contacting Georgeson & Company Inc., the
Information Agent at the address or telephone number listed below. Holders
of the Old Notes may ascertain the Reference Yield of the Old Notes, the
Reference Yield of the New Notes, the Reference Price of the Old Notes, the
Reference Price of the New Notes and the current resulting Extension Coupon
for the New Notes at a particular time by contacting Deutsche Morgan Grenfell
Inc., the financial advisor, at (212) 469-7645 (call collect).
THE INFORMATION AGENT FOR THE EXCHANGE OFFER IS:
GEORGESON & COMPANY INC.
Wall Street Plaza
88 Pine Street, 30th Floor
New York, New York 10005
Bankers and Brokers Call Collect:
(212) 440-9800
All Others Call Toll Free:
(800) 223-2064
February 18, 1998
<PAGE>
[LETTERHEAD]
NEWS RELEASE
[LOGO]
For further information contact:
Steven R. Bluhm (614) 248-6443
FOR RELEASE: February 17, 1998
BANC ONE CORPORATION COMMENCES OFFER TO EXCHANGE
$200 MILLION OF ITS OUTSTANDING DEBT
------------------
COLUMBUS, OH (Feb. 17, 1998) BANC ONE CORPORATION (the Company) announced today
that it will commence an offer to exchange up to $200 million of newly issued
Subordinated Notes Due March 1, 2019 for any and all of its $200 million 9 7/8%
Subordinated Notes Due March 1, 2009.
The Company is offering to exchange for each $1,000 principal amount of its
9 7/8% Subordinated Notes an equal principal amount of a new note with a longer
maturity of March 1, 2019. The new Subordinated Notes will have the same
interest rate as the 9 7/8% Subordinated Notes until March 1, 2009, and,
thereafter, the interest rate will be calculated for the final 10 years of
maturity based on a fixed spread pricing formula.
For the 9 7/8% Subordinated Notes, a reference price will be determined using a
specified fixed spread pricing formula. The reference price of the 9 7/8%
Subordinated Notes will be based on a yield to the maturity date of the 9 7/8%
Subordinated Notes equal to the yield on the 5 1/2% U.S. Treasury Note due
February 15, 2008 plus 88 basis points. For the new Subordinated Notes due
March 1, 2019, an extension coupon will be determined for the period from, and
including, March 1, 2009 to, but not including, the maturity date, March 1,
2019. The extension coupon will be such that the reference price of the new
Subordinated Notes Due March 1, 2019 will be at least $15.00 greater than the
reference price of the 9 7/8% Subordinated Notes per $1,000 principal amount
thereof. The reference price of the new Subordinated Notes Due March 1, 2019
will be based on a yield to the maturity date of the new Subordinated Notes Due
March 1, 2019 equal to the yield on the 6 3/8% U.S. Treasury Note due August 15,
2027 plus 100 basis points.
-more-
<PAGE>
BANC ONE
Page 2
The reference prices and extension coupon will be determined as of 2:00 p.m.,
New York City time, on the second business day prior to the expiration date.
The expiration date for the Exchange Offer is 5:00 p.m., New York City time, on
Wednesday, March 18, 1998 unless extended.
The purpose of the Exchange Offer is to take advantage of currently available
interest rates by exchanging a portion of the Company's long-term debt portfolio
upon terms which the Company believes are more beneficial to it. The company
intends to accomplish this objective by extending the overall maturity of a
portion of their long-term debt portfolio.
BANC ONE CORPORATION had managed total assets of $147.0 billion, total assets of
$115.9 billion, and common equity of $10.2 billion at December 31, 1997. BANC
ONE operates over 1,300 banking centers in 12 states. BANC ONE also owns several
additional corporations that engage in a full range of financial services.
Information about BANC ONE's financial results and it products and services can
be accessed on the Internet at: http://www.bankone/com; through InvestQuest at:
http://www.investquest.com; or through Fax-on-demand at: (614) 844-3860.
This announcement constitutes neither an offer to sell nor a solicitation of an
offer to buy the Company's notes that are the subject of the exchange offer.
Offers are made only by the offering circular for the exchange offer which can
be obtained by calling Georgeson & Company Inc., the Information Agent, at (212)
440-9800 (call collect) for banks and brokers or (800) 223-2064 for all others.
In addition, holders of the 9 7/8% Subordinated Notes may contact Deutsche
Morgan Grenfell, Inc., the financial advisor, at (212) 469-7645 with questions
regarding the exchange offer.
#####
<PAGE>
GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
NUMBER ON SUBSTITUTE FORM W-9
GUIDELINES FOR DETERMINING THE PROPER IDENTIFICATION NUMBER TO GIVE THE
PAYER.--Social Security numbers have nine digits separated by two hyphens: i.e.
000-00-0000. Employer identification numbers have nine digits separated by only
one hyphen: i.e. 00-0000000. The table below will help determine the number to
give the payer.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GIVE THE
FOR THIS TYPE OF ACCOUNT: SOCIAL SECURITY NUMBER OF--
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
1.An individual's account The individual
2.Two or more individuals (joint The actual owner of the account
account) or, if combined funds, any one
of the individuals(1)
3.Husband and wife (joint account) The actual owner of the account
or, if joint funds, either
person(1)
4.Custodian account of a minor (Uniform The minor(2)
Gift to Minors Act)
5.Adult and minor (joint account) The adult or, if the minor is
the only contributor, the
minor(1)
6.Account in the name of guardian or The ward, minor, or incompetent
committee for a designated ward, person(3)
minor, or incompetent person
7. a.The usual revocable savings trust The grantor-trustee(1)
account (grantor is also trustee)
b.So-called trust account that is not a The actual owner(1)
legal or valid trust under State law
8.Sole proprietorship account The owner(4)
<CAPTION>
FOR THIS TYPE OF ACCOUNT:
<S> <C>
- ----------------------------------------
1.An individual's account
2.Two or more individuals (joint
account)
3.Husband and wife (joint account)
4.Custodian account of a minor (Uniform
Gift to Minors Act)
5.Adult and minor (joint account)
6.Account in the name of guardian or
committee for a designated ward,
minor, or incompetent person
7. a.The usual revocable savings trust
account (grantor is also trustee)
b.So-called trust account that is not a
legal or valid trust under State law
8.Sole proprietorship account
</TABLE>
<TABLE>
<S> <C> <C> <C>
For this type of account: Give the
EMPLOYER IDENTIFICATION
number of--
9.A valid trust, estate, or The legal entity (Do not
pension trust furnish the identifying
number of the personal
representative or
trustee unless the
legal entity itself is
not designated in the
account title.)(5)
10.Corporate account The corporation
11.Religious, charitable, or The organization
educational organization
account
12.Partnership account held in The partnership
the name of the business
13.Association, club, or other The organization
tax-exempt organization
14.A broker or registered The broker or nominee
nominee
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
15.Account with the Department The public entity
of Agriculture in the name
of a public entity (such as
a State or local government,
school district or prison)
that receives agricultural
program payments
</TABLE>
- --------------------------------------------------------------------------------
(1) List first and circle the name of the person whose number you furnish.
(2) Circle the minor's name and furnish the minor's social security number.
(3) Circle the ward's, minor's or incompetent person's name and furnish such
person's social security number.
(4) Show the name of the owner.
(5) List first and circle the name of the legal trust, estate, or pension trust.
NOTE: If no name is circled when there is more than one name, the number will be
considered to be that of the first name listed.
<PAGE>
GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
NUMBER ON SUBSTITUTE FORM W-9
PAGE 2
OBTAINING A NUMBER
If you don't have a taxpayer identification number or you don't know your
number, obtain Form SS-5 (Application for a Social Security Number Card) or Form
SS-4 (Application for Employer Identification Number) from your local office of
the Social Security Administration or the Internal Revenue Service and apply for
a number.
PAYEES AND PAYMENTS EXEMPT FROM BACKUP WITHHOLDING
Payees specifically exempted from backup withholding on ALL payments include
the following:
- - A corporation.
- - A financial institution.
- - An organization exempt from tax under section 501 (a), or an individual
retirement plan.
- - The United States or any agency or instrumentality thereof.
- - A State, the District of Columbia, a possession of the United States, or any
subdivision or instrumentality thereof.
- - A foreign government, a political subdivision of a foreign government, or any
agency or instrumentality thereof.
- - An international organization or any agency, or instrumentality thereof.
- - A registered dealer in securities or commodities registered in the United
States or a possession of the United States.
- - A real estate investment trust.
- - A common trust fund operated by a bank under section 584(a).
- - An exempt charitable remainder trust, or a non-exempt trust described in
section 4947(a)(1).
- - An entity registered at all times under the Investment Company Act of 1940.
- - A foreign central bank of issue.
Payments of dividends and patronage dividends not generally subject to
backup withholding include the following:
- - Payments to nonresident aliens subject to withholding under section 1441.
- - Payments to partnerships not engaged in a trade or business in the United
States and which have at least one nonresident partner.
- - Payments of patronage dividends where the amount received is not paid in
money.
- - Payments made by certain foreign organizations.
- - Payments made to a nominee.
Payments of interest not generally subject to backup withholding include the
following:
- - Payments of interest on obligations issued by individuals. Note: You may be
subject to backup with-holding if this interest is $600 or more and is paid in
the course of the payer's trade or business and you have not provided your
correct taxpayer identification number to the payer.
- - Payments of tax-exempt interest (including exempt-interest dividends under
section 852.
- - Payments described in section 6049(b)(5) to non-resident aliens.
- - Payments on tax-free covenant bonds under section 1451.
- - Payments made by certain foreign organizations.
- - Payments made by a nominee.
Exempt payees described above should file Substitute Form W-9 to avoid possible
erroneous backup withholding. FILE THIS FORM WITH THE PAYER, FURNISH YOUR
TAXPAYER IDENTIFICATION NUMBER, WRITE "EXEMPT" ON THE FACE OF THE FORM, AND
RETURN IT TO THE PAYER. IF THE PAYMENTS ARE INTEREST, DIVIDENDS, OR PATRONAGE
DIVIDENDS, ALSO SIGN AND DATE THE FORM.
Certain payments other than interest, dividends, and patronage dividends,
that are not subject to information reporting are also not subject to backup
withholding. For details, see sections 6041, 6041A(a), 6045, and 6050A.
PRIVACY ACT NOTICE. Section 5109 of the Code requires most recipients of
dividends, interest, or other payments to give taxpayer Identification numbers
to payers who must report the payments to the Internal Revenue Service. The
Internal Revenue Service uses the numbers for identification purposes. Payers
must be given the numbers whether or not recipients are required to file tax
returns. Beginning January 1, 1993, payers must generally withhold 31% of
taxable interest, dividends, and certain other payments to a payee who does not
furnish a taxpayer identification number to a payer. Certain penalties may also
apply.
PENALTIES
(1) PENALTY FOR FAILURE TO FURNISH TAXPAYER IDENTIFICATION NUMBER. If you fail
to furnish your taxpayer identification number to a payer, you are subject to a
penalty of $50 for each such failure unless your failure is due to cause and not
to willful neglect.
(2) FAILURE TO REPORT CERTAIN DIVIDEND AND INTEREST PAYMENTS. If you fail to
properly include any portion of an includible payment for interest, dividends,
or patronage dividends in gross income, such failure will be treated as being
due to negligence and will be subject to a penalty of 5% on any portion of an
under-payment attributable to that failure unless there is clear and convincing
evidence to the contrary.
(3) CIVIL PENALTY FOR FALSE INFORMATION WITH RESPECT TO WITHHOLDING. If you
make a false statement with no reasonable basis which results in no imposition
of backup withholding, you are subject to a penalty of $500.
(4) CRIMINAL PENALTY FOR FALSIFYING INFORMATION. Falsifying certifications or
affirmations may subject you to criminal penalties including fines and/or
imprisonment.
FOR ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE
SERVICE
<PAGE>
EXHIBIT T3F--CROSS REFERENCE SHEET
TABLE SHOWING REFLECTION IN INDENTURE OF CERTAIN PROVISIONS
OF TRUST INDENTURE ACT OF 1939
<TABLE>
<CAPTION>
REFLECTED IN INDENTURE
SECTION
----------------------
<S> <C>
TIA
Section310(a)(1).......................................................................... 8.09
(a)(2)................................................................................ 8.09
(a)(3)................................................................................ Not Applicable
(a)(4)................................................................................ Not Applicable
(a)(5)................................................................................ 8.09
(b)................................................................................... 8.08
8.10
(c)................................................................................... Not Applicable
Section311(a)............................................................................. 8.13
(b)................................................................................... 8.13
Section312(a)............................................................................. 6.01
6.02(i)
(b)................................................................................... 6.02(ii)
(c)................................................................................... 6.02(iii)
Section313(a)............................................................................. 6.03(i)
(b)................................................................................... 6.03(ii)
(c)................................................................................... 6.03(i), (ii) and
(iii)
(d)................................................................................... 6.03 (iii)
Section314(a)............................................................................. 6.04
5.05
(b)................................................................................... Not Applicable
(c)(1)................................................................................ 1.02
(c)(2)................................................................................ 1.02
(c)(3)................................................................................ Not Applicable
(d)................................................................................... Not Applicable
(e)................................................................................... 1.02
(f)................................................................................... Not Applicable
Section315(a)............................................................................. 8.01(i)
8.01(iii)
(b)................................................................................... 8.02
(c)................................................................................... 8.01(ii)
(d)................................................................................... 8.01
(d)(1)................................................................................ 8.01(i)
(d)(2)................................................................................ 8.01(iii)(b)
(d)(3)................................................................................ 8.01(iii)(c)
(e)................................................................................... 7.14
Section316(a)............................................................................. 1.01
Section316(a)(1)(A)....................................................................... 7.02
7.12
(a)(1)(B)............................................................................. 7.13
(a)(2)................................................................................ Not Applicable
(b)................................................................................... 7.08
(c)................................................................................... 1.04(viii)
Section317(a)(1).......................................................................... 7.03
(a)(2)................................................................................ 7.04
(b)................................................................................... 5.03
Section318(a)............................................................................. 1.08
(c)................................................................................... 1.08
</TABLE>
<PAGE>
___________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_________________________
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
___________________________________________
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(b)(2) ________
________________________________________
THE CHASE MANHATTAN BANK
(Exact name of trustee as specified in its charter)
NEW YORK 13-4994650
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
270 PARK AVENUE
NEW YORK, NEW YORK 10017
(Address of principal executive offices) (Zip Code)
William H. McDavid
General Counsel
270 Park Avenue
New York, New York 10017
Tel: (212) 270-2611
(Name, address and telephone number of agent for service)
____________________________________________
BANC ONE CORPORATION
(Exact name of obligor as specified in its charter)
OHIO 31-738296
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
100 EAST BROAD STREET
COLUMBUS, OHIO 43271
(Address of principal executive offices) (Zip Code)
____________________________________________
DEBT SECURITIES
(Title of the indenture securities)
____________________________________________________
<PAGE>
GENERAL
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject.
New York State Banking Department, State House, Albany, New York
12110.
Board of Governors of the Federal Reserve System, Washington, D.C.,
20551
Federal Reserve Bank of New York, District No. 2, 33 Liberty
Street, New York, N.Y.
Federal Deposit Insurance Corporation, Washington, D.C., 20429.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
-2-
<PAGE>
Item 16. List of Exhibits
List below all exhibits filed as a part of this Statement of
Eligibility.
1. A copy of the Articles of Association of the Trustee as now in
effect, including the Organization Certificate and the Certificates of
Amendment dated February 17, 1969, August 31, 1977, December 31, 1980,
September 9, 1982, February 28, 1985, December 2, 1991 and July 10, 1996 (see
Exhibit 1 to Form T-1 filed in connection with Registration Statement No.
333-06249, which is incorporated by reference).
2. A copy of the Certificate of Authority of the Trustee to
Commence Business (see Exhibit 2 to Form T-1 filed in connection with
Registration Statement No. 33-50010, which is incorporated by reference. On
July 14, 1996, in connection with the merger of Chemical Bank and The Chase
Manhattan Bank (National Association), Chemical Bank, the surviving
corporation, was renamed The Chase Manhattan Bank).
3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.
4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to
Form T-1 filed in connection with Registration Statement No. 333-06249, which
is incorporated by reference).
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the
Act (see Exhibit 6 to Form T-1 filed in connection with Registration
Statement No. 33-50010, which is incorporated by reference. On July 14, 1996,
in connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan Bank).
7. A copy of the latest report of condition of the Trustee,
published pursuant to law or the requirements of its supervising or examining
authority.
8. Not applicable.
9. Not applicable.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, The Chase Manhattan Bank, a corporation organized and existing under
the laws of the State of New York, has duly caused this statement of
eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of New York and State of New York, on the 12th
day of February, 1998.
THE CHASE MANHATTAN BANK
By /s/ Glenn G. McKeever
--------------------------------------
/s/ Glenn G. McKeever
- 3 -
