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& Co. (DTC's partnership nominee). One fully-registered certificate will be issued for each maturity of the <br />Certificates, in the aggregate principal amount of such maturity, and will be deposited with DTC. <br /> <br /> DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking <br />organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a <br />"clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing <br />agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC <br />holds securities that its participants ("Participants") deposit with DTC. DTC also facilitates the settlement <br />among Participants of securities transactions, such as transfers and pledges, in deposited securities through <br />electronic computerized book-entry changes in Participants' accounts, thereby eliminating the need for <br />physical movement of securities certificates. Direct Participants include securities brokers and dealers, banks, <br />trust companies, clearing corporations, and certain other organizations. DTC is owned by a number of its <br />Direct Participants and by the New York Stock Exchange, Inc., the American Stock Exchange, Inc., and the <br />National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as <br />securities brokers and dealers, banks, and trust companies that clear through or maintain a custodial <br />relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). The Rules <br />applicable to DTC and its Participants are on file with the Securities and Exchange Commission. <br /> <br /> Purchases of Certificates under the DTC system must be made by or through Direct Participants, <br />which will receive a credit for the Certificates on DTC's records. The ownership interest of each actual <br />purchaser of each Certificate ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect <br />Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase, but <br />Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as <br />periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial <br />Owner entered into the transaction. Transfers of ownership interests in the Certificates are to be accomplished <br />by entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners will <br />not receive certificates representing their ownership interests in Certificates, except in the event that use of the <br />book-entry system for the Certificates is discontinued. <br /> <br /> To facilitate subsequent transfers, all securities deposited by Participants with DTC are registered in <br />the name of DTC's partnership nominee, Cede & Co. The deposit of Certificates with DTC and their <br />registration in the name of Cede & Co. effect no change in beneficial ownership. DTC has no knowledge of <br />the actual Beneficial Owners of the Certificates; DTC's records reflect only the identity of the Direct <br />Participants to whose accounts such Certificates are credited, which may or may not be the Beneficial Owners. <br />The Participants will remain responsible for keeping account of their holdings on behalf of their customers. <br /> <br /> Conveyance of notices .and other communications by DTC to Direct Participants, by Direct <br />Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners <br />will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be <br />in effect from time to time. <br /> <br /> Prepayment notices are required to be sent to Cede & Co. If less than ali of the Certificates within an <br />issue are being prepaid, DTC's practice is to determine by lot the amount of the interest of each Direct <br />Participant in such issue to be redeemed. <br /> <br /> Neither DTC nor Cede & Co. will consent or vote with respect to Certificates. Under its usual <br />procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus <br />Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the <br />Certificates are credited on the record date (identified in a listing attached to the Omnibus Proxy). <br /> <br />-4- <br /> <br /> <br />