Expiration of Shelf Registration Statements to Commence December 1, 2008

The Securities Offering Reform rules, which became effective December 1, 2005, contain a “sunset” provision under which several common types of shelf registration statements expire three years after their initial effective date under the Securities Act of 1933, as amended. For certain registration statements that were already effective as of December 1, 2005, the sunset provision began to run on that date.

Therefore, beginning December 1, 2008, many shelf registration statements filed prior to or shortly after December 1, 2005 will begin to expire. Companies need to determine now which of their currently effective shelf registration statements must be replaced, prior to the time those statements expire.

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