Variable Preferred Rates

Quarterly Reset

1996 Variable Rate, Non-Cumulative Preferred Stock

* Payable from 7/1/2008 to and including 9/30/2008

Dividends will accrue from April 26, 1996 and will reset quarterly using the following calculation:
(3-Month LIBOR + 1.0%) / 1.377. For information on how and when LIBOR will be determined, see "Description of Preferred Stock – Determination of LIBOR" in the offering circular [PDF 7.7M] .

The following example is given to illustrate how the current dividend was calculated:

1998 Variable Rate, Non-Cumulative Preferred Stock

* Payable from 7/1/2008 to and including 9/30/2008

Dividends will accrue from September 23, 1998 and will reset quarterly using the following calculation:
(3-Month LIBOR + 1%) / 1.377. For information on how and when LIBOR will be determined, see "Description of Preferred Stock – Determination of LIBOR" in the offering circular [PDF 131K] .

The following example is given to illustrate how the current dividend was calculated:

2006 Variable Rate, Non-Cumulative Perpetual Preferred Stock

(1) The 2006 FRE.prS issue has a rate floor of 4.00%
* Payable from 7/1/2008 to and including 9/30/2008

Dividends will accrue from July 18, 2006 and will reset quarterly using the following calculation: 3-month LIBOR plus 0.50%.  For information about how and when the 3-month LIBOR will be determined, see "Description of Variable Rate Preferred Stock – Dividends – Determination of 3-month LIBOR" in the offering circular [PDF 161K] .

(1) The 2006 FRE.prS issue has a rate floor of 4.00%

Annual Reset

2001 Variable Rate, Non-Cumulative Preferred Stock

* Payable from 4/1/2008 to and including 3/31/2009

The dividend rate will reset as of April 1, 2002 and as of April 1 every year thereafter. The reset is based on the 12-month LIBOR Rate determined two LIBOR business days before the reset date minus 0.20%. The initial dividend rate of 4.50% accrued from March 23, 2001 through March 31, 2002. For information about how and when we determine the 12-month LIBOR Rate, see "Description of Variable Rate Preferred Stock – Dividends – Determination of 12-month LIBOR Rate" in the offering circular
[PDF 198K ].

The following example is given to illustrate how the current dividend was calculated:

Bi-Annual Reset (Every 2 years)

2001 Variable Rate, Non-Cumulative Preferred Stock

* Payable from 4/1/2007 to and including 3/31/2009

The dividend rate will reset as of April 1, 2003 and as of April 1 every two years thereafter. The reset is based on the 2-year CMT Rate determined two business days before the reset date plus 0.10%. The initial dividend rate of 4.817% accrued from January 26, 2001 through March 31, 2003. For information about how and when we determine the 2-year CMT Rate, see "Description of Preferred Stock – Dividends – Determination of CMT Rate" in the offering circular [PDF 171K] .

The following example is given to illustrate how the current dividend was calculated:

The CMT Rate for any CMT Determination Date will be the rate (not greater than 10.90%) equal to the weekly average interest rate of U.S. Treasury securities having an index maturity of two years for the week that ends immediately before the week in which the relevant CMT Determination Date falls.

2001 Variable Rate, Non-Cumulative Preferred Stock

* Payable from 7/1/2007 to and including 6/30/2009

The dividend rate will reset as of July 1, 2003 and as of July 1 every two years thereafter. The reset is based on the 2-year CMT Rate determined two business days before the reset date plus 0.20%. The initial dividend rate of 4.48% accrued from May 30, 2001 through June 30, 2003. For information on how and when we determine the 2-year CMT rate, see "Description of Variable Rate Preferred Stock – Dividends – Determination of 2-year CMT Rate" in the offering circular [PDF 180K] .

The following example is given to illustrate how the current dividend was calculated:

The 2-year CMT Rate for any CMT Determination Date will be the rate (not greater than 10.80%) equal to the weekly average interest rate of U.S. Treasury securities having an index maturity of two years for the week that ends immediately before the week in which the relevant CMT Determination Date falls.

Reset Every Five Years

1999 Variable Rate, Non-Cumulative Preferred Stock

* Payable from 1/1/2005 to and including 12/31/2009

The dividend rate will reset as of January 1, 2005 and as of January 1 every five years thereafter. The reset is based on the 5-year CMT Rate determined two Business Days prior to the reset date. The initial dividend rate of 5.97% accrued from November 5, 1999 through December 31, 2004. For information on how and when the 5-year CMT rate will be determined, see "Description of Preferred Stock – Dividends" in the offering circular [PDF 212K] .

The following example is given to illustrate how the current dividend was calculated:

The "CMT Rate" for any CMT Determination Date will be the rate (not greater than 11%) equal to the weekly average interest rate of U.S. Treasury securities having an index maturity of five years for the week that ends immediately before the week in which the relevant CMT Determination Date falls.