Hybrid Bonds: Gold-Indexed Securities Attached are extracts from the first page of the prospectus for Gold-Denominated D

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Hybrid Bonds: Gold-Indexed Securities
Attached are extracts from the first page of the prospectus for
Gold-Denominated Depositary shares sold by Freeport McMoran Copper
and Gold (FCX). The depositary shares have features that are
very much like a bond in that they have fixed payment and a
maturity. The depositary shares are backed by FCX preferred
stock that pays a gold-dividend and held in trust with Mellon
Bank. The gold indexed depositary shares paid a gold-dividend
of 0.000875 ounces of gold every quarter for a fixed period of
10-years. In addition, the depositary shares paid a face value of
0.1 ounces of gold at the end of the 10-year period. Each
depositary share has an initial value of 0.1 ounces of gold.