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`THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2005 TOGETHER                                                                                                                                                           
                 WITH COMPARABLE FIGURES FOR OTHER YEARS. AVERAGES ARE BASED ON DAILY NOON BUYING                                                                                                                                               
                 RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY                                                                                                                                                   
                 THE FEDERAL RESERVE BANK OF NEW YORK.                                                                                                                                                                                          
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                (Currency units per U.S. dollar except as noted)`

|COUNTRY         | MONETARY UNIT | 2005    | 2004    | 2003    | 2002   
|--------------- | ------------- | ------- | ------- | ------- | -------
|*AUSTRALIA      | DOLLAR        | 0.7627  | 0.7365  | 0.6524  | 0.5437 
|BRAZIL          | REAL          | 2.4352  | 2.9262  | 3.0750  | 2.9213 
|CANADA          | DOLLAR        | 1.2115  | 1.3017  | 1.4008  | 1.5704 
|CHINA,P.R.      | YUAN          | 8.1936  | 8.2768  | 8.2772  | 8.2771 
|DENMARK         | KRONE         | 5.9953  | 5.9891  | 6.5774  | 7.8862 
|*EMU MEMBERS    | EURO          | 1.2449  | 1.2438  | 1.1321  | 0.9454 
|HONG KONG       | DOLLAR        | 7.7775  | 7.7891  | 7.7875  | 7.7996 
|INDIA           | RUPEE         | 44.00   | 45.26   | 46.59   | 48.63  
|JAPAN           | YEN           | 110.11  | 108.15  | 115.94  | 125.22 
|MALAYSIA        | RINGGIT       | 3.7869  | 3.8000  | 3.8000  | 3.8000 
|MEXICO          | PESO          | 10.894  | 11.290  | 10.793  | 9.663  
|*NEW ZEALAND    | DOLLAR        | 0.7049  | 0.6643  | 0.5822  | 0.4645 
|NORWAY          | KRONE         | 6.4412  | 6.7399  | 7.0803  | 7.9839 
|SINGAPORE       | DOLLAR        | 1.6639  | 1.6902  | 1.7429  | 1.7908 
|SOUTH AFRICA    | RAND          | 6.3606  | 6.4402  | 7.5550  | 10.5176
|SOUTH KOREA     | WON           | 1023.75 | 1145.24 | 1192.08 | 1250.31
|SRI LANKA       | RUPEE         | 100.383 | 101.268 | 96.541  | 95.773 
|SWEDEN          | KRONA         | 7.4710  | 7.3480  | 8.0787  | 9.7233 
|SWITZERLAND     | FRANC         | 1.2459  | 1.2428  | 1.3450  | 1.5567 
|TAIWAN          | DOLLAR        | 32.131  | 33.372  | 34.405  | 34.536 
|THAILAND        | BAHT          | 40.252  | 40.271  | 41.556  | 43.019 
|*UNITED KINGDOM | POUND         | 1.8204  | 1.8330  | 1.6347  | 1.5025 
|VENEZUELA       | BOLIVAR       | 2107.13 | 1886.13 | 1613.43 | 1161.19

`N = No data for this date`

|UNITED STATES    | DOLLAR    | 2005   | 2004   | 2003   | 2002  
|---------------- | --------- | ------ | ------ | ------ | ------
|1)BROAD          | JAN97=100 | 110.81 | 113.59 | 119.09 | 126.66
|2)MAJOR CURRENCY | MAR73=100 | 83.78  | 85.37  | 93.00  | 105.99
|3)OITP           | JAN97=100 | 138.90 | 143.39 | 143.54 | 140.36

`This release is available online at http://www.federalreserve.gov/release/.                                                                                                                                                    
                                                                                                                                                                                                                                                
                 For more information on exchange rate indexes for the U.S. dollar, see "New Summary Measures                                                                                                                                   
                 of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998),                                                                                                                                
                 pp. 811-18 (http://www.federalreserve.gov/pubs/bulletin/) and "Index of the Weighted-Average                                                                                                                                   
                 Exchange Value of the U.S. Dollar: Revision," Federal Reserve Bulletin, vol. 64 (August 1978),                                                                                                                                 
                 p. 700. Weights for broad index can be found at http://www.federalreserve.gov/releases/                                                                                                                                        
                 H10/Weights; weights for the major currencies index and the other important trading partners                                                                                                                                   
                 (OITP) index are derived from the broad index weights.                                                                                                                                                                         
                                                                                                                                                                                                                                                
                 *  U.S. dollars per currency unit.                                                                                                                                                                                             
                 1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies                                                                                                                                  
                 of a broad group of major U.S. trading partners.                                                                                                                                                                               
                 2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of                                                                                                                                     
                 the broad index currencies that circulate widely outside the country of issue.                                                                                                                                                 
                 3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of                                                                                                                                     
                 the broad index currencies that do not circulate widely outside the country of issue.                                                                                                                                          
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                
                 For information about your subscription to this release or about receiving it in document form,                                                                                                                                
                 please call publication services at Federal Reserve Board at (202) 452-3244.                                                                                                                                                   
                                                                                                                                                                                                                                                
                 The euro is reported in place of the individual euro-area currencies. These currency                                                                                                                                           
                 rates can be derived from the euro rate by using the fixed conversion rates                                                                                                                                                    
                 (in currencies per euro) given below:                                                                                                                                                                                          
                                                                                                                                                                                                                                                
                        1  EUR  =  13.7603  AUSTRIAN SCHILLINGS                                                                                                                                                                                 
                                =  40.3399  BELGIAN FRANCS                                                                                                                                                                                      
                                =  5.94573  FINNISH MARKKAS                                                                                                                                                                                     
                                =  6.55957  FRENCH FRANCS                                                                                                                                                                                       
                                =  1.95583  GERMAN MARKS                                                                                                                                                                                        
                                =  .787564  IRISH POUNDS                                                                                                                                                                                        
                                =  1936.27  ITALIAN LIRE`

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