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   All three estimates show the same amounts for pre-Fair expenditures and pre-Fair revenues.  Pre-Fair expenditures total $39,229,446 and pre-Fair revenues, $11,400,000, leaving $27,829,446 to be raised by the present debenture issue of $27,829,500.

   These estimates in the preceding forecasts obviously will vary with increased or decreased attendance and with increased or decreased percentages received by the Fair Corporation from exhibitors and concessionaires.  Due to the nature of the enterprise and the fact that no similar fair has been given in the New York metropolitan area, and to the fact that no contracts have yet been entered into with exhibitors or concessionaires, the above figures are necessarily only estimates.

   The total cost of the Fair enterprise has been estimated at $125,000,000.  In addition to the expenditures shown above to be made by the Fair Corporation, there are included in this estimate the sums expended or to be expended by New York City and State in acquiring and preparing the Fair site and in permanent public improvements in its environs, the investment that exhibitors and concessionaires are expected to make in building construction and equipment, and the amounts represented in the cost of various projected buildings and displays by the United States and other governments.

   It is the aim of the Fair management to hold a fair which will be a credit to the City and State of New York, and it is the expectation and belief of the management that with the support of the business community of New York and barring contingencies not now foreseen, this will be accomplished in such a way that the principal of and interest on the Debentures will be paid in full.

   The Debentures and the Fair enterprise may not be considered free from risk as a financial investment, but the Fair Corporation recommends purchase of the Debentures to all who wish to cooperate in the financing of a project which should bring great added business activity and profit to those engaged in trade and industry in the City and State of New York.

THE PRESENT OFFERING

THE Four Per Cent Debentures will be issued under an Indenture dated as of November 10, 1936, between the Fair Corporation and Manufacturers Trust Company, as Trustee.  The Indenture authorizes an issue of $30,000,000.

   The Debentures will bear interest at the rate of Four Per Cent per annum, payable January 1 and July 1 in New York City, will be issued in denominations of $100, $500, $1,000 and $10,000, will be registered as to principal and interest, and will be redeemable at the option of the Fair Corporation at any time and from time to time as a whole at the price of par and accrued interest to the date of redemption, or in part, but if in part, pro rata.

   The Indenture provides that the Fair Corporation shall pay to the Trustee daily, forty per cent of the gate receipts received by the Fair Corporation on or after April 30, 1939.  The Trustee shall deposit the first $100,000 so received with the Comptroller of the City of New York in exchange for $100,000 principal amount of the Four Per Cent Debentures which shall theretofore have been deposited by the Fair Corporation with the Comptroller as a guarantee of the proper performance by the Fair Corporation of its obligations under the lease of the Fair site from the City of New York.  The remainder shall be held in trust for the owners of the Four Per Cent Debentures in accordance with the terms of the Indenture.  The Fair Corporation at its option may require the Trustee to apply the trust funds to the partial pro rata redemption of the Debentures prior to maturity.  The Fair Corporation may also require the Trustee to invest the trust funds in such obligations of

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