Business: New York Community Capital Trust V, Bifurcated Option Note Unit SecuritiES (BONUSES) Units, public offering price $50 per unit. Each BONUSES unit consists of a 6% preferred security issued by New York Community Capital Trust V and a warrant to purchase shares of New York Community Bancorp Inc. (NYSE: NYB). The preferred security has a liquidation value of $50 per share, maturing 11/01/2051, pays quarterly distributions of 6% ($3.00) per annum on 2/1, 5/1, 8/1 & 11/1. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The sole assets of the trust are 6% subordinated deferrable interest debentures due 11/01/2051. On or after 11/04/2007 the preferred securities are subject to remarketing in conjunction with the redemption of the warrants. The warrant is to purchase an initial 1.4036 shares (an initial conversion price of $35.62) of New York Community Bancorp common stock for $50, is redeemable on or after 11/04/2007 if the price of the common shares exceeds 125% of the conversion price, and expires 5/07/2051. At any time, the preferred securities and the warrants may be separated and transferred separately and the recombined at a later date. See the IPO prospectus for further information on the BONUSES and the very complicated provisions of the warrants and the preferred remarketing by clicking on the ‘Link to IPO Prospectus’ provided below.