SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D*
(Rule 13d-101)
Amendment No. 1
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
NAVISTAR INTERNATIONAL CORPORATION
(Name of Issuer)
Common Stock
(Title of Class of Securities)
63934E108
(CUSIP Number)
Owl Creek Asset Management, L.P.
640 Fifth Avenue, 20th Floor, New York, NY 10019, Attn: Daniel Sapadin
(212) 688-2550
With a copy to:
Schulte Roth & Zabel LLP
919 Third Avenue, New York, NY 10022, Attn: Marc Weingarten, Esq.
(212) 756-2000
(Name, address and telephone number of person
authorized to receive notices and communications)
October 6, 2008
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g),
check the following box [ ]
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
(Page 1 of 15 Pages)
CUSIP No. 63934E108 13D Page 2 of 15 pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek I, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS **
WC, OO
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
129,702
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
129,702
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
129,702
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(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
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(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.18%
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(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 63934E108 13D Page 3 of 15 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek II, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS **
WC, OO
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
1,057,602
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,057,602
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,057,602
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
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(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.49%
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(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 63934E108 13D Page 4 of 15 pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek Advisors, LLC
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
1,187,304
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,187,304
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,187,304
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.67%
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(14) TYPE OF REPORTING PERSON **
CO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 63934E108 13D Page 5 of 15 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek Asset Management, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
4,528,960
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,528,960
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,528,960
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.36%
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(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 63934E108 13D Page 6 of 15 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Jeffrey A. Altman
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
5,716,264
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
5,716,264
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,716,264
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
8.03%
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(14) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 63934E108 13D Page 7 of 15 Pages
The Schedule 13D initially filed on January 30, 2008, (the "Original
Schedule 13D") relating to the common stock, par value $.10 (the "Common
Stock"), of Navistar International Corporation (the "Issuer"), a Delaware
corporation, whose principal executive offices are located at 4201 Winfield
Road, P.O. Box 1488, Warrenville, Illinois 60555, is hereby amended by this
Amendment No. 1 to the Schedule 13D.
Items 3, 4 and 5 of the Original Schedule 13D are hereby amended and
restated in their entirety as follows:
Item 3. Source and Amount of Funds and Other Consideration.
The 5,716,264 shares of Common Stock reported herein as being
beneficially owned by the Reporting Persons were acquired at an aggregate
purchase price of approximately $283,110,199. Such shares are held by the
Reporting Persons in commingled margin accounts maintained at UBS Securities
LLC, which may extend margin credit to the Reporting Persons from time to time,
subject to applicable federal margin regulations, stock exchange rules and
credit policies. In such instances, the positions held in the margin account are
pledged as collateral security for the repayment of debit balances in the
account. The margin accounts bear interest at a rate based upon the broker's
call rate from time to time in effect. Since other securities are held in the
accounts, it is not possible to determine the amounts, if any, of margin used to
purchase the shares of Common Stock reported herein.
Item 4. Purpose of the Transaction.
The Reporting Persons originally acquired the shares of Common Stock
in the ordinary course of business because they believed that the shares, when
purchased, were undervalued and represented an attractive investment
opportunity. The Reporting Persons have engaged, and expect to continue to
engage, in discussions with management, the board of directors, other
shareholders of the Issuer and other relevant parties concerning the business,
operations, management, strategy, board composition and future plans of the
Issuer, with a view to maximizing long-term value for shareholders.
Except as described herein, the Reporting Persons have no present plan
or proposal that would relate to or result in any of the matters set forth in
subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to
review their investment in the Issuer on a continuing basis. Depending on
various factors including, without limitation, the Issuer's financial position
and strategic direction, the outcome of the discussions referenced above,
actions taken by the board of directors, price levels of the Common Stock, other
investment opportunities available to the Reporting Persons, conditions in the
securities market and general economic and industry conditions, the Reporting
Persons may in the future take such actions with respect to their investment in
the Issuer as they deem appropriate including, without limitation, purchasing
additional Common Stock or selling some or all of their Common Stock, engaging
in short selling of or any hedging or similar transactions with respect to the
Common Stock and/or otherwise changing their intention with respect to any and
all matters referred to in Item 4 of Schedule 13D.
CUSIP No. 63934E108 13D Page 8 of 15 Pages
Item 5. Interest in Securities of the Issuer.
A. Owl Creek I, L.P.
(a) Aggregate number of shares beneficially owned: 129,702.
Percentage: 0.18% The percentages used herein and in the
rest of Item 5 are calculated based upon the 71,174,848 shares of Common Stock
issued and outstanding as of July 31, 2008 as reported by the Issuer in its Form
10-Q for the quarterly period ended July 31, 2008, filed on September 3, 2008.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 129,702
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 129,702
(c) The acquisition/sale dates, number of shares of Common Stock
acquired/sold and the price per share for all transactions by Owl Creek I in the
Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Owl Creek Advisors, LLC, the general partner of Owl Creek I,
has the power to direct the affairs of Owl Creek I, including decisions
respecting the receipt of dividends from the shares and the disposition of the
proceeds from the sale of the shares. Mr. Altman is the managing member of Owl
Creek Advisors, LLC and in that capacity directs its operations.
(e) Not applicable.
B. Owl Creek II, L.P.
(a) Aggregate number of shares beneficially owned: 1,057,602
Percentage: 1.49%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,057,602
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
1,057,602
(c) The acquisition/sale dates, number of shares of Common Stock
acquired/sold and the price per share for all transactions by Owl Creek II in
the Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Owl Creek Advisors, LLC, the general partner of Owl Creek II,
has the power to direct the affairs of Owl Creek II, including decisions
respecting the receipt of dividends from the shares and the disposition of the
proceeds from the sale of the shares. Mr. Altman is the managing member of Owl
Creek Advisors, LLC and in that capacity directs its operations.
(e) Not applicable.
CUSIP No. 63934E108 13D Page 9 of 15 Pages
C. Owl Creek Advisors, LLC
(a) Aggregate number of shares beneficially owned: 1,187,304
Percentage: 1.67%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,187,304
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
1,187,304
(c) Owl Creek Advisors, LLC did not enter into any transactions in
the Common Stock of the Issuer within the last sixty days. However, Owl Creek
Advisors, LLC is the general partner of Owl Creek I and Owl Creek II, and has
the power to direct the affairs of Owl Creek I and Owl Creek II. The
acquisition/sale dates, number of shares of Common Stock acquired/sold and the
price per share for all transactions by Owl Creek I and Owl Creek II in the
Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Owl Creek Advisors, LLC, as the general partner of Owl Creek I
and Owl Creek II, has the power to direct the affairs of Owl Creek I and Owl
Creek II, including decisions respecting the receipt of dividends from the
shares and the disposition of the proceeds from the sale of the shares. Mr.
Altman is the managing member of Owl Creek Advisors, LLC and in that capacity
directs its operations.
(e) Not applicable.
D. Owl Creek Asset Management, L.P.
(a) Aggregate number of shares beneficially owned: 4,528,960
Percentage: 6.36%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 4,528,960
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
4,528,960
(c) Owl Creek Asset Management, L.P. did not enter into any
transactions in the Common Stock of the Issuer within the last sixty days.
However, Owl Creek Asset Management, L.P. is the investment manager to Owl Creek
Overseas and SRIF and has the power to direct the investment activities of Owl
Creek Overseas and SRIF. The acquisition/sale dates, number of shares of Common
Stock acquired/sold and the price per share for all transactions by Owl Creek
Overseas and SRIF in the Common Stock within the last 60 days, are set forth in
Schedule A and are incorporated by reference.
(d) Owl Creek Asset Management, L.P., as the investment manager
to Owl Creek Overseas and SRIF, has the power to direct the investment
activities of Owl Creek Overseas and SRIF, including decisions respecting the
receipt of dividends from the shares and the disposition of the proceeds from
the sale of the shares. Mr. Altman is the managing member of the general partner
of Owl Creek Asset Management, L.P. and in that capacity directs its operations.
(e) Not applicable.
CUSIP No. 63934E108 13D Page 10 of 15 Pages
E. Jeffrey A. Altman
(a) Aggregate number of shares beneficially owned: 5,716,264
Percentage: 8.03%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 5,716,264
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
5,716,264
(c) Mr. Altman did not enter into any transactions in the Common
Stock of the Issuer within the last sixty days. The acquisition/sale dates,
number of shares of Common Stock acquired/sold and the price per share for all
transactions by Owl Creek I, Owl Creek II, Owl Creek Overseas and SRIF in the
Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Not applicable.
(e) Not applicable.
CUSIP No. 63934E108 13D Page 11 of 15 Pages
SIGNATURES
After reasonable inquiry and to the best of knowledge and belief of
the undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
DATED: October 8, 2008
/s/ Jeffrey A. Altman
---------------------
Jeffrey A. Altman, individually, and as
managing member of Owl Creek Advisors, LLC,
for itself and as general partner of
Owl Creek I, L.P. and Owl Creek II L.P.,
and as managing member of the general
partner of Owl Creek Asset Management, L.P.,
for itself and as investment manager to Owl
Creek Overseas Fund, Ltd. and Owl Creek
Socially Responsible Investment Fund, Ltd.
CUSIP No. 63934E108 13D Page 12 of 15 pages
Schedule A
OWL CREEK I, L.P.
Number of shares Open market/ Price per
Date of Transaction Purchased/(Sold) Cross Transaction share
8/15/2008 (400) O (58.49)
9/1/2008 (1,000) C (55.50)
9/2/2008 1,100 O 55.50
9/23/2008 (3,000) O (58.10)
9/24/2008 (2,600) O (58.24)
10/2/2008 4,800 O 40.38
10/3/2008 2,800 O 42.56
10/3/2008 3,900 O 42.41
10/6/2008 5,300 O 35.36
10/7/2008 1,900 O 34.91
10/8/2008 11,400 O 30.53
CUSIP No. 63934E108 13D Page 13 of 15 Pages
OWL CREEK II, L.P.
Number of shares Open market/ Price per
Date of Transaction Purchased/(Sold) Cross Transaction share
8/15/2008 (3,500) O (58.49)
9/1/2008 5,700 C 55.50
9/2/2008 9,000 O 55.50
9/23/2008 (23,800) O (58.10)
9/24/2008 (21,900) O (58.24)
10/2/2008 57,900 O 40.38
10/3/2008 21,300 O 42.56
10/3/2008 30,300 O 42.41
10/6/2008 45,300 O 35.36
10/7/2008 14,000 O 34.91
10/8/2008 94,700 O 30.53
CUSIP No. 63934E108 13D Page 14 of 15 Pages
OWL CREEK OVERSEAS FUND, LTD.
Number of shares Open market/ Price per
Date of Transaction Purchased/(Sold) Cross Transaction share
8/15/2008 (14,200) O (58.49)
9/1/2008 (4,500) C (55.50)
9/2/2008 38,900 O 55.50
9/18/2008 (17,900) O (55.28)
9/23/2008 (81,000) O (58.10)
9/24/2008 (95,299) O (58.24)
10/2/2008 156,100 O 40.38
10/3/2008 86,800 O 42.56
10/3/2008 123,000 O 42.41
10/6/2008 180,800 O 35.36
10/7/2008 63,700 O 34.91
10/8/2008 384,100 O 30.53
CUSIP No. 63934E108 13D Page 15 of 15 Pages
OWL CREEK SOCIALLY RESPONSIBLE INVESTMENT FUND, LTD.
Number of shares Open market/ Price per
Date of Transaction Purchased/(Sold) Cross Transaction share
8/15/2008 (1,300) O (58.49)
9/1/2008 (200) C (55.50)
9/2/2008 1,000 O 55.50
9/18/2008 (1,300) O (55.28)
9/23/2008 (100) O (58.10)
9/24/2008 (2,400) O (58.24)
10/2/2008 3,100 O 40.38
10/3/2008 1,900 O 42.56
10/3/2008 2,800 O 42.41
10/6/2008 4,400 O 35.36
10/7/2008 1,750 O 34.91
10/8/2008 9,800 O 30.53