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<SEC-DOCUMENT>0000950142-08-000117.txt : 20080114
<SEC-HEADER>0000950142-08-000117.hdr.sgml : 20080114
<ACCEPTANCE-DATETIME>20080114151841
ACCESSION NUMBER:		0000950142-08-000117
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080114
FILED AS OF DATE:		20080114
DATE AS OF CHANGE:		20080114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN NATURAL RESOURCES LTD
		CENTRAL INDEX KEY:			0001017413
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-12138
		FILM NUMBER:		08528469

	BUSINESS ADDRESS:	
		STREET 1:		2500, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
		BUSINESS PHONE:		403-517-6700

	MAIL ADDRESS:	
		STREET 1:		2500, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k_011408.htm
<DESCRIPTION>FORM 6-K
<TEXT>
            <HTML>
            <HEAD>
            <TITLE> </TITLE>
            </HEAD>
            <BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

            <div style='width:600;'>
            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.05em solid">
                <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.25em solid">
                    <p>&nbsp;</p>
                </div>
            </div>
            <br>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="ARIAL" SIZE=2>UNITED STATES</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="ARIAL" SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>Washington, D.C. 20549</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>FORM 6-K</font></B></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>REPORT OF FOREIGN PRIVATE ISSUER</font></B></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Pursuant to Section 13a-16 or 15d-16 of the</font></b></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Securities Exchange Act of 1934</font></b></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>January 14, 2008</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>Commission File Number: 1-8795</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><U><B><font FACE="ARIAL" SIZE=2>CANADIAN  NATURAL  RESOURCES  LIMITED</font></B></U></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(Exact name of registrant as specified in its charter)</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font face="Arial" size=2>2500, 855 &#150; 2nd Street S.W., Calgary, Alberta, Canada  T2P 4J8</font></u></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(Address of principal executive offices)</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Arial" size=2>Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <table border="0" cellspacing=0 cellpadding=0 width="433" style='border-collapse:collapse'>
                <tr >
                    <td width="188" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td width="144" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Form 20-F&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p> </td>
                    <td width="75" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Form 40-F  </font></p> </td>
                    <td width="27" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>&nbsp;X&nbsp;</font></u></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Arial" size=2>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). ____</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. </font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ </font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the rules of the home country exchange on which the registrant&#146;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#146;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. </font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Arial" size=2>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <table border="0" cellspacing=0 cellpadding=0 width="388" style='border-collapse:collapse'>
                <tr >
                    <td width="188" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td width="144" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Yes&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p> </td>
                    <td width="29" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>No  </font></p> </td>
                    <td width="27" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>&nbsp;X&nbsp;</font></u></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-______</font></p>

            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.25em solid">
                <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.05em solid">
                    <p>&nbsp;</p>
                </div>
            </div>
            <br>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
            <br>
            <HR noshade align="center" width="100%" size="2">
            <p style='page-break-before:always'></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font face="Arial" size=2>EXPLANATORY NOTE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The information filed on this Form 6-K is expressly incorporated by reference into the Registrant&#146;s Shelf Registration Statement on Form F-9 (File No. 333-146056). </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="373" style='border-collapse:collapse'>
                <tr >
                    <td width="288" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Exhibit Number</font></u></p> </td>
                    <td width="85" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Description</font></u></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
                <tr >
                    <td width="288" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1.1</font></p> </td>
                    <td  valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Underwriting
Agreement dated January 10, 2008 between Canadian Natural Resources Limited and the underwriters listed therein.</font></td> </tr></table>


            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-3in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:2.5in;text-align:left;'></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-3in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-3in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-3in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
            <br>
            <HR noshade align="center" width="100%" size="2">
            <p style='page-break-before:always'></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'>
            </p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>SIGNATURE</font></B></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font face="Arial" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="640" style='border-collapse:collapse'>
                <tr >
                    <td width="336" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>  </td>
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>CANADIAN NATURAL RESOURCES LIMITED</font></B></p>  </td> </tr>
                <tr >
                    <td width="336" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td width="89" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(Registrant)</font></p> </td> </tr>
                    </table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="640" style='border-collapse:collapse'>
                <tr >
                    <td width="48" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Date:</font></p> </td>
                    <td width="292" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>January 14, 2008</font></p> </td>
                    <td width="300" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>/s/  Bruce McGrath&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p></td> </tr>
                <tr >
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td  nowrap colspan="4" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Bruce McGrath</font></p> </td> </tr>
                <tr >
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td  nowrap colspan="3" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Corporate Secretary</font></p> </td> </tr>
                </table>

            <br>
            <HR noshade align="center" width="100%" size="2">
            <p style='page-break-before:always'></p>


            </div>
            </BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1-1form6k_011408.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <b><u><font size="2">EXHIBIT 1.1</font></u></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">Canadian Natural Resources Limited</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2">5.15%
            Notes Due 2013</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2">5.90%
            Notes Due 2018</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">6.75% Notes Due 2039</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">Underwriting Agreement</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">Calgary, Alberta</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right">
            <font size="2">January 10, 2008</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">To the
            Representatives</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="214" border="0">
                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">named in Schedule I hereto</font></p>
                    </td>

                    <td width="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">of the Underwriters</font></p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">named in Schedule II hereto</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">Ladies and Gentlemen:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">Canadian Natural Resources Limited, a corporation organized under the
            laws of the Province of Alberta, Canada (the &ldquo;Company&rdquo;), proposes to sell
            to the several underwriters named in Schedule II hereto (the
            &ldquo;Underwriters&rdquo;), for whom you (the &ldquo;Representatives&rdquo;) are
            acting as representatives, the principal amount of its securities identified in
            Schedule&nbsp;I hereto (the &ldquo;Securities&rdquo;), to be issued under an indenture
            (the &ldquo;Indenture&rdquo;) dated as of July 24, 2001, between the Company and The
            Bank of Nova Scotia Trust Company of New York, as trustee (the &ldquo;Trustee&rdquo;)
            (the &ldquo;Offering&rdquo;). To the extent there are no additional Underwriters listed
            on Schedule&nbsp;II other than you, the term Representatives as used herein shall mean
            you, as Underwriters, and the terms Representatives and Underwriters shall mean either
            the singular or plural as the context requires. Any reference herein to the
            Registration Statement, the Basic Prospectus, any Preliminary Final Prospectus, the
            Canadian Final Prospectus or the U.S. Final Prospectus shall be deemed to refer to and
            include the documents incorporated by reference therein pursuant to Item&nbsp;3 of
            Form&nbsp;F-9 which were filed under the Exchange Act or Alberta Securities Law on or
            before the Effective Date of the Registration Statement or the issue date of the Basic
            Prospectus, any Preliminary Final Prospectus, the Canadian Final Prospectus or the U.S.
            Final Prospectus, as the case may be; and any reference herein to the terms
            &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect
            to the Registration Statement, the Basic Prospectus, any Preliminary Final Prospectus,
            the Canadian Final Prospectus or the U.S. Final Prospectus shall be deemed to refer to
            and include the filing of any document under the Exchange Act or Alberta Securities Law
            after the Effective Date of the Registration Statement or the issue date of the Basic
            Prospectus, any Preliminary Final Prospectus, the Canadian Final Prospectus or the U.S.
            Final Prospectus, as the case may be, deemed to be incorporated therein by reference.
            Certain terms used herein are defined in Section&nbsp;19 hereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
            <hr align="center" width="100%" noshade size="2">
            <br>
            <br>

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">2</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2"><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Representations and Warranties</u>. &nbsp;The Company represents and
            warrants to, and agrees with, each Underwriter as set forth below in this Section 1
            that:</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company meets the requirements under Alberta Securities Law, as
            interpreted and applied by the Reviewing Authority, and the Shelf Procedures for the
            use of a short form shelf prospectus with respect to the Securities; a final short form
            shelf prospectus has been filed with the Reviewing Authority and the Company has
            informed the Reviewing Authority that it has been selected as the principal
            jurisdiction regulating the offering of the Securities; a receipt has been obtained
            from the Reviewing Authority in respect of such short form shelf prospectus and any
            amendment thereto; no order suspending the distribution of the Securities has been
            issued by the Reviewing Authority and no proceeding for that purpose has been initiated
            or to the Company&rsquo;s knowledge threatened by the Reviewing Authority;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company meets the general eligibility requirements for use of Form
            F-9 under the Act, has filed a registration statement on Form F-9 (File No. 333-146056)
            in respect of the Securities and an appointment of agent for service of process on Form
            F-X (the &ldquo;Form F-X&rdquo;) in conjunction with the filing of such registration
            statement with the Commission and has caused the Trustee to prepare and file with the
            Commission a Statement of Eligibility and Qualification on Form T-1 (the &ldquo;Form
            T-1&rdquo;); such registration statement and any post-effective amendment thereto, in
            each case including the Canadian Final Prospectus (with such deletions therefrom and
            additions thereto as are permitted or required by Form F-9 and the applicable rules and
            regulations of the Commission), each in the form heretofore delivered or to be
            delivered to the Representatives for delivery by them to each of the other Underwriters
            and, excluding exhibits to such registration statement, but including all documents
            incorporated by reference in the prospectus contained therein, have been declared
            effective by the Commission in such form; no other document with respect to such
            registration statement or document incorporated by reference therein has heretofore
            been filed or transmitted for filing with the Commission and no other document
            incorporated by reference in the prospectus contained therein has heretofore been filed
            with the Reviewing Authority, except for any documents filed with the Commission or the
            Reviewing Authority subsequent to the date of such effectiveness in the form heretofore
            delivered to the Representatives for delivery by them to each of the other
            Underwriters; no stop order suspending the effectiveness of such registration statement
            has been issued and no proceeding for that purpose has been initiated or, to the
            Company&rsquo;s knowledge, threatened by the Commission; any reference herein to any
            Preliminary Final Prospectus, Canadian Final Prospectus or U.S. Final Prospectus shall
            be deemed to refer to and include the documents incorporated by reference therein as of
            the date of such Preliminary Final Prospectus, Canadian Final Prospectus or U.S. Final
            Prospectus, as the case may be; any reference to any amendment or supplement to any
            Preliminary Final Prospectus, Canadian Final Prospectus or U.S. Final Prospectus shall
            be deemed to refer to and include any documents filed after the date of such
            Preliminary Final Prospectus, Canadian Final Prospectus or U.S. Final Prospectus, as
            the case may be, under Alberta Securities Law or the Exchange Act, as the case may be,
            and incorporated by reference in such Preliminary Final Prospectus, Canadian Final
            Prospectus or U.S. Final Prospectus, as the case may be; and any reference to the U.S.
            Final Prospectus shall be deemed to refer to the U.S. Final Prospectus as amended or
            supplemented in relation to the applicable Securities in the form in which it is filed
            with the Commission pursuant to General Instruction II.K. of Form F-9 in accordance
            with Section 5(a) hereof, including any documents incorporated by reference therein as
            of the date of such filing;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Canadian Documents, when they were filed with the Reviewing
            Authority, conformed in all material respects to the requirements of Alberta Securities
            Law, the</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">3</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">documents incorporated by reference in the Registration Statement and
            the U.S. Final Prospectus, when they became effective or were filed with the
            Commission, as the case may be, conformed in all material respects to the requirements
            of the Exchange Act, as applicable, and the rules and regulations of the Commission
            thereunder and any further documents so filed and incorporated by reference in the
            Canadian Final Prospectus and the U.S. Final Prospectus or any amendment or supplement
            thereto, when such documents are filed with the Reviewing Authority or the Commission,
            will conform in all material respects to the requirements of Alberta Securities Law or
            Exchange Act, as applicable;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">on the Effective Date the Registration Statement did, and on the date
            each is first filed and on the Closing Date the Canadian Final Prospectus and the U.S.
            Final Prospectus will, conform in all material respects, with respect to the Canadian
            Final Prospectus, with the applicable requirements of Alberta Securities Law and the
            rules and regulations of the Reviewing Authority under the Alberta Securities Law, and
            with respect to the U.S. Final Prospectus, with the Act and the Trust Indenture Act and
            the rules and regulations of the Commission under both the Act and the Trust Indenture
            Act; the Registration Statement, as of the Effective Date and at the Applicable Time,
            did not and will not contain an untrue statement of a material fact or omit to state a
            material fact required to be stated therein or necessary to make the statements therein
            not misleading; and the Canadian Final Prospectus and the U.S. Final Prospectus, did
            not as of the Effective Date, did not as of their respective filing dates and will not
            as of the Closing Date, contain an untrue statement of a material fact or omit to state
            a material fact required to be stated therein or necessary to make the statements
            therein, in light of the circumstances under which they were made, not
            misleading;</font> <u><font size="2">provided</font></u><font size="2">,</font>
            <u><font size="2">however</font></u><font size="2">, that this representation and
            warranty shall not apply to any statements or omissions made in reliance upon and in
            conformity with information furnished in writing to the Company by or on behalf of any
            Underwriter through the Representatives specifically for inclusion in the Registration
            Statement, the Canadian Final Prospectus and the U.S. Final Prospectus, or to the Form
            T-1 of the Trustee;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">as of the Applicable Time and as of the Closing Date, the Disclosure
            Package does not and will not contain any untrue statement of a material fact or omit
            to state any material fact necessary in order to make the statements therein, in the
            light of the circumstances under which they were made, not misleading. The preceding
            sentence does not apply to statements in or omissions from the Disclosure Package made
            in reliance upon and in conformity with information furnished in writing to the Company
            or on behalf of any Underwriter through the Representatives specifically for inclusion
            therein;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">at the earliest time after the filing of the Registration Statement that
            the Company or another offering participant made a bona fide offer (within the meaning
            of Rule 164(h)(2)) of the Securities, the Company was not and is not an Ineligible
            Issuer (as defined in Rule 405), without taking account of any determination by the
            Commission pursuant to Rule 405 that it is not necessary that the Company be considered
            an Ineligible Issuer. The Representatives have notified the Company of the earliest
            time that an offering participant made a bona fide offer of the Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each Issuer Free Writing Prospectus does not include any information
            that conflicts with the information contained in the Registration Statement, including
            any document incorporated therein and any prospectus supplement deemed to be a part
            thereof that has not</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">4</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">been superseded or modified. If there occurs an event or development as
            a result of which the Disclosure Package would include an untrue statement of a
            material fact or would omit to state a material fact necessary in order to make the
            statements therein, in the light of the circumstances then prevailing, not misleading,
            the Company will notify promptly the Representatives so that any use of the Disclosure
            Package may cease until it is amended or supplemented. The foregoing two sentences do
            not apply to statements in or omissions from the Disclosure Package made in reliance
            upon and in conformity with information furnished in writing to the Company by or on
            behalf of any Underwriter through the Representatives specifically for use
            therein;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company has been duly amalgamated and is valid and subsisting as a
            corporation under the laws of the Province of Alberta with full corporate power and
            authority to own or lease, as the case may be, and to operate its properties and
            conduct its business as described in the Canadian Final Prospectus (exclusive of any
            additional supplement thereto), the Disclosure Package and the U.S. Final Prospectus
            (exclusive of any additional supplement thereto), and is duly registered to do business
            as an extra-provincial corporation and is in good standing under the laws of each such
            jurisdiction which requires such registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each of Canadian Natural Resources, a general partnership
            (&ldquo;Canadian Natural Resources&rdquo;), Canadian Natural Resources Northern Alberta
            Partnership, a general partnership (&ldquo;Canadian Natural Resources Northern&rdquo;)
            and CNR 2006 Partnership, a general partnership (&ldquo;CNR 2006&rdquo;), has been duly
            formed and is registered as a general partnership in good standing under the laws of
            the Province of Alberta, with full power and authority to own or lease, as the case may
            be, and to operate its properties and conduct its business as described in the Canadian
            Final Prospectus (exclusive of any additional supplement thereto), the Disclosure
            Package and the U.S. Final Prospectus (exclusive of any additional supplement thereto),
            and is duly registered to do business as an extra-provincial partnership and is in good
            standing under the laws of each jurisdiction which requires such
            registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">CNR International (U.K.) Limited has been duly incorporated and is
            validly existing as a corporation in good standing under the laws of the jurisdiction
            in which it is chartered or organized, with full corporate power and authority to own
            or lease, as the case may be, and to operate its properties and conduct its business as
            described in the Canadian Final Prospectus (exclusive of any additional supplement
            thereto), the Disclosure Package and the U.S. Final Prospectus (exclusive of any
            additional supplement thereto), and is duly qualified or registered to do business as
            an extra-jurisdictional corporation and is in good standing under the laws of each
            jurisdiction which requires such qualification or registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">CNR International (C&ocirc;te d&rsquo;Ivoire) SARL is a private limited
            liability company of C&ocirc;te d&rsquo;Ivoire (societ&eacute; &agrave;
            responsabilit&eacute; limit&eacute;e), with a share capital of 1,000,000 CFA francs,
            having its registered office at Immeuble Kharrat, angle Boulevard Botreau Roussel
            &ndash; Avenue Nogu&egrave;s Abidja Plateau, 01 B.P. 8707 ABIDJAN 01, duly registered
            to the companies registry of Abidjan under number 218 388 and validly existing as a
            corporation in good standing under the laws of C&ocirc;te d&rsquo;Ivoire, with full
            corporate power and authority to own or lease, as the case may be, and to operate its
            properties and conduct its business as described in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), and is duly
            qualified</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">5</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">or
            registered to do business as an extra-jurisdictional corporation and is in good
            standing under the laws of each jurisdiction which requires such qualification or
            registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each of the Company&rsquo;s material subsidiaries (excluding the
            Significant Subsidiaries) has been duly incorporated and, to the best of the
            Company&rsquo;s knowledge, is validly existing as a corporation in good standing under
            the laws of the jurisdiction in which it is chartered or organized, with full corporate
            power and authority to own or lease, as the case may be, and to operate its properties
            and conduct its business as described in the Canadian Final Prospectus (exclusive of
            any additional supplement thereto), the Disclosure Package and the U.S. Final
            Prospectus (exclusive of any additional supplement thereto), and is duly qualified or
            registered to do business as an extra-jurisdictional corporation and, to the best of
            the Company&rsquo;s knowledge, is in good standing under the laws of each jurisdiction
            which requires such qualification or registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each of the Company&rsquo;s material partnerships (excluding Canadian
            Natural Resources, Canadian Natural Resources Northern and CNR 2006) has been duly
            formed and, to the best of the Company&rsquo;s knowledge, is registered as a
            partnership in good standing under the laws of the jurisdiction in which it is
            organized, with full power and authority to own or lease, as the case may be, and to
            operate its properties and conduct its business as described in the Canadian Final
            Prospectus (exclusive of any additional supplement thereto), the Disclosure Package and
            the U.S. Final Prospectus (exclusive of any additional supplement thereto), and is duly
            registered to do business as an extra-jurisdictional partnership and, to the best of
            the Company&rsquo;s knowledge, is in good standing under the laws of each jurisdiction
            which requires such registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company has an authorized capitalization as set forth in the
            Canadian Final Prospectus (exclusive of any additional supplement thereto), the
            Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
            supplement thereto) and all of the issued shares of capital stock of the Company have
            been duly and validly authorized and issued and are fully paid and nonassessable; and
            all the outstanding shares of capital stock, or other ownership interests, of each
            subsidiary of the Company (the term &ldquo;subsidiary&rdquo; as used hereinafter
            includes partnerships and other equity interests unless otherwise indicated) have been
            duly and validly authorized and issued and are fully paid and nonassessable, as
            applicable, and, except as otherwise set forth in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto) and other than the
            entities identified in Annex B hereto, all outstanding shares of capital stock, or
            other ownership interests, of the subsidiaries are owned by the Company either directly
            or under a trust relationship where shares of a subsidiary are held in trust on behalf
            of the Company or through wholly owned subsidiaries free and clear of any perfected
            security interest or any other security interests, claims, liens or
            encumbrances;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">there is no contract or other document of a character required to be
            described in the Registration Statement, the Disclosure Package, the Canadian Final
            Prospectus or the U.S. Final Prospectus, or to be filed as an exhibit thereto, which is
            not described or filed as required; and the statements in the Canadian Final
            Prospectus, the Disclosure Package or the U.S. Final Prospectus under the headings
            &ldquo;Certain Income Tax Information&rdquo;, &ldquo;Description of Debt
            Securities&rdquo; and &ldquo;Description of the Notes&rdquo; insofar as such statements
            summarize legal</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">6</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">matters, agreements, documents or proceedings discussed therein, are in
            all material respects accurate and fair summaries of such legal matters, agreements,
            documents or proceedings;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">this Agreement has been duly authorized, executed and delivered by the
            Company and constitutes a valid and binding obligation of the Company enforceable in
            accordance with its terms, except as enforceability may be subject to bankruptcy,
            insolvency, reorganization, fraudulent conveyances or transfer, moratorium or similar
            laws affecting creditors&rsquo; rights generally and subject to general principles of
            equity (regardless of whether enforceability is considered in a proceeding in equity or
            at law) subject to public policy considerations with respect to Section 8
            hereunder;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company is not and, after giving effect to the offering and sale of
            the Securities and the application of the proceeds thereof as described in the Canadian
            Final Prospectus, the Disclosure Package and the U.S. Final Prospectus, will not be
            required to be registered as an &ldquo;investment company&rdquo; (as defined in the
            Investment Company Act of 1940, as amended) under the Investment Company Act of 1940,
            as amended;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no Governmental Authorization is required in connection with the
            transactions contemplated herein, except such as have been obtained under the Act,
            Alberta Securities Law and the Trust Indenture Act and such as may be required under
            the blue sky laws of any jurisdiction in connection with the purchase and distribution
            of the Securities by the Underwriters in the manner contemplated herein and in the
            Canadian Final Prospectus, the Disclosure Package and the U.S. Final
            Prospectus;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">neither the issue and sale of the Securities nor the consummation of any
            other of the transactions herein contemplated nor the fulfillment of the terms hereof
            will conflict with, result in a breach or violation or imposition of any lien, charge
            or encumbrance upon any property or assets of the Company or any of its subsidiaries
            pursuant to, (i) the charter or by-laws of the Company or any of its subsidiaries, (ii)
            the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement,
            loan agreement or other agreement, obligation, condition, covenant or instrument to
            which the Company or any of its subsidiaries is a party or by which it is bound or to
            which its or their property is subject, or (iii) any statute, law, rule, regulation,
            judgment, order or decree applicable to the Company or any of its subsidiaries of any
            court, regulatory body, administrative agency, governmental body, arbitrator or other
            authority having jurisdiction over the Company or any of its subsidiaries or any of its
            or their properties which conflict, breach, violation or imposition would, either
            individually or in the aggregate with all other conflicts, breaches, violations and
            impositions referred to in this paragraph (if any), have a material adverse effect on
            the condition (financial or otherwise), prospects, earnings, business or properties of
            the Company and its subsidiaries, taken as a whole, whether or not arising from
            transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no holders of securities of the Company have rights to the registration
            of such securities under the Registration Statement;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the consolidated historical financial statements of the Company and its
            consolidated subsidiaries included or incorporated by reference in the Canadian Final
            Prospectus, the Disclosure Package, the U.S. Final Prospectus and the Registration
            Statement present fairly</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">7</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">in
            all material respects the financial condition, results of operations and cash flows of
            the entities indicated as of the dates and for the periods indicated, comply as to form
            with the applicable accounting requirements of the Act and Alberta Securities Law and
            have been prepared in conformity with Canadian generally accepted accounting principles
            and have been reconciled to U.S. generally accepted accounting principles in accordance
            with the provisions of Form 20-F under the Exchange Act, in each case applied on a
            consistent basis throughout the periods involved (except as otherwise noted therein).
            The selected financial data set forth under the caption &ldquo;Selected Consolidated
            Financial and Operating Information&rdquo; in the Canadian Final Prospectus, the
            Disclosure Package, the U.S. Final Prospectus and the Registration Statement fairly
            present, on the basis stated in the Canadian Final Prospectus, the Disclosure Package,
            the U.S. Final Prospectus and the Registration Statement, the information included
            therein;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), no action, suit or
            proceeding by or before any court or Governmental Authority involving the Company or
            any of its subsidiaries or its or their property is pending or, to the best knowledge
            of the Company, threatened that (i) could reasonably be expected to have a material
            adverse effect on the performance of this Agreement or the consummation of any of the
            transactions contemplated hereby or (ii) could reasonably be expected to have a
            material adverse effect on the condition (financial or otherwise), prospects, earnings,
            business or properties of the Company and its subsidiaries, taken as a whole, whether
            or not arising from transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in the Canadian Final Prospectus (exclusive of any
            additional supplement thereto), the Disclosure Package and the U.S. Final Prospectus
            (exclusive of any additional supplement thereto), each of the Company and its
            subsidiaries owns or leases or is entitled to own or lease all such properties as are
            necessary to the conduct of its operations as presently conducted, except where the
            failure to own or lease could not reasonably be expected to have a material adverse
            effect on the condition (financial or otherwise), prospects, earnings, business or
            properties of the Company and its subsidiaries, taken as a whole, whether or not
            arising from transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), neither the Company
            nor any subsidiary is in violation or default of (i) any provision of its charter or
            bylaws or other constating documents, (ii) the terms of any indenture, contract, lease,
            mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation,
            condition, covenant or instrument to which it is a party or by which it is bound or to
            which its property is subject, or (iii) any statute, law, rule, regulation, judgment,
            order or decree of any court, regulatory body, administrative agency, governmental
            body, arbitrator or other authority having jurisdiction over the Company or such
            subsidiary or any of its properties, as applicable, which violation or default would,
            in the case of clauses&nbsp;(ii) and (iii) above, either individually or in the
            aggregate with all other violations and defaults referred to in this paragraph&nbsp;(if
            any), have a material adverse effect on the condition (financial or otherwise),
            prospects, earnings, business or properties of the Company and its subsidiaries, taken
            as a whole, whether or not arising from transactions in the ordinary course of
            business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">8</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">PricewaterhouseCoopers LLP, who have certified certain financial
            statements of the Company and its consolidated subsidiaries and delivered their report
            with respect to the audited consolidated financial statements included or incorporated
            by reference in the Canadian Final Prospectus, the Disclosure Package and the U.S.
            Final Prospectus, are independent public accountants with respect to the Company within
            the meaning of Alberta Securities Law and the Act and the applicable published rules
            and regulations thereunder;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), the Company and each
            of its subsidiaries has filed all foreign, federal, state and local tax returns that
            are required to be filed or has requested extensions thereof (except in any case in
            which the failure so to file would not have a material adverse effect on the condition
            (financial or otherwise), prospects, earnings, business or properties of the Company
            and its subsidiaries, taken as a whole, whether or not arising from transactions in the
            ordinary course of business), except as set forth in or contemplated in the Canadian
            Final Prospectus (exclusive of any additional supplement thereto), the Disclosure
            Package and the U.S. Final Prospectus (exclusive of any additional supplement thereto)
            and has paid all taxes required to be paid by it and any other assessment, fine or
            penalty levied against it, to the extent that any of the foregoing is due and payable,
            except for any such assessment, fine or penalty that is currently being contested in
            good faith or as would not have a material adverse effect on the condition (financial
            or otherwise), prospects, earnings, business or properties of the Company and its
            subsidiaries, taken as a whole, whether or not arising from transactions in the
            ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), no labor problem or
            dispute with the employees of the Company or any of its subsidiaries exists or is
            threatened or imminent, and without making any special inquiry, the Company is not
            aware of any existing or imminent labor disturbance by the employees of any of its or
            its subsidiaries&rsquo; principal suppliers, contractors or customers, that could have
            a material adverse effect on the condition (financial or otherwise), prospects,
            earnings, business or properties of the Company and its subsidiaries, taken as a whole,
            whether or not arising from transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), the Company and each
            of its subsidiaries are insured or reinsured by insurers of recognized financial
            responsibility against such losses and risks and in such amounts as are prudent and
            customary in the businesses in which they are engaged; all policies of insurance and
            fidelity or surety bonds insuring the Company or any of its subsidiaries or their
            respective businesses, assets, employees, officers and directors are in full force and
            effect; the Company and its subsidiaries are in compliance with the terms of such
            policies and instruments in all material respects; and there are no claims by the
            Company or any of its subsidiaries under any such policy or instrument as to which any
            insurance company is denying liability or defending under a reservation of rights
            clause; neither the Company nor any such subsidiary has been refused any insurance
            coverage sought or applied for; and neither the Company nor any such subsidiary has any
            reason to believe that it will not be</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">9</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">able to renew its existing insurance coverage as and when such coverage
            expires or to obtain similar coverage from similar insurers as may be necessary to
            continue its business at a cost that would not have a material adverse effect on the
            condition (financial or otherwise), prospects, earnings, business or properties of the
            Company and its subsidiaries, taken as a whole, whether or not arising from
            transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated by the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), no subsidiary of the
            Company is currently prohibited, directly or indirectly, from paying any dividends to
            the Company, from making any other distribution on such subsidiary&rsquo;s capital
            stock or other ownership interest, from repaying to the Company any loans or advances
            to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s
            property or assets to the Company or any other subsidiary of the Company, which
            prohibition could have a material adverse effect on the condition (financial or
            otherwise), prospects, earnings, business or properties of the Company and its
            subsidiaries, taken as a whole, whether or not arising from transactions in the
            ordinary course of business or have an adverse affect on the ability of the Company to
            make all payments when due with respect to the Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), or where the failure
            to possess licenses, certificates, permits or other authorizations would not singly or
            in the aggregate have a material adverse effect on the condition (financial or
            otherwise), prospects, earnings, business or properties of the Company and its
            subsidiaries, taken as a whole, whether or not arising from transactions in the
            ordinary course of business, the Company and its subsidiaries possess all licenses,
            certificates, permits and other authorizations issued by the appropriate foreign,
            federal, provincial, state, municipal or local regulatory authorities necessary to
            conduct their respective businesses, and neither the Company nor any such subsidiary
            has received any notice of proceedings relating to the revocation or modification of
            any such certificate, authorization or permit which, singly or in the aggregate, if the
            subject of an unfavorable decision, ruling or finding, would have a material adverse
            effect on the condition (financial or otherwise), prospects, earnings, business or
            properties of the Company and its subsidiaries, taken as a whole, whether or not
            arising from transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company and each of its Significant Subsidiaries maintain a system
            of internal accounting controls sufficient to provide reasonable assurance that (i)
            transactions are executed in accordance with management&rsquo;s general or specific
            authorizations; (ii) transactions are recorded as necessary to permit preparation of
            financial statements in conformity with Canadian generally accepted accounting
            principles and to maintain asset accountability; (iii) access to assets is permitted
            only in accordance with management&rsquo;s general or specific authorization; and (iv)
            the recorded accountability for assets is compared with the existing assets at
            reasonable intervals and appropriate action is taken with respect to any
            differences;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company has not taken, directly or indirectly, any action designed
            to or that would constitute or that might reasonably be expected to cause or result in,
            under Alberta</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">10</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">Securities Law or the Exchange Act or otherwise, stabilization or
            manipulation of the price of any security of the Company to facilitate the sale or
            resale of the Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto), the Disclosure Package and the U.S.
            Final Prospectus (exclusive of any additional supplement thereto), the Company and its
            subsidiaries are (i) in compliance with Environmental Laws, (ii) have received and are
            in compliance with all permits, licenses or other approvals required of them under
            applicable Environmental Laws to conduct their respective businesses and (iii) have not
            received notice of any actual or potential liability for the investigation or
            remediation of any disposal or release of hazardous or toxic substances or wastes,
            pollutants or contaminants, except where such non-compliance with Environmental Laws,
            failure to receive required permits, licenses or other approvals, or liability would
            not, individually or in the aggregate, have a material adverse effect on the condition
            (financial or otherwise), prospects, earnings, business or properties of the Company
            and its subsidiaries, taken as a whole, whether or not arising from transactions in the
            ordinary course of business. Except as set forth in or contemplated in the Canadian
            Final Prospectus (exclusive of any additional supplement thereto), the Disclosure
            Package and the U.S. Final Prospectus (exclusive of any additional supplement thereto),
            neither the Company nor any of the subsidiaries has been named as a &ldquo;potentially
            responsible party&rdquo; under the Comprehensive Environmental Response, Compensation,
            and Liability Act of 1980, as amended, or under any similar Canadian legislation,
            except where the realization of any potential liability as such a &ldquo;potentially
            responsible party&rdquo; would not, individually or in the aggregate, have a material
            adverse effect on the condition (financial or otherwise), prospects, earnings, business
            or properties of the Company and its subsidiaries, taken as a whole, whether or not
            arising from transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">in
            the ordinary course of its business, the Company periodically reviews the effect of
            Environmental Laws on the business, operations and properties of the Company and its
            subsidiaries, in the course of which it identifies and evaluates associated costs and
            liabilities (including, without limitation, any capital or operating expenditures
            required for clean-up, closure of properties or compliance with Environmental Laws, or
            any permit, license or approval, any related constraints on operating activities and
            any potential liabilities to third parties). On the basis of such review, except as set
            forth in or contemplated in the Canadian Final Prospectus (exclusive of any additional
            supplement thereto), the Disclosure Package and the U.S. Final Prospectus (exclusive of
            any additional supplement thereto), the Company has reasonably concluded that such
            associated costs and liabilities would not, singly or in the aggregate, have a material
            adverse effect on the condition (financial or otherwise), prospects, earnings, business
            or properties of the Company and its subsidiaries, taken as a whole, whether or not
            arising from transactions in the ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">neither the Company nor any subsidiary is by itself, nor is it by virtue
            of its being under &ldquo;common control&rdquo; with any other Person within the
            meaning of the Section 414(b) or (c) of the Internal Revenue Code of 1986 (the
            &ldquo;Code&rdquo;), an &ldquo;employer&rdquo; within the meaning of the Section 3 (5)
            of the Employee Retirement Income Security Act of 1974 of the United States of America,
            as amended from time to time (&ldquo;ERISA&rdquo;), in respect of any employee pension
            benefit plan covered by Title IV of ERISA or subject to the minimum funding standards
            under the Code;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">11</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the subsidiaries listed on Annex A attached hereto are the only
            Significant Subsidiaries of the Company and there are no other subsidiaries material to
            the condition (financial or otherwise), prospects, earnings, business or properties of
            the Company and its subsidiaries, taken as a whole;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">neither the Company, its subsidiaries and the businesses now run by the
            Company and its subsidiaries, nor any of their respective officers, directors,
            supervisors, managers, agents, or employees have, directly or indirectly, (A) made or
            authorized any contribution, payment or gift of funds or property to any official,
            employee or agent of any governmental agency, authority or instrumentality of any
            jurisdiction or (B) made any contribution to any candidate for public office, in either
            case, where either the payment or the purpose of such contribution, payment or gift
            was, is, or would be prohibited under the U.S. Foreign Corrupt Practices Act of 1977,
            as amended, or the Canada Corruption of Foreign Public Officials Act, or the rules and
            regulations promulgated thereunder;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">neither the sale of the Securities by the Company under this Agreement
            nor the use of proceeds thereof will cause any U.S. person participating in the
            Offering, either as underwriter and/or purchasers of the Securities, to violate the
            regulations of the United States Treasury Department set forth under 31 CFR, Subtitle
            B, Chapter V, as amended, or any enabling legislation or executive order relating
            thereto (the &ldquo;Sanctions Regulations&rdquo;) provided, however, that the Company
            makes no representation under this paragraph that would violate Canadian
            law;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(mm)&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">the Securities have
            been duly authorized, and, when the Securities are issued and delivered pursuant to
            this Agreement, such Securities will have been duly executed, authenticated, issued and
            delivered and, upon payment for the Securities by the Representatives to the Company,
            will constitute valid and legally binding obligations of the Company entitled to the
            benefits provided by the Indenture; the Indenture, which is substantially in the form
            filed as an exhibit to the Registration Statement, has been duly authorized and duly
            qualified under the Trust Indenture Act and constitutes a valid and legally binding
            instrument, and enforceable against the Company in accordance with its terms, except as
            the enforceability of the Securities may be subject to bankruptcy, insolvency,
            reorganization, fraudulent conveyances or transfer, moratorium or similar laws
            affecting creditors&rsquo; rights generally and subject to general principles of equity
            (regardless of whether enforceability is considered in a proceeding in equity or at
            law) and to the provisions of the Currency Act (Canada) or to the usury provisions of
            the Criminal Code (Canada); no registration, filing or recording of the Indenture under
            the laws of Canada or any province thereof is necessary in order to preserve or protect
            the validity or enforceability of the Indenture or the Securities issued thereunder;
            and the Indenture conforms, and the Securities will conform in all material respects to
            the descriptions thereof contained in the Canadian Final Prospectus, the Disclosure
            Package and the U.S. Final Prospectus with respect to such Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">the
            Company is not aware of any defects in title to its core oil and gas properties or its
            material assets and facilities which are used in the production and marketing of oil
            and gas that, in the aggregate, would have a material adverse effect on the condition
            (financial or otherwise), prospects, earnings, business or properties of the Company
            and its subsidiaries, taken as a whole, whether or not arising from transactions in the
            ordinary course of business;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">12</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">the
            information set forth or incorporated by reference in the Canadian Final Prospectus,
            the Disclosure Package and the U.S. Final Prospectus relating to the estimates by the
            Company of the (i) proved reserves at December 31, 2006 have been approved by the
            Company and such reserve information has been prepared in accordance with the
            definitions and the standards of the Commission, (ii) proved plus probable conventional
            reserves as at the dates specified and appearing in the Company&rsquo;s Annual
            Information Form dated March 28, 2007, have been reviewed and approved by the Company
            and the reserve information has been prepared in accordance with National Instrument
            51-101 of the Canadian Securities Administrators; and (iii) proved and probable oil
            sands mining reserves as at the date specified and appearing in the Company&rsquo;s
            Annual Information Form dated March 28, 2007, have been reviewed and approved by the
            Company and the reserves were evaluated adhering to the requirements of SEC Industry
            Guide 7; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">all
            interest and other distributions on the Securities will not be subject to withholding
            or other taxes under the laws and regulations of Canada and are otherwise free and
            clear of any other tax, withholding or deduction in Canada without the necessity of
            obtaining any Governmental Authorization in Canada; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">any
            certificate signed by any officer of the Company and delivered to the Representatives
            or counsel for the Underwriters in connection with the offering of the Securities shall
            be deemed a representation and warranty by the Company, as to matters covered thereby,
            to each Underwriter.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Purchase and Sale</u>.&nbsp; Subject to the terms and conditions and
            in reliance upon the representations and warranties herein set forth, the Company
            agrees to sell to each Underwriter, and each Underwriter agrees, severally and not
            jointly, to purchase from the Company, at the purchase price set forth in Schedule I
            hereto the principal amount of the Securities set forth opposite such
            Underwriter&rsquo;s name in Schedule II hereto.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Delivery and Payment</u>. &nbsp;Delivery of and payment for the
            Securities shall be made on the date and at the time specified in Schedule&nbsp;I
            hereto or at such time on such later date not more than three Business Days after the
            foregoing date as the Representatives shall designate, which date and time may be
            postponed by agreement between the Representatives and the Company or as provided in
            Section&nbsp;9&nbsp;hereof (such date and time of delivery and payment for the
            Securities being herein called the &ldquo;Closing Date&rdquo;). Delivery of the
            Securities shall be made to the Representatives for the respective accounts of the
            several Underwriters against payment by the several Underwriters through the
            Representatives of the purchase price thereof to or upon the order of the Company by
            wire transfer payable in same-day funds to an account specified by the Company.
            Delivery of the Securities shall be made through the facilities of The Depository Trust
            Company unless the Representatives shall otherwise instruct.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Offering by Underwriters</u>. &nbsp;It is understood that the several
            Underwriters propose to offer the Securities for sale to the public as set forth in the
            Canadian Final Prospectus, the Disclosure Package and the U.S. Final
            Prospectus.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            <font size="2"><u>Agreements</u>. &nbsp;The Company agrees with the several
            Underwriters that:</font></font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="523" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="475">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">13</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Prior to the termination of the offering of the Securities, the Company
            will not file any amendment of the Registration Statement or supplement (including the
            U.S. Final Prospectus or any Preliminary Final Prospectus) to the Basic Prospectus
            unless the Company has furnished you a copy for your review prior to filing and will
            not file any such proposed amendment or supplement to which you reasonably object.
            Subject to the foregoing sentence, the Company will prepare the Canadian Final
            Prospectus and the U.S. Final Prospectus in relation to the applicable Securities in a
            form approved by the Representatives and shall file (i) such Canadian Final Prospectus
            with the Reviewing Authority in accordance with the Shelf Procedures and (ii) such U.S.
            Final Prospectus with the Commission pursuant to General Instruction II.K. of Form F-9
            not later than the Commission&rsquo;s close of business on the business day following
            the date of the filing thereof with the Reviewing Authority. The Company will prepare a
            final term sheet, containing solely a description of the Securities, in a form approved
            by the Representatives and will file such term sheet pursuant to Rule 433(d) within the
            time required by such Rule and will promptly file all material required to be filed by
            the Company with the Commission pursuant to Rule 433(d) under the Act. The Company will
            promptly file all reports required to be filed by it with the Reviewing Authority
            pursuant to Alberta Securities Law and the Commission pursuant to Section 13(a), 13(c)
            or 15(d) of the Exchange Act for so long as the delivery of a prospectus (or in lieu
            thereof, the notice referred to in Rule 173(a)) is required under the Act in connection
            with the offering or sale of the Securities, and during such same period will advise
            the Representatives, promptly after it receives notice thereof, of the time when any
            amendment to the Canadian Final Prospectus has been filed or receipted, when any
            amendment to the Registration Statement has been filed or becomes effective or any
            supplement to the Basic Prospectus or any amended Canadian Final Prospectus or U.S.
            Final Prospectus has been filed with the Reviewing Authority or the Commission, of the
            issuance by the Reviewing Authority or the Commission of any stop order or of any order
            preventing or suspending the use of any prospectus relating to the Securities, of the
            suspension of the qualification of such Securities for offering or sale in any
            jurisdiction, of the initiation or threatening of any proceeding for any such purpose,
            or of any request by the Reviewing Authority or the Commission for the amending or
            supplementing of the Registration Statement, the Canadian Final Prospectus or the U.S.
            Final Prospectus or for additional information relating to the Securities; and, the
            Company will use its commercially reasonable best efforts to prevent the issuance of
            any such stop order or any such order preventing or suspending the use of any
            prospectus relating to the Securities or the suspension of any such qualification and,
            in the event of the issuance of any such stop order or of any such order preventing or
            suspending the use of any prospectus relating to the Securities or suspending any such
            qualification, to promptly use its commercially reasonable best efforts to obtain the
            withdrawal of such order;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">If, at any time when a prospectus relating to the Securities (or in lieu
            thereof, the notice referred to in Rule 173(a)) is required to be delivered under the
            Act, any event occurs as a result of which the Canadian Final Prospectus or the U.S.
            Final Prospectus, each as then supplemented, would include any untrue statement of a
            material fact or omit to state any material fact necessary to make the statements
            therein in the light of the circumstances under which they were made not misleading, or
            if it shall be necessary to amend the Registration Statement or supplement the Canadian
            Final Prospectus or the U.S. Final Prospectus to comply with Alberta Securities Law,
            the Act or the Exchange Act, or the respective rules thereunder, the Company promptly
            will (1)&nbsp;notify the Representatives of such event, (2) prepare and file with the
            Reviewing Authority and the Commission, subject to the first sentence of paragraph
            (a)&nbsp;of this</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">14</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">Section&nbsp;5, an amendment or supplement which will correct such
            statement or omission or effect such compliance and (3)&nbsp;supply any supplemented
            Canadian Final Prospectus and U.S. Final Prospectus to you in such quantities as you
            may reasonably request;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">As soon as practicable, the Company will make generally available to its
            security holders and to the Representatives an earnings statement or statements of the
            Company and its subsidiaries which will satisfy the provisions of Section&nbsp;11(a) of
            the Act and Rule&nbsp;158 under the Act;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company will furnish to the Representatives and counsel for the
            Underwriters, without charge, signed copies of the Registration Statement (including
            exhibits thereto) and a copy of the Registration Statement (without exhibits thereto)
            for delivery by the Representatives to each other Underwriter and, so long as delivery
            of a prospectus by an Underwriter or dealer may be required by the Act, as many copies
            of each Preliminary Final Prospectus, Issuer Free Writing Prospectus and U.S. Final
            Prospectus and any supplement thereto as the Representatives may reasonably request.
            The Company will pay the expenses of printing or other production of all documents
            relating to the offering;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company will arrange, if necessary, for the qualification of the
            Securities for sale under the laws of such jurisdictions as the Representatives may
            designate, will maintain such qualifications in effect so long as required for the
            distribution of the Securities and will pay any fee of the Financial Industry
            Regulatory Authority, Inc., in connection with its review of the offering; provided
            that in no event shall the Company be obligated to qualify to do business in any
            jurisdiction where it is not now so qualified or to take any action that would subject
            it to service of process in suits, other than those arising out of the offering or sale
            of the Securities, in any jurisdiction where it is not now so subject;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company agrees that, other than the final term sheet prepared and
            filed pursuant to Section 5(a) hereof, unless it obtains the prior written consent of
            the Representatives, and each Underwriter, severally and not jointly, agrees with the
            Company that, unless it has obtained the prior written consent of the Company, it has
            not made and will not make any offer relating to the Securities that would constitute
            an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free
            writing prospectus&rdquo; (as defined in Rule 405); provided that the prior written
            consent of the parties hereto shall be deemed to have been given in respect of the
            information contained in or consistent with the Free Writing Prospectuses included in
            Annex C hereto (including the final term sheet prepared and filed pursuant to Section
            5(a) hereof). Any such free writing prospectus consented to by the Representatives or
            the Company is hereinafter referred to as a &ldquo;Permitted Free Writing
            Prospectus.&rdquo; The Company agrees that (x) it has treated and will treat, as the
            case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing
            Prospectus and (y) it has complied and will comply, as the case may be, with the
            requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus,
            including in respect of timely filing with the Commission, legending and record
            keeping.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company will not, without the prior written consent of the
            Representatives, offer, sell, contract to sell, pledge, or otherwise dispose of, (or
            enter into any transaction which is designed to, or might reasonably be expected to,
            result in the disposition (whether by actual disposition or effective economic
            disposition due to cash settlement or</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">15</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">otherwise) by the Company or any affiliate of the Company or any person
            in privity with the Company or any affiliate of the Company) directly or indirectly,
            including the filing (or participation in the filing) of a registration statement with
            the Commission in respect of any debt securities issued or guaranteed by the Company in
            the United States (other than the Securities), or establish or increase a put
            equivalent position or liquidate or decrease a call equivalent position within the
            meaning of Section 16 of the Exchange Act in respect of such securities, or publicly
            announce an intention to effect any such transaction, until the time of Closing;
            provided that the Company may offer and sell debt securities denominated in Canadian
            dollars under an &ldquo;MTN program&rdquo; under National Instrument 44-102 of the
            Canadian Securities Administrators where none of such debt securities is offered or
            sold in the United States.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company will furnish to the Trustee of the Securities reports and
            other information in accordance with the requirements specified in Section 9.3 of the
            Indenture;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company will use the net proceeds received by the Company from the
            sale of the Securities pursuant to this Agreement in the manner specified under the
            caption &ldquo;Use of Proceeds&rdquo; in the Canadian Final Prospectus, the Disclosure
            Package and U.S. Final Prospectus in relation to the Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company agrees to pay the costs and expenses relating to the
            following matters: (i) the preparation, printing or reproduction and filing with the
            Commission of the Registration Statement (including financial statements and exhibits
            thereto) and with the Review Authority of the Final Canadian Prospectus, each
            Preliminary Final Prospectus, each Issuer Free Writing Prospectus, the Canadian Final
            Prospectus and U.S. Final Prospectus, and each amendment or supplement to any of them;
            (ii) the printing (or reproduction) and delivery (including postage, air freight
            charges and charges for counting and packaging) of such copies of the Registration
            Statement, each Preliminary Final Prospectus, each Issuer Free Writing Prospectus, the
            Canadian Final Prospectus and U.S. Final Prospectus, and all amendments or supplements
            to any of them, as may, in each case, be reasonably requested for use in connection
            with the offering and sale of the Securities; (iii) the preparation, printing,
            authentication, issuance and delivery of certificates for the Securities, including any
            stamp or transfer taxes in connection with the original issuance and sale of the
            Securities; (iv) the printing (or reproduction) and delivery of this Agreement, the
            Indenture, any blue sky memorandum and all other agreements or documents printed (or
            reproduced) and delivered in connection with the offering of the Securities; (v) any
            registration or qualification of the Securities for offer and sale under the securities
            or blue sky laws of the several states (including filing fees and the reasonable fees
            and expenses of counsel for the Underwriters relating to such registration and
            qualification); (vi) any filings required to be made with the Financial Industry
            Regulatory Authority, Inc. (including filing fees and the reasonable fees and expenses
            of counsel for the Underwriters relating to such filings); (vii) the transportation and
            other expenses incurred by or on behalf of Company representatives in connection with
            presentations to prospective purchasers of the Securities; (viii)&nbsp;the fees and
            expenses of the Company&rsquo;s accountants and the fees and expenses of counsel
            (including local and special counsel) for the Company; (ix) the fees and expenses of
            the Trustee and any agent of the Trustee and the fees and disbursements of counsel for
            the Trustee in connection with the Indenture and the Securities; (x) any fees charged
            by securities rating services for rating the Securities; and (xi) all other costs and
            expenses of the Company and its representatives incident to the performance by the
            Company of its obligations hereunder. Except</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">16</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">as
            indicated above in this paragraph, it is understood that the Underwriters will pay all
            of their own costs and expenses, including the fees and expenses of their counsel and
            certain advertising expenses in connection with any offer the Underwriters make with
            respect to the Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Neither the Company nor any of its subsidiaries will take, directly or
            indirectly, any action that will result in a violation by any U.S. person participating
            in the Offering of the Sanctions Regulations with respect to the sale of the Securities
            under this Agreement and the use of proceeds thereof. Without limiting the foregoing,
            the Company will not enter into a legal, valid and binding obligation, or use the
            proceeds of the sale of the Securities to fund any activities or business, with any
            entity or individual with respect to which U.S. persons are prohibited from doing
            business under the Sanctions Regulations, provided, however, that the Company makes no
            covenant under this paragraph that would violate any Canadian law; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company will not take, directly or indirectly, any action designed
            to or that would constitute or that might reasonably be expected to cause or result in,
            under the Exchange Act, Alberta Securities Law or otherwise, stabilization or
            manipulation of the price of any security of the Company to facilitate the sale or
            resale of the Securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Conditions to the Obligations of the Underwriters</u>. The
            obligations of the Underwriters to purchase the Securities shall be subject to the
            accuracy of the representations and warranties on the part of the Company contained
            herein as of the Applicable Time and the Closing Date, to the accuracy of the
            statements of the Company made in any certificates pursuant to the provisions hereof,
            to the performance by the Company of its obligations hereunder and to the following
            additional conditions:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">(i) The Canadian Final Prospectus shall have been filed with the
            Reviewing Authority under the Shelf Procedures and (ii) the U.S. Final Prospectus shall
            have been filed with the Commission pursuant to General Instruction II.K. of Form F-9
            under the Act, in each case, within the applicable time period prescribed for such
            filing and in accordance with Section 5(a) hereof; the final term sheet contemplated by
            Section 5(a) hereof, and any other material required to be filed by the Company
            pursuant to Rule 433(d) under the Act shall have been filed with the Commission within
            the applicable time prescribed for such filing by Rule 433; no stop order suspending
            the effectiveness of the Registration Statement or any part thereof shall have been
            issued and no order preventing or suspending the use of any prospectus relating to the
            Securities shall have been issued and no proceeding for any such purpose shall have
            been initiated or threatened by the Commission or the Reviewing Authority;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company shall have requested and caused Paul, Weiss, Rifkind,
            Wharton &amp; Garrison LLP, United States special counsel for the Company, to have
            furnished to the Representatives their opinion, dated the Closing Date and addressed to
            the Representatives, to the effect that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the statements in the Disclosure Package and the U.S. Final Prospectus
            under the caption &ldquo;Certain Income Tax Information &mdash; Certain U.S. Federal
            Income Tax Considerations,&rdquo; to the extent that they constitute summaries of
            United States federal statutes, rules and regulations or portions thereof, are accurate
            in all material respects;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">17</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Indenture (to the extent execution and delivery are governed by the
            laws of New York) has been duly executed and delivered by the Company. The Indenture is
            a valid and legally binding obligation of the Company, enforceable against the Company
            in accordance with its terms, except that enforceability may be limited by bankruptcy,
            insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar
            laws affecting enforcement of creditors&rsquo; rights generally and subject to general
            principles of equity (regardless of whether enforceability is considered in a
            proceeding in equity or at law);</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Indenture has been duly qualified under the Trust Indenture Act and
            conforms, in all material respects, to the description thereof in each of the
            Disclosure Package and the U.S. Final Prospectus under the caption &ldquo;Description
            of Debt Securities&rdquo; and under the caption &ldquo;Description of the
            Notes&rdquo;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Securities, when issued and delivered, will be in the form
            contemplated by the Indenture and will conform, in all material respects, to the
            description of the Securities in each of the Disclosure Package and the U.S. Final
            Prospectus under the caption &ldquo;Description of Debt Securities&rdquo; and under the
            caption &ldquo;Description of the Notes&rdquo;. The Securities (to the extent
            execution, issuance and delivery are governed by the laws of New York) when duly
            executed and delivered by the Company, and when issued by the Company against payment
            as provided in the Agreement, will have been duly issued and will constitute valid and
            legally binding obligations of the Company entitled to the benefits of the Indenture
            and enforceable against the Company in accordance with their terms, except as the
            enforceability of the Securities may be subject to bankruptcy, insolvency,
            reorganization, fraudulent conveyances or transfer, moratorium or similar laws
            affecting creditors&rsquo; rights generally and subject to general principles of equity
            (regardless of whether enforceability is considered in a proceeding in equity or at
            law);</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each of the Registration Statement and the U.S. Final Prospectus (except
            for the financial statements, financial statement schedules and other financial data
            either included or incorporated therein or omitted therefrom and except for the Form
            T-1, as to all of which such counsel expresses no opinion), as of its respective
            effective or issue date, appears on its face to be appropriately responsive in all
            material respects to the requirements of the Act; the Form F-X, as of its date, appears
            on its face to be appropriately responsive in all material respects to the requirements
            of the Act;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">this Agreement (to the extent execution and delivery are governed by the
            laws of New York) has been duly executed and delivered by the Company;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company is not and, after giving effect to the offering and sale of
            the Securities and the application of the proceeds from that sale as described in the
            Disclosure Package and the U.S. Final Prospectus, will not be required to be registered
            as an &ldquo;investment company&rdquo; (as such term is defined in the Investment
            Company Act of 1940, as amended) under the Investment Company Act of 1940, as
            amended;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">18</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no Governmental Authorization of or with any court or governmental
            authority of the State of New York or the United States of America is required under
            any Applicable Law (other than as required by any state securities laws, as to which
            such counsel need express no opinion) and, to such counsel&rsquo;s knowledge, no
            Governmental Authorization of or with any other U.S. court or government authority is
            required for the issue and sale of the Securities or the performance by the Company of
            its obligations under this Agreement or the Indenture, except any Governmental
            Authorizations as have been obtained, taken or made under the Act, the Trust Indenture
            Act and any other Applicable Law and that may be required under securities or blue sky
            laws of certain jurisdictions in connection with the purchase and distribution of the
            Securities by the Underwriters. For purposes of this opinion, the term
            &ldquo;Applicable Law&rdquo; means those laws, rules and regulations of the United
            States of America and the State of New York, in each case which in our experience are
            normally applicable to the transactions of the type contemplated by this Agreement. For
            purposes of the opinion, the term &ldquo;Governmental Authorization&rdquo; means any
            consent, approval, authorization, order, permit, license, filing, registration,
            clearance or qualification of, or with, any statute, order, rule or regulation of any
            court or governmental agency or body having jurisdiction over the Company or any of its
            properties;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the issue and sale of the Securities and the compliance by the Company
            with all of the provisions of the Securities, the Indenture and this Agreement and the
            performance by the Company of its obligations thereunder will not conflict with or
            result in a breach or violation of any of the terms or provisions of, or constitute a
            default under, (A) any Applicable Law, (B) the agreements identified in a schedule to
            such counsel&rsquo;s opinion, or (C) any judgment, order or decree known to such
            counsel of any United States federal or New York state government, governmental,
            regulatory or administrative agency, authority, commission or instrumentality or court
            having jurisdiction over the Company or any of its subsidiaries or any of their
            properties or assets. For the purposes of clause (A) of this paragraph (ix), the term
            &ldquo;Applicable Law&rdquo; shall not include the anti-fraud provisions or disclosure
            requirements of federal and state securities laws; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">under the laws of the State of New York relating to submission to
            jurisdiction, the Company has, pursuant to Section 14 of this Agreement, and pursuant
            to Section 1.18 of the Indenture, validly and irrevocably submitted to the personal
            jurisdiction of any state or federal court located in the State of New York, in any
            action arising out of or relating to this Agreement or the transactions contemplated
            thereby, or the Indenture, as the case may be, and has validly and irrevocably
            appointed the Authorized Agent as its authorized agent for the purpose described in
            this Agreement and for so long as any Securities are outstanding, has validly and
            irrevocably appointed the Authorized Agent as its authorized agent for the purpose
            described in the Indenture; and service of process effected on such agent in the manner
            set forth therein will be effective to confer valid personal jurisdiction over the
            Company. This opinion (x) is subject to the qualification that such counsel need
            express no opinion as to the enforceability of forum selection clauses in the federal
            courts.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">19</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In rendering such opinion, such counsel may rely (A) as to matters
            involving the application of laws of any jurisdiction other than the State of New York
            or the Federal laws of the United States, to the extent they deem proper and specified
            in such opinion, upon the opinion of other counsel of good standing whom they believe
            to be reliable and who are reasonably satisfactory to counsel for the Underwriters and
            (B) as to matters of fact, to the extent they deem proper, on certificates of
            responsible officers of the Company and public officials. Such counsel will state in a
            separate letter that the Registration Statement is effective under the Act; the Form
            F-X of the Company and the Form T-1 of the Trustee were filed with the Commission prior
            to the effectiveness of the Registration Statement; the filing of the U.S. Final
            Prospectus pursuant to General Instruction II.K. of Form F-9 has been made in the
            manner and within the time period required by said General Instruction II.K.; such
            counsel has been advised orally by the staff of the Commission that no stop order
            suspending the effectiveness of the Registration Statement has been issued and to its
            knowledge no proceedings for that purpose have been initiated or are pending or
            threatened by the Commission; and such counsel will also state that it has participated
            in the preparation of the Registration Statement, the Disclosure Package and the U.S.
            Final Prospectus and in conferences and telephone conversations with officers and other
            representatives of the Company, the Company&rsquo;s Canadian counsel, representatives
            of the independent chartered accountants for the Company, and the representatives of
            the Underwriters and their counsel, during which conferences and conversations the
            contents of the Registration Statement, the Disclosure Package, the U.S. Final
            Prospectus and related matters were discussed and, although the limitations inherent in
            the independent verification of factual matters and the role of outside counsel are
            such that such counsel has not undertaken to investigate or independently verify, and
            does not assume any responsibility for the accuracy, completeness or fairness of the
            statements contained in the Registration Statement or the U.S. Final Prospectus, except
            for those referred to in paragraphs (i), (iii) and (iv) above, on the basis of the
            foregoing, such counsel&rsquo;s work in connection with this matter did not disclose
            any information that gave such counsel a reason to believe that (A) at its Effective
            Date and as of the Applicable Time, the Registration Statement (other than the
            financial statements, financial statement schedules and other financial data either
            contained therein or omitted therefrom, the Form T-1 and the information derived from
            the reports of Sproule Associates Limited, Ryder Scott Company and GLJ Petroleum
            Consultants Ltd. included or incorporated by reference in the Registration Statement as
            to which it expresses no such belief) contained an untrue statement of a material fact
            or omitted to state a material fact required to be stated therein or necessary to make
            the statements therein not misleading, (B) at the time the U.S. Final Prospectus was
            issued, at the time any amended or supplemented prospectus was issued or at the Closing
            Date, the U.S. Final Prospectus or any other amendment or supplement thereto (other
            than the financial statements, financial statement schedules and other financial data
            either contained therein or omitted therefrom and the information derived from the
            reports of Sproule Associates Limited, Ryder Scott Company and GLJ Petroleum
            Consultants Ltd. included or incorporated by reference in the U.S. Final Prospectus, as
            to which it expresses no such belief) contained or contains an untrue statement of a
            material fact or omitted or omits to state a material fact necessary to make the
            statements therein, in the light of the circumstances under which they were made, not
            misleading, or that (C) as of</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">20</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">the Applicable Time, the Disclosure Package (other than the financial
            statements, financial statement schedules and other financial data either contained
            therein or omitted therefrom and the information derived from the reports of Sproule
            Associates Limited, Ryder Scott Company and GLJ Petroleum Consultants Ltd. included or
            incorporated by reference in the Disclosure Package, as to which it expresses no such
            belief) contained an untrue statement of a material fact or omitted to state a material
            fact necessary to make the statements therein, in the light of the circumstances under
            which they were made, not misleading; and such counsel does not know of any contract or
            other document which is required to be filed as an exhibit to the Registration
            Statement, which is not filed as required.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Parlee McLaws LLP, Canadian counsel for the Company, shall have
            furnished to the Representatives their opinion, dated the Closing Date and addressed to
            the Representatives, with respect to the laws of the Province of Alberta and the
            federal laws of Canada applicable therein, to the effect that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company has been duly amalgamated and is valid and subsisting as a
            corporation under the laws of the Province of Alberta, with full corporate power and
            authority to own or lease, as the case may be, and to operate its properties and
            conduct its business as described in each of the Canadian Final Prospectus, the
            Disclosure Package and the U.S. Final Prospectus, and is duly registered to do business
            as an extra-provincial corporation and is in good standing under the laws of each
            jurisdiction which requires such registration;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each of Canadian Natural Resources, Canadian Natural Resources Northern
            and CNR 2006 (together, the &ldquo;Canadian Subsidiaries&rdquo;) has been duly formed
            and is registered as a general partnership in good standing under the laws of Alberta,
            and each of the Canadian Subsidiaries has full power and authority to own or lease, as
            the case may be, and to operate its properties and conduct its business as described in
            the Disclosure Package, the Canadian Final Prospectus and the U.S. Final Prospectus,
            and is duly registered to do business as an extra-provincial partnership, and is in
            good standing under the laws of each jurisdiction which requires such registration. The
            outstanding partnership units have been duly and validly authorized and are fully paid
            and nonassessable and, except as otherwise set forth in the Disclosure Package, the
            Canadian Final Prospectus and the U.S. Final Prospectus, all outstanding partnership
            units of each of the Canadian Subsidiaries are owned by the Company either directly or
            through wholly owned subsidiaries, free and clear of any perfected security interest
            and, to the knowledge of such counsel, after due inquiry, any other security interest,
            claim, lien or encumbrances;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company&rsquo;s authorized equity capitalization is as set forth in
            the Disclosure Package, the Canadian Final Prospectus and the U.S. Final Prospectus,
            and the Securities conform in all material respects to the description thereof
            contained in the Disclosure Package, the Canadian Final Prospectus and the U.S. Final
            Prospectus and, except as set forth in the Disclosure Package, the Canadian Final
            Prospectus and the U.S. Final Prospectus, no other options, warrants or other rights to
            purchase, agreements or other obligations to issue, or rights to convert any
            obligations into or exchange any</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">21</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">securities for, shares of capital stock of or ownership interests in the
            Company are outstanding other than options issued pursuant to the Company&rsquo;s
            existing stock option plans;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each of this Agreement, the Indenture and the Securities have been duly
            authorized, executed and delivered by the Company;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company has all requisite corporate power and authority to execute,
            deliver and perform its obligations under this Agreement, the Securities and the
            Indenture;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the issuance of the Securities under the Indenture complies with the
            provisions of the Business Corporations Act (Alberta) (the &ldquo;Business Corporations
            Act&rdquo;); an exemption has been obtained to exempt the Indenture from the
            application of Part 7 of the Business Corporations Act; and no registration, filing or
            recording of the Indenture under the laws of the Province of Alberta or the federal
            laws of Canada applicable therein is necessary in order to preserve or protect the
            validity or enforceability of the Indenture or the Securities issued thereunder which
            are unsecured obligations of the Company;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the forms of definitive global security representing the Securities has
            been duly approved and adopted by the Company and complies with the provisions of the
            Business Corporations Act;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">neither the execution and delivery of the Indenture, the issue and sale
            of the Securities, nor the consummation of any other of the transactions herein
            contemplated nor the fulfillment of the terms hereof will conflict with, result in a
            breach or violation of or imposition of any lien, charge or encumbrance upon any
            property or assets of the Company or its Canadian Subsidiaries pursuant to, (i) the
            charter or by-laws or other constating documents of the Company or its Canadian
            Subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of
            trust, note agreement, loan agreement or other agreement, obligation, condition,
            covenant or instrument known to such counsel to which the Company or any of its
            Significant Subsidiaries is a party or is bound or to which its or their property is
            subject, or (iii) any statute, law, rule, regulation, judgment, order or decree in
            Alberta or of Canada applicable to the Company or its subsidiaries or any court,
            regulatory body, administrative agency, governmental body, arbitrator or other
            authority in Alberta or of Canada having jurisdiction over the Company or its
            subsidiaries or any of their properties;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">a receipt for the Basic Prospectus has been obtained from the Alberta
            Securities Commission (the &ldquo;Reviewing Authority&rdquo;) and to the best of such
            counsel&rsquo;s knowledge the Reviewing Authority has not revoked such receipt, the
            Prospectus Supplement has been filed with the Reviewing Authority and no other consent,
            approval, authorization, permit, license or filing with or order of any court or
            government agency or body or any arbitrator of Canada, or the Province of Alberta is
            required in connection with the transactions contemplated herein;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">22</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">to the knowledge of such counsel, there is no pending or threatened
            action, suit or proceeding by or before any court or governmental agency, authority or
            body or any arbitrator involving the Company or any of its Canadian Subsidiaries or its
            or their property, of a character required to be disclosed in the Registration
            Statement which is not adequately disclosed in the Canadian Final Prospectus and the
            U.S. Final Prospectus; to the knowledge of such counsel, with no special inquiry, there
            is no pending or threatened action, suit or proceeding by or before any court or
            governmental agency, authority or body or any arbitrator involving the Company&rsquo;s
            subsidiaries, other than the Canadian Subsidiaries, or their property, of a character
            required to be disclosed in the Registration Statement which is not adequately
            disclosed in the Canadian Final Prospectus and the U.S. Final Prospectus; and to the
            knowledge of such counsel there is no franchise, contract or other document of a
            character required to be described in the Registration Statement, the Canadian Final
            Prospectus or the U.S. Final Prospectus, or to be filed as an exhibit thereto, which is
            not described or filed as required;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the statements included or incorporated by reference in the Disclosure
            Package, the Canadian Final Prospectus and the U.S. Final Prospectus under the headings
            &ldquo;Certain Income Tax Information - Certain Canadian Federal Income Tax
            Considerations&rdquo; and &ldquo;Statutory Rights of Withdrawal and Recission&rdquo;
            and in the Registration Statement under the heading &ldquo;Indemnification&rdquo;
            excluding the fourth paragraph therein relating to the Act insofar as such statements
            summarize legal matters, agreements, documents or proceedings discussed therein, are
            accurate and fair summaries of such legal matters, agreements, documents or
            proceedings;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Canadian Final Prospectus (other than the financial statements and
            other financial information included or incorporated by reference therein, as to which
            such counsel need express no opinion) as of its issue date, appears on its face to be
            appropriately responsive in all material respects with the applicable requirements of
            the Alberta Securities Law, including the Shelf Procedures, as interpreted and applied
            by the Reviewing Authority;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company and its Canadian Subsidiaries (i) are in compliance with any
            and all applicable federal, provincial, local or municipal laws and regulations in
            Canada relating to the protection of human health and safety, the environment or
            hazardous or toxic substances or wastes, pollutants or contaminants (&ldquo;Canadian
            Environmental Laws&rdquo;), (ii) have received all permits, licenses or other approvals
            required of them under applicable Canadian Environmental Laws to conduct their
            respective businesses and (iii) are in compliance with all terms and conditions of any
            such permits, license or approval, except where such noncompliance with Canadian
            Environmental Laws, failure to receive required permits, licenses or other approvals or
            failure to comply with the terms and conditions of such permits, licenses or approvals
            would not, singly or in the aggregate, have a material adverse effect on the Company
            and its subsidiaries, taken as a whole;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">there are no reports or other information that in accordance with the
            requirements of the Reviewing Authority must be made publicly available in connection
            with the offering of the Securities that have not been made publicly available as
            required,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">23</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">and there are no documents required to be filed with the Reviewing
            Authority in connection with the Canadian Final Prospectus that have not been filed as
            required;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Company is eligible to file a short form prospectus with the
            Reviewing Authority and use the Shelf Procedures in respect of the
            Securities;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Canadian Final Prospectus has been filed with the Reviewing
            Authority in the manner and within the time period required by the Shelf
            Procedures;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no order having the effect of ceasing or suspending the distribution of
            the Securities has been issued by the Reviewing Authority and no proceedings for that
            purpose have been instituted or are pending or to the knowledge of such counsel are
            contemplated;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the Registration Statement and the filing of the Registration Statement
            with the Commission and the filing of the Canadian Final Prospectus with the Reviewing
            Authority, in each case, have been duly authorized by and on behalf of the Company; and
            the Registration Statement has been duly executed pursuant to such authorization by and
            on behalf of the Company;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">a court of competent jurisdiction in the Province of Alberta (an
            &ldquo;Alberta Court&rdquo;) would give effect to the choice of the law of the State of
            New York (&ldquo;New York Law&rdquo;) as the proper law governing this Agreement, the
            Securities and the Indenture, provided that such choice of law is bona fide (in the
            sense that it was not made with a view to avoiding the consequences of the laws of any
            other jurisdiction) and provided that such choice of New York Law is not contrary to
            public policy, as that term is applied by an Alberta Court;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">there are no reasons under the laws of the Province of Alberta or the
            federal laws of Canada applicable therein for avoiding the choice of New York Law to
            govern this Agreement, the Securities and the Indenture;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">in an action on a final, conclusive and subsisting judgment</font>
            <i><font size="2">in personam</font></i> <font size="2">of any federal or state court
            sitting in The City of New York (a &ldquo;New York Court&rdquo;) that is not
            impeachable as void or voidable under New York Law, an Alberta Court would give effect
            to the appointment by the Company of CT Corporation System as its agent to receive
            service of process in the United States under the Registration Statement, Indenture and
            this Agreement and to the provisions in the Indenture and this Agreement whereby the
            Company has submitted to the non-exclusive jurisdiction of a New York Court;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">if this Agreement, the Securities or the Indenture are sought to be
            enforced in the Province of Alberta in accordance with the laws applicable thereto as
            chosen by the parties, namely New York Law, and an Alberta Court recognized the choice
            of New York Law, an Alberta Court would upon appropriate evidence as to such law being
            adduced, apply such law in the enforcement of such documents, provided that none of the
            provisions of this Agreement, the Securities or the Indenture, or of applicable New
            York Law, is contrary to public policy as that term is applied by an Alberta
            Court;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">24</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">provided, however, that, in matters of procedure, the laws of the
            Province of Alberta will be applied, and an Alberta Court will retain discretion to
            decline to hear such action if it is contrary to public policy, as that term is applied
            by an Alberta Court, for it to do so; or if it is not the proper forum to hear such an
            action, or if concurrent proceedings are being brought elsewhere;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">there are no reasons under the laws of the Province of Alberta or the
            federal laws of Canada applicable therein and no reasons, with respect to the
            application of New York Law by an Alberta Court, for declining to enforce the Indenture
            or the Securities based on public policy;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the laws of the Province of Alberta and the federal laws of Canada
            applicable therein permit an action to be brought before an Alberta Court on a final
            and conclusive judgment</font> <i><font size="2">in personam</font></i>
            <font size="2">of a New York Court respecting the enforcement of this Agreement, the
            Securities or the Indenture that is not impeachable as void or voidable or otherwise
            ineffective under the internal laws of New York Law and for a sum certain if: (a) the
            New York Court rendering such judgment had jurisdiction over the Company, as recognized
            by an Alberta Court; (b) such judgment was not obtained by fraud or in a manner
            contrary to natural justice or other rule of law, whether equitable, legal or
            statutory, and the enforcement thereof would not be inconsistent with public policy as
            such term is understood under the laws of the Province of Alberta or contrary to any
            order made by the Attorney General of Canada under the Foreign Extraterritorial
            Measures Act (Canada) or by the Competition Tribunal under the Competition Act
            (Canada); (c) the enforcement of such judgment does not constitute, directly or
            indirectly, the enforcement of foreign revenue, expropriatory or penal laws; (d) no new
            admissible evidence relevant to the action is discovered prior to the rendering of
            judgment by an Alberta Court; (e) performance of this Agreement, the Securities or the
            Indenture are not illegal under the laws of the place of performance; (f) the action to
            enforce such judgment is commenced within the applicable limitation period; and (g) in
            the case of a judgment obtained by default there has been no manifest error in the
            granting of such judgment; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no stamp duty, registration or documentary taxes, duties or similar
            charges are payable under the laws of the Province of Alberta or the federal laws of
            Canada applicable therein in connection with the creation, issuance and delivery to the
            Underwriters of the Securities or the authorization, execution and delivery of the
            Indenture and this Agreement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In rendering such opinion, such counsel may rely (A) as to matters
            involving the application of laws of any jurisdiction other than the Province of
            Alberta or the Federal laws of Canada, to the extent they deem proper and specified in
            such opinion, upon the opinion of other counsel of good standing whom they believe to
            be reliable and who are reasonably satisfactory to counsel for the Underwriters and (B)
            as to matters of fact, to the extent they deem proper, on certificates of responsible
            officers of the Company and public officials. Such counsel will also state that it has
            participated in the preparation of the Registration Statement, the Disclosure Package,
            the Canadian Final Prospectus and the U.S. Final Prospectus and in conferences and
            telephone conversations with officers</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">25</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">and other representatives of the Company, representatives of the
            independent chartered accountants for the Company, and the representatives of the
            Underwriters, during which conferences and conversations the contents of the
            Registration Statement, the Disclosure Package, the Canadian Final Prospectus, the U.S.
            Final Prospectus and related matters were discussed and, although the limitations
            inherent in the independent verification of factual matters and the role of outside
            counsel are such that such counsel has not undertaken to investigate or independently
            verify, is not passing upon and does not assume any responsibility for the accuracy,
            completeness or fairness of the statements contained in the Registration Statement, the
            Disclosure Package, the Canadian Final Prospectus or the U.S. Final Prospectus, except
            for those referred to in paragraph (xi) above, on the basis of the foregoing, such
            counsel&rsquo;s work in connection with this matter did not disclose any information
            that gave such counsel a reason to believe that (A) at its Effective Date and as of the
            Applicable Time, the Registration Statement (other than the financial statements,
            financial statement schedules and other financial data contained therein or omitted
            therefrom, the Form T-1 and the information derived from the reports of Sproule
            Associates Limited, Ryder Scott Company and GLJ Petroleum Consultants Ltd. upon the
            authority of &ldquo;experts&rdquo; within the meaning of the Securities Act (Alberta),
            including as described under the caption &ldquo;Experts&rdquo; in the Canadian Final
            Prospectus and the U.S. Final Prospectus, included or incorporated by reference in the
            Registration Statement as to which it expresses no such belief) contained an untrue
            statement of a material fact or omitted to state a material fact required to be stated
            therein or necessary to make the statements therein not misleading, (B) at the time the
            U.S. Final Prospectus and Canadian Final Prospectus were issued, at the time any
            amended or supplemented prospectus was issued or at the Closing Date, the Canadian
            Final Prospectus and the U.S. Final Prospectus or any other amendment or supplement
            thereto (other than the financial statements, financial statement schedules and other
            financial data, contained therein or omitted therefrom and the information derived from
            the reports of Sproule Associates Limited, Ryder Scott Company and GLJ Petroleum
            Consultants Ltd. upon the authority of &ldquo;experts&rdquo; within the meaning of the
            Securities Act (Alberta), including as described under the caption
            &ldquo;Experts&rdquo; in the Canadian Final Prospectus and the U.S. Final Prospectus,
            included or incorporated by reference in the Canadian Final Prospectus and the U.S.
            Final Prospectus, as to which it expresses no such belief) contained an untrue
            statement of a material fact or omitted to state a material fact necessary to make the
            statements therein, in the light of the circumstances under which they were made, not
            misleading, or that (C) as of the Applicable Time, the Disclosure Package (other than
            the financial statements, financial statement schedules and other financial data
            contained therein or omitted therefrom, the Form T-1 and the information derived from
            the reports of Sproule Associates Limited, Ryder Scott Company and GLJ Petroleum
            Consultants Ltd. upon the authority of &ldquo;experts&rdquo; within the meaning of the
            Securities Act (Alberta), including as described under the caption
            &ldquo;Experts&rdquo; in the Canadian Final Prospectus and the U.S. Final Prospectus,
            included or incorporated by reference in the Registration Statement as to which it
            expresses no such belief) contained an untrue statement of a material fact or omitted
            to state a material fact necessary to make the statements therein, in the light of the
            circumstances under which they were made, not misleading.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In rendering such opinion, such counsel may rely (A)&nbsp;as to matters
            involving the application of laws of any jurisdiction other than the Province of
            Alberta or the Federal</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">26</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">laws of Canada, to the extent they deem proper and specified in such
            opinion, upon the opinion of other counsel of good standing whom they believe to be
            reliable and who are satisfactory to counsel for the Underwriters and (B)&nbsp;as to
            matters of fact, to the extent they deem proper, on certificates of responsible
            officers of the Company and public officials. References to the Canadian Final
            Prospectus, the Disclosure Package or the U.S. Final Prospectus in this
            paragraph&nbsp;(c) include any supplements thereto at the Closing Date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company shall have requested and caused Dewey &amp; LeBoeuf LLP,
            English law counsel for the Company, to have furnished to the Representatives their
            opinion, dated the Closing Date and addressed to the Representatives, to the effect
            that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">in respect of each of CNR International (U.K.) Limited and CNR
            International (U.K.) Investments Limited (together, the &ldquo;UK Subsidiaries&rdquo;,
            and, individually, a &ldquo;UK Subsidiary&rdquo;): (i) it is duly incorporated as a
            company in England; (ii) according to the documents on the file of the company in the
            custody of the Registrar of Companies, it has been in continuous and unbroken existence
            since the date of its incorporation; (iii) no action is currently being taken by the
            Registrar of Companies for striking it off the register and dissolving it as defunct;
            and (iv) as far as the Registrar of Companies is aware, it is not in liquidation or
            subject to an administration order, and no receiver or manager of its property has been
            appointed;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the annual report and accounts for each UK Subsidiary for the period
            ending 31 December 2006, being the latest annual report and accounts required to be
            filed at Companies House for each UK Subsidiary, have been so filed at Companies
            House;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the online company searches of the database at Companies House in
            respect of the UK Subsidiaries (referred to in a schedule to such counsel&rsquo;s
            opinion) show that all of the issued shares in the capital of each of the UK
            Subsidiaries are owned by the Company;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">CNR International (U.K.) Limited and CNR International (U.K.)
            Investments Limited each has corporate power under its Memorandum and Articles of
            Association to carry on the business described in the Disclosure Package, the Canadian
            Final Prospectus and the U.S. Final Prospectus;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no approvals, consents, licences, authorisations or exemptions from any
            governmental authority or regulatory body in England are required in respect of the
            sale or purchase of the Securities under this Agreement;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the sale and purchase of the Securities under this Agreement will not
            conflict with, result in a breach or violation by a UK Subsidiary of, or result in the
            imposition of any lien, charge or encumbrance upon any assets of a UK Subsidiary
            pursuant to: (i) the Memorandum or Articles of Association of the relevant UK
            Subsidiary; (ii) any United Kingdom or English law applicable to a UK Subsidiary; or
            (iii) any of the agreements identified in a schedule to such counsel&rsquo;s
            opinion;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">27</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the &ldquo;Slavenburg&rdquo; register does not show the creation of any
            security interest by the Company over shares in the capital of either of the UK
            Subsidiaries; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">each UK Subsidiary has a lien over the shares in its capital for unpaid
            amounts in respect of such shares.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In rendering such opinion, such counsel may rely (A) as to matters
            involving the application of laws of any jurisdiction other than the laws of England
            and Wales, to the extent they deem proper and specified in such opinion, upon the
            opinion of other counsel of good standing whom they believe to be reliable and who are
            satisfactory to counsel for the Underwriters and (B) as to matters of fact, to the
            extent they deem proper, on certificates of responsible officers of the Company or of
            the UK Subsidiary and public officials. References to the Canadian Final Prospectus,
            the Disclosure Package or the U.S. Final Prospectus in this paragraph&nbsp;(d) include
            any supplements thereto at the Closing Date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company shall have requested and caused Lef&egrave;vre Pelletier
            &amp; associ&eacute;s, C&ocirc;te d&rsquo;Ivoire counsel for the Company, to have
            furnished to the Representatives their opinion, dated the Closing Date and addressed to
            the Representatives, to the effect that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">CNR International (C&ocirc;te d&rsquo;Ivoire) SARL is a private limited
            liability company of C&ocirc;te d&rsquo;Ivoire (societ&eacute; &agrave;
            responsabilit&eacute; limit&eacute;e), with a share capital of 1,000,000 CFA francs,
            having its registered office at Immeuble Kharrat, angle Boulevard Botreau Roussel
            &ndash; Avenue Nogu&egrave;s Abidja Plateau, 01 B.P. 8707 ABIDJAN 01, duly registered
            to the companies registry of Abidjan under number 218 388 and validly existing as a
            corporation in good standing under the laws of C&ocirc;te d&rsquo;Ivoire, with full
            corporate power and authority to own or lease, as the case may be, and to operate its
            properties and conduct its business as described in the Canadian Final Prospectus, the
            Disclosure Package and the U.S. Final Prospectus;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">all the issued shares of capital stock of CNR International (C&ocirc;te
            d&rsquo;Ivoire) SARL are duly and validly authorized and allotted and are fully paid
            and, except as otherwise set forth in the Canadian Final Prospectus, the Disclosure
            Package and the U.S. Final Prospectus, the issued share capital is divided in 100
            shares. 98 issued shares of the share capital of CNR International (C&ocirc;te
            d&rsquo;Ivoire) SARL are directly owned by the Company; 1 issued share of the share
            capital of CNR International (C&ocirc;te d&rsquo;Ivoire) SARL is held in trust on
            behalf of the Company by Mr. Simon P. Dugdale; and 1 issued share of the share capital
            of CNR International (C&ocirc;te d&rsquo;Ivoire) SARL is held in trust on behalf of the
            Company by Mr. Koffi Kouakou Laussin Emmanuel. All the shares of the share capital of
            CNR International (C&ocirc;te d&rsquo;Ivoire) SARL are free and clear of any perfected
            security interest and, to the knowledge of such counsel, after due inquiry, any other
            security interest, claim, lien or encumbrance;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no consent, approval, authorization, permit or license or filing with or
            order of any court or governmental agency or body or any arbitrator of C&ocirc;te
            d&rsquo;Ivoire is required in connection with the transactions contemplated herein;
            and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">28</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">neither the execution and delivery of the Indenture, the issue and sale
            of the Securities, nor the consummation of any other of the transactions herein
            contemplated nor the fulfillment of the terms hereof will conflict with, result in a
            breach or violation of or imposition of any lien, charge or encumbrance upon any
            property or assets of CNR International (C&ocirc;te d&rsquo;Ivoire) SARL pursuant to,
            (i)&nbsp;the charter or by-laws or other constating documents of CNR International
            (C&ocirc;te d&rsquo;Ivoire) SARL, (ii)the agreements identified in such counsel&rsquo;s
            opinion, or (iii) any C&ocirc;te d&rsquo;Ivoire statute, law, rule, regulation,
            judgment, order or decree applicable to CNR International (C&ocirc;te d&rsquo;Ivoire)
            SARL of any court, regulatory body, administrative agency, governmental body,
            arbitrator or other authority having jurisdiction over CNR International (C&ocirc;te
            d&rsquo;Ivoire) SARL or any of its properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In rendering such opinion, such counsel may rely (A) as to matters
            involving the application of laws of any jurisdiction other than the laws of C&ocirc;te
            d&rsquo;Ivoire, to the extent they deem proper and specified in such opinion, upon the
            opinion of other counsel of good standing whom they believe to be reliable and who are
            satisfactory to counsel for the Underwriters and (B) as to matters of fact, to the
            extent they deem proper, on certificates of responsible officers of the Company or of
            CNR International (C&ocirc;te d&rsquo;Ivoire) SARL and public officials. References to
            the Canadian Final Prospectus, the Disclosure Package or the U.S. Final Prospectus in
            this paragraph&nbsp;(d) include any supplements thereto at the Closing Date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Representatives shall have received from Shearman &amp; Sterling
            LLP, United States counsel for the Underwriters, such opinion or opinions, dated the
            Closing Date and addressed to the Representatives, with respect to the issuance and
            sale of the Securities, the Indenture, the Registration Statement, the Disclosure
            Package, the U.S. Final Prospectus (together with any additional supplement thereto)
            and other related matters as the Representatives may reasonably require, and the
            Company shall have furnished to such counsel such documents as they request for the
            purpose of enabling them to pass upon such matters.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">The Company shall have furnished to the Representatives a certificate of
            the Company, signed by the Chairman of the Board or the President and the Senior Vice
            President, Finance of the Company (on behalf of the Company and not in a personal
            capacity), dated the Closing Date, to the effect that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the signers of such certificate have carefully examined the Registration
            Statement, the Canadian Final Prospectus, the Disclosure Package and the U.S. Final
            Prospectus, any supplements to the Canadian Final Prospectus, the Disclosure Package
            and the U.S. Final Prospectus and this Agreement;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">the representations and warranties of the Company in this Agreement are
            true and correct on and as of the Closing Date with the same effect as if made on the
            Closing Date and the Company has complied with all the agreements and satisfied all the
            conditions on its part to be performed or satisfied at or prior to the Closing
            Date;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">no stop order suspending the effectiveness of the Registration Statement
            or stop order preventing or suspending the use of any prospectus (including</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">29</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">any Issuer Free Writing Prospectus) relating to the Securities has been
            issued and no proceedings for that purpose have been instituted or, to the
            Company&rsquo;s knowledge, threatened by the Reviewing Authority or the Commission;
            and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">since the date of the most recent financial statements included or
            incorporated by reference in the Canadian Final Prospectus (exclusive of any additional
            supplement thereto), the Disclosure Package and the U.S. Final Prospectus (exclusive of
            any additional supplement thereto), there has been no material adverse effect on the
            condition (financial or otherwise), prospects, earnings, business or properties of the
            Company and its subsidiaries, taken as a whole, whether or not arising from
            transactions in the ordinary course of business, except as set forth in or contemplated
            in the Canadian Final Prospectus (exclusive of any additional supplement thereto), the
            Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
            supplement thereto).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">PricewaterhouseCoopers LLP, the independent chartered accountants of the
            Company, shall have furnished to the Representatives, at the Applicable Time and at the
            Closing Date, letters, (which may refer to letters previously delivered to one or more
            of the Representatives), dated respectively as of the Applicable Time and as of the
            Closing Date, in form and substance satisfactory to the Representatives, together with
            signed or reproduced copies of such letter for each of the Underwriters containing
            statements and information of the type ordinarily included in accountants&rsquo;
            &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements
            and certain financial information contained in the Registration Statement, the
            Disclosure Package, the Canadian Final Prospectus and the U.S. Final
            Prospectus.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">References to the Canadian Final Prospectus and the U.S. Final
            Prospectus in this paragraph&nbsp;(h) include any additional supplement thereto at the
            date of the letter.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Subsequent to the Applicable Time or, if earlier, the dates as of which
            information is given in the Registration Statement (exclusive of any amendment thereof)
            and the Canadian Final Prospectus (exclusive of any additional supplement thereto) and
            the U.S. Final Prospectus (exclusive of any additional supplement thereto), there shall
            not have been (i)&nbsp;any change or decrease specified in the letter or letters
            referred to in paragraph&nbsp;(h) of this Section 6 or (ii)&nbsp;any change, or any
            development involving a prospective change, in or affecting the condition (financial or
            otherwise), earnings, business or properties of the Company and its subsidiaries, taken
            as a whole, whether or not arising from transactions in the ordinary course of
            business, except as set forth in or contemplated in the Canadian Final Prospectus
            (exclusive of any additional supplement thereto) and the U.S. Final Prospectus
            (exclusive of any additional supplement thereto) the effect of which, in any case
            referred to in clause&nbsp;(i) or (ii) above, is, in the sole judgment of the
            Representatives, so material and adverse as to make it impractical or inadvisable to
            proceed with the offering or delivery of the Securities as contemplated by the
            Registration Statement (exclusive of any amendment thereof) and the Canadian Final
            Prospectus (exclusive of any additional supplement thereto) and the U.S. Final
            Prospectus (exclusive of any additional supplement thereto).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Subsequent to the Applicable Time, there shall not have been any
            decrease in the rating of any of the Company&rsquo;s debt securities by any
            &ldquo;nationally recognized statistical rating organization&rdquo; (as defined for
            purposes of Rule&nbsp;436(g) under the Act) or any notice given</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">30</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">of
            any intended or potential decrease in any such rating or of a possible change in any
            such rating that does not indicate the direction of the possible change.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Prior to the Closing Date, the Company shall have furnished to the
            Representatives such further information, certificates and documents as the
            Representatives may reasonably request.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">If any of the conditions specified in this Section&nbsp;6 shall not have
            been fulfilled in all material respects when and as provided in this Agreement, or if
            any of the opinions and certificates mentioned above or elsewhere in this Agreement
            shall not be in all material respects reasonably satisfactory in form and substance to
            the Representatives and counsel for the Underwriters, this Agreement and all
            obligations of the Underwriters hereunder may be canceled at, or at any time prior to,
            the Closing Date by the Representatives. Notice of such cancellation shall be given to
            the Company in writing or by telephone or facsimile confirmed in writing.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">The documents required to be delivered by this Section&nbsp;6 shall be
            delivered at the office of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, counsel
            for the Company, at 1285 Avenue of the Americas, New York, New York 10019-6064, on the
            Closing Date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Reimbursement of Underwriters&rsquo; Expenses</u>. &nbsp;If the sale
            of the Securities provided for herein is not consummated because any condition to the
            obligations of the Underwriters set forth in Section&nbsp;6 hereof is not satisfied,
            because of any termination pursuant to Section&nbsp;10 hereof or because of any
            refusal, inability or failure on the part of the Company to perform any agreement
            herein or comply with any provision hereof other than by reason of a default by any of
            the Underwriters, the Company will reimburse the Underwriters severally through the
            Representatives on demand for all out-of-pocket expenses (including reasonable fees and
            disbursements of counsel) that shall have been incurred by them in connection with the
            proposed purchase and sale of the Securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            &nbsp;<font size="2"><u>Indemnification and Contribution</u>.&nbsp;&nbsp;</font>
            <font size="2">(a) &nbsp;&nbsp;The Company agrees to indemnify and hold harmless each
            Underwriter, the directors, officers, employees and agents of each Underwriter and each
            person who controls any Underwriter within the meaning of either the Act or the
            Exchange Act against any and all losses, claims, damages or liabilities, joint or
            several, to which they or any of them may become subject under the Act, the Exchange
            Act or other Federal or state statutory law or regulation, at common law or otherwise,
            insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
            arise out of or are based upon any untrue statement or alleged untrue statement of a
            material fact contained in the registration statement for the registration of the
            Securities as originally filed or in any amendment thereof, or in the Basic Prospectus,
            any Preliminary Final Prospectus, the Canadian Final Prospectus, the Registration
            Statement, the U.S. Final Prospectus, any Issuer Free Writing Prospectus or any
            &ldquo;issuer information&rdquo; filed or required to be filed pursuant to Rule 433(d),
            or in all cases any amendment thereof or supplement thereto, or arise out of or are
            based upon the omission or alleged omission to state therein a material fact required
            to be stated therein or necessary to make the statements therein not misleading, and
            agrees to reimburse each such indemnified party, as incurred, for any legal or other
            expenses reasonably incurred by them in connection with investigating or defending any
            such loss, claim, damage, liability or action;</font>
            <u><font size="2">provided</font></u><font size="2">,</font>
            <u><font size="2">however</font></u><font size="2">, that the Company will not be
            liable in any such case to the extent that any such loss, claim,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">31</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">damage or liability arises out of or is based upon any such untrue
            statement or alleged untrue statement or omission or alleged omission made therein in
            reliance upon and in conformity with written information furnished to the Company by or
            on behalf of any Underwriter through the Representatives specifically for inclusion
            therein. This indemnity agreement will be in addition to any liability which the
            Company may otherwise have.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Each Underwriter severally and not jointly agrees to indemnify and hold
            harmless the Company, each of its directors, each of its officers who signs the
            Registration Statement, and each person who controls the Company within the meaning of
            either the Act or the Exchange Act, to the same extent as the foregoing indemnity from
            the Company to each Underwriter, but only with reference to written information
            relating to such Underwriter furnished to the Company by or on behalf of such
            Underwriter through the Representatives specifically for inclusion in the documents
            referred to in the foregoing indemnity. This indemnity agreement will be in addition to
            any liability which any Underwriter may otherwise have. The Company acknowledges that
            the statements set forth in the last paragraph of the cover page regarding delivery of
            the Securities and, under the heading &ldquo;Underwriting&rdquo;, (i)&nbsp;the list of
            Underwriters and their respective participation in the sale of the Securities,
            (ii)&nbsp;the sentences related to concessions and reallowances and (iii)&nbsp;the
            paragraph or paragraphs related to stabilization, syndicate covering transactions and
            penalty bids in any Preliminary Final Prospectus, Canadian Final Prospectus and U.S.
            Final Prospectus constitute the only information furnished in writing by or on behalf
            of the several Underwriters for inclusion in any Preliminary Final Prospectus, the
            Registration Statement, the U.S. Final Prospectus, the Canadian Final Prospectus or the
            Disclosure Package.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">Promptly after receipt by an indemnified party under this Section&nbsp;8
            of notice of the commencement of any action, such indemnified party will, if a claim in
            respect thereof is to be made against the indemnifying party under this Section&nbsp;8,
            notify the indemnifying party in writing of the commencement thereof; but the failure
            so to notify the indemnifying party (i)&nbsp;will not relieve it from liability under
            paragraph&nbsp;(a) or&nbsp;(b) above unless and to the extent it did not otherwise
            learn of such action and such failure results in the forfeiture by the indemnifying
            party of substantial rights and defenses and&nbsp;(ii)&nbsp;will not, in any event,
            relieve the indemnifying party from any obligations to any indemnified party other than
            the indemnification obligation provided in paragraph&nbsp;(a) or (b) above. The
            indemnifying party shall be entitled to appoint counsel of the indemnifying
            party&rsquo;s choice at the indemnifying party&rsquo;s expense to represent the
            indemnified party in any action for which indemnification is sought (in which case the
            indemnifying party shall not thereafter be responsible for the fees and expenses of any
            separate counsel retained by the indemnified party or parties except as set forth
            below);</font> <u><font size="2">provided</font></u><font size="2">,</font>
            <u><font size="2">however</font></u><font size="2">, that such counsel shall be
            satisfactory to the indemnified party. Notwithstanding the indemnifying party&rsquo;s
            election to appoint counsel to represent the indemnified party in an action, the
            indemnified party shall have the right to employ separate counsel (including local
            counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses
            of such separate counsel if (i)&nbsp;the use of counsel chosen by the indemnifying
            party to represent the indemnified party would present such counsel with a conflict of
            interest, (ii)&nbsp;the actual or potential defendants in, or targets of, any such
            action include both the indemnified party and the indemnifying party and the
            indemnified party shall have reasonably concluded that there may be legal defenses
            available to it and/or other indemnified parties which are different from or additional
            to those available to the indemnifying party, (iii) the</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">32</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">indemnifying party shall not have employed counsel satisfactory to the
            indemnified party to represent the indemnified party within a reasonable time after
            notice of the institution of such action or (iv) the indemnifying party shall authorize
            the indemnified party to employ separate counsel at the expense of the indemnifying
            party. An indemnifying party will not, without the prior written consent of the
            indemnified parties, settle or compromise or consent to the entry of any judgment with
            respect to any pending or threatened claim, action, suit or proceeding in respect of
            which indemnification or contribution may be sought hereunder (whether or not the
            indemnified parties are actual or potential parties to such claim or action) unless
            such settlement, compromise or consent includes an unconditional release of each
            indemnified party from all liability arising out of such claim, action, suit or
            proceeding.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">In the event that the indemnity provided in paragraph&nbsp;(a) or (b) of
            this Section&nbsp;8 is unavailable to or insufficient to hold harmless an indemnified
            party for any reason, the Company and the Underwriters severally agree to contribute to
            the aggregate losses, claims, damages and liabilities (including legal or other
            expenses reasonably incurred in connection with investigating or defending same)
            (collectively &ldquo;Losses&rdquo;) to which the Company and one or more of the
            Underwriters may be subject in such proportion as is appropriate to reflect the
            relative benefits received by the Company on the one hand and by the Underwriters on
            the other from the offering of the Securities;</font>
            <u><font size="2">provided</font></u><font size="2">,</font>
            <u><font size="2">however</font></u><font size="2">, that in no case shall any
            Underwriter (except as may be provided in any agreement among underwriters relating to
            the offering of the Securities) be responsible for any amount in excess of the
            underwriting discount or commission applicable to the Securities purchased by such
            Underwriter hereunder. If the allocation provided by the immediately preceding sentence
            is unavailable for any reason, the Company and the Underwriters severally shall
            contribute in such proportion as is appropriate to reflect not only such relative
            benefits but also the relative fault of the Company on the one hand and of the
            Underwriters on the other in connection with the statements or omissions which resulted
            in such Losses as well as any other relevant equitable considerations. Benefits
            received by the Company shall be deemed to be equal to the total net proceeds from the
            offering (before deducting expenses) received by it, and benefits received by the
            Underwriters shall be deemed to be equal to the total underwriting discounts and
            commissions, in each case as set forth on the cover page of the Canadian Final
            Prospectus and the U.S. Final Prospectus. Relative fault shall be determined by
            reference to, among other things, whether any untrue or any alleged untrue statement of
            a material fact or the omission or alleged omission to state a material fact relates to
            information provided by the Company on the one hand or the Underwriters on the other,
            the intent of the parties and their relative knowledge, access to information and
            opportunity to correct or prevent such untrue statement or omission. The Company and
            the Underwriters agree that it would not be just and equitable if contribution were
            determined by pro rata allocation or any other method of allocation which does not take
            account of the equitable considerations referred to above. Notwithstanding the
            provisions of this paragraph&nbsp;(d), no person guilty of fraudulent misrepresentation
            (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution
            from any person who was not guilty of such fraudulent misrepresentation. For purposes
            of this Section&nbsp;8, each person who controls an Underwriter within the meaning of
            either the Act or the Exchange Act and each director, officer, employee and agent of an
            Underwriter shall have the same rights to contribution as such Underwriter, and each
            person who controls the Company within the meaning of either the Act or the Exchange
            Act, each officer of the Company who shall have signed the Registration Statement and
            each director of the Company</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">33</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">shall have the same rights to contribution as the Company, subject in
            each case to the applicable terms and conditions of this paragraph&nbsp;(d).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Default by an Underwriter</u>. &nbsp;If any one or more Underwriters
            shall fail to purchase and pay for any of the Securities agreed to be purchased by such
            Underwriter or Underwriters hereunder and such failure to purchase shall constitute a
            default in the performance of its or their obligations under this Agreement, the
            remaining Underwriters shall be obligated severally to take up and pay for (in the
            respective proportions which the principal amount of Securities set forth opposite
            their names in Schedule II hereto bears to the aggregate principal amount of Securities
            set forth opposite the names of all the remaining Underwriters) the Securities which
            the defaulting Underwriter or Underwriters agreed but failed to purchase;</font>
            <u><font size="2">provided</font></u><font size="2">,</font>
            <u><font size="2">however</font></u><font size="2">, that in the event that the
            aggregate principal amount of Securities which the defaulting Underwriter or
            Underwriters agreed but failed to purchase shall exceed 10% of the aggregate principal
            amount of Securities set forth in Schedule II hereto, the remaining Underwriters shall
            have the right to purchase all, but shall not be under any obligation to purchase any,
            of the Securities, and if such nondefaulting Underwriters do not purchase all the
            Securities, this Agreement will terminate without liability to any nondefaulting
            Underwriter or the Company. In the event of a default by any Underwriter as set forth
            in this Section 9, the Closing Date shall be postponed for such period, not exceeding
            five Business Days, as the Representatives shall determine in order that the required
            changes in the Registration Statement, the Canadian Final Prospectus and the U.S. Final
            Prospectus or in any other documents or arrangements may be effected. Nothing contained
            in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to
            the Company and any nondefaulting Underwriter for damages occasioned by its default
            hereunder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Termination</u>. &nbsp;This Agreement shall be subject to termination
            in the absolute discretion of the Representatives, by notice given to the Company prior
            to delivery of and payment for the Securities, if at any time prior to such time
            (i)&nbsp;trading in the Company&rsquo;s common stock shall have been suspended by the
            Commission, the Reviewing Authority, the&nbsp;New York Stock Exchange or the Toronto
            Stock Exchange or trading in securities generally on the New York Stock Exchange or the
            Toronto Stock Exchange or the Nasdaq National Market shall have been suspended or
            limited or minimum prices shall have been established on any of such Exchanges,
            (ii)&nbsp;a banking moratorium shall have been declared either by authorities in the
            United States, Canada or New York, (iii) a change or development involving a
            prospective change in Canadian taxation affecting the Securities or the transfer
            thereof or the imposition of exchange controls by the United States or Canada, or
            (iv)&nbsp;there shall have occurred any outbreak or escalation of hostilities,
            declaration by the United States or Canada of a national emergency or war, or other
            calamity or crisis the effect of which on financial markets is such as to make it, in
            the sole judgment of the Representatives, impractical or inadvisable to proceed with
            the offering or delivery of the Securities as contemplated by the Canadian Final
            Prospectus (exclusive of any additional supplement thereto), the Disclosure Package
            (exclusive of any supplement thereto) and the U.S. Final Prospectus (exclusive of any
            additional supplement thereto).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Representations and Indemnities to Survive</u>. The respective
            agreements, representations, warranties, indemnities and other statements of the
            Company or its officers and of the Underwriters set forth in or made pursuant to this
            Agreement will remain in full force and effect, regardless of any investigation made by
            or on behalf of any Underwriter or the Company</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">34</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">or
            any of the officers, directors, employees, agents or controlling persons referred to in
            Section 8 hereof, and will survive delivery of and payment for the Securities. The
            provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of
            this Agreement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Notices</u>. &nbsp;All communications hereunder will be in writing
            and effective only on receipt, and, if sent to the Representatives, will be mailed,
            delivered or telefaxed to: Citigroup Global Markets Inc., 388 Greenwich Street, New
            York, NY 10013 (fax no.: (212) 816-7912), Attention: General Counsel; Banc of America
            Securities LLC, 40 West 57th Street, New York, NY 10019 (fax no.: (212) 901-7881),
            Attention: High Grade Debt Capital Markets Transaction Management; Deutsche Bank
            Securities Inc., 60 Wall Street, 2nd Floor, New York, New York 10005, (fax no.: (212)
            797-2202), Attention: Debt Capital Markets &ndash; Syndicate Desk (with a copy to:
            Attention: General Counsel (fax no.: (212) 797-4561)); or J.P. Morgan Securities Inc.,
            270 Park Avenue, 8th Floor, New York, NY 10017 (fax no.: (212) 834-6081), Attention:
            High Grade Syndicate; or, if sent to the Company, will be mailed, delivered or
            telefaxed to Canadian Natural Resources Limited, 2500, 855-2 Street S.W., Calgary,
            Alberta T2P 4J8 (fax no.: (403) 517-7370),&nbsp;Attention: President.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Successors</u>. &nbsp;This Agreement will inure to the benefit of and
            be binding upon the parties hereto and their respective successors and the officers,
            directors, employees, agents and controlling persons referred to in Section 8 hereof,
            and no other person will have any right or obligation hereunder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Submission to Jurisdiction; Agent for Service; Waiver of
            Immunities</u>. &nbsp;&nbsp;The Company irrevocably (i) agrees that any legal suit,
            action or proceeding against the Company brought by any Underwriter or by any person
            who controls any Underwriter arising out of or based upon this Agreement or the
            transactions contemplated thereby may be instituted in any New York Court, (ii) waives,
            to the fullest extent it may effectively do so, any objection which it may now or
            hereafter have to the laying of venue of any such proceeding and (iii) submits to the
            non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The
            Company has appointed CT Corporation System, New York, New York, as its authorized
            agent (the &ldquo;Authorized Agent&rdquo;) upon whom process may be served in any such
            action arising out of or based on this Agreement or the transactions contemplated
            thereby which may be instituted in any New York Court by any Underwriter or by any
            person who controls any Underwriter, expressly consents to the jurisdiction of any such
            court in respect of any such action, and waives any other requirements of or objections
            to personal jurisdiction with respect thereto. Such appointment shall be irrevocable.
            The Company represents and warrants that the Authorized Agent has agreed to act as such
            agent for service of process and agrees to take any and all action, including the
            filing of any and all documents and instruments, that may be necessary to continue such
            appointment in full force and effect as aforesaid. Service of process upon the
            Authorized Agent and written notice of such service to the Company shall be deemed, in
            every respect, effective service of process upon the Company.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">To the extent that the Company has or hereafter may acquire any immunity
            from jurisdiction of any court or from any legal process (whether through service of
            notice, attachment prior to judgment, attachment in aid of execution, execution or
            otherwise) with respect to itself or its property, it hereby irrevocably waives such
            immunity in respect of its obligations under the above-referenced documents, to the
            extent permitted by law.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">35</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">The provisions of this Section 14 shall survive any termination of this
            Agreement, in whole or in part.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Judgment Currency</u>. The obligation of the Company in respect of
            any sum due to any Underwriter shall, notwithstanding any judgment in a currency other
            than United States dollars, not be discharged until the first Business Day, following
            receipt by such Underwriter of any sum adjudged to be so due in such other currency, on
            which (and only to the extent that) such Underwriter may in accordance with normal
            banking procedures purchase United States dollars with such other currency; if the
            United States dollars so purchased are less than the sum originally due to such
            Underwriter hereunder, the Company agrees, as a separate obligation and notwithstanding
            any such judgment, to indemnify such Underwriter against such loss. If the United
            States dollars so purchased are greater than the sum originally due to such Underwriter
            hereunder, such Underwriter agrees to pay to the Company an amount equal to the excess
            of the dollars so purchased over the sum originally due to such Underwriter
            hereunder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Applicable Law</u>. This Agreement will be governed by and construed
            in accordance with the laws of the State of New&nbsp;York applicable to contracts made
            and to be performed within the State of New&nbsp;York.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Counterparts</u>. This Agreement may be signed in one or more
            counterparts, each of which shall constitute an original and all of which together
            shall constitute one and the same agreement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Headings</u>. The section headings used herein are for convenience
            only and shall not affect the construction hereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2"><u>Definitions</u>. &nbsp;The terms which follow, when used in this
            Agreement, shall have the meanings indicated.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Act&rdquo; shall mean the Securities Act of 1933, as amended and
            the rules and regulations of the Commission promulgated thereunder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Alberta Securities Law&rdquo; shall mean the securities laws,
            rules, regulations and published policy statements and instruments applicable in the
            Province of Alberta.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Applicable Time&rdquo; shall mean 5:30 p.m. New York City time on
            the date that this Agreement is executed and delivered by the parties
            hereto.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Basic Prospectus&rdquo; shall mean the prospectus referred to in
            the first paragraph of this Agreement contained in the Registration Statement at the
            Effective Date, or the Canadian short form shelf prospectus at the time the Reviewing
            Authority issued its final receipt for such short form shelf prospectus under National
            Instrument 44-102.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Business Day&rdquo; shall mean any day&nbsp;other than a
            Saturday, a Sunday or a day on which banking institutions are authorized or obligated
            by law or regulation to close in New York City, Toronto or Calgary.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">36</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Canadian Documents&rdquo; shall mean any documents incorporated
            by reference in the Canadian Final Prospectus when they were filed with the Reviewing
            Authority.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Canadian Final Prospectus&rdquo; shall mean the prospectus
            supplement relating to the Securities filed with the Reviewing Authority, together with
            the Basic Prospectus for which a final receipt was issued by the Reviewing
            Authority.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Commission&rdquo; shall mean the Securities and Exchange
            Commission.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Disclosure Package&rdquo; shall mean (i) the Basic Prospectus,
            together with each Preliminary Final Prospectus that supplements the Basic Prospectus,
            as amended and supplemented to the Applicable Time, (ii) the Issuer Free Writing
            Prospectuses, if any, identified in Annex C hereto, (iii) the final term sheet prepared
            and filed pursuant to Section 5(a) hereof, and (iv) any other Free Writing Prospectus
            that the parties hereto shall hereafter expressly agree in writing to treat as part of
            the Disclosure Package.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Effective Date&rdquo; shall mean each date and time that the
            Registration Statement, any post-effective amendment or amendments thereto became or
            becomes effective.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Environmental Claim&rdquo; shall mean any administrative,
            regulatory or judicial action, suit, demand, demand letter, claim, lien, notice of
            non-compliance or violation, investigation or proceeding relating in any way to any
            Environmental Laws.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Environmental Laws&rdquo; shall mean any Canadian, United States,
            United Kingdom, Angola, C&ocirc;te d&rsquo;Ivoire and other applicable foreign,
            federal, provincial, state, local or municipal laws and regulations relating to the
            protection of human health and safety, the environment or hazardous or toxic substances
            or wastes, pollutants or contaminants.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Exchange Act&rdquo; shall mean the Securities Exchange Act of
            1934, as amended, and the rules and regulations of the Commission promulgated
            thereunder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Free Writing Prospectus&rdquo; shall mean a free writing
            prospectus, as defined in Rule 405.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Issuer Free Writing Prospectus&rdquo; shall mean an issuer free
            writing prospectus, as defined in Rule 433.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Governmental Agency&rdquo; shall mean any court or governmental
            agency or body or any arbitrator of any kind having jurisdiction over the Company or
            any of its subsidiaries or any of their properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Governmental Authorization&rdquo; shall mean any consent,
            approval, authorization, order, permit, license, filing, registration, clearance or
            qualification of, or with any statute, order, rule or regulation of any Governmental
            Agency.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Preliminary Final Prospectus&rdquo; shall mean any preliminary
            prospectus supplement to the Basic Prospectus which describes the Securities and the
            offering thereof and is used prior to filing of the U.S. Final Prospectus or the
            Canadian Final <font size="2">Prospectus, together with the Basic Prospectus filed with
            the Commission or with the Reviewing Authority.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">37</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Registration Statement&rdquo; shall mean the registration
            statement referred to in the first paragraph of this Agreement, including exhibits and
            financial statements, as amended at the Applicable Time and, any post-effective
            amendment thereto, and any prospectus supplement relating to the Securities that is
            filed with the Commission and deemed part of such registration statement, shall also
            mean such registration statement as so amended.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Reviewing Authority&rdquo; shall mean the Alberta Securities
            Commission.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Rule 405&rdquo;, &ldquo;Rule 164&rdquo; and &ldquo;Rule
            433&rdquo; refer to such rules under the Act.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Shelf Procedures&rdquo; shall mean the rules and procedures
            established under National Instrument No. 44-102 for the distribution of securities on
            a continuous or delayed basis.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Significant Subsidiary&rdquo; shall have the meaning set forth
            under Rule 1-02 of Regulation S-X under the Act.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;Trust Indenture Act&rdquo; shall mean the Trust Indenture Act of
            1939, as amended and the rules and regulations of the Commission promulgated
            thereunder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">&ldquo;U.S. Final Prospectus&rdquo; shall mean the prospectus supplement
            relating to the Securities that was first filed pursuant to General Instruction II.K of
            Form F-9 after the Applicable Time, together with the Basic Prospectus, with the
            Commission.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">If the foregoing is in accordance with your understanding of our
            agreement, please sign and return to us the enclosed duplicate hereof, whereupon this
            letter and your acceptance shall represent a binding agreement among the Company and
            the several Underwriters.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">
            <font size="2">Very truly yours,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">
            <font size="2">Canadian Natural Resources Limited</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.31in; TEXT-INDENT: -0.31in; TEXT-ALIGN: left">
            <font size="2">By:</font>
            <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
            Steve W.
            Laut&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="579" border="0">
                <tr>
                    <td valign="top" width="317">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Steve W. Laut</font></p>
                    </td>

                    <td width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="317">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">President and Chief Operating</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="top" width="65">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">Officer</font></p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td width="317">
                    </td>

                    <td width="48">
                    </td>

                    <td width="65">
                    </td>

                    <td width="45">
                    </td>

                    <td width="103">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.31in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.31in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.31in; TEXT-INDENT: -0.31in; TEXT-ALIGN: left">
            <font size="2">By:</font>
            <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
            Douglas A.
            Proll&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="584" border="0">
                <tr>
                    <td valign="top" width="317">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Douglas A. Proll, C.A.</font></p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="317">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Chief Financial Officer and</font></p>
                    </td>

                    <td width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">Senior Vice-President, Finance</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="317">
                    </td>

                    <td width="48">
                    </td>

                    <td width="165">
                    </td>

                    <td width="29">
                    </td>

                    <td width="24">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="1">[Underwriting Agreement Signature Page]</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
            foregoing Agreement is</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">hereby
            confirmed and accepted</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">as of
            the date specified in</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">Schedule&nbsp;I hereto.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: left">
            <font size="2">CITIGROUP GLOBAL MARKETS INC.</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
                        Brian
                        Bednarski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="225" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Brian Bednarski</font></p>
                    </td>

                    <td width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Managing Director</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: left"><font size="2">BANC
            OF AMERICA SECURITIES LLC</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
                        Lily
                        Chang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="175" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Lily Chang</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="77">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Principal</font></p>
                    </td>

                    <td width="13">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: left">
            <font size="2">DEUTSCHE BANK SECURITIES INC.</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
                        Ryan Montgomery&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="224" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Ryan Montgomery</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="72">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
                        Jared
                        Birnbaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="205" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Jared Birnbaum</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="72">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: left"><font size="2">J.P.
            MORGAN SECURITIES INC.</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
                        Stephen L. Sheiner&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="225" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Stephen L. Sheiner</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title:</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Vice President</font></p>
                    </td>

                    <td width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">For
            themselves and the other</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">several
            Underwriters named</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">in
            Schedule&nbsp;II to the foregoing</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">Agreement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="1">[Underwriting Agreement Signature Page]</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">SCHEDULE I</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">Underwriting Agreement dated January 10, 2008</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">Registration Statement No. 333-146056</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="344" border="0">
                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Representatives:</font></p>
                    </td>

                    <td valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Citigroup Global Markets Inc.</font></p>
                    </td>

                    <td width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Banc of America Securities LLC</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Deutsche Bank Securities Inc.</font></p>
                    </td>

                    <td colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">J.P. Morgan Securities Inc.</font></p>
                    </td>

                    <td colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td width="115">
                    </td>

                    <td width="192">
                    </td>

                    <td width="20">
                    </td>

                    <td width="1">
                    </td>

                    <td width="16">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Title,
            Purchase Price and Description of Securities:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="405" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="309">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title: 5.15% Notes due 2013 (&ldquo;2013
                        Notes&rdquo;)</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Principal amount: US$400,000,000</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: left">
            <font size="2">Purchase price (include accrued</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 1in; TEXT-ALIGN: left">
            <font size="2">interest or amortization, if any): 99.371%</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Sinking fund provisions: None</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Redemption provisions: Make-Whole Call @ T+30 bp</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="405" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">B.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="309">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title: 5.90% Notes due 2018 (&ldquo;2018
                        Notes&rdquo;)</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Principal amount: US$400,000,000</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: left">
            <font size="2">Purchase price (include accrued</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 1in; TEXT-ALIGN: left">
            <font size="2">interest or amortization, if any): 99.025%</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Sinking fund provisions: None</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Redemption provisions: Make-Whole Call @ T+30 bp</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="405" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">C.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="309">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Title: 6.75% Notes due 2039 (&ldquo;2039
                        Notes&rdquo;)</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Principal amount: US$400,000,000</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: left">
            <font size="2">Purchase price (include accrued</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 1in; TEXT-ALIGN: left">
            <font size="2">interest or amortization, if any): 98.978%</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Sinking fund provisions: None</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Redemption provisions: Make-Whole Call @ T+35 bp</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: -2.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="240">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Closing Date, Time and Location:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">January 17, 2008 at 9:00&nbsp;a.m. at</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-ALIGN: left">
            <font size="2">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-ALIGN: left">
            <font size="2">1285 Avenue of the Americas, New York,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 2.5in; TEXT-ALIGN: left">
            <font size="2">New York 10019-6064</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Type
            of Offering: Non-Delayed</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Modification of items to be covered by the letter from
            PricewaterhouseCoopers LLP delivered pursuant to Section 6(h) at the Applicable Time:
            None</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">SCHEDULE II</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <br>
                        <u><font size="2">Underwriters</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Principal Amount</font><br>
                        <font size="2">of 2013 Notes to</font>
                        <u><font size="2">be&nbsp;Purchased</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Principal Amount</font><br>
                        <font size="2">of 2018 Notes to</font>
                        <u><font size="2">be&nbsp;Purchased</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Principal Amount</font><br>
                        <font size="2">of 2039 Notes to</font>
                        <u><font size="2">be&nbsp;Purchased</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Citigroup Global Markets Inc.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">US$ 80,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">US$ 80,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">US$ 80,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Banc of America Securities LLC</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Deutsche Bank Securities Inc.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">J.P. Morgan Securities Inc.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">52,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">RBC Capital Markets Corporation</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">28,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Scotia Capital (USA) Inc.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">CIBC World Markets Corp.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">BMO Capital Markets Corp.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">24,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">BNP Paribas Securities Corp.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Lazard Capital Markets LLC</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">20,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Fortis Securities LLC</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">SG Americas Securities, LLC</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Daiwa Securities America Inc.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Mizuho Securities USA Inc.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">6,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="235">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">US$400,000,000</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">US$400,000,000</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="139">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">US$400,000,000</font></p>
                        </div>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">ANNEX A</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">SIGNIFICANT SUBSIDIARIES</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="637" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="355">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Name</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="156">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Percent Ownership</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <u><font size="2">Jurisdiction</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="355">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">CNR International (U.K.) Limited</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="156">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">100% (indirect)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">England</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="355">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Canadian Natural Resources, a general partnership</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="156">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">100% (indirect)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">Alberta</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="355">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Canadian Natural Resources Northern Alberta
                        Partnership</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="156">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">100% (indirect)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">Alberta</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="355">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">CNR 2006 Partnership, a general partnership</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="156">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">100% (indirect)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">Alberta</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="355">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">CNR International (C&ocirc;te D&rsquo;Ivoire)
                        SARL</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="156">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">100% (98% direct and 2% held in trust by individuals on the
                        Company&rsquo;s behalf)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                        <font size="2">C&ocirc;te d&rsquo;Ivoire</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">ANNEX B</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">SUBSIDIARIES NOT WHOLLY OWNED AND SUBSIDIARIES SUBJECT</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2">TO
            SECURITY INTERESTS, CLAIMS, LIENS OR ENCUMBRANCES</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Name</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <u><font size="2">Percent Ownership</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <u><font size="2">Jurisdiction</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Atlantis Production Systems Limited</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">51% (indirect)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Barbados</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Ranger Oil West Africa Limited</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">51% (indirect)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Barbados</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Cold Lake Pipeline Ltd.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15% (direct)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Alberta</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Cold Lake Pipeline Limited Partnership</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">14.7% (direct)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Alberta</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Oakwood #3 Limited Partnership</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10% (direct)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Alberta</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="165">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="166">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">ANNEX C</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.94in; TEXT-ALIGN: left">
            <b><font size="2">Filed pursuant to Rule 433</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.94in; TEXT-ALIGN: left">
            <b><font size="2">Registration No. 333-146056</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.94in; TEXT-ALIGN: left">
            <b><font size="2">January 10, 2008</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">
            <b><font size="2">Canadian Natural Resources Limited</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">
            <b><font size="2">Pricing Term Sheet</font></b></p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="619" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="181">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Issuer:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="438">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Canadian Natural Resources Limited</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="181">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Preliminary Ratings:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="438">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Baa2 (stable)/BBB/BBB (high) (negative)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="181">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Security Type:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="438">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">SEC Registered</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="622" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Notes Due 2013</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Notes Due 2018</font></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Notes Due 2039</font></p>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Size:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$400,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$400,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">$400,000,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Maturity:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">02/01/2013</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">02/01/2018</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">02/01/2039</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Coupon:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.15%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.90%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">6.75%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Price:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">99.971%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">99.675%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">99.853%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Yield to Maturity:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.156%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5.943%</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">6.761%</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Spread:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">+200 basis points</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">+205 basis points</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">+230 basis points</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Benchmark Treasury:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">UST 3.625% due 12/31/2012</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">UST 4.250% due 11/15/2017</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">UST 4.750% due 02/15/2037</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Treasury Yield/Price:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.156% (102-04+)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.893% (102-28+)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.461% (104-22+)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Settlement Date:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1/17/2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1/17/2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1/17/2008</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Interest Payment Dates:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2/1 &amp; 8/1</font><br>
                        <font size="2">commencing</font><br>
                        <font size="2">8/1/2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2/1 &amp; 8/1</font><br>
                        <font size="2">commencing</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8/1/2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2/1 &amp; 8/1</font><br>
                        <font size="2">commencing</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8/1/2008</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Make-Whole Call:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="150">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">T+30 basis points</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">T+30 basis points</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">T+35 basis points</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Bookrunners:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Citigroup Global Markets Inc. / Banc of America Securities
                        LLC / Deutsche Bank Securities Inc. / J.P. Morgan Securities
                        Inc.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Lead Manager:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">RBC Capital Markets Corporation</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="184">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Co-Managers:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Scotia Capital (USA) Inc. / CIBC World Markets Corp. / BMO
                        Capital Markets Corp. / BNP Paribas Securities Corp. / Lazard Capital
                        Markets LLC / Fortis Securities LLC / SG Americas Securities, LLC / Daiwa
                        Securities America Inc. / Mizuho International plc</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Note: A
            securities rating is not a recommendation to buy, sell or hold securities and may be
            subject to revision or withdrawal at any time.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">The
            issuer has filed a registration statement (including a prospectus) with the SEC for the
            offering to which this communication relates. Before you invest, you should read the
            prospectus in that registration statement and other documents the issuer has filed with
            the SEC for more complete information about the issuer and this offering. You may get
            these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
            Alternatively, the issuer, any underwriter or any dealer participating in the offering
            will arrange to send you the prospectus if you request it by calling Citigroup Global
            Markets Inc. toll free at 1-877-858-5407, Banc of America Securities LLC toll free at
            1-800-294-1322, Deutsche Bank Securities Inc. toll free at 1-800-503-4611 or J.P.
            Morgan Securities Inc. collect at 1-212-834-4533.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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