<SEC-DOCUMENT>0000950123-11-091590.txt : 20111025
<SEC-HEADER>0000950123-11-091590.hdr.sgml : 20111025
<ACCEPTANCE-DATETIME>20111024204548
ACCESSION NUMBER:		0000950123-11-091590
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20111025
DATE AS OF CHANGE:		20111024

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Capital Product Partners L.P.
		CENTRAL INDEX KEY:			0001392326
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-177491
		FILM NUMBER:		111155373

	BUSINESS ADDRESS:	
		STREET 1:		3 IASSONOS STREET
		CITY:			PIRAEUS
		STATE:			J3
		ZIP:			18537
		BUSINESS PHONE:		0030 210 458 4950

	MAIL ADDRESS:	
		STREET 1:		3 IASSONOS STREET
		CITY:			PIRAEUS
		STATE:			J3
		ZIP:			18537
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>y93088fv3.htm
<DESCRIPTION>FORM F-3
<TEXT>
<HTML>
<HEAD>
<TITLE>fv3</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

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<DIV align="center" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">As filed with the Securities and
    Exchange Commission on October 24, 2011</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Registration
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION<BR>
    <FONT style="font-size: 9pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">FORM&#160;F-3</FONT><BR>
    REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 22pt">Capital Product Partners
    L.P.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(as specified in its
    charter)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">4412</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Primary Standard
    Industrial</FONT></I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">Classification of Code
    Number)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
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<TR valign="bottom">
<TD align="center" valign="top">
    <B>Republic of The Marshall Islands<BR>
    </B><I>(State or other jurisdiction of<BR>
    incorporation or organization)</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <BR>
    <B>3 Iassonos Street<BR>
    Piraeus, 18537 Greece<BR>
    Telephone: +30 210 458 4950<BR>
    </B><I>(Address and telephone number of<BR>
    registrant&#146;s principal executive offices)</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Not Applicable<BR>
    </B><I>(I.R.S. Employer<BR>
    Identification Number)</I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
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<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>CT Corporation System<BR>
    111 Eighth Avenue, 13th&#160;Floor<BR>
    New York, NY 10011<BR>
    Telephone: 212 894 8400<BR>
    </B><I>(Name, address and telephone<BR>
    number of agent for service)</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>With copies to:</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Jay Clayton,&#160;Esq.<BR>
    Sullivan &#038; Cromwell LLP<BR>
    125 Broad Street<BR>
    New York, NY 10004<BR>
    +1 212 558-4000</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Approximate date of commencement of proposed sale to the
    public: </B>From time to time after the effective date of this
    registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If only securities being registered on this Form are being
    offered pursuant to dividend or interest reinvestment plans,
    please check the following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, check the
    following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#120;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is a registration statement pursuant to General
    Instruction&#160;I.C. or a post-effective amendment thereto that
    shall become effective upon filing with the Commission pursuant
    to Rule&#160;462(e) under the Securities Act, check the
    following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Form is a post-effective amendment to a registration
    statement filed pursuant to General Instruction&#160;I.C. filed
    to register additional securities or additional classes of
    securities pursuant to Rule&#160;413(b) under the Securities
    Act, check the following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Proposed maximum<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Amount of<BR>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    Title of each class of<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Amount to be<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    aggregate price per<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Proposed maximum<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    registration fee<BR>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    securities to be registered
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    registered
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    unit
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    aggregate offering price
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    (2)(7)
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Primary Offering:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)(6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $(1)(6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Preferred units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)(6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $(1)(6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Debt Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)(3)(6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $(1)(3)(6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Guarantees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)(4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $(1)(3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $(1)(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $500,000,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $49,747.44
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;There is being registered hereunder an indeterminate
    principal amount or number of our common units, preferred units,
    debt securities, guarantees or warrants which may be issued in
    primary offerings from time to time at indeterminate prices,
    with an aggregate offering price not to exceed $500,000,000.
    This registration statement shall also cover any additional
    securities to be offered or issued from stock splits, stock
    dividends, recapitalizations or similar transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Estimated solely for the purposes of calculating the
    registration fee pursuant to Rule&#160;457(o) of the Act. The
    table does not specify by each class information as to the
    amount to be registered or the proposed maximum offering price
    per security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;If any debt securities are issued at an original issue
    discount, then the offering price of such debt securities shall
    be in such greater principal amount as shall result in a maximum
    aggregate offering price not to exceed $500,000,000, less the
    aggregate dollar amount of all securities previously issued
    hereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;The debt securities may be guaranteed pursuant to
    guarantees by certain subsidiaries of Capital Product Partners
    L.P. No separate compensation will be received for the
    guarantees. Pursuant to Rule&#160;457(n) of the Act, no separate
    fees for the guarantees are payable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Represents warrants to purchase common units, preferred
    units or debt securities which may be issued by Capital Product
    Partners L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Also includes such indeterminate amount of debt
    securities and number of preferred units and common units as may
    be issued upon conversion of, or in exchange for, any other debt
    securities or preferred units that provide for conversion or
    exchange into other securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Pursuant to Rule&#160;457(p) of the Act, the
    registration fee of $7,552.56 relating to the unsold securities
    previously registered under our Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-153274</FONT>
    is being offset against the total registration fee currently due
    for this registration statement. Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-153274</FONT>
    was filed with the Commission on August&#160;29, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933, as amended (the &#147;Act&#148;)
    or until the Registration Statement shall become effective on
    such date as the Securities and Exchange Commission, acting
    pursuant to said Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT style="font-size: 10pt; color: #E8112D">The information
in this prospectus is not complete and may be changed. CPLP may
not sell these securities until the registration statement filed
with the Securities and Exchange Commission, in which this
prospectus is included, is declared effective. This prospectus
is not an offer to sell these securities and we are not
soliciting offers to buy these securities in any jurisdiction
where the offer or sale is not permitted.<BR>
</FONT></B>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PROSPECTUS <B><FONT style="color: #E8112D">(subject to
    completion, dated October 24, 2011)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 18pt">$<B>500,000,000</B>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y93088y9308800.gif" alt="(CAPITAL PRODUCT LOGO)"><B><FONT style="font-size: 18pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt">Capital Product Partners
    L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Common Units</B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Preferred Units</B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Debt Securities</B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Guarantees</B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Warrants</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus relates to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="7%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Common units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Debt Securities, which may be guaranteed by one or more of our
    subsidiaries, including debt securities convertible into or
    exchangeable for common units or other securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Guarantees;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Warrants
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The aggregate offering price of the securities issued under this
    prospectus may not exceed $500,000,000. We may offer these
    common units, preferred units, debt securities, guarantees or
    warrants directly or to or through underwriters, dealers or
    other agents. The names of any underwriters or dealers will be
    set forth in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our common units trade on the Nasdaq Global Market under the
    symbol &#147;CPLP.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus provides you with a general description of the
    common units, preferred units, debt securities, guarantees and
    warrants. Each time we offer to sell common units, preferred
    units, debt securities, guarantees or warrants, we will provide
    a prospectus supplement that will contain specific information
    about those securities and the terms of that offering. The
    prospectus supplement may also add, update or change information
    contained in this prospectus. This prospectus may be used to
    offer and sell securities only if accompanied by a prospectus
    supplement. You should read this prospectus and any prospectus
    supplement carefully before you invest. You should also read the
    documents we refer to in the &#147;Where You Can Find More
    Information&#148; section of this prospectus for information
    about us and our financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Limited partnerships are inherently different from
    corporations. You should carefully consider each of the factors
    described under &#147;Risk Factors&#148; beginning on
    page&#160;9 of this prospectus before you make an investment in
    our securities.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this prospectus is&#160;&#160;, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y93088tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088101'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088102'>CAPITAL PRODUCT PARTNERS L.P.&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088103'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088104'>INCORPORATION OF DOCUMENTS BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088105'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088106'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088107'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088108'>PRICE RANGE OF COMMON UNITS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088109'>RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
    DIVIDENDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088110'>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
    INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088111'>DESCRIPTION OF THE COMMON UNITS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088112'>CASH DISTRIBUTIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088113'>DESCRIPTION OF PREFERRED UNITS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088114'>DESCRIPTION OF WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088116'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088117'>MATERIAL UNITED STATES FEDERAL INCOME TAX
    CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088118'><FONT style="white-space: nowrap">NON-UNITED</FONT>
    STATES TAX CONSEQUENCES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088119'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088120'>SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL
    LIABILITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088121'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088122'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93088123'>EXPENSES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv4w3.htm">EX-4.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv8w1.htm">EX-8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv8w2.htm">EX-8.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv21w1.htm">EX-21.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv23w1.htm">EX-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93088exv23w2.htm">EX-23.2</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
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    <BR>
    i
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y93088101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    that we have filed with the U.S.&#160;Securities and Exchange
    Commission (the &#147;SEC&#148; or &#147;the Commission&#148;)
    using a &#147;shelf&#148; registration process. Under this shelf
    registration process, we may sell, in one or more offerings, up
    to $500,000,000 in total aggregate offering price of the common
    units, preferred units, debt securities, guarantees or warrants,
    each as described in this prospectus. This prospectus generally
    describes Capital Product Partners L.P. and the securities we
    may offer. Each time we offer securities with this prospectus,
    we will provide this prospectus and a prospectus supplement that
    will describe, among other things, the specific amounts and
    prices of the securities being offered and the terms of the
    offering, including the specific terms of the securities being
    offered. The prospectus supplement may also add to, update or
    change information in this prospectus. If there is any
    inconsistency between the information in this prospectus and any
    prospectus supplement, you should rely on the information in the
    prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated, references in this prospectus to
    &#147;Capital Product Partners,&#148; &#147;we,&#148;
    &#147;us&#148; and &#147;our&#148; and similar terms refer to
    Capital Product Partners L.P.
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more of its subsidiaries. Unless otherwise indicated, all
    references in this prospectus to &#147;dollars&#148; and
    &#147;$&#148; are to, and amounts are presented in,
    U.S.&#160;Dollars, and financial information presented in this
    prospectus is prepared in accordance with accounting principles
    generally accepted in the United States or &#147;GAAP.&#148;
    References to our &#147;Annual Report&#148; are to our Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2010 incorporated by
    reference herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read carefully this prospectus, any prospectus
    supplement, and the additional information described below under
    the heading &#147;Where You Can Find More Information.&#148; You
    should rely only on the information contained in this
    prospectus. We have not authorized anyone to provide you with
    different information. If anyone provides you with different or
    inconsistent information, you should not rely on it. We are not
    making an offer to sell these securities in any jurisdiction
    where an offer or sale is not permitted. You should assume that
    the information appearing in this prospectus is accurate only as
    of the date on the front cover of this prospectus. Our business,
    financial condition, results of operations and prospects may
    have changed since that date.
</DIV>
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    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y93088102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITAL
    PRODUCT PARTNERS L.P.</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a limited partnership incorporated as Capital Product
    Partners L.P. under the laws of the Republic of the Marshall
    Islands on January&#160;16, 2007, by Capital
    Maritime&#160;&#038; Trading Corp. (&#147;Capital
    Maritime&#148;), an international shipping company with a long
    history of operating and investing in the shipping market. We
    maintain our principal executive headquarters at 3 Iassonos
    Street, Piraeus, 18537 Greece and our telephone number is +30
    210 4584 950.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are an international tanker company and our vessels trade on
    a worldwide basis and are capable of carrying crude oil, refined
    oil products, such as gasoline, diesel, fuel oil and jet fuel,
    as well as edible oils and certain chemicals such as ethanol. As
    of the date of this prospectus, our fleet of 27 high
    specification vessels (2.2&#160;million dwt) consists of 2 very
    large cargo carriers (&#147;VLCCs&#148;), 4 Suezmaxes, 18 medium
    range product tankers, 2 smaller product tankers and one
    Capesize dry cargo vessel with an average age (weighted by dwt)
    of approximately 3.6&#160;years as of September&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;3, 2007, we completed our initial public offering
    (the &#147;IPO&#148;) on the Nasdaq Global Market of 13,512,500
    common units at a price of $21.50 per unit. Capital Ship
    Management Corp., a subsidiary of Capital Maritime
    (&#147;Capital Ship Management&#148;), provides management and
    technical services in connection with our vessels under fixed or
    floating rate arrangements. Since the IPO we have increased the
    size of our fleet in terms of both number of vessels and
    carrying capacity, including through our acquisition of the
    <FONT style="white-space: nowrap">M/V&#160;Cape</FONT>
    Agamemnon Capesize dry cargo vessel on June&#160;10, 2011 and
    the completion of our merger with Crude Carriers Corp. on
    September&#160;30, 2011. We intend to continue to make strategic
    acquisitions and to take advantage of our relationship with
    Capital Maritime. Capital Maritime has granted us a right of
    first offer for any product or crude oil tankers with a carrying
    capacity greater than or equal to 30,000 dwt in its fleet. As of
    September&#160;30, 2011, Capital Maritime owned a 27.1% interest
    in us, including 17,763,305 common units and a 2% interest
    through its ownership of our general partner, Capital GP L.L.C.
</DIV>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y93088103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    that we filed with the SEC, utilizing a &#147;shelf&#148;
    registration process or continuous offering process. Under this
    shelf registration process, we may, from time to time, sell up
    to $500,000,000 of the securities described in this prospectus
    in one or more offerings. Each time we offer securities, we will
    provide you with this prospectus and a prospectus supplement
    that will describe, among other things, the specific amounts and
    prices of the securities being offered and the terms of the
    offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    That prospectus supplement may include additional risk factors
    or other special considerations applicable to those securities
    and may also add, update, or change information in this
    prospectus. If there is any inconsistency between the
    information in this prospectus and any prospectus supplement,
    you should rely on the information in that prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are subject to the information requirements of the Securities
    Exchange Act of 1934, and, in accordance therewith, are required
    to file with the SEC annual reports on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    within four months of our fiscal year-end, and provide to the
    SEC other material information on
    <FONT style="white-space: nowrap">Form&#160;6-K.</FONT>
    These reports and other information may be inspected and copied
    at the public reference facilities maintained by the SEC or
    obtained from the SEC&#146;s website as provided above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a foreign private issuer, we are exempt under the Securities
    Exchange Act from, among other things, certain rules prescribing
    the furnishing and content of proxy statements, and our
    directors and principal unitholders and the executive officers
    of our general partner are exempt from the reporting and
    short-swing profit recovery provisions contained in
    Section&#160;16 of the Exchange Act. In addition, we are not
    required under the Exchange Act to file periodic reports and
    financial statements with the SEC as frequently or as promptly
    as U.S.&#160;companies whose securities are registered under the
    Exchange Act, including the filing of quarterly reports or
    current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K.</FONT>
    However, we furnish or make available to our unitholders annual
    reports containing our audited consolidated financial statements
    prepared in accordance with U.S.&#160;GAAP and make available to
    our unitholders quarterly reports containing our unaudited
    interim financial information for the first three fiscal
    quarters of each fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP files annual reports with and furnishes other reports and
    information to the SEC. You may read and copy any document CPLP
    files with or furnishes to the SEC free of charge at the
    SEC&#146;s public reference room at 100&#160;F&#160;Street,
    N.E., Room&#160;1580, Washington,&#160;D.C. 20549. You may also
    obtain documents CPLP files with or furnishes to the SEC on the
    SEC website at <U>www.sec.gov.</U> The address of the SEC&#146;s
    website is provided solely for the information of prospective
    investors and is not intended to be an active link. Please visit
    the website or call the SEC at 1
    <FONT style="white-space: nowrap">(800)&#160;732-0330</FONT>
    for further information about its public reference room. Reports
    and other information concerning the business of CPLP may also
    be inspected at the offices of the Nasdaq Global Market at One
    Liberty Plaza, 165 Broadway, New York, NY 10006.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We also make our periodic reports as well as other information
    filed with or furnished to the SEC available, free of charge,
    through our website, at www.capitalpplp.com, as soon as
    reasonably practicable after those reports and other information
    are electronically filed with or furnished to the SEC.
</DIV>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The SEC allows CPLP to &#147;incorporate by reference&#148;
    certain information filed with or furnished to the SEC, which
    means that CPLP can disclose important information to you by
    referring you to those documents. The information incorporated
    by reference is an important part of this prospectus. With
    respect to this prospectus, information that CPLP later files
    with or furnishes to the SEC and that is incorporated by
    reference will automatically update and supersede information in
    this prospectus and information previously incorporated by
    reference into this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each document incorporated by reference into this prospectus is
    current only as of the date of such document, and the
    incorporation by reference of such document is not intended to
    create any implication that there has been no change in the
    affairs or CPLP since the date of the relevant document or that
    the information contained in such document is current as of any
    time subsequent to its date. Any statement contained in such
    incorporated documents is deemed to be modified or superseded
    for the purpose of this prospectus to the extent that a
    subsequent statement contained in another document that is
    incorporated by reference into this prospectus at a later date
    modifies or supersedes that statement. Any such statement so
    modified or superseded will not be deemed, except as so modified
    or superseded, to constitute a part of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus incorporates by reference the documents listed
    below, which CPLP has previously filed with or furnished to the
    SEC, as well as the annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    of Crude Carriers Corp., filed with the SEC on April&#160;18,
    2011, and Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    furnished to the SEC on August&#160;5, 2011. Crude Carriers
    Corp. became a wholly-owned subsidiary of CPLP through a merger
    completed on September&#160;30, 2011. These documents contain
    important information about CPLP and its financial condition,
    business and results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CPLP
    Filings (File
    <FONT style="white-space: nowrap">No.&#160;001-33373):</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2010;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    furnished on February&#160;24, 2010 (Amendment and Restatement
    of the Partnership Agreement), January&#160;21, 2011
    (Announcement of Cash Distribution), April&#160;21, 2011
    (Announcement of Cash Distribution), May&#160;5, 2011 (Q1 2011
    Results and Earnings Release and Announcement of Merger with
    Crude), May&#160;9, 2011 (Agreement and Plan of Merger with
    Crude Carriers Corp.), June&#160;9, 2011 (Q1 2011 Unaudited
    Condensed Consolidated Financial Statements with Related Notes),
    July&#160;22, 2011 (Announcement of Cash Distribution),
    July&#160;29, 2011 (Q2 2011 Results and Earnings Release),
    August&#160;5, 2011 (Q2 2011 Unaudited Condensed Consolidated
    Financial Statements with Related Notes), September&#160;30,
    2011 (Amendment of the Partnership Agreement and Amendment and
    Restatement of the Omnibus Agreement) and October&#160;20, 2011
    (Long Term Fixed Rate Period Employment with Profit Share
    Arrangements for 3 Crude Tanker Vessels).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Crude
    Carriers Corp. Filings (File
    <FONT style="white-space: nowrap">No.&#160;001-34651):</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2010;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    furnished on August&#160;5, 2011 (Q2 2011 Unaudited Condensed
    Consolidated Financial Statements with Related Notes).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are also incorporating by reference all subsequent annual
    reports on Form&#160;20-F that we file with the SEC and certain
    Current Reports on Form&#160;6-K that we furnish to the SEC
    after the date of this prospectus (if they state that they are
    incorporated by reference into this prospectus) until we file a
    post-effective amendment indicating that the offering of the
    securities made by this prospectus has been terminated. In all
    cases, you should rely on the later information over different
    information included in this prospectus or the prospectus
    supplement.
</DIV>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus and any
    accompanying prospectus supplement. We have not, and any
    underwriters have not, authorized any other person to provide
    you with different information. If anyone provides you with
    different or inconsistent information, you should not rely on
    it. We are not, and the underwriters are not, making an offer to
    sell these securities in any jurisdiction where the offer or
    sale is not permitted. You should assume that the information
    appearing in this prospectus and any accompanying prospectus
    supplement as well as the information we previously filed with
    the SEC and incorporated by reference, is accurate as of the
    dates on the front cover of those documents only. Our business,
    financial condition and results of operations and prospects may
    have changed since those dates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may obtain copies of these documents in the manner described
    above under the section captioned &#147;Where You Can Find More
    Information.&#148; You may also request copies of these
    documents (excluding exhibits) at no cost by contacting CPLP as
    follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capital Product Partners L.P.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investor Relations Representative
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Nicolas Bornozis, President
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capital Link, Inc.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    230 Park Avenue&#160;&#151; Suite&#160;1536
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, NY 10160, USA
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Tel: +1 212
    <FONT style="white-space: nowrap">661-7566</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Our disclosure and analysis in the prospectus concerning our
    business, operations, cash flows, and financial position,
    including, in particular, the likelihood of our success in
    developing and expanding our business, include forward-looking
    statements. In addition, we and our representatives may from
    time to time make other oral or written statements which are
    also forward looking statements. Statements that are predictive
    in nature, that depend upon or refer to future events or
    conditions, or that include words such as &#147;expects,&#148;
    &#147;anticipates,&#148; &#147;intends,&#148; &#147;plans,&#148;
    &#147;believes,&#148; &#147;estimates,&#148;
    &#147;projects,&#148; &#147;forecasts,&#148; &#147;will,&#148;
    &#147;may,&#148; &#147;potential,&#148; &#147;could,&#148;
    &#147;continue,&#148; &#147;would,&#148; &#147;predict,&#148;
    &#147;should,&#148; or the negative of these terms or other
    comparable terminology, are forward-looking statements. Although
    these statements are based upon assumptions we believe to be
    reasonable based upon available information, including
    projections of revenues, operating margins, earnings, cash flow,
    working capital and capital expenditures, they are subject to
    risks and uncertainties that are described more fully in this
    prospectus in the section titled &#147;Risk Factors.&#148; These
    forward-looking statements represent our estimates and
    assumptions only as of the date of this prospectus and are not
    intended to give any assurance as to future results. As a
    result, you are cautioned not to rely on any forward-looking
    statements. Forward-looking statements appear in a number of
    places in this prospectus. These risks and uncertainties
    include, but are not limited to:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    expectations of our ability to make cash distributions on the
    units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our future financial condition or results of operations and our
    future revenues and expenses, including revenues from profit
    sharing arrangements and required levels of reserves;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    future levels of operating surplus and levels of distributions
    as well as our future cash distribution policy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    tanker and dry cargo market conditions and fundamentals,
    including the balance of supply and demand in the markets in
    which we operate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    future charter hire rates and vessel values;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    anticipated future acquisition of vessels from Capital Maritime
    or from other third parties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    anticipated chartering arrangements with Capital Maritime or
    other third parties in the future;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our anticipated growth strategies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to access debt, credit and equity markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to refinance our debt and achieve the postponement
    of any amortization of our debt under the current terms of our
    credit facilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the ability of our customers to meet their obligations under the
    terms of our charter agreements, including the timely payment of
    the rates under the agreements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the financial viability and sustainability of our customers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the repayment of debt and settling of interest rate swaps, if
    any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the effectiveness of our risk management policies and procedures
    and the ability of counterparties to our derivative contracts to
    fulfill their contractual obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    future refined product and crude oil prices and production;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    planned capital expenditures and availability of capital
    resources to fund capital expenditures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    future supply of, and demand for, refined products and crude oil;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    increases in domestic or worldwide oil consumption;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in the availability and costs of funding due to
    conditions in the bank market, capital markets and other factors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to maintain long-term relationships with major
    refined product importers and exporters, major crude oil
    companies, and major commodity traders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to maximize the use of our vessels, including the
    re-deployment or disposition of vessels no longer under
    long-term time charter;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to leverage to our advantage Capital Maritime&#146;s
    relationships and reputation in the shipping industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our continued ability to enter into long-term, fixed-rate time
    charters with our charterers and to re-charter our vessels as
    their existing charters expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in the supply of tanker vessels or dry cargo vessels,
    including newbuildings or lower than anticipated scrapping of
    older vessels;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to compete successfully for future chartering and
    newbuilding opportunities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the changes to the regulatory requirements applicable to the oil
    transportation industry, including, without limitation,
    requirements adopted by international organizations or by
    individual countries or charterers and actions taken by
    regulatory authorities and governing such areas as safety and
    environmental compliance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the ability of our manager to qualify for charter business
    short- or long-term with oil major charters;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the expected cost of, and our ability to comply with,
    governmental regulations and maritime self-regulatory
    organization standards, as well as standard regulations imposed
    by our charterers applicable to our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our anticipated general and administrative expenses and our
    expenses under the management agreement and the administrative
    services agreement with Capital Ship Management and for
    reimbursement for fees and costs of Capital GP L.L.C., our
    general partner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    increases in costs and expenses under our management agreement
    following expiration
    <FONT style="white-space: nowrap">and/or</FONT>
    renewal of such agreement in connection with certain of our
    vessels;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    increases in costs and expenses including but not limited to:
    crew wages, insurance, provisions, lube oil, bunkers, repairs,
    maintenance and general and administrative expenses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the adequacy of our insurance arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the impact of heightened environmental and quality concerns of
    insurance underwriters, regulators and charterers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the anticipated taxation of our partnership and distributions to
    our unitholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    estimated future maintenance and replacement capital
    expenditures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    expected demand in the shipping sectors in which we operate in
    general and the demand for our medium range vessels in
    particular;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the expected lifespan of our vessels;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to employ and retain key employees;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the effects of increasing emphasis on environmental and safety
    concerns by customers, governments and others;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    expected financial flexibility to pursue acquisitions and other
    expansion opportunities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    anticipated funds for liquidity needs and the sufficiency of
    cash flows;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    future sales of our units in the public market;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our business strategy and other plans and objectives for future
    operations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>These and other forward-looking statements are made based
    upon management&#146;s current plans, expectations, estimates,
    assumptions and beliefs concerning future events impacting us
    and therefore involve a number of risks and uncertainties,
    including those risks discussed in &#147;Risk Factors.&#148; The
    risks, uncertainties and assumptions involve known and unknown
    risks and are inherently subject to significant uncertainties
    and contingencies, many of which are beyond our control. We
    caution that forward-looking statements are not guarantees and
    that actual results could differ materially from those expressed
    or implied in the forward-looking statements.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>We undertake no obligation to update any forward-looking
    statement or statements to reflect events or circumstances after
    the date on which such statement is made or to reflect the
    occurrence of unanticipated events. New factors emerge from time
    to time, and it is not possible for us to predict all of these
    factors. Further, we cannot assess the impact of each such
    factor on our business or the extent to which any factor, or
    combination of factors, may cause actual results to be
    materially different from those contained in any forward-looking
    statement. You should carefully review and consider the various
    disclosures included in this Annual Report and in our other
    filings made with the SEC that attempt to advise interested
    parties of the risks and factors that may affect our business,
    prospects and results of operations.</I>
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y93088106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>An investment in our securities involves a high degree of
    risk. Some of the following risks relate principally to the
    countries and the industry in which we operate and the nature of
    our business in general. Although many of our business risks are
    comparable to those that a corporation engaged in a similar
    business would face, limited partner interests differ from the
    capital stock of a corporation in certain respects. In
    particular, if any of the following risks actually occurs, our
    business, financial condition or operating results could be
    materially adversely affected. In that case, we might not be
    able to pay distributions on our common units, the trading price
    of our common units could decline and you could lose all or part
    of your investment. You should carefully consider the following
    risk factors together with all of the other information included
    in this prospectus, any prospectus supplement and the
    information that we have incorporated herein by reference in
    evaluating an investment in us. When we offer and sell any
    securities pursuant to a prospectus supplement, we may include
    additional risk factors relevant to such securities in the
    prospectus supplement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>We hereby incorporate by reference all of our risk factors
    included in our Annual Report on Form&#160;20-F for the year
    ended December&#160;31, 2010 or included in any Annual Report on
    Form&#160;20-F or Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    filed or furnished after the date of this prospectus.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISKS
    RELATING TO THE BUSINESS AND OPERATIONS OF CPLP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    economic conditions may have a material adverse effect on
    CPLP&#146;s business, financial position, distributions and
    results of operations as well as on its ability to recharter its
    vessels at favorable rates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Oil has been one of the world&#146;s primary energy sources for
    a number of decades. The global economic growth of previous
    years had a significant impact on the demand for oil and
    subsequently on the oil trade and shipping demand. However, the
    second half of 2008, the year 2009 and parts of 2010 were marked
    by a major economic slowdown which has had, and is expected to
    continue to have, a significant impact on world trade, including
    the oil trade. Demand for oil and refined petroleum products
    contracted sharply as a result of the global economic slowdown,
    which in combination with the diminished availability of trade
    credit, deteriorating international liquidity conditions and
    declining financial markets, led to decreased demand for tanker
    vessels, creating downward pressure on charter rates. This
    economic downturn also affected vessel values overall. Despite
    certain indications of recovery during 2010 and upward revisions
    of expected global oil demand growth for 2011, there has not
    been a material increase in crude or product tanker charter
    rates and global economic conditions remain fragile with
    significant uncertainty remaining with respect to recovery
    prospects, levels of recovery and long-term effects. Such upward
    revisions are primarily based on increased demand from countries
    not part of the Organization for Economic Co-operation and
    Development, or OECD, such as China and India, and if economic
    growth in these countries slows global oil demand and seaborne
    transport of oil may be significantly affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If these global economic conditions persist CPLP may not be able
    to operate its vessels profitably or employ its vessels at
    favorable charter rates as they come up for rechartering.
    Furthermore, a significant decrease in the market value of
    CPLP&#146;s vessels may cause it to recognize losses if any of
    its vessels are sold or if their values are impaired, and may
    affect CPLP&#146;s ability to comply with its loan covenants. A
    deterioration of the current economic and market conditions or a
    negative change in global economic conditions or the product or
    crude tanker markets would be expected to have a material
    adverse effect on CPLP&#146;s business, financial position,
    results of operations and ability to make cash distributions and
    comply with its loan covenants, as well as its future prospects
    and ability to grow its fleet.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Charter
    rates for tanker vessels are highly volatile and are currently
    near historically low levels and may further decrease in the
    future, which may adversely affect CPLP&#146;s earnings and its
    ability to make cash distributions as it may not be able to
    recharter its vessels, or it may not be able to recharter them
    at competitive rates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP currently charters four vessels in the spot charter market
    and the charters of 10 of its vessels are scheduled to expire
    during 2012. CPLP may only be able to recharter these vessels at
    reduced or unprofitable
</DIV>
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    <BR>
    9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    rates as their current charters expire, or it may not be able to
    recharter these vessels at all. Throughout 2010 and 2011 the
    period charter market was, and continues to be, at close to
    historically low levels and many of CPLP&#146;s vessels which
    entered into new charters during this period were rechartered at
    rates lower than their original charters. In the event the
    current low rate environment continues and charterers do not
    display an increased interest in chartering vessels for longer
    periods at improved rates, CPLP may not be able to obtain
    competitive rates for its vessels and its earnings and
    distributions may be adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alternatively, CPLP may have to deploy these vessels in the spot
    market, which, although common in the tanker industry, is
    cyclical and highly volatile, with rates fluctuating
    significantly based upon demand for oil and oil products and
    tanker supply, amongst others. In the past, the spot charter
    market has also experienced periods when spot rates have
    declined below the operating cost of vessels and currently
    charter rates in the spot market are also close to historical
    lows. The successful operation of CPLP&#146;s vessels in the
    spot charter market depends upon, among other things, obtaining
    profitable spot charters and minimizing, to the extent possible,
    time spent waiting for charters and time spent traveling unladen
    to pick up cargo. Furthermore, as charter rates for spot
    charters are fixed for a single voyage which may last up to
    several weeks, during periods in which spot charter rates are
    rising, CPLP will generally experience delays in realizing the
    benefits from such increases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The demand for period charters may not increase and the tanker
    charter market may not significantly recover over the next
    several months or may decline further. The occurrence of any of
    these events could have a material adverse effect on CPLP&#146;s
    business, results of operations, cash flows, financial condition
    and ability to meet our obligations and to make cash
    distributions.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CPLP
    may not be able to grow or to effectively manage its
    growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s future growth will depend upon a number of factors,
    some of which it cannot control. These factors include its
    ability to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    capitalize on opportunities in the crude and product tanker
    market by fixing period charters for its vessels at attractive
    rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    identify businesses engaged in managing, operating or owning
    vessels for acquisitions or joint ventures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    identify vessels
    <FONT style="white-space: nowrap">and/or</FONT>
    shipping companies for acquisitions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    integrate any acquired businesses or vessels successfully with
    existing operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    hire, train and retain qualified personnel to manage, maintain
    and operate its growing business and fleet;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    identify additional new markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    improve operating and financial systems and controls;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    complete accretive transactions in the future;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    access financing and obtain required financing for existing and
    new operations, including refinancing of existing indebtedness.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s ability to grow is in part dependent on its ability
    to expand its fleet through acquisitions of suitable vessels.
    CPLP may not be able to acquire newbuildings or product and
    crude tankers on favorable terms, which could impede its growth
    and negatively impact its financial condition and ability to pay
    distributions. CPLP may not be able to contract for newbuildings
    or locate suitable vessels or negotiate acceptable construction
    or purchase contracts with shipyards and owners, or obtain
    financing for such acquisitions on economically acceptable
    terms, or at all.
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The failure to effectively identify, purchase, develop, employ
    and integrate any vessels or businesses could adversely affect
    CPLP&#146;s business, financial condition and results of
    operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fees
    and cost reimbursements paid by CPLP to Capital Maritime for
    services provided to CPLP and certain of its subsidiaries are
    substantial, fluctuate and may reduce CPLP&#146;s cash available
    for distribution to its unitholders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has entered into management agreements with Capital Ship
    Management, a subsidiary of Capital Maritime, for the management
    of its fleet. As of the date of this prospectus, 20 of
    CPLP&#146;s vessels are managed under a fixed fee management
    agreement under which CPLP pays a fixed daily fee and reimburses
    Capital Maritime for all expenses it incurs on CPLP&#146;s
    behalf. The fixed daily fee to be paid to Capital Maritime
    includes all costs incurred in providing certain commercial and
    technical management services to CPLP, including vessel
    maintenance, crewing, purchasing and insurance and also includes
    the expenses for each vessel&#146;s next scheduled special or
    intermediate survey, as applicable, and related drydocking. In
    addition to the fixed daily fees payable under the management
    agreement, Capital Maritime is entitled to supplementary
    remuneration for Extraordinary Fees (as defined below) and costs
    of any direct and indirect expenses it reasonably incurs in
    providing these services which may vary from time to time, and
    which include, among others, certain costs associated with the
    vetting of CPLP&#146;s vessels, repairs related to unforeseen
    events, and insurance deductibles in accordance with the terms
    of the management agreement (the &#147;Extraordinary Fees&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At such time, and in the event any new vessels are acquired,
    CPLP will have to enter into new agreements with Capital Ship
    Management or a third party for the provision of the above
    services. It is possible that any such new agreement may not be
    on the same or similar terms as our existing agreements, and
    that the level of our operating costs may materially change
    following any such renewal. Any increase in the costs and
    expenses associated with the provision of these services by our
    manager in the future, such as the condition and age of our
    vessels, costs of crews for our time chartered vessels and
    insurance, will lead to an increase in the fees CPLP would have
    to pay to Capital Ship Management or another third party under
    any new agreements CPLP enters into. The payment of fees to
    Capital Ship Management or a third party and reimbursement of
    expenses to such manager could adversely affect CPLP&#146;s
    business, financial condition, and results of operations,
    including its ability to make cash distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The remaining seven vessels of CPLP&#146;s fleet are managed
    under a floating fee management agreement. Under the management
    agreement, however, CPLP must pay for vessel operating expenses
    (including crewing, repairs and maintenance, insurance, stores,
    lube oils and communication expenses) as incurred. These
    expenses depend upon a variety of factors, many of which will be
    beyond CPLP&#146;s or its manager&#146;s control. Some of these
    costs, primarily relating to crewing, insurance and enhanced
    security measures, have been increasing and may increase in the
    future. Increases in any of these costs would decrease
    CPLP&#146;s earnings, cash flows and the amount of cash
    available for distribution to its unitholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the manager has the right to terminate the
    management agreement for five of these vessels and, under
    certain circumstances, could receive substantial sums in
    connection with such termination; however, even if the board of
    directors of CPLP (the &#147;CPLP Board&#148;) or its
    unitholders are dissatisfied with the manager, there are limited
    circumstances under which CPLP can terminate such management
    agreement. If the manager elects to terminate the management
    agreement, in accordance with the terms of the agreement a
    termination payment, which could be substantial, will be payable
    to the manager. This termination payment was initially set at
    $9.0&#160;million and increases on each one-year anniversary
    during which the management agreement remains in effect (on a
    compounding basis) in accordance with the total percentage
    increase, if any, in the Consumer Price Index over the
    immediately preceding twelve months.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CPLP
    is exposed to various risks in the international drybulk
    shipping industry, which is cyclical and volatile.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Following its acquisition of the Cape Agamemnon from Capital
    Maritime on June&#160;10, 2011, CPLP became subject to various
    risks of the drybulk shipping industry. The drybulk shipping
    industry is cyclical
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    with attendant volatility in charter rates, vessel values and
    profitability. In addition, the degree of charter hire rate
    volatility among different types of drybulk carriers has varied
    widely. After reaching historical highs in mid-2008, charter
    hire rates for Capesize drybulk carriers such as the Cape
    Agamemnon reached near historically low levels at the end of
    2008, from which they have not significantly recovered. Although
    the Cape Agamemnon is currently deployed on a period time
    charter, in the future CPLP may have to charter it pursuant to
    short-term time charters, and may be exposed to changes in spot
    market and short-term charter rates for drybulk carriers, and
    such changes may affect CPLP&#146;s earnings and the value of
    the Cape Agamemnon at any given time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Moreover, the factors affecting the supply and demand for
    drybulk vessels are outside of CPLP&#146;s control and are
    difficult to predict with confidence. As a result, the nature,
    timing, direction and degree of changes in industry conditions
    are also unpredictable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors that influence demand for vessel capacity include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    demand for and production of drybulk products;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    global and regional economic and political conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    environmental and other regulatory developments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the distance drybulk cargoes are to be moved by sea;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in seaborne and other transportation patterns.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors that influence the supply of vessel capacity include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the number of newbuild deliveries, which among other factors
    relates to the ability of shipyards to deliver newbuilds by
    contracted delivery dates and the ability of purchasers to
    finance such newbuilds;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the scrapping rate of older vessels;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    port and canal congestion;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the number of vessels that are in or out of service, including
    due to vessel casualties;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in environmental and other regulations that may limit
    the useful lives of vessels.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP currently anticipates that the future demand for the Cape
    Agamemnon following completion of its charter and, in turn,
    drybulk charter rates, will be dependent, among other things,
    upon economic growth in the global economy including the
    world&#146;s developing economies such as China, India, Brazil
    and Russia, seasonal and regional changes in demand, changes in
    the capacity of the global drybulk vessel fleet and the sources
    and supply of drybulk cargo to be transported by sea. A decline
    in demand for commodities transported in drybulk vessels or an
    increase in supply of drybulk vessels could cause a significant
    decline in charter rates, which could materially adversely
    affect CPLP&#146;s business, financial condition and results of
    operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Cape Agamemnon is currently chartered at rates that are at a
    substantial premium to the spot and period market, and the loss
    of this charter could result in a significant loss of expected
    future revenues and cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Cape Agamemnon is currently under a 10&#160;year time
    charter to Cosco Bulk Carrier Co. Ltd (&#147;Cosco&#148;), an
    affiliate of the COSCO Group and one of the largest dry bulk
    charterers globally, which commenced in July 2010, and the
    earliest expiry under the charter is June 2020. The gross
    charter rate is $53,100 ($50,445 net) per day until July 2015
    and from July 2015 until the end of the term $33,100&#160;gross
    ($31,445 net) per day, which is a substantial premium to current
    market levels.
</DIV>
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    <BR>
    12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The loss of this customer could result in a significant loss of
    revenues, cash flow and CPLP&#146;s ability to maintain or
    improve distributions longer term. CPLP could lose this customer
    or the benefits of the charter entered into with it if, among
    other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the customer faces financial difficulties forcing it to declare
    bankruptcy or making it impossible for it to perform its
    obligations under the charter, including the payment of the
    agreed rates in a timely manner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the customer fails to make charter payments because of its
    financial inability, disagreements with CPLP or otherwise;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the customer seeks to re-negotiate the terms of the charter
    agreement due to prevailing economic and market conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the customer exercises certain rights to terminate the charter;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the customer terminates the charter because CPLP fails to comply
    with the terms of the charter, the vessel is lost or damaged
    beyond repair, there are serious deficiencies in the vessel or
    prolonged periods of off-hire, or CPLP defaults under the
    charter;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a prolonged force majeure event affecting the customer,
    including war or political unrest prevents CPLP from performing
    services for that customer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the customer terminates the charter because CPLP fails to comply
    with the safety and regulatory criteria of the charterer or the
    rules and regulations of various maritime organizations and
    bodies.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event CPLP loses the benefit of the charter with Cosco
    prior to its expiration date, it would have to recharter the
    vessel at the then prevailing charter rates. In such event, CPLP
    may not be able to obtain competitive, or profitable, rates for
    this vessel and CPLP&#146;s earnings and ability to make cash
    distributions may be adversely affected.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    negative change in the economic conditions in the United States,
    the European Union or the Asian region, especially in China,
    Japan or India, could reduce drybulk trade and demand, which
    could reduce charter rates and have a material adverse effect on
    CPLP&#146;s business, financial condition and results of
    operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A significant number of the port calls made by Capesize bulk
    carriers involve the loading or discharging of raw materials in
    ports in the Asian region, particularly China, Japan and India.
    As a result, a negative change in economic conditions in any
    Asian country, particularly China, Japan or, to a lesser extent,
    India, could have a material adverse effect on CPLP&#146;s
    business, financial position and results of operations, as well
    as its future prospects, by reducing demand and, as a result,
    charter rates and affecting CPLP&#146;s ability to re-charter
    the Cape Agamemnon at a profitable rate. In past years, China
    and India have had two of the world&#146;s fastest growing
    economies in terms of gross domestic product and have been the
    main driving force behind increases in marine drybulk trade and
    the demand for drybulk vessels. If economic growth declines in
    China, Japan, India and other countries in the Asian region,
    CPLP may face decreases in such drybulk trade and demand.
    Moreover, a slowdown in the United States and Japanese
    economies, as has occurred recently, or the economies of the
    European Union or certain Asian countries will likely adversely
    affect economic growth in China, India and elsewhere. Such an
    economic downturn in any of these countries could have a
    material adverse effect on CPLP&#146;s business, financial
    condition and results of operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">An
    oversupply of drybulk vessel capacity may lead to reductions in
    charter rates and profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market supply of drybulk vessels has been increasing, and
    the number of drybulk vessels on order as of September&#160;30,
    2011, was approximately 39.3% of the then-existing global
    drybulk fleet in terms of dwt, with deliveries expected mainly
    during the succeeding 24&#160;months, although available data
    with regard to cancellations of existing newbuild orders or
    delays of newbuild deliveries are not always accurate.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During the recent economic crisis, it was also observed that
    significantly fewer vessels were being scrapped as compared with
    prior periods. As a result, the drybulk fleet remains an aged
    fleet that has not decreased in number. An oversupply of drybulk
    vessel capacity will likely result in a reduction of charter
    hire rates. Upon the expiration of its current period time
    charter in June 2020, if CPLP cannot enter into a new period
    time charter for the Cape Agamemnon on acceptable terms, it may
    have to secure charters in the spot market, where charter rates
    are more volatile and revenues are, therefore, less predictable,
    or it may not be able to charter the vessel at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, a material increase in the net supply of drybulk
    vessel capacity without corresponding growth in drybulk vessel
    demand could have a material adverse effect on the Cape
    Agamemnon&#146;s utilization, and could, accordingly, materially
    adversely affect CPLP&#146;s business, financial condition and
    results of operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    international drybulk shipping industry is highly competitive,
    and as a new entrant in this industry with only one drybulk
    vessel in its fleet, CPLP may not be able to compete
    successfully for charters with established companies or other
    new entrants with greater resources, and it may not be able to
    successfully operate the vessel.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has historically owned tanker vessels and has been active
    in the tanker market only. CPLP employs the Cape Agamemnon in
    the highly competitive drybulk market in which it has no prior
    experience. The drybulk market is capital intensive and highly
    fragmented. Competition arises primarily from other vessel
    owners, some of which have substantially greater resources than
    CPLP has or will have. Competition for the transportation of
    drybulk cargo by sea is intense and depends on price, customer
    relationships, operating expertise, professional reputation and
    size, age, location and condition of the vessel. In this highly
    fragmented market, established companies operating larger fleets
    as well as additional competitors with greater resources may be
    able to offer lower charter rates than CPLP is able to offer,
    which could have a material adverse effect on CPLP&#146;s
    ability to utilize the Cape Agamemnon and, accordingly, its
    profitability.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    operation of drybulk vessels has certain unique operational
    risks, and failure to adequately maintain the Cape Agamemnon
    could have a material adverse effect on CPLP&#146;s business,
    financial condition and results of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Cape Agamemnon is the only drybulk vessel in CPLP&#146;s
    fleet. With a drybulk vessel, the cargo itself and its
    interaction with the vessel may create operational risks. By
    their nature, drybulk cargoes are often heavy, dense and easily
    shifted, and they may react badly to water exposure. In
    addition, drybulk vessels are often subjected to battering
    treatment during unloading operations with grabs, jackhammers
    (to pry encrusted cargoes out of the hold) and small bulldozers.
    This treatment may cause damage to the vessel. Vessels damaged
    due to treatment during unloading procedures may be more
    susceptible to breach while at sea. Breaches of a drybulk
    vessel&#146;s hull may lead to the flooding of the vessel&#146;s
    holds. If a drybulk vessel suffers flooding in its forward
    holds, the bulk cargo may become so dense and waterlogged that
    its pressure may buckle the vessel&#146;s bulkheads, leading to
    the loss of a vessel. If CPLP or Capital Maritime, as manager,
    does not adequately maintain the Cape Agamemnon, it may be
    unable to prevent these events. The occurrence of any of these
    events could have a material adverse effect on CPLP&#146;s
    business, financial condition and results of operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    tax authorities could treat CPLP as a &#147;passive foreign
    investment company,&#148; which could have adverse United States
    federal income tax consequences to U.S. persons who hold CPLP
    common units.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A foreign entity taxed as a corporation for United States
    federal income tax purposes will be treated as a &#147;passive
    foreign investment company&#148; (a &#147;PFIC&#148;) for United
    States federal income tax purposes if (i)&#160;at least 75% of
    its gross income for any taxable year consists of certain types
    of &#147;passive income,&#148; or (ii)&#160;at least 50% of the
    average value of the entity&#146;s assets produce or are held
    for the production of those types of &#147;passive income.&#148;
    For purposes of these tests, &#147;passive income&#148; includes
    dividends, interest, gains from the sale or exchange of
    investment property, and rents and royalties other than rents
    and royalties that are received from unrelated parties in
    connection with the active conduct of a trade or business. For
    purposes of these tests,
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    income derived from the performance of services does not
    constitute &#147;passive income.&#148; U.S.&#160;persons who own
    shares of a PFIC are subject to a disadvantageous
    U.S.&#160;federal income tax regime with respect to the income
    derived by the PFIC, the distributions they receive from the
    PFIC, and the gain, if any, they derive from the sale or other
    disposition of their shares in the PFIC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on CPLP&#146;s current and projected method of operation,
    CPLP believes that it is not currently a PFIC and does not
    expect to become a PFIC in the future. CPLP intends to treat its
    income from time chartering activities as non-passive income,
    and the vessels engaged in those activities as non-passive
    assets, for PFIC purposes. However, no assurance can be given
    that the IRS will accept this position. There are legal
    uncertainties involved in this determination. Accordingly, no
    assurance can be given that the IRS or a United&#160;States
    court will accept the position that CPLP is not a PFIC and there
    is a risk that the IRS or a United States court could determine
    that CPLP is a PFIC. Moreover, no assurance can be given that
    CPLP would not become a PFIC for any future taxable year if
    there were to be changes in CPLP&#146;s assets, income or
    operations. See &#147;Material United States Federal Income Tax
    Considerations&#151;Ownership and Disposition of CPLP Common
    Units&#151;Certain PFIC Considerations Applicable to
    U.S.&#160;Holders&#148; beginning on page&#160;56.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CPLP
    may have to pay tax on United States source income, which would
    reduce earnings.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Code, 50% of the gross shipping income of a
    vessel-owning or chartering corporation that is attributable to
    transportation that either begins or ends, but that does not
    both begin and end, in the U.S.&#160;is characterized as
    U.S.&#160;source shipping income, and such income generally is
    subject to a 4% United States federal income tax without
    allowance for deduction, unless that corporation qualifies for
    exemption from tax under Section&#160;883 of the Code. CPLP
    believes that it and each of its subsidiaries will qualify for
    this statutory tax exemption, and CPLP will take this position
    for United States federal income tax return reporting purposes.
    See &#147;Material United States Federal Income Tax
    Considerations&#151;Certain Considerations Relating to the
    United States Federal Income Taxation of CPLP&#151;The
    Section&#160;883 Exemption and the Taxation of Operating
    Income&#148; beginning on page&#160;61. However, there are
    factual circumstances, including some that may be beyond
    CPLP&#146;s control, which could cause CPLP to lose the benefit
    of this tax exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, a prerequisite for this statutory tax exemption is
    that CPLP&#146;s common units represent more than 50% of the
    voting power and value of CPLP, and while CPLP believes that the
    CPLP common units represent more than 50% of the voting power of
    CPLP because holders of the common units (other than Capital
    Maritime and its affiliates) can elect a majority of the CPLP
    Board, the IRS could disagree with CPLP&#146;s position. In
    particular, although CPLP has elected to be treated as a
    corporation for United States federal income tax purposes, for
    corporate law purposes CPLP is organized as a limited
    partnership under Marshall Islands law, and CPLP&#146;s general
    partner will be responsible for managing CPLP&#146;s business
    and affairs on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis and has been granted certain veto rights over decisions of
    the CPLP Board. The IRS could assert that the aforementioned
    powers of the general partner effectively reduce the voting
    power of the CPLP common units to 50% or less of the overall
    voting power of CPLP. Therefore, CPLP can give no assurances
    that the IRS will not take a different position regarding
    CPLP&#146;s qualification, or the qualification of any of
    CPLP&#146;s subsidiaries, for this tax exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If CPLP or its subsidiaries are not entitled to this exemption
    under Section&#160;883 for any taxable year, CPLP or its
    subsidiaries generally would be subject for those years to a 4%
    gross income tax on their U.S.&#160;source shipping income. The
    imposition of this taxation could have a negative effect on
    CPLP&#146;s business and would result in decreased earnings
    available for distribution to holders of common units.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISKS
    RELATING TO FINANCING ACTIVITIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>CPLP has incurred significant indebtedness, which could
    adversely affect its ability to further finance its operations,
    pursue desirable business opportunities or successfully run its
    business in the future, as well as its ability to make cash
    distributions. In the event CPLP is not able to extend the
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    period under its credit facilities or refinance its debt on
    similar terms its business, financial condition, and results of
    operations, including its ability to make cash distributions,
    may be impaired. Any new or amended credit facilities CPLP
    enters into in order to refinance its debt will contain
    restrictive covenants, which may limit its business and
    financing activities, and adversely affect its business,
    financial condition, and results of operations, including its
    ability to make cash distributions.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has entered into three
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    credit facilities to date and, as of the date of this
    prospectus, CPLP had drawn (i)&#160;$366.5&#160;million of
    $370.0&#160;million available under its 2007 credit facility,
    (ii)&#160;$242.1&#160;million of $350.0&#160;million available
    under its 2008 credit facility, and
    (iii)&#160;$25.0&#160;million of $25.0&#160;million available
    under its 2011 credit facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    periods under these facilities are scheduled to expire as early
    as June 2012 for the 2007 facility and March 2013 for the 2008
    and 2011 facilities. CPLP may not be successful in refinancing
    its existing indebtedness on favorable terms or similar terms or
    at all, and any new indebtedness it may enter into may have
    additional restrictions that CPLP will need to comply with. In
    the event these facilities are not refinanced on similar terms,
    CPLP&#146;s obligation to make principal payments following the
    expiration of the respective
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    periods may start as early as September 2012. In such event,
    CPLP&#146;s ability to make cash distributions to unitholders
    may be substantially impaired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s leverage and debt service obligations could have
    significant additional consequences, including the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    If future cash flows are insufficient, it may need to incur
    further indebtedness in order to make the capital expenditures
    and other expenses or investments planned by&#160;it.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    If future cash flows are insufficient and CPLP is not able to
    service its debt or, when the
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    period of its existing credit facilities expires, to refinance
    its existing indebtedness, its obligation to make principal
    payments under its credit facilities starting in September
    2012&#160;may force CPLP to take actions such as reducing or
    eliminating distributions, reducing or delaying business
    activities, acquisitions, investments or capital expenditures,
    selling assets, restructuring or refinancing its debt, or
    seeking additional equity capital or bankruptcy protection.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Its indebtedness will have the general effect of reducing its
    flexibility to react to changing business and economic
    conditions insofar as they affect its financial condition and,
    therefore, may pose substantial risk to its unitholders.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    In the event that it is liquidated, any of its senior or
    subordinated creditors and any senior or subordinated creditors
    of its subsidiaries will be entitled to payment in full prior to
    any distributions to the holders of its CPLP common units.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    CPLP&#146;s 2007, 2008 and 2011 credit facilities mature in
    2017, 2018 and 2018, respectively. CPLP&#146;s ability to secure
    additional financing prior to or after that time, if needed, may
    be substantially restricted by the existing level of CPLP&#146;s
    indebtedness and the restrictions contained in its debt
    instruments. Upon maturity, CPLP will be required to dedicate a
    substantial portion of its cash flow to the payment of such
    debt, which will reduce the amount of funds available for
    operations, capital expenditures and future business
    opportunities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The occurrence of any one of these events could have a material
    adverse effect on CPLP&#146;s business, financial condition,
    results of operations, prospects and ability to make
    distributions and to satisfy its obligations under its credit
    facilities or any debt securities.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If
    CPLP defaults under its credit facilities, it could forfeit its
    rights in certain of its vessels and their charters and its
    ability to make cash distributions may be
    impaired.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has pledged its vessels as security to the lenders under
    its credit facilities. Default under these credit facilities, if
    not waived or modified, would permit the lenders to foreclose on
    the mortgages over the vessels and the related collateral, and
    CPLP could lose its rights in the vessels and their charters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When final payment is due under loan agreements, CPLP must repay
    any borrowings outstanding, including balloon payments. To the
    extent that cash flows are insufficient to repay any of these
    borrowings or asset cover is inadequate due to a deterioration
    in vessel values, CPLP will need to refinance some or all of its
    loan agreements, replace them with alternate credit arrangements
    or provide additional security. CPLP may not be able to
    refinance or replace its loan agreements or provide additional
    security at the time they become due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event CPLP is not able to refinance its existing debt
    obligations, or if its operating results are not sufficient to
    service current or future indebtedness, or to make relevant
    principal repayments if necessary, it may be forced to take
    actions such as reducing or eliminating distributions, reducing
    or delaying business activities, acquisitions, investments or
    capital expenditures, selling assets, restructuring or
    refinancing debt, or seeking additional equity capital or
    bankruptcy protection. In addition, the terms of any refinancing
    or alternate credit arrangement may restrict CPLP&#146;s
    financial and operating flexibility and its ability to make cash
    distributions.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If
    CPLP is in breach of any of the terms of its credit facilities,
    a significant portion of its obligations may become immediately
    due and payable and its lenders&#146; commitments to make
    further loans to it may terminate. It may also be unable to
    execute its business strategy or make cash
    distributions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s ability to comply with the covenants and
    restrictions contained in its credit facilities and any other
    debt instruments it may enter into in the future may be affected
    by events beyond its control, including prevailing economic,
    financial and industry conditions. If vessel valuations or
    market or other economic conditions deteriorate further,
    CPLP&#146;s ability to comply with these covenants may be
    impaired. If CPLP is in breach of any of the restrictions,
    covenants, ratios or tests in CPLP&#146;s credit facilities,
    especially if CPLP triggers a cross-default currently contained
    in its credit facilities or any interest rate swap agreements it
    has entered into pursuant to their terms, a significant portion
    of CPLP&#146;s obligations may become immediately due and
    payable, and its lenders&#146; commitment to make further loans
    to it may terminate. CPLP may not be able to reach agreement
    with its lenders to amend the terms of the loan agreements or
    waive any breaches and it may not have, or be able to obtain,
    sufficient funds to make any accelerated payments. In addition,
    obligations under CPLP&#146;s credit facilities are secured by
    its vessels, and if it is unable to repay debt under the credit
    facilities, the lenders could seek to foreclose on those assets.
    Furthermore, if funds under CPLP&#146;s credit facilities become
    unavailable as a result of a breach of CPLP&#146;s covenants or
    otherwise, it may not be able to execute its business strategy,
    which could have a material adverse effect on CPLP&#146;s
    business, results of operations and financial condition,
    including its ability to make cash distributions.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Decreases
    in asset values due to circumstances outside of CPLP&#146;s
    control may limit its ability to refinance existing debt or make
    further draw-downs under existing credit facilities, which may
    limit CPLP&#146;s ability to purchase additional vessels or pay
    distributions in the future and affect its ability to extend the
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    periods under its credit facilities. In addition, if asset
    values continue to decrease significantly, CPLP may have to
    pre-pay part of its outstanding debt or provide additional
    security in order to remain in compliance with covenants under
    existing credit facilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the credit facilities of CPLP requires that a specific
    aggregate fair market value of the vessels in the fleet be
    maintained as a percentage of the aggregate amount outstanding
    under such credit facility. Any contemplated vessel acquisitions
    will have to be at levels that do not impair the required
    ratios. The recent global economic downturn has had an adverse
    effect on tanker asset values which is likely to persist if the
    economic slowdown resumes. If the estimated asset values of the
    vessels in CPLP&#146;s fleet continue to decrease, such
    decreases may limit the amounts CPLP can draw down under its
    current credit facilities to purchase additional vessels and the
    ability to expand CPLP&#146;s fleet. In addition, CPLP may be
    obligated to pre-pay part
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of its outstanding debt or provide additional security in order
    to remain in compliance with the relevant covenants under its
    existing credit facilities. Furthermore, under the terms of its
    credit facilities and subject to compliance with certain ratios
    and provisions, including its loan to asset ratio, CPLP has the
    option to request an extension of the
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    period under its credit facilities. The granting of such an
    extension is at the discretion of the respective financing bank.
    However, in the event that asset values decrease due to
    circumstances outside of CPLP&#146;s control, the loan to asset
    ratios under the facilities may be affected to such a degree
    that CPLP&#146;s option to request, and the banks&#146; ability
    to grant, any such extension may be prohibited under the terms
    of the credit facilities. Such decreases could have a material
    adverse effect on CPLP&#146;s business, results of operations
    and financial condition and its ability to refinance its
    existing facilities or to make cash distributions.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    limited number of financial institutions hold CPLP&#146;s cash,
    including financial institutions located in
    Greece.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP maintains all of its cash with a limited number of
    financial institutions, including institutions located in
    Greece. The financial institutions located in Greece may be
    subsidiaries of international banks or Greek financial
    institutions. These balances may not be covered by insurance in
    the event of default by these financial institutions. The
    ongoing fiscal situation in Greece, including the possibility of
    further sovereign credit rating downgrades and the restructuring
    of Greece&#146;s sovereign debt, may result in an event of
    default by some or all of these financial institutions. The
    occurrence of such a default could therefore have a material
    adverse effect on CPLP&#146;s business, financial condition,
    results of operations and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    RELATING TO CPLP&#146;s COMMON UNITS</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CPLP
    cannot assure you that it will pay any
    distributions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP currently observes a cash dividend and cash distribution
    policy implemented by its board of directors. The actual
    declaration of future cash distributions, and the establishment
    of record and payment dates, is subject to final determination
    by the CPLP Board each quarter after its review of financial
    performance. CPLP&#146;s ability to pay distributions in any
    period will depend upon factors including but not limited to
    financial condition, results of operations, prospects and
    applicable provisions of Marshall Islands law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The timing and amount of distributions, if any, could be
    affected by factors affecting cash flows, results of operations,
    required capital expenditures, or reserves. Maintaining the
    distribution policy will depend on CPLP&#146;s cash earnings,
    financial condition and cash requirements and could be affected
    by factors, including the loss of a vessel, required capital
    expenditures, reserves established by the CPLP Board, increased
    or unanticipated expenses, additional borrowings and ability to
    refinance existing indebtedness, asset valuations, or future
    issuances of securities, which may be beyond CPLP&#146;s control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Marshall Islands law, a limited partnership shall not make
    a distribution to a partner to the extent that at the time of
    the distribution, after giving effect to the distribution, all
    liabilities of the limited partnership, other than liabilities
    to partners on account of their partnership interests and
    liabilities for which the recourse of creditors is limited to
    specified property of the limited partnership, exceed the fair
    value of the assets of the limited partnership, except that the
    fair value of property that is subject to a liability for which
    the recourse of creditors is limited shall be included in the
    assets of the limited partnership only to the extent that the
    fair value of that property exceeds that liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s distribution policy may be changed at any time, and
    from time to time, by its board of directors.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    sales of CPLP common units could cause the market price of CPLP
    common units to decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market price of CPLP common units could decline due to sales
    of a large number of units in the market, including sales of
    units by CPLP&#146;s large unitholders, or the perception that
    these sales could occur.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These sales could also make it more difficult or impossible for
    CPLP to sell equity securities in the future at a time and price
    that it deems appropriate to raise funds through future
    offerings of common units.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CPLP&#146;s
    organization as a limited partnership under the laws of the
    Republic of the Marshall Islands may limit the ability of
    unitholders to protect their interests.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s affairs are governed by the CPLP Partnership
    Agreement and the Marshall Islands Limited Partnership Act
    (&#147;MILPA&#148;). The provisions of the MILPA resemble
    provisions of the limited partnership laws of a number of states
    in the United States, most notably Delaware. The MILPA Act also
    provides that it is to be applied and construed to make it
    uniform with the Delaware Revised Uniform Partnership Act and,
    so long as it does not conflict with the MILPA or decisions of
    the Marshall Islands courts, interpreted according to the
    non-statutory law (or case law) of the State of Delaware.
    However, there have been few, if any, judicial cases in the
    Republic of the Marshall Islands interpreting the MILPA. For
    example, the rights and fiduciary responsibilities of directors
    under the laws of the Republic of the Marshall Islands are not
    as clearly established as the rights and fiduciary
    responsibilities of directors under statutes or judicial
    precedent in existence in certain U.S.&#160;jurisdictions.
    Although the MILPA does specifically incorporate the
    non-statutory law, or judicial case law, of the State of
    Delaware, CPLP&#146;s public unitholders may have more
    difficulty in protecting their interests in the face of actions
    by management, directors or controlling shareholders than would
    shareholders of a limited partnership organized in a
    U.S.&#160;jurisdiction.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">It may
    not be possible for investors to enforce U.S. judgments against
    CPLP.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP is organized under the laws of the Republic of the Marshall
    Islands, as is its general partner, and most of its subsidiaries
    are incorporated or organized under the laws of the Republic of
    the Marshall Islands. Substantially all of CPLP&#146;s assets
    and those of its subsidiaries are located outside the United
    States. As a result, it may be difficult or impossible for
    U.S.&#160;investors to serve process within the United States
    upon CPLP or to enforce judgment upon CPLP for civil liabilities
    in U.S.&#160;courts. In addition, you should not assume that
    courts in the countries in which CPLP or its subsidiaries are
    incorporated or organized or where CPLP&#146;s assets or the
    assets of its subsidiaries are located (i)&#160;would enforce
    judgments of U.S.&#160;courts obtained in actions against CPLP
    or its subsidiaries based upon the civil liability provisions of
    applicable U.S.&#160;federal and state securities laws or
    (ii)&#160;would enforce, in original actions, liabilities
    against CPLP or its subsidiaries based upon these laws.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we specify otherwise in any prospectus supplement, we
    will use the net proceeds from our sale of securities covered by
    this prospectus for general partnership purposes, which may
    include, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    acquisitions, including vessel acquisitions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    paying or refinancing all or a portion of our indebtedness
    outstanding at the time;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    funding working capital or capital expenditures.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The actual application of proceeds from the sale of any
    particular offering of securities covered by this prospectus
    will be described in the applicable prospectus supplement
    relating to the offering.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON UNITS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our common units started trading on the Nasdaq Global Market
    under the symbol &#147;CPLP&#148; on March&#160;30, 2007. The
    following table sets forth the high and low closing market
    prices in U.S.&#160;Dollars for our common units for each of the
    periods indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Low</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Year Ended:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $6.88
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $11.21
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $5.23
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $23.23
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $5.70
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    December&#160;31, 2007*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $32.33
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $21.35
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Quarter Ended:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    September&#160;30, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $4.89
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    June&#160;30, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $11.31
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $7.88
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    March&#160;31, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.61
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.34
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $8.19
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    September&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.18
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $7.99
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $6.88
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    March&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $8.36
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.41
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $7.53
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    September&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $11.21
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $7.55
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.38
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $6.75
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    March&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.61
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $5.23
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Month Ended:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    September 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $6.72
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $5.92
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    August 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $8.13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $4.89
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    July 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $7.96
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    June 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $7.88
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    May 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $11.31
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $9.14
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    April 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $11.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10.59
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Period commenced on March&#160;30, 2007.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth our unaudited ratio of earnings
    to fixed charges for each of the preceding four fiscal years,
    and for the six month period ended June&#160;30, 2011. CPLP
    conducted its initial public offering on April&#160;3, 2007, so
    figures for fiscal year 2007 are for the period from
    April&#160;4, 2007 through December&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purpose of calculating such ratios, &#147;earnings&#148;
    consist of CPLP&#146;s net income before fixed charges.
    &#147;Fixed charges&#148; consist of interest expense and
    amortization of debt issuance finance costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the six<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>period from<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>month<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>April&#160;4,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2007 to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>ended June<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">30, 2011</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">31,&#160;2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">31, 2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">31, 2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">31, 2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
    <B>(Expressed in thousands of United States Dollars)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>EARNINGS</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Partnership&#146;s net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,571
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Expense (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,502
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Amortization of finance cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    547
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    310
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Earnings</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>34,010</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>50,985</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>61,048</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>75,318</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>29,185</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>FIXED CHARGES</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Expense (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,502
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Amortization of finance cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    547
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    310
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Fixed Charges</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>16,469</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>33,049</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>31,823</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>24,551</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>7,614</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratio of Earnings to Fixed Charges and Preferred
    Dividends&#160;(2), (3)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2.1x</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1.5x</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1.9x</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3.1x</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3.8x</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Interest expense consists of interest costs incurred under our
    $370.0&#160;million, $350.0&#160;million and $25.0&#160;million
    revolving credit facilities, interest costs associated with our
    swap agreements, as well as commitment and annual loan fees.</TD>
</TR>




<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Our loan facilities covenants have an EBITDA to Net Interest
    expenses requirement, which is different from the ratio of
    earnings to fixed charges.</TD>
</TR>




<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Although CPLP is authorized to issue preferred units, it has
    never issued preferred units and does not have any outstanding
    amount of preferred units therefore the calculation would not
    change.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNAUDITED
    PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On September&#160;30, 2011, CPLP completed the acquisition of
    Crude Carriers Corp. (&#147;Crude&#148;) in a
    <FONT style="white-space: nowrap">unit-for-share</FONT>
    transaction, whereby Crude became a wholly-owned subsidiary of
    CPLP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying unaudited pro forma condensed combined balance
    sheet as at June&#160;30, 2011 is presented in thousands of
    U.S.&#160;dollars and reflects the combination of Crude and CPLP
    using the acquisition method of accounting as if the acquisition
    of Crude by CPLP closed on June&#160;30, 2011. The unaudited pro
    forma condensed combined income statement for the year ended
    December&#160;31, 2010 and six months ended June&#160;30, 2011
    are presented in thousands of U.S.&#160;dollars and reflect the
    combination of Crude and CPLP as if the proposed transaction
    closed on January&#160;1, 2010 and was carried forward through
    the six months ended June&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following unaudited pro forma condensed combined financial
    information was derived from and should be read in conjunction
    with Crude&#146;s audited consolidated financial statements and
    the related notes included in Crude&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2010 filed with the SEC on
    April&#160;18, 2011, Crude&#146;s unaudited condensed
    consolidated financial statements for the six months ended
    June&#160;30, 2011, furnished to the SEC on August&#160;5, 2011,
    CPLP&#146;s audited consolidated financial statements included
    in CPLP&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2010 filed with the SEC on
    February&#160;4, 2011, and CPLP&#146;s unaudited condensed
    consolidated financial statements for the six months ended
    June&#160;30, 2011, furnished to the SEC on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    on August&#160;5, 2011, all of which are incorporated by
    reference herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The unaudited pro forma condensed combined financial information
    does not reflect future events that may occur, including the
    potential realization of operating cost savings, general and
    administrative synergies or restructuring or other costs
    relating to the integration of the two companies. The unaudited
    pro forma condensed financial information was prepared in
    accordance with Article&#160;11 of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    of the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The unaudited pro forma condensed combined financial information
    is provided for informational purposes only and is not
    necessarily indicative of the financial position or results of
    operations that would have occurred if the acquisition had been
    completed on June&#160;30, 2011 in the case of balance sheet
    information, and January&#160;1, 2010 and carried forward
    through the six months ended June&#160;30, 2011 in the case of
    income statement information, nor are they necessarily
    indicative of the future operating results or financial position
    of CPLP. In addition, the unaudited pro forma financial
    information does not purport to indicate the financial position
    or results of operations of any future date or any future
    period. The pro forma adjustments are preliminary, subject to
    change and are based upon available information and certain
    assumptions that CPLP believes are reasonable on the date of
    this registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying unaudited pro forma condensed combined
    financial information should be read in conjunction with the
    historical financial statements and the managements&#146;
    discussion and analysis of Crude and CPLP in the Annual Reports
    on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    and other reports furnished to the SEC described above, as well
    as the other reports incorporated by reference herein. See the
    sections captioned &#147;Where You Can Find More
    Information,&#148; beginning on page&#160;3 and
    &#147;Incorporation of Documents by Reference&#148; beginning on
    page&#160;4.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNAUDITED
    PRO FORMA CONDENSED COMBINED BALANCE SHEET<BR>
    AS OF JUNE 30, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Condensed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Capital<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Combined<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Product<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Carriers<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Balance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Partners L.P.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Corp.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sheet</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(Dollars in thousands, except unit and share data)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>ASSETS</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Current assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,576
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,444
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Trade accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,380
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,660
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Due from related parties
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Prepayments and other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    458
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Inventories
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <B>Total current assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>40,981</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>15,422</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>56,403</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Fixed assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vessel, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    743,008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    385,327
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,423
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (b)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,134,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total fixed assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>743,008</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>385,327</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>6,423</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,134,758</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Other non-current assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Above market acquired bare-boat charter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,075
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,075
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Deferred finance charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,464
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (c)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total non-current assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>806,018</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>392,097</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,959</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,203,074</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>846,999</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>407,519</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,959</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,259,477</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>LIABILITIES AND PARTNERS&#146; CAPITAL/STOCKHOLDERS&#146;
    EQUITY</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Current liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Current portion of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (19,305
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (c)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Trade accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,215
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,810
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,025
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Due to related parties
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,712
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accrued liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,303
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,413
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Deferred revenue&#160;&#151; current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total current liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>13,213</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>30,348</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(19,305</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>24,256</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Long-term liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (c)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    633,580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Deferred revenue&#160;&#151; long term
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Derivative instruments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total long-term liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>526,178</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>115,275</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>19,305</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>660,758</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>539,391</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>145,623</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>685,014</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Partners&#146; Capital /Stockholders&#146; Equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    General Partner
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Limited Partners&#160;&#151; Common (44,904,183&#160;units
    issued and outstanding at June&#160;30, 2011)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    182,508
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    582,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    320,677
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accumulated other comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,114
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,114
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common stock (par value $0.0001 per share: 1&#160;billion shares
    authorized; 13,899,400 issued and outstanding at June&#160;30,
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (e)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;B Stock, par value $0.0001 per share:
    100&#160;million shares authorized; 2,105,263&#160;shares issued
    and outstanding at June&#160;30, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Additional paid in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    281,843
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;(281,843
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (e)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (19,949
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (e)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total partners&#146; capital/stockholders&#146; equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>307,608</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>261,896</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,959</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>574,463</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total liabilities and partners&#146;
    capital/stockholders&#146; equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;846,999</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;407,519</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,959</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,259,477</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Accounting Standards Codification
    (&#147;ASC&#148;) &#147;Business Combinations&#148; establishes
    principles and requirements for how the acquirer of a business
    combination account for the acquisition related costs.
    ASC&#160;805.10.25.23&#160;states that these costs shall account
    for as expenses in the periods in which the costs are incurred
    and the services are received,
    </FONT></TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">with the exception of the costs to
    issue debt or equity securities. Crude and CPLP incurred
    approximately $4,000 and $4,000 respectively, in fees and costs
    associated with the merger. For the six month period ended
    June&#160;30, 2011, Crude and CPLP have already recognized the
    amounts of $1,883 and $2,299, respectively, in costs associated
    with the merger, under general and administrative expenses. The
    remaining merger costs will be expensed in the periods as
    incurred and therefore are not reflected in the pro forma
    condensed combined financial information.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial information above should be read in conjunction
    with the Notes to Unaudited Pro Forma Condensed Combined
    Financial Statements included in this prospectus.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNAUDITED
    PRO FORMA CONDENSED COMBINED INCOME STATEMENT<BR>
    FOR THE YEAR ENDED DECEMBER 31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Condensed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Capital<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Combined<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Product<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Carriers<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Income<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Partners L.P.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Corp.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Statement</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(Dollars in thousands, except per unit data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    113,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;55,882
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    169,444
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Revenues&#160;&#151; related party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Total revenues</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>124,592</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>55,882</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>180,474</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Expenses:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Voyage expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,491
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Voyage expenses&#160;&#151; related party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vessel operating expenses&#160;&#151; related party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,261
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,086
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vessel operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,034
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    General and administrative expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,506
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (267
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vessel depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,464
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,016
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (g)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,765
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Other operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,286
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,286
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Operating Income</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>51,318</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>13,256</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,283</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>65,857</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Other income (expense), net:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Interest expense&#160;&#038; finance cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,259
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,687
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (h)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (34,589
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Interest and other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    860
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    328
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Total other income (expense), net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(32,399</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(3,359</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,357</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(33,401</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,897
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,640
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,456
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Less:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net income attributable to Capital Maritime operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    983
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    983
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Partnership&#146;s /Company&#146;s net income</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>17,936</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>9,897</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;&#160;3,640</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>31,473</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    General Partner interest in Partnership&#146;s net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    629
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Limited Partners&#146; interest in Partnership&#146;s net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,577
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,844
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net income per:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common units (basic and diluted)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Weighted-average units outstanding:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common units (basic and
    diluted)<SUP style="font-size: 85%; vertical-align: top">(*)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,437,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,069,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(*)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">The pro forma weighted average
    number of units, basic and diluted, presented in the unaudited
    pro forma condensed combined income statement for the year ended
    December&#160;31, 2010 include (i)&#160;CPLP weighted average
    number of units for the year ended December&#160;31, 2010,
    (ii)&#160;Crude weighted average number of common and
    class&#160;B shares for the year ended December&#160;31, 2010
    multiplied by the exchange ratio of 1.56 and (iii)&#160;the
    weighted average of 20,000 Crude shares representing awards, to
    a number of members of the Crude Independent Committee who are
    not designated by Crude to serve as members of the CPLP Board,
    whose vesting will be accelerated upon closing of the merger
    multiplied by the exchange ratio of 1.56.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial information above should be read in conjunction
    with the Notes to Unaudited Pro Forma Condensed Combined
    Financial Statements included in this prospectus.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The two class method which was used to calculate pro forma
    combined earnings per unit for the year ended December&#160;31,
    2010 as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">For the Year Ended
    December&#160;31, 2010</FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom">
    <B>(Dollars in thousands, except per unit data)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Numerators</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Partnership&#146;s pro forma combined net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Less:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    General Partner&#146;s interest in Partnership&#146;s pro forma
    combined net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (629
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Partnership&#146;s pro forma combined net income allocable to
    unvested units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (276
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Partnership&#146;s pro forma combined net income available to
    common unit holders</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>30,568</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Denominators</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Actual
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Pro forma<BR>
    Adjustment
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Pro forma
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CPLP weighted average number of common units outstanding, basic
    and diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,437,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (394,925
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,042,389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted average number of common units outstanding,
    representing converted Crude weighted average number of shares,
    basic and diluted (12,831,290 X 1.56)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,016,812
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,016,812
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted average number of common units outstanding,
    representing converted Crude share based payment awards whose
    vesting will be accelerated, basic and diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,514
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,514
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total weighted average number of units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,437,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,632,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;52,069,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Pro forma combined net income per common unit:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Basic and diluted</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0.59</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The pro forma adjustment of 394,925 for the year ended
    December&#160;31, 2010 represents the weighted average number of
    499,190 common units that must be converted into general partner
    units in order for Capital GP to maintain its 2% interest in
    CPLP.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNAUDITED
    PRO FORMA CONDENSED COMBINED INCOME STATEMENT<BR>
    FOR THE SIX MONTHS ENDED JUNE 30, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>condensed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Capital<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>combined<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Product<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Carriers<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Income<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Partners L.P.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Corp.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Statement</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(Dollars in thousands, except per unit data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43,909
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,621
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    66,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Revenues&#160;&#151; related party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <B>Total revenues</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>55,506</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>22,621</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>78,127</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Expenses:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Voyage expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,023
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Voyage expenses&#160;&#151; related party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Vessel operating expenses&#160;&#151; related party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,903
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Vessel operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    General and administrative expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,195
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (305)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Vessel depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (512)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (g)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,849
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <B>Operating Income</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>17,203</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(5,325)</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>817</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>12,695</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Other income (expense), net:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Interest expense&#160;&#038; finance cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16,469)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,705)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,603
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (h)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,571)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Gain from bargain purchase
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Interest and other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total other income (expense), net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,648)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,603
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (707)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Partnership&#146;s net income /Company&#146;s net (loss)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>17,541</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;(7,973)</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;2,420</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>11,988</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    General Partner interest in Partnership&#146;s net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Limited Partners&#146; interest in Partnership&#146;s net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,748
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net income per:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Common units (basic and diluted)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Weighted-average units outstanding:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Common units (basic and
    diluted)<SUP style="font-size: 85%; vertical-align: top">(*)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,958,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,862,070
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(*)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">The pro forma weighted average
    number of units, basic and diluted, presented in the unaudited
    pro forma condensed combined income statement for the six month
    period ended June&#160;30, 2011, include (i)&#160;CPLP weighted
    average number of units for the six month period ended
    June&#160;30, 2011, (ii)&#160;Crude weighted average number of
    common and class&#160;B shares for the six month period ended
    June&#160;30, 2011, multiplied by the exchange ratio of 1.56 and
    (iii)&#160;the weighted average of 20,000 Crude shares
    representing awards to a number of members of the Crude
    Independent Committee who are not designated by Crude to serve
    as members of the CPLP Board, whose vesting will be accelerated
    upon closing of the merger multiplied by the exchange ratio of
    1.56.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial information above should be read in conjunction
    with the Notes to Unaudited Pro Forma Condensed Combined
    Financial Statements included in this prospectus.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The two class method was used to calculate pro forma combined
    earnings per unit for the six months ended June&#160;30, 2011 as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">For the Six Month Period Ended
    June&#160;30, 2011</FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom">
    <B>(Dollars in thousands, except per unit data)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Numerators</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Partnership&#146;s pro forma combined net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,988
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Less:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    General Partner&#146;s interest in Partnership&#146;s pro forma
    combined net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (240
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Partnership&#146;s pro forma combined net income allocable to
    unvested units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (257
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Partnership&#146;s pro forma combined net income available to
    common unit holders</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>11,491</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Denominators</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Actual
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Pro forma<BR>
    Adjustment
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Pro forma
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CPLP weighted average number of common units outstanding, basic
    and diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,958,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (471,605
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,486,660
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted average number of common units outstanding,
    representing converted Crude weighted average number of shares,
    basic and diluted (15,605,263 X 1.56)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,344,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,344,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted average number of common units outstanding,
    representing converted Crude share based payment awards whose
    vesting will be accelerated, basic and diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total weighted average number of units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,958,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,903,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;61,862,070
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Pro forma combined net income per common unit:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Basic and diluted</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0.19</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The pro forma adjustment of 471,605 for the six month period
    ended June&#160;30, 2011 represents the weighted average number
    of 499,346 common units that must be converted into general
    partner units in order for Capital GP to maintain its 2%
    interest in CPLP.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes to
    Unaudited Pro Forma Condensed Combined Financial Statements<BR>
    (Amounts expressed in thousands of United States
    Dollars&#160;&#151; except for unit/share<BR>
    and per<BR>
    unit/share data, unless otherwise stated)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of transaction and basis of presentation:</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Description
    of Merger</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On May&#160;5, 2011, CPLP announced that it had entered into an
    Agreement and Plan of Merger, dated May&#160;5, 2011, with
    Crude, Capital GP and MergerCo. The merger is more fully
    described in CPLP&#146;s prospectus on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    filed with the SEC on August&#160;18, 2011, and should be read
    in conjunction with these unaudited pro forma condensed combined
    financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Assumptions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pro forma adjustments giving effect to the merger have been
    reflected in the unaudited pro forma condensed combined income
    statements assuming the merger was completed on January&#160;1,
    2010 and carried forward to the six-months period ended
    June&#160;30, 2011 and are discussed in Note&#160;2. Pro forma
    adjustments giving effect to the merger have been reflected in
    the unaudited pro forma condensed combined balance sheet
    assuming the merger was completed on June&#160;30, 2011 and are
    discussed in Note&#160;2.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the pro forma adjustments related to the
    unaudited pro forma condensed combined balance sheet, recurring
    and non recurring adjustments are taken into consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the pro forma adjustments related to the
    unaudited pro forma condensed combined income statements, only
    adjustments that are expected to have a continuing effect on the
    financial information are taken into consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Only adjustments that are factually supportable and that can be
    estimated reliably are taken into consideration. For example,
    the unaudited pro forma condensed combined financial information
    does not reflect any cost savings potentially realizable from
    the elimination of certain expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Pro forma
    Adjustments related to the Merger:</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The pro forma adjustments giving effect to the merger are as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;In accordance with U.S.&#160;GAAP, the fair value of
    the common unit consideration to be issued by CPLP representing
    the consideration transferred for the acquisition of Crude, has
    been allocated as of June&#160;30, 2011 to the estimated fair
    value of Crude identifiable assets and liabilities to be
    acquired in accordance with the acquisition method prescribed by
    Accounting Standards Codification, &#147;Business
    Combinations,&#148; or ASC-805 and is based on preliminary
    estimates of their respective fair values. The merger
    consideration will be determined on the acquisition date value
    of CPLP common units, which will be the date on which CPLP will
    obtain control of Crude and when CPLP will legally transfer
    units issued as consideration to Crude and will acquire its
    assets and assume its liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude Book<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude Fair<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value as of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value as of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Net assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Vessel, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (b)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    385,327
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;6,423
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    391,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Other non-current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (c)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,464
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,306
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (145,623
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (145,623
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Total Net assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;261,896</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;266,855</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude Book<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude Fair<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value as of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value as of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Merger Consideration</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Fair value of CPLP&#146;s units issued to Crude stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    186,233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Fair-value-based measure of vested share based payment awards
    attributable to pre-combination service
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    217
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Fair-value-based measure of unvested awards attributable to
    pre-combination service
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    (f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Total consideration provided</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>187,714</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Gain from bargain purchase</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>79,141</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Less:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    General Partner interest in gain from bargain purchase
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Limited Partners&#146; interest in gain from bargain purchase
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    77,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The gain from bargain purchase of $79,141 has resulted from the
    difference between the unit price of CPLP units issued to Crude
    stockholders and the fair value of Crude&#146;s net assets. Gain
    from bargain purchase is presented as a non recurring
    transaction in the unaudited pro forma condensed combined
    balance sheet under Partners&#146;
    Capital&#160;/&#160;Stockholders&#146; Equity, and is allocated
    between the Partnership&#146;s general partner and limited
    partners based on their ownership percentage. A sensitivity
    analysis showing how the merger consideration is impacted from a
    change in the CPLP&#146;s unit price is presented below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="66%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="13%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="13%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(Goodwill)/Gain<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>CPLP&#146;s<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>from Bargain<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Units Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Purchase</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CPLP&#146;s unit price&#160;&#151; 52-week high as of
    August&#160;3, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,906
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CPLP&#146;s unit price&#160;&#151; 52-week low as of
    August&#160;3, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    84,740
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CPLP&#146;s unit price on May&#160;4, 2011 (Closing price per
    unit on a day prior to the merger announcement)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (8,985
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;&#160;&#160;&#160;&#160;&#160;The amount of $6,423
    represents the difference between the fair market value of
    Crude&#146;s vessels of $391,750, which reflects the average of
    two valuations from independent third party ship brokers, and
    their respective net book value of $385,327 as of June&#160;30,
    2011;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;&#160;&#160;&#160;&#160;&#160;Crude&#146;s credit
    facility is expected to be refinanced by the available liquidity
    in CPLP&#146;s credit facility of $350,000, which is
    <FONT style="white-space: nowrap">non-amortizing</FONT>
    up to June&#160;30, 2013. Therefore the current portion of long
    term debt of $19,305 will be converted into long term debt. As a
    result deferred financing charges of Crude&#146;s existing
    credit facility of $1,464 as reflected in the June&#160;30, 2011
    balance sheet will be written off.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;&#160;&#160;&#160;&#160;&#160;Upon the closing of the
    merger each share of Crude common stock and Crude Class&#160;B
    stock was converted into 1.56 CPLP common units. The amount of
    $186,233 (Note&#160;2a) reflects the result of this conversion
    and is the product of 13,500,000&#160;shares of Crude common
    stock and 2,105,263&#160;shares of Crude Class&#160;B stock
    issued and outstanding as of June&#160;30, 2011 multiplied by
    the exchange ratio of 1.56 times the price per CPLP&#146;s unit
    of $7.65 as quoted on Nasdaq on August&#160;3, 2011. Furthermore
    out of the $186,233 the amount of $3,725 has been allocated to
    Capital GP in order for it to maintain its 2% interest in CPLP
    and the remaining amount of $182,508 is allocated to CPLP&#146;s
    limited partners.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;&#160;&#160;&#160;&#160;&#160;The equity of Crude was
    eliminated upon the consummation of the merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;&#160;&#160;&#160;&#160;&#160;Upon the effective time
    of the merger, Crude&#146;s share based payment awards granted
    on August&#160;31, 2010 were converted into equivalent CPLP
    common unit awards using an exchange ratio of 1.56 and all the
    terms of such awards remain the same. Crude&#146;s share based
    payment awards to the members of the Crude Independent Committee
    who are not designated by Crude to serve as a member of the CPLP
    Board,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    lapsed immediately prior to the effective time of the merger,
    and such 20,000&#160;shares of Crude common stock based payment
    awards vested in full immediately prior to the effective time of
    the merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The acquisition date fair value of the awards vesting upon
    merger as noted above is included as part of the consideration
    transferred in the business combination (Note&#160;2a) and is
    calculated based on 20,000&#160;shares multiplied by the price
    per Crude common share of $10.87 on the NYSE on August&#160;3,
    2011. The acquisition date fair value is estimated at $217 as of
    August&#160;3, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The remaining unvested share based payment awards were valued at
    fair value as of the acquisition date. The fair-value-based
    measure of the replaced awards (Crude measured awards) was split
    into two portions: (i)&#160;fair value assigned to
    pre-combination services recognized as part of the consideration
    transferred in the business combination; and (ii)&#160;fair
    value assigned to post-combination services recognized as equity
    compensation expense in the post-combination financial
    statements of CPLP over the remaining vesting period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The calculation related to unvested awards is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="52%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
    Fair-value-based measure of the CPLP replacement awards.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    379,400 Crude shares multiplied by 1.56 exchange ratio resulting
    in 591,864&#160;units of CPLP and multiplied by 7.65 per CPLP
    unit.*
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;4,528
</TD>
<TD nowrap align="left" valign="bottom">
    ***
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Fair-value-based measure of the Crude awards replaced.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    379,400 Crude shares multiplied by $10.87 per Crude share.**
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,124
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
    Excess of fair-value-based measure of replacement awards over
    fair-value-based measure of awards replaced.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Attributable to post-combination service period.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Unvested portion of the fair value of awards attributable to
    post-combination services.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fair-value-based measure of the Crude awards replaced divided by
    the total service period of 3&#160;years and multiplied by the
    days of the post-combination service period since August 31,
    2010.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,860
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
    Total attributable to post-combination services.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,264</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Fair-value-based measure attributable to pre-combination
    services.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fair-value-based measure of the Crude awards replaced divided by
    the total service period of 3&#160;years and multiplied by the
    days of the pre-combination service period since August 31, 2010.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,264</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 21%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">*&#160;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">CPLP per unit closing price of
    $7.65 as quoted on Nasdaq on August&#160;3, 2011.
    </FONT></TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Crude per share closing price of
    $10.87 as quoted on the NYSE on August&#160;3, 2011.
    </FONT></TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">***
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">The replacement awards will have a
    continuing effect on CPLP as the fair value of the unvested
    portion of the replacement awards issued will be recognized in
    income over the remaining term of the awards from the grant
    date. Accordingly, an adjustment has been made to the historical
    compensation expense recognized by Crude on the previously
    existing awards in order to reflect the estimated compensation
    expense based upon the terms of the replacement awards as set
    out in the merger agreement. The adjustment amounted to $(305)
    and $(267) and is presented as a pro forma adjustment to general
    and administrative expenses in the unaudited pro forma condensed
    combined income statement for the six month period ended
    June&#160;30, 2011 and for the year ended December&#160;31,
    2010, respectively. An analysis of this pro forma adjustment is
    as follows:
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the Six Month<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Equity compensation expense, historical
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;1,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;768
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Equity compensation expense based on terms of replacement awards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Pro forma adjustment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(305</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(267</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;&#160;&#160;&#160;&#160;Vessel depreciation was
    adjusted by replacing the Crude vessels&#146; carrying values
    with their respective fair values and using Crude vessels&#146;
    estimated useful life of 25&#160;years from vessels&#146;
    delivery from
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    respective shipyards. In the case of four out of five of
    Crude&#146;s vessels that were acquired during 2010, vessel
    depreciation for the year ended December&#160;31, 2010 was
    calculated from the dates of their acquisitions. In the case of
    the fifth Crude vessel, depreciation for the year ended
    December&#160;31, 2010 was calculated for the period from
    January&#160;1, 2010 to December&#160;31, 2010 as the vessel
    owning company of the respective vessel and Crude were under
    common control prior to Crude&#146;s initial public offering
    that was completed in March 2010. An analysis of vessel
    depreciation for the six months ended June&#160;30, 2011 and for
    the year ended December&#160;31, 2010 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the Six Month<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Depreciation based on fair value of vessels
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;7,499
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;10,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Depreciation based on carrying value of vessels
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Pro forma adjustment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(512</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(1,016</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;&#160;&#160;&#160;&#160;Interest expense was
    recalculated as if the refinancing of the amount of $134,580
    drawn-down under Crude&#146;s credit facility by CPLP&#146;s
    credit facility of up to $350,000 had occurred in June 2010 when
    the two advances of $75,000 and $59,580 under the Crude credit
    facility were originally drawn down. Calculations of the
    interest expense for these two advances have been based on the
    six months actual LIBOR plus the funding cost plus the margin of
    CPLP&#146;s credit facility of up to $350,000 according to the
    last interest fixation for the three month period starting on
    June&#160;30, 2011 and ending on September&#160;30, 2011. In
    addition non-cash amortization expense of deferred finance
    charges as well as loan commitment fees calculated on the
    undrawn portion of the Crude credit facility for the six month
    period ended June&#160;30, 2011 and for the year ended
    December&#160;31, 2010 has been reversed. For the same period
    commitment fees calculated on the undrawn portion of CPLP&#146;s
    credit facility of up to $350,000 have been reduced by the
    assumed drawn-down of $134,580 in June 2010. For the refinancing
    of the Crude credit facility expenses that could affect
    materially the unaudited pro forma condensed combined income
    statements for the six month period ended June&#160;30, 2011 and
    for the year ended December&#160;31, 2010 are not expected to be
    recognized. An analysis of the pro forma adjustments in the
    interest expense and finance cost in the unaudited pro forma
    condensed combined income statement as a result of the
    refinancing of Crude credit facility for the six month period
    ended June&#160;30, 2011 and for the year ended
    December&#160;31, 2010 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the Six Month<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>For the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">June&#160;30, 2011</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">December&#160;31, 2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Reversal of actual interest expense already incurred under
    Crude&#146;s current credit facility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Reversal of actual amortization expense of deferred finance
    charges and commitment fees already incurred under Crude&#146;s
    current credit facility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    478
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CPLP&#146;s adjusted commitment fees as a result of the assumed
    drawn down of $134,580 from its credit facility of up to
    $350,000 in June 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    244
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Pro-forma interest expense as a result of the assumed drawn down
    of $134,580 from CPLP&#146;s credit facility of up to $350,000
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,304
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,448
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Pro forma adjustment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;1,603</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;2,357</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An increase of 0.125% in the interest rate of CPLP&#146;s credit
    facility of up to $350,000 will cause pro-forma interest expense
    to increase by $85 and $94 for the six month period ended
    June&#160;30, 2011 and the year ended December&#160;31, 2010,
    respectively. A decrease of 0.125% in the interest rate of
    CPLP&#146;s credit facility of up to $350,000 will cause
    pro-forma interest expense to decrease by $85 and $94 for the
    six month period ended June&#160;30, 2011 and the year ended
    December&#160;31, 2010, respectively.
</DIV>
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    <BR>
    33
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE COMMON UNITS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The common units represent limited partner interests in us. The
    holders of units are entitled to participate in partnership
    distributions and exercise the rights and privileges available
    to limited partners under CPLP&#146;s limited partnership
    agreement (as amended, the &#147;Partnership Agreement&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a description of the rights and privileges of holders of
    common units in and to partnership distributions, please read
    &#147;How We Make Cash Distributions&#148; in the prospectus
    included in our registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-1</FONT>
    filed with the SEC on March&#160;19, 2007 as well as the section
    &#147;Cash Distributions&#148; beginning on page&#160;36 of this
    prospectus. For a description of the rights and privileges of
    limited partners under the Partnership Agreement, including
    voting rights, please read &#147;The Partnership Agreement&#148;
    in the prospectus included in our registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-1</FONT>
    filed with the SEC on March&#160;19, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Duties</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York will serve as registrar and transfer agent
    for the common units. We pay all fees charged by the transfer
    agent for transfers of common units, except the following, which
    must be paid by common unitholders:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    surety bond premiums to replace lost or stolen certificates,
    taxes and other governmental charges;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    special charges for services requested by a holder of a common
    unit;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    other similar fees or charges.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no charge to unitholders for disbursements of our cash
    distributions. We will indemnify the transfer agent, its agents
    and each of their stockholders, directors, officers and
    employees against all claims and losses that may arise out of
    acts performed or omitted for its activities in that capacity,
    except for any liability due to any gross negligence or
    intentional misconduct of the indemnified person or entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 15%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Resignation
    or Removal</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The transfer agent may resign, by notice to us, or be removed by
    us. The resignation or removal of the transfer agent will become
    effective upon our appointment of a successor transfer agent and
    registrar and its acceptance of the appointment. If a successor
    has not been appointed or has not accepted its appointment
    within 30&#160;days after notice of the resignation or removal,
    our general partner may, at the direction of our board of
    directors, act as the transfer agent and registrar until a
    successor is appointed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    of Common Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By transfer of common units in accordance with the Partnership
    Agreement, each transferee of common units shall be admitted as
    a limited partner with respect to the common units transferred
    when such transfer and admission is reflected in our books and
    records. Each transferee:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    represents that the transferee has the capacity, power and
    authority to become bound by the Partnership Agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    automatically agrees to be bound by the terms and conditions of,
    and is deemed to have executed, the Partnership
    Agreement;&#160;and
</TD>
</TR>

</TABLE>
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    <BR>
    34
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    gives the consents and approvals contained in the Partnership
    Agreement, such as the approval of all transactions and
    agreements we are entering into in connection with our formation
    and this offering.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A transferee will become a substituted limited partner of our
    partnership for the transferred common units automatically upon
    the recording of the transfer on our books and records. Our
    general partner will cause any transfers to be recorded on our
    books and records no less frequently than quarterly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may, at our discretion, treat the nominee holder of a common
    unit as the absolute owner. In that case, the beneficial
    holder&#146;s rights are limited solely to those that it has
    against the nominee holder as a result of any agreement between
    the beneficial owner and the nominee holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common units are securities and are transferable according to
    the laws governing transfer of securities. In addition to other
    rights acquired upon transfer, the transferor gives the
    transferee the right to become a limited partner in our
    partnership for the transferred common units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until a common unit has been transferred on our books, we and
    the transfer agent may treat the record holder of the unit as
    the absolute owner for all purposes, except as otherwise
    required by law or stock exchange regulations.
</DIV>
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    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CASH
    DISTRIBUTIONS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Rationale
    for Our Cash Distribution Policy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our cash distribution policy reflects a basic judgment that our
    unitholders will be better served by our distributing our cash
    available (after deducting expenses, including estimated
    maintenance and replacement capital expenditures and reserves)
    rather than retaining it. Because we believe we will generally
    finance any expansion capital expenditures from external
    financing sources, we believe that our investors are best served
    by our distributing all of our available cash. Our cash
    distribution policy is consistent with the terms of the
    Partnership Agreement, which requires that we distribute all of
    our available cash quarterly (after deducting expenses,
    including estimated maintenance and replacement capital
    expenditures and reserves). In connection with terminating
    subordinated units we previously had outstanding, the CPLP Board
    unanimously determined to distribute available cash amounting to
    $39.3&#160;million to our unitholders through an exceptional
    non-recurring distribution of $1.05 per unit for the fourth
    quarter of 2008, including a payment of $12.5&#160;million for
    IDRs held by our general partner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Cash Distributions and Our Ability to Change Our Cash
    Distribution Policy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no guarantee that unitholders will receive quarterly
    distributions from us. In particular, you should carefully
    consider the relevant risks included in the section entitled
    &#147;Risk Factors&#148; beginning on page&#160;9. Our
    distribution policy is subject to certain restrictions and may
    be changed at any time, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Our unitholders have no contractual or other legal right to
    receive distributions other than the obligation under the
    Partnership Agreement to distribute available cash on a
    quarterly basis, which is subject to the broad discretion of our
    board of directors to establish reserves and other limitations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    While the Partnership Agreement requires us to distribute all of
    our available cash, the Partnership Agreement, including
    provisions requiring us to make cash distributions contained
    therein, may be amended. The Partnership Agreement can be
    amended with the approval of a majority of the outstanding
    common units, of which the Marinakis family, including Evangelos
    M. Marinakis, may be deemed to beneficially own 30.7% through
    its beneficial ownership of Capital Maritime and Crude Carriers
    Investments Corp., a Marshall Islands corporation.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Even if our cash distribution policy is not modified or revoked,
    the amount of distributions we pay under our cash distribution
    policy and the decision to make any distribution is determined
    by our board of directors, taking into consideration the terms
    of the Partnership Agreement and the establishment of any
    reserves for the prudent conduct of our business.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Under Section&#160;51 of the MILPA, we may not make a
    distribution if the distribution would cause our liabilities to
    exceed the fair value of our assets.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    We may lack sufficient cash to pay distributions to our
    unitholders due to decreases in net revenues or increases in
    operating expenses, principal and interest payments on
    outstanding debt, tax expenses, working capital requirements,
    maintenance and replacement capital expenditures or anticipated
    cash needs.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Our distribution policy will be affected by restrictions on
    distributions under our revolving credit facilities which
    contain material financial tests and covenants that must be
    satisfied. Should we be unable to satisfy these restrictions
    included in our credit facilities or if we are otherwise in
    default under the credit agreements, our ability to make cash
    distributions to our unitholders, notwithstanding our stated
    cash distribution policy, would be materially adversely affected.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    If we make distributions out of capital surplus, as opposed to
    operating surplus, such distributions will constitute a return
    of capital and will result in a reduction in the quarterly
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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    <BR>
    36
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    distribution and the target distribution levels. We do not
    anticipate that we will make any distributions from capital
    surplus.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    If the ability of our subsidiaries to make any distribution to
    us is restricted by, among other things, the provisions of
    existing and future indebtedness, applicable partnership and
    limited liability company laws or any other laws and
    regulations, our ability to make distributions to our
    unitholders may be restricted.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Quarterly
    Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our unitholders are entitled under the Partnership Agreement to
    receive a quarterly distribution to the extent we have
    sufficient cash on hand to pay the distribution after we
    establish cash reserves and pay fees and expenses. Although we
    intend to continue to make strategic acquisitions and to take
    advantage of our unique relationship with Capital Maritime in a
    prudent manner that is accretive to our unitholders and to
    long-term distribution growth, there is no guarantee that we
    will pay a quarterly distribution on the common units in any
    quarter. Even if our cash distribution policy is not modified or
    revoked, the amount of distributions paid under our policy and
    the decision to make any distribution is determined by our board
    of directors, taking into consideration the terms of the
    Partnership Agreement and other factors. We will be prohibited
    from making any distributions to unitholders if it would cause
    an event of default, or an event of default is existing, under
    the terms of our credit facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has generally declared distributions in January, April,
    July and October of each year and paid those distributions in
    the subsequent month. In January 2010, CPLP introduced an annual
    distribution guidance of $0.90 per annum, or $0.225 per quarter.
    In July 2010, CPLP revised its annual distribution guidance to
    $0.93 per annum, or $0.2325 per quarter. CPLP made distributions
    in accordance with its guidance in November 2010, February 2011,
    May 2011 and July 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Incentive
    Distribution Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Incentive distribution rights represent the right to receive an
    increasing percentage of quarterly distributions of available
    cash from operating surplus (as defined in the Partnership
    Agreement) after the minimum quarterly distribution and the
    target distribution levels have been achieved. Our general
    partner currently holds the incentive distribution rights, but
    may transfer these rights separately from its general partner
    interest, subject to restrictions in the partnership agreement.
    Except for transfers of incentive distribution rights to an
    affiliate or another entity as part of our general
    partner&#146;s merger or consolidation with or into, or sale of
    substantially all of its assets to such entity, the approval of
    a majority of our common units (excluding common units held by
    our general partner and its affiliates), voting separately as a
    class, generally is required for a transfer of the incentive
    distribution rights to a third party prior to March&#160;31,
    2017. Any transfer by our general partner of the incentive
    distribution rights would not change the percentage allocations
    of quarterly distributions with respect to such rights.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Percentage
    Allocations of Available Cash From Operating Surplus</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table illustrates the percentage allocations of
    the additional available cash from operating surplus among the
    unitholders and our general partner up to the various target
    distribution levels. The amounts set forth under &#147;Marginal
    Percentage Interest in Distributions&#148; are the percentage
    interests of the unitholders and our general partner in any
    available cash from operating surplus we distribute up to and
    including the corresponding amount in the column &#147;Total
    Quarterly Distribution Target Amount,&#148; until available cash
    from operating surplus we distribute reaches the next target
    distribution level, if any. The percentage interests shown for
    the unitholders and our general partner for the minimum
    quarterly distribution are also applicable to quarterly
    distribution amounts that are less than the minimum quarterly
    distribution. The percentage interests shown for our general
    partner assume that our general partner maintains its 2% general
    partner interest and assume our general partner has not
    transferred the incentive distribution rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="27%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B><U>Marginal Percentage Interest in<BR>
    </U></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><U>Total Quarterly Distribution<BR>
    </U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B><U>Distributions</U></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><U><FONT style="font-size: 10pt">Target Amount</FONT></U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><U><FONT style="font-size: 10pt">Unitholders<BR>
    </FONT></U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><U><FONT style="font-size: 10pt">General Partner<BR>
    </FONT></U></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Minimum Quarterly Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $0.3750
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Target Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    up to $0.4313
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second Target Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    above $0.4313 up to $0.4688
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Third Target Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    above $0.4688 up to $0.5625
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    above $0.5625
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF PREFERRED UNITS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Partnership Agreement authorizes our board of directors to
    establish one or more series of preferred units and to
    determine, with respect to any series of preferred units, the
    preferences, powers, duties, terms and rights of that series,
    including but not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the designation of the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the number of units in the series, which our board of directors
    may, except where otherwise provided in the preferred unit
    designation, increase or decrease, but not below the number of
    units then outstanding;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the terms and conditions upon which each preferred unit in such
    series will be issued, evidenced, and assigned or transferred;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    whether distributions, if any, will be cumulative or
    non-cumulative and the distribution rate of the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the dates at which distributions, if any, will be payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the redemption rights and price or prices, if any, for units of
    the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the terms and amounts of any sinking fund provided for the
    purchase or redemption of units of the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the amounts payable on units of the series in the event of any
    voluntary or involuntary liquidation, dissolution or winding-up
    of the affairs of our company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    whether the units of the series will be convertible or
    exchangeable into units of any other class or series, or any
    other security, of our company or any other corporation, and, if
    so, the specification of the other class or series or other
    security, the conversion or exchange price or prices or rate or
    rates, any rate adjustments, the date or dates as of which the
    units will be convertible or exchangeable and all other terms
    and conditions upon which the conversion or exchange, as
    applicable, may be made;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    restrictions on the issuance of units of the same series or of
    any other class or series;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the voting rights, if any, of the holders of the series.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We currently do not have issued and outstanding any preferred
    units. The material terms of any series of preferred units that
    we offer through a prospectus supplement will be described in
    that prospectus supplement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue warrants to purchase our debt or equity securities
    or securities of third parties or other rights, including rights
    to receive payment in cash or securities based on the value,
    rate or price of one or more specified commodities, currencies,
    securities or indices, or any combination of the foregoing.
    Warrants may be issued independently or together with any other
    securities and may be attached to, or separate from, such
    securities. Each series of warrants will be issued under a
    separate warrant agreement to be entered into between us and a
    warrant agent. The terms of any warrants to be issued and a
    description of the material provisions of the applicable warrant
    agreement will be set forth in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will describe the following
    terms of any warrants in respect of which this prospectus is
    being delivered:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the title of such warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the aggregate number of such warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the price or prices at which such warrants will be issued;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the currency or currencies, in which the price of such warrants
    will be payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the securities or other rights, including rights to receive
    payment in cash or securities based on the value, rate or price
    of one or more specified commodities, currencies, securities or
    indices, or any combination of the foregoing, purchasable upon
    exercise of such warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the price at which and the currency or currencies, in which the
    securities or other rights purchasable upon exercise of such
    warrants may be purchased;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise such warrants shall
    commence and the date on which such right shall expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, the minimum or maximum amount of such warrants
    which may be exercised at any one time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, the designation and terms of the securities with
    which such warrants are issued and the number of such warrants
    issued with each such security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, the date on and after which such warrants and the
    related securities will be separately transferable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    information with respect to book-entry procedures, if any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of any material United States
    Federal income tax considerations;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any other terms of such warrants, including terms, procedures
    and limitations relating to the exchange and exercise of such
    warrants.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This section describes the general terms and provisions of
    the debt securities that we may issue in the form of one or more
    series of debt securities. You should read the more detailed
    provisions of the indenture, including the defined terms, for
    provisions that may be important to you. You should also read
    the particular terms of a series of debt securities, which will
    be described in more detail in the applicable prospectus
    supplement. The following summary is subject to and is qualified
    in its entirety by reference to all the provisions of the
    indenture and its associated documents, including the
    definitions of certain terms, and, with respect to any
    particular debt security, to the description of the terms of
    such debt securities that will be included in the applicable
    prospectus supplement.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be issued under an indenture, to be
    entered into between us and a trustee to be named in the
    applicable prospectus supplement, the form of which is filed as
    an exhibit to the registration statement of which this
    prospectus is a part. The indenture will provide that debt
    securities may be issued from time to time in one or more
    series, without limitation as to aggregate principal amount. We
    may specify a maximum aggregate principal amount for the debt
    securities of any particular series. Specific issuances of debt
    securities may also be governed by a supplemental indenture, an
    officer&#146;s certificate or a document evidencing the
    authorization of any corporate body required by applicable law.
    The particular terms of each series, or of debt securities
    forming part of a series, will be described in the prospectus
    supplement relating to that series. Those terms may vary from
    the terms described here. This section summarizes material terms
    of the debt securities that are common to all series, unless
    otherwise indicated in this section or in the prospectus
    supplement relating to a particular series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our subsidiaries may guarantee the debt securities we offer.
    Those guarantees may or may not be secured by liens, mortgages,
    and security interests in the assets of those subsidiaries. The
    terms and conditions of any such subsidiary guarantees, and a
    description of any such liens, mortgages or security interests,
    will be set forth in the prospectus supplement that will
    accompany this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue debt securities at par, at a premium or as original
    issue discount securities, which are debt securities that are
    offered and sold at a substantial discount to their stated
    principal amount. We may also issue debt securities as indexed
    securities or securities denominated in currencies other than
    the U.S.&#160;dollar, currency units or composite currencies, as
    described in more detail in the prospectus supplement relating
    to any such debt securities. We will describe the
    U.S.&#160;federal income tax consequences and any other special
    considerations applicable to original issue discount, indexed or
    foreign currency debt securities in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities may be convertible into common units or
    other securities if specified in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement relating to a series of debt
    securities will describe the following terms of the series:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of such debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit on the aggregate principal amount of such debt
    securities or the series of which they are a part (including any
    provision for the future offering of additional debt securities
    of such series beyond any such limit);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be issued in registered or
    bearer form;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which the debt securities of the series
    will mature, if any, and any other date or dates on which we
    will pay the principal of the debt securities of the series, if
    any;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates, which may be fixed or variable, at which the
    debt securities will bear interest, if any, and the date or
    dates from which that interest will accrue;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which any interest on the debt securities
    of the series will be payable and the regular record date or
    dates we will use to determine who is entitled to receive
    interest payments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the principal and any premium and
    interest in respect of the debt securities of the series will be
    payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the period or periods within which, the price or prices at
    which, and the terms and conditions on which any of such debt
    securities may be, at our option, redeemed or repurchased, in
    whole or in part, and the other material terms and provisions
    applicable to our redemption or repurchase rights;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the obligation, if any, we may have to redeem or repurchase any
    such debt securities, including at the option of the holder, the
    period or periods within which, the price or prices at which,
    and the terms and conditions on which any of such debt
    securities will be redeemed or repurchased, in whole or in part,
    pursuant to such obligation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be convertible into, or
    exchangeable for, common units or other securities, or
    subordinated in right of payment to senior debt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be our secured or unsecured
    obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than $1,000 or an even multiple of $1,000, the
    denominations in which the series of debt securities will be
    issuable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than U.S.&#160;dollars, the currency in which the debt
    securities of the series will be denominated or in which the
    principal of or any premium or interest on the debt securities
    of the series will be payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if we or you have a right to choose the currency, currency unit
    or composite currency in which payments on any of the debt
    securities of the series will be made, the currency, currency
    unit or composite currency that we or you may elect, the period
    during which we or you must make the election and the other
    material terms applicable to the right to make such elections;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than the full principal amount, the portion of the
    principal amount of the debt securities of the series that will
    be payable upon a declaration of acceleration of the maturity of
    the debt securities of the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any index or other special method we will use to determine the
    amount of principal or any premium or interest on the debt
    securities of the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the applicability of the provisions described under
    &#147;Defeasance and Covenant Defeasance&#151;Defeasance and
    Discharge&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of material United States federal
    and Marshall Islands income tax, accounting or other
    considerations applicable to the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if we issue the debt securities of the series in whole or part
    in the form of global securities as described under &#147;Legal
    Ownership&#151;Global Securities,&#148; the name of the
    depositary with respect to the debt securities of the series,
    and the circumstances under which the global securities may be
    registered in the name of a person other than the depositary or
    its nominee if other than those described under &#147;Legal
    Ownership&#151;Global Securities&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the securities clearance system(s) for the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any covenants to which we will be subject with respect to the
    debt securities of the series;&#160;and
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other special features of the debt securities of the series
    that are not inconsistent with the provisions of the indenture.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the prospectus supplement will state whether we
    will list the debt securities of the series on any stock
    exchange and, if so, which one.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt securities may bear interest at fixed or floating rates. We
    may issue our debt securities at an original issue discount,
    bearing no interest or bearing interest at a rate that, at the
    time of issuance, is below market rate, to be sold at a discount
    below their principal amount. Certain special U.S.&#160;federal
    income tax considerations, if any, applicable to debt securities
    sold at an original issue discount may be described in the
    applicable prospectus supplement. Moreover, certain special
    U.S.&#160;federal income tax or other considerations, if any,
    applicable to any debt securities which are denominated in a
    currency or currency unit other than the U.S.&#160;dollar may be
    described in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Form,
    Exchange and Transfer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be issued, unless otherwise indicated
    in the applicable prospectus supplement, in denominations that
    are even multiples of $1,000 and in global registered form. You
    may have your debt securities broken into more debt securities
    of smaller denominations or combined into fewer debt securities
    of larger denominations, as long as the total principal amount
    is not changed. This is called an exchange. You may exchange or
    transfer your registered debt securities at the office of the
    trustee. The trustee will maintain an office in New York, New
    York. The trustee acts as our agent for registering debt
    securities in the names of holders and transferring registered
    debt securities. We may change this appointment to another
    entity or perform the service ourselves. The entity performing
    the role of maintaining the list of registered holders is called
    the &#147;security registrar.&#148; It will also register
    transfers of the registered debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will not be required to pay a service charge to transfer or
    exchange debt securities, but you may be required to pay any tax
    or other governmental charge associated with the exchange or
    transfer. The transfer or exchange of a registered debt security
    will only be made if the security registrar is satisfied with
    your proof of ownership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we designate additional transfer agents, they will be named
    in the prospectus supplement. We may cancel the designation of
    any particular transfer agent. We may also approve a change in
    the office through which any transfer agent acts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the debt securities are redeemable and we redeem less than
    all of the debt securities of a particular series, we may block
    the transfer or exchange of debt securities in order to freeze
    the list of holders to prepare the mailing during the period
    beginning 15&#160;days before the day we mail the notice of
    redemption and ending on the day of that mailing. We may also
    refuse to register transfers or exchanges of debt securities
    selected for redemption. However, we will continue to permit
    transfers and exchanges of the unredeemed portion of any debt
    security being partially redeemed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Payment
    and Paying Agents</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your debt securities are in registered form, we will pay
    interest to you if you are a direct holder listed in the
    trustee&#146;s records at the close of business on a particular
    day in advance of each due date for interest, even if you no
    longer own the security on the interest due date. That
    particular day, usually about two weeks in advance of the
    interest due date, is called the &#147;regular record date&#148;
    and will be stated in the prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay interest, principal, additional amounts and any
    other money due on the registered debt securities at the
    corporate trust office of the applicable trustee in New York
    City. You must make arrangements to have your payments picked up
    at or wired from that office. We may also choose to pay interest
    by mailing checks. Interest on global securities will be paid to
    the holder thereof by wire transfer of
    <FONT style="white-space: nowrap">same-day</FONT>
    funds.
</DIV>
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    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders buying and selling debt securities must work out between
    themselves how to compensate for the fact that we will pay all
    the interest for an interest period to, in the case of
    registered debt securities, the one who is the registered holder
    on the regular record date. The most common manner is to adjust
    the sales price of the debt securities to pro-rate interest
    fairly between the buyer and seller. This pro-rated interest
    amount is called &#147;accrued interest.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Street
    name and other indirect holders should consult their banks or
    brokers for information on how they will receive
    payments.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may also arrange for additional payment offices, and may
    cancel or change these offices, including our use of the
    trustee&#146;s corporate trust office. These offices are called
    &#147;paying agents.&#148; We may also choose to act as our own
    paying agent. We must notify you of changes in the paying agents
    for the debt securities of any series that you hold.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided in a prospectus supplement relating to
    any debt securities, our debt securities will not be secured by
    any of our assets or properties. As a result, the securities
    will effectively be subordinated to our secured indebtedness, if
    any, and indebtedness preferred by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will indicate whether the
    debt securities are subordinated to any of our other debt
    obligations. If they are not subordinated, in the event of
    bankruptcy or liquidation proceeding against us, they will rank
    equally with all our other unsecured and unsubordinated
    indebtedness, except for indebtedness having priority by
    operation of law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restrictive
    Covenants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Restrictive covenants, if any, with respect to any of our debt
    securities may be contained in the applicable supplemental
    indenture and described in the applicable prospectus supplement
    with respect to those securities. You should refer to the
    prospectus supplement relating to a particular series of debt
    securities for information about any deletions from,
    modifications of or additions to, the Events of Default or
    covenants of ours contained in the indenture, including any
    addition of a covenant or other provision providing event risk
    or similar protection.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    and Repayment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in the applicable prospectus
    supplement, your debt security will not be entitled to the
    benefit of any sinking fund; that is, we will not deposit money
    on a regular basis into any separate custodial account to repay
    your debt securities. In addition, other than as set forth in
    &#147;&#151;&#160;Optional Tax Redemption&#148; below, we will
    not be entitled to redeem your debt security before its stated
    maturity unless the applicable prospectus supplement specifies a
    redemption commencement date. You will not be entitled to
    require us to buy your debt security from you, before its stated
    maturity, unless the applicable prospectus supplement specifies
    one or more repayment dates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement specifies a redemption
    commencement date or a repayment date, it will also specify one
    or more redemption prices or repayment prices, which may be
    expressed as a percentage of the principal amount of your debt
    security or by reference to one or more formulas used to
    determine the applicable redemption price. It may also specify
    one or more redemption periods during which the redemption price
    or prices relating to the redemption of debt securities during
    those periods will apply.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement specifies a redemption
    commencement date, we may redeem your debt security at our
    option at any time on or after that date. If we redeem your debt
    security, we will do so at the specified redemption price,
    together with interest accrued to the redemption date. If
    different prices are specified for different redemption periods,
    the price we pay will be the price that applies to the
    redemption
</DIV>
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    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    period during which your debt security is redeemed. If less than
    all of the debt securities are redeemed, the trustee will choose
    the debt securities to be redeemed by lot, or in the
    trustee&#146;s discretion, pro-rata.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement specifies a repayment
    date, your debt security will be repayable by us at our option
    on the specified repayment date at the specified repayment
    price, together with interest accrued and any additional amounts
    to the repayment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that we exercise an option to redeem any debt
    security, we will give to the trustee and the holder written
    notice of the principal amount of the debt security to be
    redeemed, not less than 30&#160;days nor more than 60&#160;days
    before the applicable redemption date. We will give the notice
    in the manner described under the heading
    &#147;&#151;&#160;Notices.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a debt security represented by a global security is subject
    to repayment at the holder&#146;s option, the depositary or its
    nominee, as the holder, will be the only person that can
    exercise the right to repayment. Any indirect holders who own
    beneficial interests in the global security and wish to exercise
    a repayment right must give proper and timely instructions to
    their banks or brokers through which they hold their interests,
    requesting that they notify the depositary to exercise the
    repayment right on their behalf. Different firms have different
    deadlines for accepting instructions from their customers, and
    you should take care to act promptly enough to ensure that your
    request is given effect by the depositary before the applicable
    deadline for exercise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Street
    name and other indirect holders should contact their banks or
    brokers for information about how to exercise a repayment right
    in a timely manner.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that the option of the holder to elect repayment as
    described above is deemed to be a &#147;tender offer&#148;
    within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act, we will comply with
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    as then in effect to the extent it is applicable to us and the
    transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to any restrictions that will be described in the
    prospectus supplement, we or our affiliates may purchase debt
    securities from investors who are willing to sell from time to
    time, either in the open market at prevailing prices or in
    private transactions at negotiated prices. Debt securities that
    we or they purchase may, in our discretion, be held, resold or
    canceled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Optional
    Tax Redemption</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in a prospectus supplement, we shall
    have the option (but not the obligation) to redeem, in whole but
    not in part, the debt securities where, as a result of a change
    in, execution of or amendment to any laws or treaties or the
    official application or interpretation of any laws or treaties,
    we would be required to pay additional amounts as described
    later under &#147;Payment of Additional Amounts.&#148; This
    applies only in the case of changes, executions or amendments
    that occur on or after the date specified in the prospectus
    supplement for the applicable series of debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the debt securities are redeemed, the redemption price for
    debt securities (other than original issue discount debt
    securities) will be equal to the principal amount of the debt
    securities being redeemed plus accrued interest and any
    additional amounts due up to, but not including, the date fixed
    for redemption. The redemption price for original issue discount
    debt securities will be specified in the prospectus supplement
    for such securities. Furthermore, we must give you between 30
    and 60&#160;days&#146; notice before redeeming the debt
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    or Exchange Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If debt securities of any series are convertible or
    exchangeable, the applicable prospectus supplement will specify:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the type of securities into which they may be converted or
    exchanged;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion price or exchange ratio, or its method of
    calculation;
</TD>
</TR>

</TABLE>
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    <BR>
    45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether conversion or exchange is mandatory or at the
    holder&#146;s election;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how and when the conversion price or exchange ratio may be
    adjusted;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other important terms concerning the conversion or exchange
    rights.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Payment
    of Additional Amounts</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All payments in respect of debt securities by any person on
    behalf of CPLP or, if applicable, a guarantor, or any successor
    thereto (each, a &#147;Payor&#148;), shall be made free and
    clear of, and without withholding or deduction for, or on
    account of, any present or future taxes, duties, assessments or
    governmental charges of whatever nature (collectively,
    &#147;Taxes&#148;) imposed, collected, withheld, assessed or
    levied by or on behalf of (1)&#160;the Republic of the Marshall
    Islands or any political subdivision or governmental authority
    thereof or therein having power to tax; and (2)&#160;any other
    jurisdiction in which the Payor is organized, tax resident or
    engaged in business, or any political subdivision or
    governmental authority thereof or therein having the power to
    tax (any such authority, a &#147;Taxing Authority&#148;), unless
    the withholding or deduction of the Taxes is required by law. In
    the event that we are required to withhold or deduct any amount
    for or on account of such Taxes from any payment made under or
    with respect to any debt securities, we will except in the
    circumstances set forth below pay such additional amounts so
    that the net amount received by each holder of debt securities,
    including the additional amounts, will equal the amount that
    such holder would have received if such Taxes had not been
    required to be withheld or deducted. We refer to the amounts
    that we are required to pay to preserve the net amount
    receivable by the holders of debt securities as &#147;Additional
    Amounts.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our obligation to pay Additional Amounts is, however, subject to
    several important exceptions. Additional Amounts will not be
    payable with respect to a payment made to a holder of debt
    securities to the extent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes would not have been so imposed but for the
    existence of any current or former connection between such
    holder and the jurisdiction of the Taxing Authority imposing
    such Taxes, other than the mere receipt of such payment,
    acquisition, ownership or disposition of such debt securities or
    the exercise or enforcement of rights under the debt securities
    or the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes are imposed on or measured by net income of
    the beneficiary or holder or his net wealth or similar;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    of any such Taxes required to be withheld by any paying agent
    from any payment of principal or of interest on the debt
    securities, if such payment can be made without withholding by
    any other paying agent and we duly provide for such other paying
    agent;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    of any estate, inheritance, gift, sales, transfer, or personal
    property Taxes imposed with respect to the debt securities,
    except as otherwise provided in the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes are payable other than by deduction or
    withholding from payments on the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that any such Taxes would not have been imposed but for the
    presentation of the debt securities, where presentation is
    required, for payment on a date more than 30&#160;days after the
    date on which such payment became due and payable or the date on
    which payment thereof is duly provided for, whichever is later,
    except to the extent that the beneficiary or holder thereof
    would have been entitled to Additional Amounts had the debt
    securities been presented for payment on any date during such
    <FONT style="white-space: nowrap">30-day</FONT>
    period;
</TD>
</TR>

</TABLE>
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    <BR>
    46
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that such holder would not be liable or subject to such
    withholding or deduction of Taxes but for the failure to make a
    valid declaration of non-residence, residence or other similar
    claim for exemption or to provide a certificate, if:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the making of such declaration or claim or the
    provision of such certificate is required or imposed by statute,
    treaty, regulation, ruling or administrative practice of the
    relevant Taxing Authority as a precondition to an exemption
    from, or reduction in, the relevant Taxes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;at least 60&#160;days prior to the first payment date
    with respect to which we shall apply this condition, we shall
    have notified all holders of the debt securities in writing that
    they shall be required to provide such declaration or
    claim;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    of any combination of the above conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Such Additional Amounts also will not be payable where, had the
    beneficial owner of the debt securities been the holder of such
    debt securities, it would not have been entitled to payment of
    Additional Amounts by reason of the conditions set forth above.
    The prospectus supplement relating to the debt securities may
    describe additional circumstances in which we would not be
    required to pay additional amounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will also:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    withhold or deduct the Taxes as required;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    remit the full amount of Taxes deducted or withheld to the
    relevant Taxing Authority in accordance with all applicable laws;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    use our reasonable efforts to obtain from each Taxing Authority
    imposing such Taxes copies of tax receipts evidencing the
    payment of any Taxes deducted or withheld;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon request, and to the extent reasonably practicable, make
    available to the holders of the debt securities, within
    90&#160;days after the date the payment of any Taxes deducted or
    withheld is due pursuant to applicable law, copies of tax
    receipts evidencing such payment by us or if, notwithstanding
    our efforts to obtain such receipts, the same are not
    obtainable, other evidence of such payments.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At least 30&#160;days prior to each date on which any payment
    under or with respect to the debt securities is due and payable,
    if we will be obligated to pay Additional Amounts with respect
    to such payment, we will deliver to the trustee an
    officer&#146;s certificate stating the fact that such Additional
    Amounts will be payable, the amounts so payable and such other
    information as is necessary to enable the trustee to pay such
    Additional Amounts to holders of the debt securities on the
    payment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we will pay any stamp, issue, registration,
    documentary or other similar taxes and duties, including
    interest, penalties and Additional Amounts with respect thereto,
    payable in the Marshall Islands or the United&#160;States or any
    political subdivision or taxing authority of or in the foregoing
    in respect of the creation, issue, offering, enforcement,
    redemption or retirement of the debt securities if and to the
    extent any such creation, issue, offering, enforcement,
    redemption or retirement was required pursuant to applicable law
    or ordered by a court or Taxing Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing provisions shall survive any termination or the
    discharge of the indenture and shall apply to any jurisdiction
    in which any successor to us is organized or is engaged in
    business for tax purposes or any political subdivisions or
    taxing authority or agency thereof or therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whenever in the indenture, the debt securities, in this
    &#147;Description of Debt Securities&#148; or in the applicable
    prospectus supplement there is mentioned, in any context, the
    payment of principal, premium, if any, redemption price,
    interest or any other amount payable under or with respect to
    any note, such mention includes the payment of Additional
    Amounts to the extent payable in the particular context.
</DIV>
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    <BR>
    47
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that Additional Amounts actually paid with respect
    to the debt securities pursuant to the preceding paragraphs are
    based on rates of deduction or withholding of Taxes in excess of
    the appropriate rate applicable to the holder of such debt
    securities, and as a result thereof such holder is entitled to
    make a claim for a refund or credit of such excess from the
    Taxing Authority imposing such Taxes, then such holder shall, by
    accepting such debt securities, be deemed to have assigned and
    transferred all right, title and interest to any such claim for
    a refund or credit of such excess to us. However, by making such
    assignment, the holder makes no representation or warranty that
    we will be entitled to receive such claim for a refund or credit
    and incurs no other obligation with respect thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Defeasance
    and Covenant Defeasance</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may, to the extent indicated in the applicable prospectus
    supplement, elect, at our option at any time, to have the
    provisions of the indenture relating to defeasance and discharge
    of indebtedness or to defeasance of certain restrictive
    covenants in the indenture, applied to the debt securities of
    any series, or to any specified part of a series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Defeasance and Discharge.</I>&#160;Upon the exercise of our
    option, if any, to have applied the provisions of the indenture
    relating to defeasance and discharge, we will be discharged from
    all our payment and other obligations, and the provisions
    relating to subordination, if any, will cease to be effective,
    with respect to such debt securities, subject to certain
    exceptions, upon the deposit in trust for the benefit of the
    holders of such debt securities of money or U.S.&#160;Government
    Obligations, as such term is defined in the indenture, or both,
    which, through the payment of principal and interest in respect
    thereof in accordance with their terms, will provide money in an
    amount sufficient to pay the principal of and any premium and
    interest on such debt securities on their respective stated
    maturities. Such defeasance may occur only if we have complied
    with certain conditions that will be set forth in the relevant
    indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Defeasance of Certain Covenants.</I>&#160;Upon the exercise
    of our option, if any, to have applied the provisions of the
    indenture relating to defeasance of certain restrictive
    covenants in the indenture, we may omit to comply with certain
    restrictive covenants, including any that may be described in
    the applicable prospectus supplement, and the occurrence of
    certain events of default as specified in the applicable
    prospectus supplement, will be deemed not to be or result in an
    event of default and the provisions relating to subordination,
    if any, will cease to be effective, in each case with respect to
    such debt securities, subject to certain exceptions, upon the
    deposit in trust for the benefit of the holders of such debt
    securities of money or U.S.&#160;Government Obligations, as such
    term is defined in the indenture, or both, which, through the
    payment of principal and interest in respect thereof in
    accordance with their terms, will provide money in an amount
    sufficient to pay the principal of and any premium and interest
    on such debt securities on the respective stated maturities.
    Such defeasance or discharge may occur only if we have complied
    with certain conditions that will be set forth in the relevant
    indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Events
    of Default</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the following will constitute an event of default under
    the indenture with respect to the debt securities of any series:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay principal of or any premium on any debt
    securities of such series when due, continued for 30&#160;days;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay any interest on any debt securities of such
    series when due, continued for 30&#160;days;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to perform any other covenant in the indenture (other
    than a covenant included in the indenture solely for the benefit
    of a series other than that series), continued for 60&#160;days
    after written notice has been given by the trustee, or the
    holders of at least 25% in aggregate principal amount of the
    outstanding debt securities of that series, as provided in the
    indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay when due (subject to any applicable grace period)
    any principal in an amount exceeding $50&#160;million under an
    agreement evidencing indebtedness for money we borrowed, or
</TD>
</TR>
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</TABLE>
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    <BR>
    48
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    acceleration of any indebtedness for money we borrowed having an
    aggregate principal amount outstanding of at least
    $50&#160;million, if, in the case of any such failure, such
    indebtedness has not been discharged or, in the case of any such
    acceleration, such indebtedness has not been discharged or such
    acceleration has not been rescinded or annulled, in each case
    within 30&#160;days after written notice has been given by the
    trustee, or the holders of at least 25% in aggregate principal
    amount of the outstanding debt securities of that series, as
    provided in the indenture;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain events in bankruptcy, insolvency or reorganization.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will describe any
    additional events of default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an event of default (other than an event of default related
    to certain events in bankruptcy, insolvency or reorganization)
    with respect to the debt securities of any series at the time
    outstanding shall occur and be continuing, either the trustee or
    the holders of not less than 25% in principal amount of the
    outstanding debt securities of such series by notice as provided
    in the indenture may declare the principal amount of the debt
    securities of such series (or, in the case of any debt security
    that is an original issue discount security or the principal
    amount of which is not then determinable, such portion of the
    principal amount of such security, or such other amount in lieu
    of such principal amount, as may be specified in the terms of
    such debt security) to be due and payable immediately. If an
    event of default related to certain events in bankruptcy,
    insolvency or reorganization with respect to the debt securities
    of any series at the time outstanding shall occur, the principal
    amount of all the debt securities of such series (or, in the
    case of any such original issue discount security or other debt
    security, such specified amount) will automatically, and without
    any action by the trustee or any holder, become immediately due
    and payable. After any such acceleration, but before a judgment
    or decree based on acceleration, the holders of a majority in
    aggregate principal amount of the outstanding debt securities of
    such series may, under certain circumstances, rescind and annul
    such acceleration if all events of default, other than the
    non-payment of accelerated principal (or other specified
    amount), have been cured or waived as provided in the indenture.
    For information as to waiver of defaults, see
    &#147;&#151;Modification and Waiver.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the provisions of the indenture relating to the
    duties of the trustee in case an event of default shall occur
    and be continuing, the trustee will be under no obligation to
    exercise any of its rights or powers under the indenture at the
    request or direction of any of the holders, unless such holders
    shall have offered to the trustee reasonable indemnity. Subject
    to such provisions for the indemnification of the trustee, the
    holders of a majority in aggregate principal amount of the
    outstanding debt securities of any series will have the right to
    direct the time, method and place of conducting any proceeding
    for any remedy available to the trustee or exercising any trust
    or power conferred on the trustee with respect to the debt
    securities of that series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No holder of a debt security of any series will have any right
    to institute any proceeding with respect to the indenture, or
    for the appointment of a receiver or a trustee, or for any other
    remedy thereunder, unless (i)&#160;such holder has previously
    given to the trustee written notice of a continuing event of
    default with respect to the debt securities of that series,
    (ii)&#160;the holders of at least 25% in aggregate principal
    amount of the outstanding debt securities of such series have
    made written request, and such holder or holders have offered
    reasonable indemnity, to the trustee to institute such
    proceeding as trustee and (iii)&#160;the trustee has failed to
    institute such proceeding, and has not received from the holders
    of a majority in aggregate principal amount of the outstanding
    debt securities of such series a direction inconsistent with
    such request, within 60&#160;days after such notice, request and
    offer. However, such limitations do not apply to a suit
    instituted by a holder of a debt security for the enforcement of
    payment of the principal of or any premium or interest on such
    debt security on or after the applicable due date specified in
    such debt security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will be required to furnish to the trustee annually a
    statement by certain of our officers as to whether or not we, to
    their knowledge, are in default in the performance or observance
    of any of the terms, provisions and conditions of the indenture
    and, if so, specifying all such known defaults. The indenture
    provides that if a default occurs with respect to debt
    securities of any series, the trustee will give the holders of
    the relevant series notice of the default when, as and to the
    extent provided by the Trust&#160;Indenture Act of 1939.
    However,
</DIV>
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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in the case of any default under any covenant with respect to
    the series, no notice of default to holders will be given until
    at least 30&#160;days after the occurrence of the default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An event of default under any of our other outstanding or future
    debt instruments or guarantees shall not constitute an event of
    default under the terms of the indenture and the debt securities
    described in this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Modification
    and Waiver</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are three types of changes we can make to the indenture
    and the debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring Your Approval.</I>&#160;First, there are
    changes that cannot be made to your debt securities without your
    specific approval. These are the following types of changes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the stated maturity of the principal, interest or premium
    on a debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce any amounts due on a debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change any obligation to pay the additional amounts described
    under &#147;&#151;Payment of Additional Amounts&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the amount of principal payable upon acceleration of the
    maturity of a debt security following a default;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the place or currency of payment on a debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impair your right to sue for payment, conversion or exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage of holders of debt securities whose
    consent is needed to modify or amend the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage of holders of debt securities whose
    consent is needed to waive compliance with various provisions of
    the indenture or to waive specified defaults;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify any other aspect of the provisions dealing with
    modification and waiver of the indenture.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring a Majority Vote.</I>&#160;The second type
    of change to the indenture and the debt securities is the kind
    that requires a vote of approval by the holders of debt
    securities that together represent a majority of the outstanding
    aggregate principal amount of the particular series affected.
    Most changes fall into this category, except for clarifying
    changes, amendments, supplements and other changes that would
    not adversely affect holders of the debt securities in any
    material respect. For example, this vote would be required for
    us to obtain a waiver of all or part of any covenants described
    in an applicable prospectus supplement or a waiver of a past
    default. However, we cannot obtain a waiver of a payment default
    or any other aspect of the indenture or the debt securities
    listed in the first category described previously beginning
    above under &#147;Modification and Waiver&#151;Changes Requiring
    Your Approval&#148; unless we obtain your individual consent to
    the waiver.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Not Requiring Approval.</I>&#160;The third type of
    change does not require any vote by holders of debt securities.
    This type is limited to clarifications of ambiguities,
    omissions, defects and inconsistencies, amendments, supplements
    and other changes that would not adversely affect holders of the
    debt securities in any material respect, such as adding
    covenants, additional events of default or successor trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Further Details Concerning Voting.</I>&#160;When taking a
    vote, we will use the following rules to decide how much
    principal amount to attribute to a security:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For original issue discount securities, we will use the
    principal amount that would be due and payable on the voting
    date if the maturity of the debt securities were accelerated to
    that date because of a default.
</TD>
</TR>

</TABLE>
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    <BR>
    50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Debt securities that we, any of our affiliates and any other
    obligor under the debt securities acquire or hold will not be
    counted as outstanding when determining voting rights.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For debt securities whose principal amount is not known (for
    example, because it is based on an index), we will use a special
    rule for that security described in the prospectus supplement
    for that security.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For debt securities denominated in one or more foreign
    currencies, currency units or composite currencies, we will use
    the U.S.&#160;dollar equivalent as of the date on which such
    debt securities were originally issued.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt securities will not be considered outstanding, and
    therefore will not be eligible to vote, if we have deposited or
    set aside in trust for you money for their payment or
    redemption. Debt securities will also not be eligible to vote if
    they have been fully defeased as described under
    &#147;Defeasance and Covenant Defeasance&#151;Defeasance and
    Discharge.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will generally be entitled to set any day as a record date
    for the purpose of determining the holders of outstanding debt
    securities that are entitled to vote or take other action under
    the indenture. In limited circumstances, the trustee will be
    entitled to set a record date for action by holders. If we or
    the trustee set a record date for a vote or other action to be
    taken by holders of a particular series, that vote or action may
    be taken only by persons who are holders of outstanding debt
    securities of that series on the record date and must be taken
    within 180&#160;days following the record date or another period
    that we or, if it sets the record date, the trustee may specify.
    We may shorten or lengthen (but not beyond 180&#160;days) this
    period from time to time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Street
    name and other indirect holders should consult their banks or
    brokers for information on how approval may be granted or denied
    if we seek to change the indenture or the debt securities or
    request a waiver.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Notices</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notices to be given to direct holders of a global debt security
    will be given only to the depositary, in accordance with its
    applicable policies as in effect from time to time. Notices to
    be given to direct holders of debt securities not in global form
    will be sent by mail to the respective addresses of the holders
    as they appear in the trustee&#146;s records, and will be deemed
    given when mailed. Neither the failure to give any notice to a
    particular holder, nor any defect in a notice given to a
    particular holder, will affect the sufficiency of any notice
    given to another holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Regardless of who acts as paying agent, all money that we pay to
    a paying agent that remains unclaimed at the end of two years
    after the amount is due to direct holders will be repaid to us.
    After that two-year period, direct holders may look only to us
    for payment and not to the trustee, any other paying agent or
    anyone else.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Further
    Issues</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may from time to time, without notice to or the consent of
    the holders of debt securities previously offered under this
    prospectus, create and issue additional debt securities having
    the same terms as and ranking equally and ratably with the debt
    securities previously offered under this prospectus in all
    respects (or in all respects except for the payment of interest
    accruing prior to the issue date of such additional debt
    securities or except for the first payment of interest following
    the issue date of such additional debt securities), so that such
    additional debt securities shall be consolidated and form a
    single series with, and shall have the same terms as to status,
    redemption or otherwise as, those debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Consent
    to Service of Process</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture will provide for the appointment of an authorized
    agent for service of process in any legal action or proceeding
    arising out of or relating to the indenture or the debt
    securities offered under the indenture brought in any federal or
    state court in the Borough of Manhattan, City of New York, New
    York,
</DIV>
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    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    United States and will identify such agent for service of
    process. In addition, we will irrevocably submit to the
    non-exclusive jurisdiction of such courts in any such legal
    action or proceeding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regarding
    the Trustee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may appoint a trustee with whom we
    <FONT style="white-space: nowrap">and/or</FONT> some
    of our affiliates maintain banking relations in the ordinary
    course of business. If an event of default occurs, or an event
    occurs that would be an event of default if the requirements for
    giving us default notice or our default having to exist for a
    specified period of time were disregarded, the trustee may be
    considered to have a conflicting interest with respect to the
    debt securities or the indenture for purposes of the
    Trust&#160;Indenture Act of 1939. In that case, the trustee may
    be required to resign as trustee under the applicable indenture
    and we would be required to appoint a successor trustee.
</DIV>
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    <BR>
    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y93088117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section describes the material United States federal income
    tax consequences of acquiring, owning and disposing of common
    units or debt securities that CPLP may offer pursuant to this
    prospectus. The applicable prospectus supplement will discuss
    certain United States federal income tax considerations not
    discussed herein, such as United States federal income tax rules
    that may be applicable to the offering or offerings of
    particular debt securities or particular preferred units. To the
    extent this section consists of statements as to matters of tax
    law, this section is the opinion of Sullivan&#160;&#038;
    Cromwell LLP, United States counsel to CPLP. This section
    applies to you only if you acquire your common units or debt
    securities in an offering or offerings contemplated by this
    prospectus and you hold your common units or debt securities as
    capital assets for tax purposes. This section does not apply to
    you if you are a member of a class of holders subject to special
    rules, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a dealer in securities,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trader in securities that elects to use a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting for securities holdings,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a tax-exempt organization,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a life insurance company,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person liable for alternative minimum tax,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that actually or constructively owns 10% or more of
    common units,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that holds common units or debt securities as part of a
    straddle or a hedging or conversion transaction,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that purchases or sells common units or debt securities
    as part of a wash sale for tax purposes,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;expatriate,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;Holder (as defined below) of common units or debt
    securities whose functional currency for tax purposes is not the
    U.S.&#160;dollar.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section is based on the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;), its legislative history,
    existing and proposed regulations under the Code, and published
    rulings and court decisions, all as currently in effect. These
    laws are subject to change, possibly on a retroactive basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership holds common units or debt securities, the
    United States federal income tax treatment of a partner will
    generally depend on the status of the partner and the tax
    treatment of the partnership. If you are a partner of a
    partnership holding common units or debt securities, you should
    consult your tax advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purposes of this section, you are a
    &#147;U.S.&#160;Holder&#148; if you are a beneficial owner of
    common units or debt securities and you are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an individual citizen or resident of the United States for
    United States federal income tax purposes,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation (or other entity treated as a corporation for
    United States federal income tax purposes) created or organized
    in or under the laws of the United States, any U.S.&#160;state
    or the District of Columbia,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate the income of which is subject to United States
    federal income taxation regardless of its source,&#160;or
</TD>
</TR>

</TABLE>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust which either (i)&#160;is subject to the primary
    supervision of a court within the United States and one or more
    U.S.&#160;persons have the authority to control all substantial
    decisions of the trust or (ii)&#160;has a valid election in
    effect under applicable United States Treasury regulations to be
    treated as a U.S.&#160;person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purposes of this section, a
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder&#148;</FONT>
    is a beneficial owner of common units or debt securities (other
    than a partnership) that is not a U.S.&#160;person for United
    States federal income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase debt securities at a price other than their
    offering price, the amortizable bond premium or market discount
    rules may also apply to you. You should consult your tax advisor
    regarding this possibility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a discussion of certain considerations relating to the
    United States federal income taxation of CPLP, please see
    &#147;Certain Considerations Relating to the United States
    Federal Income Taxation of CPLP.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This discussion does not address tax consequences that may
    vary with, or are contingent on, individual circumstances.
    Moreover, it only addresses United States federal income tax and
    does not address any non-income tax or any foreign, state or
    local tax consequences. You should consult your own tax advisors
    concerning the United States federal income tax consequences of
    the ownership of common units or debt securities in light of
    your particular situation, as well as any consequences arising
    under the laws of any other taxing jurisdiction.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Tax
    Characterization of CPLP</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has elected to be taxed as a corporation for United States
    federal income tax purposes. As such, among other consequences,
    U.S.&#160;Holders of common units will, subject to the
    discussion of certain rules relating to passive foreign
    investment companies (&#147;PFICs&#148;) below (please see
    &#147;Ownership and Disposition of CPLP Common
    Units&#151;Certain PFIC Considerations Applicable to
    U.S.&#160;Holders&#148;), generally not be directly subject to
    United States federal income tax on CPLP&#146;s income, but
    rather will be subject to United States federal income tax on
    distributions received from CPLP and dispositions of common
    units, as described below. Additionally, distributions from CPLP
    to its common unitholders will generally be reported on Internal
    Revenue Service
    <FONT style="white-space: nowrap">Form&#160;1099-DIV.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ownership
    and Disposition of Common Units</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Distributions to U.S. Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the discussion of PFICs below, any distributions made
    by CPLP with respect to common units will generally constitute
    dividends to the extent of CPLP&#146;s current or accumulated
    earnings and profits, as determined under United States federal
    income tax principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions in excess of those earnings and profits will be
    treated first as a nontaxable return of capital to the extent of
    the U.S.&#160;Holder&#146;s tax basis in common units, and
    thereafter as capital gain. Because CPLP is a
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    for United Stated federal income tax purposes, U.S.&#160;Holders
    that are corporations generally will not be entitled to claim a
    dividends-received deduction with respect to any distributions
    they receive from CPLP. Amounts taxable as dividends generally
    will be treated as income from sources outside the United States
    and will, depending on the U.S.&#160;Holder&#146;s
    circumstances, be &#147;passive&#148; or &#147;general&#148;
    income for purposes of computing the foreign tax credit
    allowable to the U.S.&#160;Holder. However, if (i)&#160;CPLP is
    50% or more owned, by vote or value, by U.S.&#160;persons and
    (ii)&#160;at least 10% of CPLP&#146;s earnings and profits are
    attributable to sources within the United States, then for
    foreign tax credit purposes, a portion of the dividends received
    by a U.S.&#160;Holder would be treated as derived from sources
    within the United States. With respect to any dividend paid for
    any taxable year, the United States source ratio of dividends
    for foreign tax credit purposes would be equal to the portion of
    CPLP&#146;s earnings and profits from sources within the United
    States for such taxable year, divided by the total amount of
    CPLP&#146;s earnings and profits for such taxable year.
</DIV>
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    <BR>
    54
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid on CPLP common units to a U.S.&#160;Holder
    who is an individual, trust or estate (a
    &#147;U.S.&#160;Non-Corporate Holder&#148;) will generally be
    treated as &#147;qualified dividend income&#148; that is taxable
    to such U.S.&#160;Non-Corporate Holder at a maximum tax rate of
    15% (for payments made in taxable years beginning before
    January&#160;1, 2013), provided that (i)&#160;the common units
    are readily tradable on an established securities market in the
    United States (such as Nasdaq, on which CPLP&#146;s common units
    are traded); (ii)&#160;CPLP is not a PFIC for the taxable year
    during which the distribution is paid or the immediately
    preceding taxable year (as discussed below, CPLP believes that
    it has not been a PFIC, is not a PFIC, and will not become a
    PFIC); (iii)&#160;the U.S.&#160;Non-Corporate Holder&#146;s
    holding period of the common units includes more than
    60&#160;days in the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the date on which the
    common units becomes ex- distribution; and (iv)&#160;the
    U.S.&#160;Non-Corporate Holder is not under an obligation to
    make related payments with respect to positions in substantially
    similar or related property. Any distributions CPLP pays out of
    its earnings and profits which are not eligible for these
    preferential rates will be taxed as ordinary income to a
    U.S.&#160;Non-Corporate Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Special rules may apply to any &#147;extraordinary
    dividend&#148;&#151;generally, a distribution in an amount which
    is equal to or in excess of 10% of a shareholder&#146;s adjusted
    basis (or fair market value in certain circumstances) in a
    common unit&#151;paid by CPLP. If CPLP pays an
    &#147;extraordinary dividend&#148; on its common units that is
    treated as &#147;qualified dividend income,&#148; then any loss
    derived by a U.S.&#160;Non-Corporate Holder from the sale or
    exchange of such common units will be treated as long-term
    capital loss to the extent of such distribution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Distributions to
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    in respect of common units will not be subject to United States
    federal income tax unless the distributions are
    &#147;effectively connected&#148; with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business within the United States and the
    distributions are attributable to a permanent establishment or
    fixed base maintained by the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    in the United States if that is required by an applicable income
    tax treaty as a condition for subjecting the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    to U.S.&#160;taxation on a net income basis. In such cases, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    generally will be taxed in the same manner as a
    U.S.&#160;Holder. &#147;Effectively connected&#148;
    distributions recognized by a corporate
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    may also, under certain circumstances, be subject to an
    additional &#147;branch profits tax&#148; at a 30% rate, or at a
    lower rate if the corporate
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is eligible for the benefits of an income tax treaty that
    provides for a lower rate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Disposition of Common Units by U.S. Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the discussion of PFICs below, a U.S.&#160;Holder who
    sells or otherwise disposes of its common units will recognize
    capital gain or loss for United States federal income tax
    purposes equal to the difference between the amount that is
    realized and the U.S.&#160;Holder&#146;s tax basis in the common
    units. Capital gain of a U.S.&#160;Non-Corporate Holder that is
    recognized in taxable years beginning before January&#160;1,
    2013 is generally taxed at a maximum rate of 15% where the
    holder has a holding period greater than one year. Capital gain
    of a U.S.&#160;Non-Corporate Holder that is recognized in
    taxable years beginning on or after January&#160;1, 2013 is
    expected to be taxed at preferential rates where the holder has
    a holding period greater than one year. The gain or loss will
    generally be income or loss from sources within the United
    States for foreign tax credit limitation purposes. The ability
    to deduct capital losses is subject to limitations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Disposition of Common Units by
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will not be subject to United States federal income tax on gain
    recognized on the sale or other disposition of your common units
    unless (i)&#160;the gain is &#147;effectively connected&#148;
    with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States, and the
    gain is attributable to a permanent establishment maintained by
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    in the United States if that is required by an applicable income
    tax treaty as a condition for subjecting the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    to U.S.&#160;taxation on a net income basis, or (ii)&#160;the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is an individual and is present in the United States for 183 or
    more days in the taxable year of the sale and certain other
    conditions exist. &#147;Effectively connected&#148; gains
    recognized by a corporate
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    may also, under certain circumstances, be subject to an
    additional
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;branch profits tax&#148; at a 30% rate, or at a lower rate
    if the corporate
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is eligible for the benefits of an income tax treaty that
    provides for a lower rate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Certain
    PFIC Considerations Applicable to U.S. Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP believes that it has not been and is not, for United States
    federal income tax purposes, a PFIC, and CPLP expects to operate
    in such a manner so as not to become a PFIC, but this conclusion
    is a factual determination that is made annually and thus may be
    subject to change. If CPLP is or becomes a PFIC, a
    U.S.&#160;Holder could be subject to additional United States
    federal income taxes on gains recognized with respect to common
    units and on certain distributions, plus an interest charge on
    certain taxes treated as having been deferred under the PFIC
    rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP will be a PFIC with respect to a U.S.&#160;Holder if, for
    any taxable year in which the U.S.&#160;Holder held common
    units, either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    75% or more of its gross income for the taxable year consists of
    &#147;passive income&#148; (generally including dividends,
    interest, gains from the sale or exchange of investment property
    and rents and royalties other than rents and royalties which are
    received from unrelated parties in connection with the active
    conduct of a trade or business, as defined in applicable
    Treasury regulations);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at least 50% of its assets for the taxable year (averaged over
    the year and generally determined based upon value) produce or
    are held for the production of passive income.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of these tests, income derived from the performance
    of services does not constitute passive income. By contrast,
    rental income would generally constitute passive income unless
    CPLP is treated under specific rules as deriving its rental
    income in the active conduct of a trade or business. Based on
    CPLP&#146;s planned operations and future projections, CPLP
    believes that it will not be a PFIC with respect to any taxable
    year. In this regard, CPLP intends to treat its income from the
    spot charter and time charter of vessels as services income,
    rather than rental income. Accordingly, CPLP believes that such
    income does not constitute passive income, and that the assets
    that it owns and operates in connection with the production of
    that income, primarily certain of CPLP&#146;s vessels, do not
    constitute passive assets for purposes of determining whether
    CPLP is a PFIC, at least to the extent that they generate income
    that is not passive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is, however, no direct legal authority under the PFIC
    rules addressing CPLP&#146;s method of operation. Moreover, in a
    case not specifically interpreting the PFIC rules, <I>Tidewater
    Inc. </I>v. <I>United States</I>, 565&#160;F.3d 299
    (5th&#160;Cir. 2009), the Fifth Circuit held that the vessel
    time charters at issue generated predominantly rental income
    rather than services income. However, the court&#146;s ruling
    was contrary to the position of the Internal Revenue Service
    that the time charter income should have been treated as
    services income. Additionally, the Internal Revenue Service
    later affirmed its position in <I>Tidewater</I>, adding further
    that the time charters at issue would be treated as giving rise
    to services income under the PFIC rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No assurance, however, can be given that the Internal Revenue
    Service, or a court of law will accept CPLP&#146;s position, and
    there is a risk that the Internal Revenue Service or a court of
    law could determine that CPLP is or was a PFIC. Moreover,
    because there are uncertainties in the application of the PFIC
    rules, because the PFIC test is an annual test, and because,
    although CPLP intends to manage its business so as to avoid PFIC
    status to the extent consistent with its other business goals,
    there could be changes in the nature and extent of CPLP&#146;s
    operations in future years, there can be no assurance that CPLP
    will not become a PFIC in any taxable year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If CPLP were to be treated as a PFIC for any taxable year (and
    regardless of whether CPLP remains a PFIC for subsequent taxable
    years), each U.S.&#160;Holder who is treated as owning common
    units for purposes of the PFIC rules would be liable to pay
    United States federal income tax at the highest applicable
    income tax rates on ordinary income upon the receipt of excess
    distributions (generally the portion of any distributions
    received by the U.S.&#160;Holder on common units in a taxable
    year in excess of 125&#160;percent of the average annual
    distributions received by the U.S.&#160;Holder in the three
    preceding taxable years or, if shorter, the
    U.S.&#160;Holder&#146;s
</DIV>
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    holding period for the common units) and on any gain from the
    disposition of common units, plus interest on such amounts, as
    if such excess distributions or gain had been recognized ratably
    over the U.S.&#160;Holder&#146;s holding period of the common
    units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The above rules relating to the taxation of excess distributions
    and dispositions will not apply to a U.S.&#160;Holder who has
    made a timely &#147;qualified electing fund&#148;
    (&#147;QEF&#148;) election. Instead, each U.S.&#160;Holder who
    has made a timely QEF election is required for each taxable year
    to include in income a pro rata share of CPLP&#146;s ordinary
    earnings as ordinary income and a pro rata share of CPLP&#146;s
    net capital gain as long-term capital gain, regardless of
    whether CPLP has made any distributions of the earnings or gain.
    The U.S.&#160;Holder&#146;s basis in common units will be
    increased to reflect taxed but undistributed income.
    Distributions of income that had been previously taxed will
    result in a corresponding reduction in the basis of the common
    units and will not be taxed again once distributed. A
    U.S.&#160;Holder making a QEF election would generally recognize
    capital gain or loss on the sale, exchange or other disposition
    of common units. If CPLP determines that it is a PFIC for any
    taxable year, CPLP will provide U.S.&#160;Holders with such
    information as may be required to make a QEF election effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alternatively, if CPLP were to be treated as a PFIC for any
    taxable year and provided that CPLP&#146;s common units are
    treated as &#147;marketable,&#148; which CPLP believes will be
    the case, a U.S.&#160;Holder may make a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election. Under a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election, any excess of the fair market value of the common
    units at the close of any taxable year over the
    U.S.&#160;Holder&#146;s adjusted tax basis in the common units
    is included in the U.S.&#160;Holder&#146;s income as ordinary
    income. These amounts of ordinary income will not be eligible
    for the favorable tax rates applicable to qualified dividend
    income or long-term capital gains. In addition, the excess, if
    any, of the U.S.&#160;Holder&#146;s adjusted tax basis at the
    close of any taxable year over the fair market value of the
    common units is deductible in an amount equal to the lesser of
    the amount of the excess or the amount of the net
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    gains that the U.S.&#160;Holder included in income in prior
    years. A U.S.&#160;Holder&#146;s tax basis in the common units
    would be adjusted to reflect any such income or loss. Gain
    realized on the sale, exchange or other disposition of common
    units would be treated as ordinary income, and any loss realized
    on the sale, exchange or other disposition of common units would
    be treated as ordinary loss to the extent that such loss does
    not exceed the net
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    gains previously included by the U.S.&#160;Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder who holds common units during a period when
    CPLP is a PFIC generally will be subject to the foregoing rules
    for that taxable year and all subsequent taxable years with
    respect to that U.S.&#160;Holder&#146;s holding of common units,
    even if CPLP ceases to be a PFIC, subject to certain exceptions
    for U.S.&#160;Holders who made a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    or QEF election. U.S.&#160;Holders are urged to consult their
    tax advisors regarding the PFIC rules, including as to the
    advisability of choosing to make a QEF or
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders of Debt Securities</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Payments
    of Interest</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder will be taxed on interest on its debt
    securities as ordinary income at the time the U.S.&#160;Holder
    receives the interest or when the interest accrues, depending on
    the U.S.&#160;Holder&#146;s method of accounting for tax
    purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder must include any tax withheld from an
    interest payment as ordinary income even if the U.S.&#160;Holder
    does not in fact receive the withheld portion. A
    U.S.&#160;Holder may be entitled to deduct or credit this tax,
    subject to applicable limits. The rules governing foreign tax
    credits are complex, and U.S.&#160;Holders should consult their
    tax advisors regarding the availability of the foreign tax
    credit in their situation. Interest paid by CPLP on the debt
    securities is income from sources outside the United States
    subject to the rules regarding the foreign tax credit allowable
    to a U.S.&#160;Holder and will, depending on a
    U.S.&#160;Holder&#146;s circumstances, be either
    &#147;passive&#148; or &#147;general&#148; income for purposes
    of computing the foreign tax credit.
</DIV>
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    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Purchase,
    Sale and Retirement of Debt Securities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder&#146;s tax basis in its debt securities
    generally will be the U.S.&#160;Holder&#146;s cost. A
    U.S.&#160;Holder will generally recognize capital gain or loss
    on the sale or retirement of its debt securities equal to the
    difference between the amount the U.S.&#160;Holder realizes on
    the sale or retirement, excluding any amounts attributable to
    accrued but unpaid interest, and the U.S.&#160;Holder&#146;s tax
    basis in its debt securities. Capital gain of a U.S.&#160;Holder
    who is an individual, trust or estate (a
    &#147;U.S.&#160;Non-Corporate Holder&#148;) that is recognized
    in taxable years beginning before January&#160;1, 2013 is
    generally taxed at a maximum rate of 15% where the holder has a
    holding period greater than one year. Capital gain of a
    U.S.&#160;Non-Corporate Holder that is recognized in taxable
    years beginning on or after January&#160;1, 2013 is expected to
    be taxed at preferential rates where the holder has a holding
    period greater than one year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders of Debt Securities</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Payments
    of Interest</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under United States federal income and estate tax law, and
    subject to the discussion of backup withholding below, interest
    on debt securities paid to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is exempt from United States federal income tax, including
    withholding tax, whether or not such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is engaged in a trade or business in the United States, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is an insurance company carrying on a United States insurance
    business to which the interest is attributable, within the
    meaning of the Internal Revenue Code,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    both
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="5%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    has an office or other fixed place of business in the United
    States to which the interest is attributable&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    derives the interest in the active conduct of a banking,
    financing or similar business within the United States.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Purchase,
    Sale and Retirement of debt securities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    of debt securities generally will not be subject to United
    States federal income tax on gain realized on the sale, exchange
    or retirement of debt securities unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is an individual, is present in the United States for 183 or
    more days during the taxable year in which the gain is realized
    and certain other conditions exist.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the United States federal estate tax, the debt
    securities will be treated as situated outside the United States
    and will not be includible in the gross estate of a holder who
    is neither a citizen nor a resident of the United States at the
    time of death.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Medicare
    Tax</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For taxable years beginning after December&#160;31, 2012, a
    U.S.&#160;person that is an individual or estate, or a trust
    that does not fall into a special class of trusts that is exempt
    from such tax, will be subject to a 3.8% tax on the lesser of
    (i)&#160;the U.S.&#160;person&#146;s &#147;net investment
    income&#148; for the relevant taxable year and (ii)&#160;the
    excess of the U.S.&#160;person&#146;s modified adjusted gross
    income for the taxable year over a certain threshold (which in
    the case of individuals will be between $125,000 and $250,000,
    depending on the individual&#146;s circumstances). A
    holder&#146;s net investment income will generally include its
    dividend and interest income and its net gains from the
    disposition of common units and debt securities, unless such
    dividend income, interest income or net gains are derived in the
    ordinary course of the conduct of a trade or business (other
    than a trade or business that
</DIV>
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    <BR>
    58
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    consists of certain passive or trading activities). If you are a
    U.S.&#160;Holder that is an individual, estate or trust, you are
    urged to consult your tax advisors regarding the applicability
    of the Medicare tax to your income and gains in respect of your
    investment in common units or debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    with Respect to Foreign Financial Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under legislation enacted in 2010, individuals that own
    &#147;specified foreign financial assets&#148; with an aggregate
    value in excess of $50,000 are generally required to file an
    information report with respect to such assets with their tax
    returns. &#147;Specified foreign financial assets&#148; include
    any financial accounts maintained by foreign financial
    institutions, as well as any of the following, but only if they
    are not held in accounts maintained by financial institutions:
    (i)&#160;stocks and securities issued by
    <FONT style="white-space: nowrap">non-U.S.&#160;persons,</FONT>
    (ii)&#160;financial instruments and contracts held for
    investment that have
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    or counterparties, and (iii)&#160;interests in foreign entities.
    The Internal Revenue Service has suspended this filing
    requirement for tax returns that are filed before it finalizes
    the return on which to report the relevant information. However,
    once the Internal Revenue Service finalizes the return,
    taxpayers that were not required to report in prior years
    because of the suspension will nevertheless be required to
    report the relevant information for such prior years on such
    return. U.S.&#160;Holders that are individuals are urged to
    consult their tax advisors regarding the application of this
    legislation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a U.S.&#160;Non-Corporate Holder, information
    reporting requirements, on Internal Revenue Service
    Form&#160;1099, generally will apply to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dividend and interest payments or other taxable distributions
    made to you within the United States and payments of principal
    on debt securities made to you within the United States
    (including payments made by wire transfer from outside the
    United States to an account you maintain in the United
    States),&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of proceeds to you from the sale of common units or
    debt securities effected at a U.S.&#160;office of a broker.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, backup withholding may apply to such payments if
    you are a U.S.&#160;Non-Corporate Holder that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fails to provide an accurate taxpayer identification number,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is notified by the Internal Revenue Service that you have failed
    to report all interest and dividends required to be shown on
    your federal income tax returns,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in certain circumstances, fails to comply with applicable
    certification requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,</FONT>
    you are generally exempt from backup withholding and information
    reporting requirements with respect to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dividend payments and payments of principal and interest made to
    you outside the United States by CPLP or another
    <FONT style="white-space: nowrap">non-U.S.&#160;payor,&#160;and</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other dividend payments and the payment of the proceeds from the
    sale of common units as well as other payments of principal and
    interest effected at a U.S.&#160;office of a broker, as long as
    the
</TD>
</TR>
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</TABLE>
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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    income associated with such payments is otherwise exempt from
    United States federal income tax, and:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="5%"></TD>
    <TD width="80%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payor or broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and you have furnished the
    payor or broker:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="72%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or an acceptable substitute form upon which you certify, under
    penalties of perjury, that you are a
    <FONT style="white-space: nowrap">non-U.S.&#160;person,&#160;or</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other documentation upon which it may rely to treat the payments
    as made to a
    <FONT style="white-space: nowrap">non-U.S.&#160;person</FONT>
    in accordance with United States Treasury regulations,&#160;or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="5%"></TD>
    <TD width="80%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you otherwise establish an exemption.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of the proceeds from the sale of common units or debt
    securities effected at a foreign office of a broker generally
    will not be subject to information reporting or backup
    withholding. However, a sale of common units or debt securities
    that is effected at a foreign office of a broker will be subject
    to information reporting and backup withholding if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the proceeds are transferred to an account maintained by you in
    the United States,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of proceeds or the confirmation of the sale is
    mailed to you at a U.S.&#160;address,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sale has some other specified connection with the United
    States as provided in United States Treasury regulations,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and the documentation
    requirements described above are met or you otherwise establish
    an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, a sale of common units or debt securities effected
    at a foreign office of a broker will be subject to information
    reporting if the broker is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;person,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation for United States federal
    income tax purposes,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign person 50% or more of whose gross income is
    effectively connected with the conduct of a U.S.&#160;trade or
    business for a specified three-year period,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign partnership, if at any time during its tax year:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="5%"></TD>
    <TD width="80%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one or more of its partners are &#147;U.S.&#160;persons,&#148;
    as defined in United States Treasury regulations, who in the
    aggregate hold more than 50% of the income or capital interest
    in the partnership,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such foreign partnership is engaged in the conduct of a
    U.S.&#160;trade or business,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;person and the documentation
    requirements described above are met or you otherwise establish
    an exemption. Backup withholding will apply if the sale is
    subject to information reporting and the broker has actual
    knowledge that you are a U.S.&#160;person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You generally may obtain a refund of any amounts withheld under
    the backup withholding rules that exceed your income tax
    liability by filing a refund claim with the Internal Revenue
    Service.
</DIV>
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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    Considerations Relating to the United States Federal Income
    Taxation of CPLP</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Election
    to be Taxed as a Corporation</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP has elected to be taxed as a corporation for United States
    federal income tax purposes. As a corporation for United States
    federal income tax purposes, CPLP may be subject to United
    States federal income tax on its income, as discussed below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Operating Income</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP expects that substantially all of its gross income will be
    attributable to the transportation of crude oil and related oil
    products. For this purpose, gross income attributable to
    transportation (or &#147;Transportation Income&#148;) includes
    income derived from, or in connection with, the use (or hiring
    or leasing for use) of a vessel to transport cargo, or the
    performance of services directly related to the use of any
    vessel to transport cargo, and thus includes spot charter, time
    charter and bareboat charter income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transportation Income that is attributable to transportation
    that begins or ends, but that does not both begin and end, in
    the United States (or &#147;U.S.&#160;Source International
    Transportation Income&#148;) will be considered to be 50%
    derived from sources within the United States. Transportation
    Income attributable to transportation that both begins and ends
    in the United States (or &#147;U.S.&#160;Source Domestic
    Transportation Income&#148;) will be considered to be 100%
    derived from sources within the United States. Transportation
    Income attributable to transportation exclusively between
    <FONT style="white-space: nowrap">non-U.S.&#160;destinations</FONT>
    will be considered to be 100% derived from sources outside the
    United States. Transportation Income derived from sources
    outside the United States generally will not be subject to
    United States federal income tax.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on current operations and also due to prohibitions under
    U.S.&#160;law, CPLP does not expect to have U.S.&#160;Source
    Domestic Transportation Income. However, certain of CPLP&#146;s
    activities give rise to U.S.&#160;Source International
    Transportation Income, and future expansion of its operations
    could result in an increase in the amount of U.S.&#160;Source
    International Transportation Income, as well as give rise to
    U.S.&#160;Source Domestic Transportation Income, all of which
    could be subject to U.S.&#160;federal income taxation unless
    exempt from U.S.&#160;taxation under Section&#160;883 of the
    Code (or the &#147;Section&#160;883 Exemption&#148;), as
    discussed below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Section&#160;883 Exemption and the Taxation of Operating
    Income</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, the Section&#160;883 Exemption provides that if a
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    satisfies the requirements of Section&#160;883 of the Code and
    the Treasury Regulations thereunder (the &#147;Section&#160;883
    Regulations&#148;), it will not be subject to the net basis and
    branch profits taxes or the 4% gross basis tax described below
    on its U.S.&#160;Source International Transportation Income. The
    Section&#160;883 Exemption only applies to U.S.&#160;Source
    International Transportation Income. As discussed below, CPLP
    believes that under its current ownership structure, the
    Section&#160;883 Exemption will apply and that, accordingly, it
    will not be taxed on its U.S.&#160;Source International
    Transportation Income. The Section&#160;883 Exemption does not
    apply to U.S.&#160;Source Domestic Transportation Income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP will qualify for the Section&#160;883 Exemption if, among
    other matters, the following three requirements are met:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="5%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    CPLP is organized in a jurisdiction outside the United States
    that grants an equivalent exemption from tax to corporations
    organized in the United States (an &#147;Equivalent
    Exemption&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    CPLP satisfies the &#147;Publicly Traded Test&#148; (as
    described below);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    CPLP meets certain substantiation, reporting and other
    requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Publicly Traded Test requires that one or more classes of
    equity representing more than 50% of the voting power and value
    in a
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    be &#147;primarily and regularly traded&#148; on an established
    securities market either in the United States or in a
    jurisdiction outside the United States that grants an
</DIV>
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    <BR>
    61
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Equivalent Exemption. The Section&#160;883 Regulations provide,
    in pertinent part, that equity interests in a
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    will be considered to be &#147;primarily traded&#148; on an
    established securities market in a given country if the number
    of units of each class of equity that are traded during any
    taxable year on all established securities markets in that
    country exceeds the number of units in each such class that are
    traded during that year on established securities markets in any
    other single country. Equity of a
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    will be considered to be &#147;regularly traded&#148; on an
    established securities market under the Section&#160;883
    Regulations if one or more classes of equity of the corporation
    that, in the aggregate, represent more than 50% of the combined
    vote and value of the
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    are listed on such market and certain trading volume
    requirements are met or deemed met as described below. For this
    purpose, if one or more &#147;5% Unitholders&#148; (i.e., a
    holder of common units holding, actually or constructively, at
    least 5% of the vote and value of a class of equity) own in the
    aggregate 50% or more of the vote and value of a class of equity
    (the &#147;Closely Held Block&#148;), such class of equity will
    not be treated as primarily and regularly traded on an
    established securities market (the &#147;Closely Held Block
    Exception&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP is organized under the laws of the Republic of the Marshall
    Islands. The U.S.&#160;Treasury Department has recognized the
    Republic of the Marshall Islands as a jurisdiction that grants
    an Equivalent Exemption. Consequently, CPLP&#146;s
    U.S.&#160;Source International Transportation Income (including,
    for this purpose, (i)&#160;any such income earned by
    subsidiaries that have properly elected to be treated as
    partnerships or disregarded as entities separate from CPLP for
    United States federal income tax purposes and (ii)&#160;any such
    income earned by subsidiaries that are corporations for United
    States federal income tax purposes, are organized in a
    jurisdiction that grants an Equivalent Exemption and whose
    outstanding stock is owned 50% or more by value by CPLP) will be
    exempt from United States federal income taxation provided CPLP
    meets the Publicly Traded Test. CPLP&#146;s common units are
    listed exclusively on the Nasdaq Global Market, and based on
    past trading patterns, CPLP believes that its common units have
    been and are &#147;primarily traded&#148; on established
    securities markets within the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP believes that it meets the trading volume requirements of
    the Section&#160;883 Exemption. The pertinent regulations
    provide that trading volume requirements will be deemed to be
    met with respect to a class of equity traded on an established
    securities market in the United States where the subject equity
    is regularly quoted by dealers who regularly and actively make
    offers, purchases and sales of such units to unrelated persons
    in the ordinary course of business, and CPLP believes that such
    conditions will exist for the CPLP common units. Additionally,
    the pertinent regulations also provide that a class of equity
    will be considered to be &#147;regularly traded&#148; on an
    established securities market if (i)&#160;such class of stock is
    listed on such market, (ii)&#160;such class of stock is traded
    on such market, other than in minimal quantities, on at least
    60&#160;days during the taxable year or one sixth of the days in
    a short taxable year, and (iii)&#160;the aggregate number of
    shares of such class of stock traded on such market during the
    taxable year is at least 10% of the average number of shares of
    such class of stock outstanding during such year, or as
    appropriately adjusted in the case of a short taxable year. CPLP
    believes that trading of the common units has satisfied these
    conditions in the past, and expects that such conditions will
    continue to be satisfied. Finally, CPLP believes that its common
    units represent more than 50% of its voting power and value and
    accordingly believes that the common units should be considered
    to be &#147;regularly traded&#148; on an established securities
    market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These conclusions, however, are based upon legal authorities
    that do not expressly contemplate an organizational structure
    such as CPLP&#146;s. In particular, although CPLP has elected to
    be treated as a corporation for United States federal income tax
    purposes, for corporate law purposes, CPLP is organized as a
    limited partnership under Marshall Islands law and CPLP&#146;s
    general partner is responsible for managing CPLP&#146;s business
    and affairs and has been granted certain veto rights over
    decisions of the CPLP Board. Accordingly, it is possible that
    the Internal Revenue Service could assert that the common units
    do not meet the &#147;regularly traded&#148; test.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP expects that the common units will not lose eligibility for
    the Section&#160;883 Exemption as a result of the Closely Held
    Block Exception, because the CPLP partnership agreement provides
    that the voting rights of any 5% Unitholders (other than
    CPLP&#146;s general partner and its affiliates, their
    transferees and persons who acquired such common units with the
    approval of the CPLP board of directors) are limited to a 4.9%
    voting
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    interest in CPLP regardless of how many units are held by that
    5% Unitholder. (The voting rights of any such Unitholders in
    excess of 4.9% will be redistributed pro rata among the other
    common unitholders holding less than 4.9% of the voting power of
    all classes of units entitled to vote). If Capital Maritime and
    CPLP&#146;s general partner own 50% or more of the common units,
    they will provide the necessary documents to establish an
    exception to the application of the Closely Held Block
    Exception. This exception is available when shareholders
    residing in a jurisdiction granting an Equivalent Exemption and
    meeting certain other requirements own sufficient shares in the
    Closely Held Block to preclude shareholders who have not met
    such requirements from owning 50% or more of the outstanding
    class of equity relied upon to satisfy the Publicly Traded Test.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Thus, although the matter is not free from doubt, CPLP believes
    that it will satisfy the Publicly Traded Test. Should any of the
    facts described above cease to be correct, CPLP&#146;s ability
    to satisfy the Publicly Traded Test will be compromised.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Operating Income in the Absence of the Section&#160;883
    Exemption</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Section&#160;883 Exemption does not apply, CPLP would be
    subject to a 4% tax on 50% of its gross U.S.&#160;Source
    International Transportation Income, without benefit of
    deductions, unless such income is treated as effectively
    connected with the conduct of a trade or business in the United
    States (&#147;Effectively Connected Income&#148;), as described
    below. CPLP does not currently anticipate that a significant
    portion of its shipping income will be U.S.&#160;Source
    International Transportation Income, though there can be no
    assurance in this regard.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP&#146;s U.S.&#160;Source International Transportation Income
    would be treated as Effectively Connected Income if
    (i)&#160;CPLP has a fixed place of business in the United States
    and (ii)&#160;substantially all of its U.S.&#160;Source
    International Transportation Income is attributable to regularly
    scheduled transportation or, in the case of bareboat charter
    income, is attributable to a fixed place of business in the
    United States. Based on current operations, CPLP believes that
    none of its potential U.S.&#160;Source International
    Transportation Income is attributable to regularly scheduled
    transportation or is received pursuant to bareboat charters
    attributable to a fixed place of business in the United States.
    As a result, CPLP does not anticipate that any of its
    U.S.&#160;Source International Transportation Income will be
    treated as Effectively Connected Income. However, there is no
    assurance that CPLP will not earn income pursuant to regularly
    scheduled transportation or bareboat charters attributable to a
    fixed place of business in the United States in the future,
    which would result in such income being treated as Effectively
    Connected Income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any income that CPLP earns that is treated as Effectively
    Connected Income would be subject to United States federal
    corporate income tax (the highest statutory rate is currently
    35%). In addition, a 30% branch profits tax imposed under
    Section&#160;884 of the Code also could apply to such income,
    and a branch interest tax could be imposed on certain interest
    paid or deemed paid by CPLP.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Gain on the Sale of a Vessel</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Provided CPLP qualifies for the Section&#160;883 Exemption, gain
    from the sale of a vessel likewise should be exempt from tax
    under Section&#160;883. If, however, CPLP does not qualify for
    the Section&#160;883 Exemption, then such gain could be treated
    as effectively connected income (determined under rules
    different from those discussed above) and subject to the net
    income and branch profits tax regime described above.
</DIV>
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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y93088118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">NON-UNITED</FONT>
    STATES TAX CONSEQUENCES</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Marshall
    Islands Tax Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is based upon the opinion of Watson,
    Farley&#160;&#038; Williams (New York) LLP, our counsel as to
    matters of the laws of the Republic of The Marshall Islands, and
    is applicable to persons who do not reside in, maintain offices
    in or engage in business in the Republic of the Marshall Islands.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because we and our subsidiaries do not, and we do not expect
    that we and our subsidiaries will, conduct business or
    operations in the Marshall Islands, and because all
    documentation related to this offering will be executed outside
    of the Marshall Islands, under current Marshall Islands law you
    will not be subject to Marshall Islands taxation or withholding
    on distributions, including upon a return of capital, we make to
    you as a unitholder. In addition, you will not be subject to
    Marshall Islands stamp, capital gains or other taxes on the
    purchase, ownership or disposition of our units, and you will
    not be required by the Marshall Islands to file a tax return
    relating to the units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is the responsibility of each unitholder to investigate the
    legal and tax consequences, under the laws of pertinent
    jurisdictions, including the Marshall Islands, of his investment
    in us. Accordingly, each prospective unitholder is urged to
    consult his tax counsel or other advisor with regard to those
    matters. Further, it is the responsibility of each unitholder to
    file all state, local and
    <FONT style="white-space: nowrap">non-U.S.,</FONT> as
    well as U.S.&#160;federal tax returns, that may be required of
    him.
</DIV>
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    <BR>
    64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell the securities described in this prospectus and any
    accompanying prospectus supplement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    through underwriters or dealers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    directly to purchasers;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    through a combination of any such methods of sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If underwriters are used to sell securities, we will enter into
    an underwriting agreement or similar agreement with them at the
    time of the sale to them. In that connection, underwriters may
    receive compensation from us in the form of underwriting
    discounts or commissions and may also receive commissions from
    purchasers of the securities for whom they may act as agent. Any
    such underwriter, dealer or agent may be deemed to be an
    underwriter within the meaning of the U.S.&#160;Securities Act
    of 1933.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement relating to the securities
    will set forth, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the offering terms, including the name or names of any
    underwriters, dealers or agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the purchase price of the securities and the proceeds to us from
    such sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any underwriting discounts, concessions, commissions and other
    items constituting compensation to underwriters, dealers or
    agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any initial public offering price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any discounts or concessions allowed or reallowed or paid by
    underwriters or dealers to other dealers;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If underwriters or dealers are used in the sale, the securities
    will be acquired by the underwriters or dealers for their own
    account and may be resold from time to time in one or more
    transactions in accordance with the rules of the Nasdaq Global
    Market:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    at a fixed price or prices that may be changed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    at prices related to such prevailing market prices;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The securities may be offered to the public either through
    underwriting syndicates represented by one or more managing
    underwriters or directly by one or more of such firms. Unless
    otherwise set forth in an applicable prospectus supplement, the
    obligations of underwriters or dealers to purchase the
    securities will be subject to certain conditions precedent and
    the underwriters or dealers will be obligated to purchase all
    the securities if any are purchased. Any public offering price
    and any discounts or concessions allowed or reallowed or paid by
    underwriters or dealers to other dealers may be changed from
    time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities may be sold directly by us or through agents
    designated by us from time to time. Any agent involved in the
    offer or sale of the securities in respect of which this
    prospectus and a prospectus supplement is delivered will be
    named, and any commissions payable by us to such agent, will be
    set forth in the prospectus supplement. Unless otherwise
    indicated in the prospectus supplement, any such agent will be
    acting on a best efforts basis for the period of its appointment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If so indicated in the prospectus supplement, we will authorize
    underwriters, dealers or agents to solicit offers from certain
    specified institutions to purchase securities from us at the
    public offering price set forth in the prospectus supplement
    pursuant to delayed delivery contracts providing for payment and
    delivery on a
</DIV>
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    <BR>
    65
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    specified date in the future. Such contracts will be subject to
    any conditions set forth in the prospectus supplement and the
    prospectus supplement will set forth the commissions payable for
    solicitation of such contracts. The underwriters and other
    persons soliciting such contracts will have no responsibility
    for the validity or performance of any such contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters, dealers and agents may be entitled under
    agreements entered into with us to be indemnified by us against
    certain civil liabilities, including liabilities under the
    U.S.&#160;Securities Act of 1933, or to contribution by us to
    payments which they may be required to make. The terms and
    conditions of such indemnification will be described in an
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters, dealers and agents may be customers of, engage in
    transactions with, or perform services for us or our affiliates
    in the ordinary course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any underwriters to whom securities are sold by us for public
    offering and sale may make a market in such securities, but such
    underwriters will not be obligated to do so and may discontinue
    any market making at any time without notice. No assurance can
    be given as to the liquidity of the trading market for any
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain persons participating in any offering of securities may
    engage in transactions that stabilize, maintain or otherwise
    affect the price of the securities offered. In connection with
    any such offering, the underwriters or agents, as the case may
    be, may purchase and sell securities in the open market. These
    transactions may include over-allotment and stabilizing
    transactions and purchases to cover syndicate short positions
    created in connection with the offering. Stabilizing
    transactions consist of certain bids or purchases for the
    purpose of preventing or retarding a decline in the market price
    of the securities and syndicate short positions involve the sale
    by the underwriters or agents, as the case may be, of a greater
    number of securities than they are required to purchase from us
    in the offering. The underwriters may also impose a penalty bid,
    whereby selling concessions allowed to syndicate members or
    other broker-dealers for the securities sold for their account
    may be reclaimed by the syndicate if such securities are
    repurchased by the syndicate in stabilizing or covering
    transactions. These activities may stabilize, maintain or
    otherwise affect the market price of the securities, which may
    be higher than the price that might otherwise prevail in the
    open market, and if commenced, may be discontinued at any time.
    These transactions may be effected on the Nasdaq Global Market,
    in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market or otherwise. These activities will be described in more
    detail in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A prospectus and accompanying prospectus supplement in
    electronic form may be made available on the web sites
    maintained by the underwriters. The underwriters may agree to
    allocate a number of securities for sale to their online
    brokerage account holders. Such allocations of securities for
    internet distributions will be made on the same basis as other
    allocations. In addition, securities may be sold by the
    underwriters to securities dealers who resell securities to
    online brokerage account holders.
</DIV>
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    <BR>
    66
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SERVICE
    OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are organized under the laws of the Marshall Islands as a
    limited partnership. Our general partner is organized under the
    laws of the Marshall Islands as a limited liability company. The
    Marshall Islands has a less developed body of securities laws as
    compared to the United States and provides protections for
    investors to a significantly lesser extent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Most of our directors and the directors and officers of our
    general partner and those of our subsidiaries are residents of
    countries other than the United States. Substantially all of our
    and our subsidiaries&#146; assets and a substantial portion of
    the assets of our directors and the directors and officers of
    our general partner are located outside the United States. As a
    result, it may be difficult or impossible for United States
    investors to effect service of process within the United States
    upon us, our directors, our general partner, our subsidiaries or
    the directors and officers of our general partner or to realize
    against us or them judgments obtained in United States courts,
    including judgments predicated upon the civil liability
    provisions of the securities laws of the United States or any
    state in the United States. However, we have expressly submitted
    to the jurisdiction of the U.S.&#160;federal and New York state
    courts sitting in The City of New York for the purpose of any
    suit, action or proceeding arising under the securities laws of
    the United States or any state in the United States, and we have
    appointed CT Corporation System, 111 Eighth Avenue,
    13th&#160;Floor, New York, NY 10011, to accept service of
    process on our behalf in any such action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Watson, Farley&#160;&#038; Williams (New York) LLP, our counsel
    as to Marshall Islands law, has advised us that there is
    uncertainty as to whether the courts of the Marshall Islands
    would (1)&#160;recognize or enforce against us, our general
    partner&#146;s officers judgments of courts of the United States
    based on civil liability provisions of applicable
    U.S.&#160;federal and state securities laws; or (2)&#160;impose
    liabilities against us, our directors, our general partner or
    our general partner&#146;s officers in original actions brought
    in the Marshall Islands, based on these laws.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='Y93088121'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the common units and certain other legal matters
    with respect to the laws of the Republic of the Marshall Islands
    will be passed upon for us by our counsel as to Marshall Islands
    law, Watson, Farley&#160;&#038; Williams (New York) LLP. Certain
    other legal matters will be passed upon for us by
    Sullivan&#160;&#038; Cromwell LLP, New York, New York.
    Sullivan&#160;&#038; Cromwell LLP may rely on the opinion of
    Watson, Farley&#160;&#038; Williams (New York) LLP for all
    matters of Marshall Islands law.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<A name='Y93088122'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements of CPLP, incorporated in
    this prospectus by reference from CPLP&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2010, and the effectiveness
    of CPLP&#146;s internal control over financial reporting, have
    been audited by Deloitte. Hadjipavlou, Sofianos&#160;&#038;
    Cambanis S.A., an independent registered public accounting firm,
    as stated in their reports, which are incorporated herein by
    reference (which reports (1)&#160;express an unqualified opinion
    on the consolidated financial statements and include explanatory
    paragraphs relating to: (i)&#160;the preparation of the portion
    of the financial statements attributable to the Ross
    Shipmanagement Co., Baymont Enterprises Incorporated, Forbes
    Maritime Co., Mango Finance Co., Navarro International S.A.,
    Epicurus Shipping Company, and Adrian Shipholding Inc., prior to
    the vessels&#146; acquisition by CPLP, from the separate records
    maintained by Capital Maritime, and (ii)&#160;the retroactive
    adjustments to previously issued financial statements resulting
    from transactions between entities under common control, and
    (2)&#160;express an unqualified opinion on the effectiveness of
    CPLP&#146;s internal control over financial reporting). Such
    consolidated financial statements have been so incorporated in
    reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements of Crude, incorporated in
    this prospectus by reference from Crude&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2010, have been audited by
    Deloitte. Hadjipavlou, Sofianos &#038; Cambanis&#160;S.A., an
    independent registered public accounting firm, as stated in
    their report, which is incorporated herein by reference. Such
    consolidated financial statements have been so incorporated in
    reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>
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    <BR>
    67
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y93088123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the main costs and expenses,
    other than the underwriting discounts and commissions, in
    connection with this offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    U.S. Securities and Exchange Commission registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $49,747.44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Financial Industry Regulatory Authority filing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Nasdaq Global Market listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Printing and engraving costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Transfer agent fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *&#160;&#160;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$49,747.44</B>
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    *&#160;Amounts to be provided in a prospectus supplement or
    furnished in a Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    subsequently incorporated by reference into this prospectus.
</DIV>
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    <BR>
    68
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 13%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Through and
    including&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the 25th&#160;day after the date of this prospectus), all
    dealers effecting transactions in our units, whether or not
    participating in this offering, may be required to deliver a
    prospectus. This is in addition to the dealers&#146; obligation
    to deliver a prospectus when acting as underwriters and with
    respect to their unsold allotments or subscriptions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>$500,000,000</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y93088y9308800.gif" alt="(CAPITAL PRODUCT LOGO)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt">Capital Product Partners
    L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 30pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Common Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 30pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>October&#160;&#160;&#160;, 2011</B>
</DIV>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN THE PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 19%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Item&#160;8.
    Indemnification of Directors and Officers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP is a Marshall Islands limited partnership. Under the
    Marshall Islands Limited Partnership Act (&#147;MILPA&#148;), a
    partnership agreement may set forth that the partnership shall
    indemnify and hold harmless any partner or other person from and
    against any and all claims and demands whatsoever.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Partnership Agreement provides that to the fullest extent
    permitted by law, but subject to the limitations expressly
    provided in the Partnership Agreement, the general partner,
    CPLP&#146;s board or directors and any other person the CPLP
    board of directors decides, shall be indemnified and held
    harmless by CPLP from and against any and all losses, claims,
    damages, liabilities, joint or several, expenses (including
    legal fees and expenses), judgments, fines, penalties, interest,
    settlements or other amounts arising from any and all claims,
    demands, actions, suits or proceedings, whether civil, criminal,
    administrative or investigative, in which such person may be
    involved, or is threatened to be involved, as a party or
    otherwise, provided, however, that such person shall not be
    indemnified and held harmless if there has been a final and
    non-appealable judgment entered by a court of competent
    jurisdiction determining that, in respect of the matter for
    which the person is seeking indemnification, the person acted in
    bad faith or engaged in fraud or willful misconduct or, in the
    case of a criminal matter, acted with knowledge that his or her
    conduct was unlawful; and, provided further, that
    indemnification shall be available to the general partner or its
    affiliates only for obligations incurred on behalf of CPLP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Partnership Agreement, each CPLP director is
    reimbursed for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in connection with attending meetings of the CPLP board
    of directors or committees and is fully indemnified by CPLP for
    actions associated with being a director to the fullest extent
    permitted under Marshall Islands law, provided that
    indemnification is not available where there has been a final,
    non-appealable judgment entered by a court of competent
    jurisdiction that the director acted in bad faith or engaged in
    fraud or willful misconduct.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CPLP currently maintains directors&#146; and officers&#146;
    insurance for its directors and officers as well as officers and
    directors of certain subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers or persons controlling the registrant pursuant to the
    foregoing provisions, the registrant has been informed that in
    the opinion of the Securities and Exchange Commission such
    indemnification is against public policy as expressed in the Act
    and is therefore unenforceable.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

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</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<DIV align="left" style="margin-left: 19%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Item&#160;9.
    Exhibits</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="8%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Description</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Purchase Agreement*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment, dated as of September&#160;30, 2011, to the Second
    Amended and Restated Agreement of Limited Partnership of Capital
    Product Partners L.P., dated as of February&#160;22,
    2010&#160;(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amended and Restated Omnibus Agreement, by and among
    Capital Maritime&#160;&#038; Trading Corp., Capital GP L.L.C.,
    Capital Product Operating L.L.C. and Capital Product Partners
    L.P., dated as of September&#160;30, 2011(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.4
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Security (included in Exhibit&#160;4.2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Watson, Farley&#160;&#038; Williams (New York) LLP as
    to the legality of the securities being registered
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    8.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sullivan&#160;&#038; Cromwell LLP relating to tax
    matters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    8.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Watson, Farley&#160;&#038; Williams (New York) LLP
    relating to tax matters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    21.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    List of Subsidiaries of Capital Product Partners L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte. Hadjipavlou, Sofianos&#160;&#038; Cambanis
    S.A.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte. Hadjipavlou, Sofianos&#160;&#038; Cambanis
    S.A.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Watson, Farley&#160;&#038; Williams (New York) LLP
    (contained in Exhibit&#160;5.1 and 8.2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.4
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Sullivan&#160;&#038; Cromwell LLP (contained in
    Exhibit&#160;8.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    25.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility respecting the Indenture**
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed as an exhibit to a prospectus supplement to this
    registration statement.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed in accordance with Section&#160;310(a) of the
    Trust&#160;Indenture Act of 1939, as amended.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously furnished on September&#160;30, 2011, as an exhibit
    to the registrant&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K.</FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 19%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Item&#160;10.
    Undertakings.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a.&#160;To include any prospectus required by
    section&#160;10(a)(3) of the Securities Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b.&#160;To reflect in the prospectus any facts or events arising
    after the effective date of the registration statement (or the
    most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    c.&#160;To include any material information with respect to the
    plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Provided, however</I>, that paragraphs&#160;1(a), 1(b) and
    1(c) of this section do not apply if the information required to
    be included in a post-effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by the registrant pursuant to section&#160;13 or 15(d) of the
    Securities Exchange Act
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of 1934 that are incorporated by reference in the registration
    statement, or is contained in a form of prospectus filed
    pursuant to Rule&#160;424(b) that is part of the registration
    statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;That, for the purpose of determining any liability under
    the Securities Act, each such post-effective amendment shall be
    deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide
    offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;To file a post-effective amendment to the registration
    statement to include any financial statements required by
    Item&#160;8.A. of
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    at the start of any delayed offering or throughout a continuous
    offering. Financial statements and information otherwise
    required by Section&#160;10(a)(3) of the Securities Act need not
    be furnished, provided that the registrant includes in the
    prospectus, by means of a post-effective amendment, financial
    statements required pursuant to this paragraph&#160;4 and other
    information necessary to ensure that all other information in
    the prospectus is at least as current as the date of those
    financial statements. Notwithstanding the foregoing, with
    respect to registration statements on
    <FONT style="white-space: nowrap">Form&#160;F-3,</FONT>
    a post-effective amendment need not be filed to include
    financial statements and information required by
    Section&#160;10(a)(3) of the Securities Act or
    &#167;&#160;210.3-19 of this chapter if such financial
    statements and information are contained in periodic reports
    filed with or furnished to the Commission by the registrant
    pursuant to Section&#160;13 or Section&#160;15(d) of the
    Securities Exchange Act of 1934 that are incorporated by
    reference in the
    <FONT style="white-space: nowrap">Form&#160;F-3.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;That, for the purpose of determining liability under the
    Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a.&#160;Each prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b.&#160;Each prospectus required to be filed pursuant to
    Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule&#160;430B relating to an offering
    made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for
    the purpose of providing the information required by
    Section&#160;10(a) of the Securities Act shall be deemed to be
    part of and included in the registration statement as of the
    earlier of the date such form of prospectus is first used after
    effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act to any purchaser in the
    initial distribution of the securities, the undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a.&#160;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b.&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    c.&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    d.&#160;Any other communication that is an offer in the offering
    made by the undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned registrant hereby undertakes that, for purposes
    of determining any liability under the Securities Act, each
    filing of the registrant&#146;s annual report pursuant to
    section&#160;13(a) or section&#160;15(d) of the Securities
    Exchange Act that is incorporated by reference in the
    registration statement shall be deemed to be a new registration
    statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be
    the initial bona fide offering thereof.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 13%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, the
    registrant certifies that it has reasonable grounds to believe
    that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    and has duly caused this registration statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of Piraeus, Country of Greece on the
    24<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of October, 2011.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 42%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CAPITAL PRODUCT PARTNERS L.P.,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="42%"></TD>
    <TD width="9%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">Capital GP L.L.C.,
    its general partner</DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 51%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Ioannis
    E. Lazaridis</FONT></DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 51%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 51%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;Ioannis E. Lazaridis
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="51%"></TD>
    <TD width="8%"></TD>
    <TD width="41%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Executive Officer and Chief Financial <BR>
    Officer of Capital GP L.L.C.
</TD>
</TR>

</TABLE>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 13%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below appoints Ioannis E.
    Lazaridis as his true and lawful attorney-in-fact and agent,
    with full power of substitution and resubstitution, for him and
    in his name, place and stead, in any and all capacities, to sign
    any and all amendments (including post-effective amendments) to
    this registration statement and any registration statement
    (including any amendments thereto) for this offering that is to
    be effective upon filing pursuant to Rule&#160;462(b) under the
    Securities Act of 1933, as amended and to file the same with all
    exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission, granting
    unto said attorney-in-fact and agent full power and authority to
    do and perform each and every act and thing requisite and
    necessary to be done, as fully to all intents and purposes as he
    or she might or would do in person, hereby ratifying and
    confirming all that said attorney-in-fact and agent or his or
    her substitute, may lawfully do or cause to be done by virtue
    hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 13%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this registration statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Signature</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Title</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Date</FONT></B>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">IOANNIS
    E. LAZARIDIS</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Ioannis
    E. Lazaridis
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Executive Officer and Chief Financial Officer (Principal
    Executive, Financial and Accounting Officer) of Capital GP
    L.L.C. and Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">EVANGELOS
    M. MARINAKIS</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Evangelos
    M. Marinakis
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and Chairman of the Board
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">KEITH
    FORMAN</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Keith
    Forman
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">NIKOLAOS
    SYNTYCHAKIS</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Nikolaos
    Syntychakis
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">ROBERT
    CURT</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Robert
    Curt
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">ABEL
    RASTERHOFF</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Abel
    Rasterhoff
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">DIMITRIS
    CHRISTACOPOULOS</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Dimitris
    Christacopoulos
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">EVANGELOS
    G. BAIRACTARIS</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Evangelos
    G. Bairactaris
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    October&#160;24, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93088tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURE
    OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 13%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the Securities Act of 1933, as amended, the
    undersigned, a duly authorized representative of Capital Product
    Partners L.P. in the United States, has signed the Registration
    Statement in the City of Newark, State of Delaware on the
    24<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of October, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PUGLISI&#160;&#038; ASSOCIATES
</DIV>

<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="10%"></TD>
    <TD width="41%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;</DIV>DONALD
    J. PUGLISI
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 59%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Donald
    J. Puglisi
    </FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="59%"></TD>
    <TD width="8%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    <I>Managing Director</I>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>y93088exv4w3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 11pt; margin-top: 12pt">Exhibit&nbsp;4.3
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 200pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top:66pt">CAPITAL PRODUCT PARTNERS L.P.
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 23pt">TO
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 28pt"><B>&#091;</B><B><I>TRUSTEE</I></B><B>&#093;</B>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 23pt"><U>As Trustee</U>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 33pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 25pt">Indenture
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 26pt"><I>Dated as of &#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95; 20&#95;&#95;&#95;</I>
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 26pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 61pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><B>Certain Sections of this Indenture relating to Sections&nbsp;310 through 318, inclusive, of the Trust<BR>
Indenture Act of 1939:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trust Indenture</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;<B>Act Section</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Indenture Section</B></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 310(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">609</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">609</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">608</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">610</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 311(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">613</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">613</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 312(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">701</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">702</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">702</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 313(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">703</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 314(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">704</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1004</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 315(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">602</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">514</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 316(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(A)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">502</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">512</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(B)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">513</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">508</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">104</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 317(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">503</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">504</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1003</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 318(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">107</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="FONT-variant: SMALL-CAPS">Page</FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PARTIES <BR>
RECITALS OF THE COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1<BR>
1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE ONE
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt">DEFINITIONS AND OTHER PROVISIONS<BR>
OF GENERAL APPLICATION
</DIV>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;101.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Definitions</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">i</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Act&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Additional Amounts&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Affiliate&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Authenticating Agent&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Board of Directors&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Board Resolution&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Business Day&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Commission&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Company&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Company Request&#148; or &#147;Company Order&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Corporate Trust Office&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;corporation&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Covenant Defeasance&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Defaulted Interest&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Defeasance&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Depositary&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Event of Default&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Exchange Act&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Expiration Date&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Global Security&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Holder&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Indenture&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;interest&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Interest Payment Date&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Investment Company Act&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Maturity&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Notice of Default&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Officers&#146; Certificate&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Opinion of Counsel&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Original Issue Discount Security&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Outstanding&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Paying Agent&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Person&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Place of Payment&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Predecessor Security&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Redemption Date&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Redemption Price&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Regular Record Date&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Securities&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Securities Act&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Security Register&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Senior Debt&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Special Record Date&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Stated Maturity&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">v</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Subsidiary&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Taxes&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Taxing Authority&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Trust Indenture Act&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Trustee&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;U.S. Government Obligation&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Vice President&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;102.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Compliance Certificates and Opinions</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;103.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Form of Documents Delivered to Trustee</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;104.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Acts of Holders; Record Dates</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">vii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;105.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Notices, Etc., to Trustee and Company</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;106.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Notice to Holders; Waiver</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;107.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conflict with Trust Indenture Act</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;108.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Effect of Headings and Table of Contents</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;109.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Successors and Assigns</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;110.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Separability Clause</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;111.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Benefits of Indenture</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;112.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Governing Law</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;113.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Legal Holidays</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">x</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;114.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Consent to Service; Jurisdiction</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xi</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE TWO<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">SECURITY FORMS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;201.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Forms Generally</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;202.
Section&nbsp;203.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Form of Face of Security.<br>
Form of Reverse of Security</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xii<BR>
xiv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;204.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Form of Legend for Global Securities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xvii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;205.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Form of Trustee&#146;s Certificate of Authentication</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xvii</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE THREE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">THE SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;301.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Amount Unlimited; Issuable in Series</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xviii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;302.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Denominations</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;303.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Execution, Authentication, Delivery and Dating</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;304.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Temporary Securities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;305.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Registration, Registration of Transfer and Exchange</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxiii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;306.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Mutilated, Destroyed, Lost and Stolen Securities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxiv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;307.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Payment of Interest; Interest Rights Preserved</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;308.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Persons Deemed Owners</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;309.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Cancellation</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;310.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Computation of Interest</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;311.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Payment of Additional Amounts</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;312.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Additional Issuances</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;313.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>CUSIP Numbers</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxix</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE FOUR<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">SATISFACTION AND DISCHARGE<BR></TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;401.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Satisfaction and Discharge of Indenture</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxix</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;402.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Application of Trust Money</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxx</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE FIVE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">REMEDIES<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;501.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Events of Default</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxx</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;502.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Acceleration of Maturity; Rescission and Annulment</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;503.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Collection of Indebtedness and Suits for Enforcement by Trustee</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxiii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;504.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Trustee May File Proofs of Claim</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxiii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;505.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Trustee May Enforce Claims Without Possession of Securities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxiv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;506.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Application of Money Collected.</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxiv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;507.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Limitation on Suits</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxiv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;508.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Unconditional Right of Holders to Receive Principal, Premium and Interest</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;509.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Restoration of Rights and Remedies</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;510.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Rights and Remedies Cumulative</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;511.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Delay or Omission Not Waiver</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;512.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Control by Holders</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;513.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Waiver of Past Defaults</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;514.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Undertaking for Costs</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;515.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Waiver of Usury, Stay or Extension Laws</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvii</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE SIX<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">THE TRUSTEE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;601.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Certain Duties and Responsibilities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;602.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Notice of Defaults</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxvii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;603.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Certain Rights of Trustee</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxviii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;604.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Not Responsible for Recitals or Issuance of Securities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxviii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;605.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>May Hold Securities</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;606.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Money Held in Trust</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;607.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Compensation and Reimbursement</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;608.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conflicting Interests</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;609.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Corporate Trustee Required; Eligibility</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xxxix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;610.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Resignation and Removal; Appointment of Successor</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xl</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;611.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Acceptance of Appointment by Successor</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xli</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;612.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Merger, Conversion, Consolidation or Succession to Business</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;613.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Preferential Collection of Claims Against Company</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;614.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Appointment of Authenticating Agent</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlii</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE SEVEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;701.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Company to Furnish Trustee Names and Addresses of Holders</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xliv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;702.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Preservation of Information; Communications to Holders</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xliv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;703.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reports by Trustee</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlv</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;704.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reports by Company</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlv</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE EIGHT<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;801.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Company May Consolidate, Etc., Only on Certain Terms</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;802.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Successor Substituted</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;803.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Transfer or Lease to a Wholly Owned Subsidiary</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlvi</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE NINE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">SUPPLEMENTAL INDENTURES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;901.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Supplemental Indentures Without Consent of Holders</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlvi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;902.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Supplemental Indentures With Consent of Holders</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlvii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;903.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Execution of Supplemental Indentures</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlviii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;904.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Effect of Supplemental Indentures</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;905.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conformity with Trust Indenture Act</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;906.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reference in Securities to Supplemental Indentures</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlix</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE TEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">COVENANTS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1001.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Payment of Principal, Premium and Interest</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1002.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Maintenance of Office or Agency</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">xlix</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1003.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Money for Securities Payments to Be Held in Trust</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">l</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1004.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Statement by Officers as to Default</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">li</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1005.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Waiver of Certain Covenants</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">li</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE ELEVEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">REDEMPTION OF SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1101.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Applicability of Article</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">li</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1102.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Election to Redeem; Notice to Trustee</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">li</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1103.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Selection by Trustee of Securities to Be Redeemed</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">lii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1104.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Notice of Redemption</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">lii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1105.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Deposit of Redemption Price</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1106.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Securities Payable on Redemption Date</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1107.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Securities Redeemed in Part</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1108.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Optional Tax Redemption</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liii</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE TWELVE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">SINKING FUNDS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1201.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Applicability of Article</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liv</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">ARTICLE THIRTEEN<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">DEFEASANCE AND COVENANT DEFEASANCE<BR></TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1301.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Company&#146;s Option to Effect Defeasance or Covenant Defeasance</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1302.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Defeasance and Discharge</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">liv</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1303.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Covenant Defeasance</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">lv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1304.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conditions to Defeasance or Covenant Defeasance</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">lv</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1305.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">lvii</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1306.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reinstatement</I>.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">lviii</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE of trust, dated as of <B>&#95;&#95;&#95;&#95;&#95;</B>, between Capital Product Partners, L.P., a limited
partnership organized under the laws of the Republic of the Marshall Islands (herein called the
&#147;Company&#148;), and <B>&#95;&#95;&#95;&#95;&#95;</B>, a <B>&#95;&#95;&#95;&#95;&#95; </B>duly organized and existing under the laws of <B>&#95;&#95;&#95;&#95;&#95;</B>, as Trustee
(herein called the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Recitals of the Company</FONT>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS the Company has duly authorized the execution and delivery of this Indenture
to provide for the issuance from time to time of its unsecured debentures, notes or other evidences
of indebtedness (herein called the &#147;Securities&#148;), to be issued in one or more series as in this
Indenture provided.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS all acts and things necessary to make the Securities, when executed, authenticated and
delivered by the Company as provided in this Indenture, the legal, valid and biding obligations of
the Company, and to constitute this Indenture a legal, valid and binding agreement of the Company,
in accordance with its terms, have been done and performed.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in order to provide, among other things, for the authentication, delivery and
administration of the Securities, the Company has duly authorized the execution and delivery of
this Indenture.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Now, Therefore, This Indenture Witnesseth</FONT>:
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and of the covenants herein contained and the
purchase of the Securities by the Holders thereof, it is mutually agreed, for the benefit of the
parties hereto and for the equal and proportionate benefit of all Holders of the Securities or of
series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE ONE
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Definitions and Other Provisions</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">of General Application</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;101.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Definitions</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and, except as otherwise
herein expressly provided, the term &#147;generally accepted accounting principles&#148; with respect
to any computation required or permitted hereunder shall mean the U.S. Generally Accepted
Accounting Principles at the date of such computation;
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless the context otherwise requires, any reference to an &#147;Article&#148; or a
&#147;Section&#148; refers to an Article or a Section, as the case may be, of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Act&#148;, when used with respect to any Holder, has the meaning specified in Section&nbsp;104.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Additional Amounts&#148;
has the meaning specified in Section&nbsp;311.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148; of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authenticating Agent&#148; means any Person authorized by the Trustee pursuant to Section&nbsp;614 to act on behalf of the
Trustee to authenticate Securities of one or more series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board of Directors&#148; means either the board of directors of the Company or any duly authorized committee of that
board.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board Resolution&#148; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company or as provided by the articles of association of the Company or authorized by its Board of
Directors to have been duly adopted by the Board of Directors and to be in full force and effect on
the date of such certification, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148;, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in that Place of Payment are
authorized or obligated by law or executive order to close.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148; means the U.S. Securities and Exchange Commission, from time to time constituted, created
under the Exchange Act, or, if at any time after the execution of this instrument such Commission
is not existing and performing the duties now assigned to it under the Trust Indenture Act, then
the body performing such duties at such time.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this instrument until a
successor Person shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter &#147;Company&#148; shall mean such successor Person.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company Request&#148; or &#147;Company Order&#148; means a written request or order signed in the name of the Company by any one of the
individuals who may sign an Officers&#146; Certificate on its behalf and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate Trust Office&#148; means the principal office of the Trustee in &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; at which at any particular time its
corporate trust business shall be administered.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;corporation&#148; means a corporation, association, company, joint-stock company or business trust.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Covenant Defeasance&#148; has the meaning specified in Section&nbsp;1303.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defaulted Interest&#148; has the meaning specified in Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defeasance&#148;
has the meaning specified in Section&nbsp;1302.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Depositary&#148; means, with respect to Securities of any series issuable in whole or in part in the form of
one or more Global Securities, a clearing agency registered under the Exchange Act that is
designated to act as Depositary for such Securities as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148; has the meaning specified in Section&nbsp;501.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Act&#148; means the U.S. Securities Exchange Act of 1934 and any statute successor thereto, in each case
as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Expiration Date&#148; has the meaning specified in Section&nbsp;104.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Global Security&#148; means a Security that evidences all or part of the Securities of any series and bears the
legend set forth in Section&nbsp;204 (or such legend as may be specified as contemplated by Section&nbsp;301
for such Securities).
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148; means a Person in whose name a Security is registered in the Security Register.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148; means this instrument as originally executed and as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern
this instrument and any such supplemental indenture, respectively. The term &#147;Indenture&#148; shall also
include the terms of particular series of Securities established as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;interest&#148;, when used with respect to an Original Issue Discount Security which by its terms bears interest
only after Maturity, means interest payable after Maturity.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Payment Date&#148;, when used with respect to any Security, means the Stated Maturity of an instalment of
interest on such Security.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment Company Act&#148; means the U.S. Investment Company Act of 1940 and any statute successor thereto, in each case
as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Maturity&#148;, when used with respect to any Security, means the date on which the principal of such
Security or an instalment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice of Default&#148; means a written notice of the kind specified in Section&nbsp;501(3) or 501(4).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146; Certificate&#148; means a certificate signed by any two members of the Board of Directors, the Chief Executive
Officer, Chief Financial Officer or any other individual duly authorized by a Board Resolution, or
by the Secretary, Assistant Secretary or any individual duly authorized by a Board Resolution and
delivered to the Trustee. One of the officers signing an Officers&#146; Certificate given pursuant to
Section&nbsp;1004 shall be the principal executive, financial or accounting officer of the Company.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Opinion of Counsel&#148; means a written opinion of counsel, who may be counsel for the Company, and who shall be
reasonably acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Original Issue Discount Security&#148; means any Security which provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;502.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Outstanding&#148; , when used with respect to Securities, means, as of the date of determination, all Securities
theretofore executed, authenticated and delivered under this Indenture, <I>except:</I>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, or portions thereof, theretofore cancelled by the Trustee or delivered
to the Trustee for cancellation;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, or portions thereof, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other
than the Company) in trust or set aside and segregated in trust by the Company (if the
Company shall act as its own Paying Agent) for the Holders of such Securities; <I>provided</I>
that, if such Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor reasonably satisfactory to the Trustee has
been made;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities as to which Defeasance has been effected pursuant to Section&nbsp;1302; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities which have been paid pursuant to Section&nbsp;306 or in exchange for or in
lieu of which other Securities have been executed, authenticated and delivered pursuant to
this Indenture;
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt"><I>provided</I>, <I>however</I>, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A)&nbsp;the principal amount of an
Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon acceleration of the Maturity
thereof to such date pursuant to Section&nbsp;502, (B)&nbsp;if, as of such date, the principal amount payable
at the Stated Maturity of a Security is not determinable, the principal amount of such Security
which shall be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section&nbsp;301, (C)&nbsp;the principal amount of a Security denominated in one or more
foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S.
dollar equivalent, determined as of such date in the manner provided as contemplated by Section
301, of the principal amount of such Security (or, in the case of a Security described in Clause
(A)&nbsp;or (B)&nbsp;above, of the amount determined as provided in such Clause), and (D)&nbsp;Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the Company or of such
other obligor shall be disregarded
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt">and deemed not to be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction, notice, consent,
waiver or other action, only Securities which the Trustee knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s right so to
act with respect to such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying Agent&#148; means any Person authorized by the Company to pay the principal of or any premium or interest
on any Securities on behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means any individual, corporation, limited liability company, joint stock company, joint stock
holding corporation, partnership, joint venture, trust, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Place of Payment&#148;, when used with respect to the Securities of any series, means the place or places where the
principal of and any premium and interest on the Securities of that series are payable as specified
as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Predecessor Security&#148; of any particular Security means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition,
any Security authenticated and delivered under Section&nbsp;306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Date&#148;, when used with respect to any Security to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Price&#148;, when used with respect to any Security to be redeemed, means the price at which it is to be
redeemed pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regular Record Date&#148; for the interest payable on any Interest Payment Date on the Securities of any series means
the date specified for that purpose as contemplated by Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities&#148; has the meaning stated in the first recital of this Indenture and more particularly means any
Securities executed, authenticated and delivered under this Indenture.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities Act&#148; means the Securities Act of 1933 and any statute successor thereto, in each case as amended
from time to time.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security Register&#148; and &#147;Security Registrar&#148; have the respective meanings specified in Section&nbsp;305.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Debt&#148; shall have the meaning established pursuant to a Board Resolution.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Special Record Date&#148; for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Stated Maturity&#148;, when used with respect to any Security or any instalment of principal thereof or interest
thereon, means the date specified in such Security as the fixed date
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on which the principal of such Security or such instalment of principal or interest is due and
payable.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; means a corporation more than 50% of the outstanding voting stock of which is owned, directly
or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or
more other Subsidiaries. For the purposes of this definition, &#147;voting stock&#148; means stock which
ordinarily has voting power for the election of directors, whether at all times or only so long as
no senior class of stock has such voting power by reason of any contingency.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxes&#148; has the meaning specified in Section&nbsp;311.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxing Authority&#148; has the meaning specified in Section&nbsp;311.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust Indenture Act&#148; means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was
executed; <I>provided</I>, <I>however</I>, that in the event the Trust Indenture Act of 1939 is amended after
such date, &#147;Trust Indenture Act&#148; means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter &#147;Trustee&#148; shall mean or include each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, &#147;Trustee&#148; as used with respect to the Securities of
any series shall mean the Trustee with respect to Securities of that series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;U.S. Government Obligation&#148; has the meaning specified in Section&nbsp;1304.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Vice President&#148; , when used with respect to the Company or the Trustee, means any vice president or similar
officer, whether or not designated by a number or a word or words added before or after the title
of such officer.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;102.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Compliance Certificates and Opinions</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers&#146; Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this Indenture.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (except for certificates provided for in Section&nbsp;1004) shall include,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;103.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Form of Documents Delivered to Trustee</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows that the certificate or opinion or representations with respect to the matters upon
which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect
to such factual matters is in the possession of the Company, unless such counsel knows that the
certificate or opinion or representations with respect to such matters are erroneous.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;104.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Acts of Holders; Record Dates</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;Act&#148; of the
Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section&nbsp;601) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ownership of Securities shall be proved by the Security Register.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, <I>provided </I>that the
Company may not set a record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or direction referred to in
the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record
date; <I>provided </I>that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities
of such series on such record date. Nothing in this paragraph shall be construed to prevent the
Company from setting a new record date for any action for which a record date has previously been
set pursuant to this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Expiration Date to be given
to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set
forth in Section&nbsp;106.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i)&nbsp;any Notice of
Default, (ii)&nbsp;any declaration of acceleration referred to in Section&nbsp;502, (iii)&nbsp;any request to
institute proceedings referred to in Section&nbsp;507(2) or (iv)&nbsp;any direction referred to in Section
512, in each case with respect to Securities of such series. If any record date is set pursuant to
this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether
or not such Holders remain Holders after such record date; <I>provided </I>that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person be cancelled and of
no effect), and nothing in this paragraph shall be construed to render ineffective any action taken
by Holders of the requisite principal
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">amount of Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company&#146;s
expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in the manner set forth in Section&nbsp;105 and to each
Holder of Securities of the relevant series in the manner set forth in Section&nbsp;106.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the &#147;Expiration Date&#148; and from time to time may change the
Expiration Date to any earlier or later day; <I>provided </I>that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to
each Holder of Securities of the relevant series in the manner set forth in Section&nbsp;106, on or
prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section, the party hereto which set such record date shall be
deemed to have initially designated the 180th day after such record date as the Expiration Date
with respect thereto, subject to its right to change the Expiration Date as provided in this
paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day
after the applicable record date.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of the principal amount
of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;105.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Notices, Etc., to Trustee and Company</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: &#95;&#95;&#95;&#95;&#95;, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, return receipt requested, to the Company addressed to it at
the address of its principal office specified in the first paragraph of this instrument or
at any other address previously furnished in writing to the Trustee by the Company.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;106.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Notice to Holders; Waiver</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, return receipt requested, to each Holder affected by such event, at
his address as it appears in the Security Register, not later than the latest date (if any), and
not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case
where notice to Holders is given by mail, neither the failure to mail such notice to any particular
Holder, nor any defect in any notice so mailed to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">such notice, either before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such waiver.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;107.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Conflict with Trust Indenture Act</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act which is required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this Indenture as so modified or to be excluded, as the case may be.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;108.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Effect of Headings and Table of Contents</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;109.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Successors and Assigns</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants and agreements in this Indenture by the Company shall bind and, to the extent
permitted hereby, shall inure to the benefit of and be enforceable by its successors and assigns,
whether so expressed or not.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;110.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Separability Clause</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;111.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Benefits of Indenture</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of Senior Debt, if any,
and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;112.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Governing Law</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture and the Securities shall be governed by and construed in accordance with the
law of the State of New York.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;113.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Legal Holidays</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a provision of any Security
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">which specifically states that such provision shall apply in lieu of this Section)) payment of
interest or principal (and premium, if any) need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;114.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Consent to Service; Jurisdiction.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Parties hereto submit to the non-exclusive jurisdiction of any U.S. federal court
in the Borough of Manhattan, The City of New York, New York, United States and any appellate court
of such a court in any legal suit, action or proceeding arising out of or relating to this
Indenture or any Security, waives any objection which it may now or hereafter have to the laying of
the venue of any such legal suit, action or proceeding, waives any immunity from jurisdiction or to
service of process in respect of any such suit, action or proceeding and irrevocably submits to the
jurisdiction of any such court in any such suit, action or proceeding. The Company further submits
to the jurisdiction of the courts of its own corporate domicile in any legal suit, action or
proceeding initiated against it arising out of or relating to this Indenture or any Security. The
Company hereby irrevocably designates and appoints &#95;&#95;&#95;&#95;&#95;&#95;&#95;, which currently maintains an office
situated at &#95;&#95;&#95;&#95;&#95;&#95;, as its authorized agent upon which process may be served in any legal suit,
action or proceeding arising out of or relating to this Indenture or any Security which may be
instituted in any federal or state court in the Borough of Manhattan, The City of New York, New
York, and agrees that service of process upon such agent, and written notice of said service to the
Company by the Person serving the same, shall be deemed in every respect effective service of
process upon the Company (if such notice is given to the Company) in any such suit, action or
proceeding and further designates its domicile, the domicile of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; specified above and any
domicile &#95;&#95;&#95;&#95;&#95;&#95;&#95; may have in the future as its domicile to receive any notice hereunder (including
service of process). If for any reason &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (or any successor agent for this purpose) shall
cease to have a domicile in the United States or to act as agent for service of process as provided
above, the Company will promptly appoint a successor agent domiciled in the United States for this
purpose reasonably acceptable to Trustee and shall grant thereto notarial powers-of-attorney for
lawsuits and collections. The Company agrees to take any and all actions as may be necessary to
maintain such designation and appointment of such agent in full force and effect so long as the
Securities are Outstanding.
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE TWO
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Security Forms</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;201.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Forms Generally</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of
</DIV>

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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">Securities of any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section&nbsp;303 for the authentication and delivery of such Securities.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;202.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Form of Face of Security.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><B><I>&#091;Legend required by the Internal Revenue Code as needed.&#093;</I></B>
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><B>&#091;Capital Product Partners L.P.&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><B>&#091;Title of Security&#093;</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. <B>&#95;&#95;&#95;&#95;&#95;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$ <B>&#95;&#95;&#95;&#95;&#95;</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Product Partners L.P., a limited partnership organized under the laws of the Republic
of the Marshall Islands (herein called the &#147;Company&#148;, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to <B>&#95;&#95;&#95;&#95;&#95;</B>or
registered assigns, the principal sum of <B>&#95;&#95;&#95;&#95;&#95; </B>Dollars on <B>&#95;&#95;&#95;&#95;&#95; &#091;</B><I>if the Security is to bear
interest prior to Maturity, insert </I>&#151; , and to pay interest thereon from <B>&#95;&#95;&#95;&#95;&#95; </B>or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
<B>&#95;&#95;&#95;&#95;&#95;</B>and <B>&#95;&#95;&#95;&#95;&#95; </B>in each year, commencing <B>&#95;&#95;&#95;&#95;&#95;</B>, at the rate of ....% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the <B>&#95;&#95;&#95;&#95;&#95; </B>or <B>&#95;&#95;&#95;&#95;&#95;</B>
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10&nbsp;days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said Indenture<B>&#093;</B>.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is not to bear interest prior to Maturity, insert </I>&#151; The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any
overdue premium shall bear interest at the rate of <B>&#95;&#95;&#95;&#95;&#95;</B>% per annum (to the extent that the payment
of such interest shall be legally enforceable), from the dates such amounts are due until they are
paid or made available for payment. Interest on any overdue principal or premium shall be payable
on demand.<B>&#093;</B>
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xii-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt">Payment of the principal of (and premium, if any) and <B>&#091;</B><I>if applicable, insert &#151; </I>any such<B>&#093;</B>
interest on this Security will be made at the office or agency of the Company maintained for that
purpose in &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts <B>&#091;</B><I>if applicable, insert &#151;</I>;
<I>provided</I>, <I>however</I>, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place<B>&#093;</B>.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xiii-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-bottom: 14pt">Dated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Capital Product Partners L.P.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Authorized Officer</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Authorized Officer</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 58pt">Attest:

</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 11pt">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;203.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Form of Reverse of Security</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security is one of a duly authorized issue of securities of the Company (herein called
the &#147;Securities&#148;), issued and to be issued in one or more series under an Indenture, dated as of
<B>&#95;&#95;&#95;&#95;&#95; </B>(herein called the &#147;Indenture&#148;, which term shall have the meaning assigned to it in such
instrument), between the Company and <B>&#95;&#95;&#95;&#95;&#95;, </B>as Trustee (herein called the &#147;Trustee&#148;, which term
includes any successor trustee under the Indenture), and reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee <B>&#091;</B><I>if applicable, insert &#151; </I>the holders of Senior Debt<B>&#093; </B>and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof <B>&#091;</B><I>If applicable, insert</I>
&#151;, limited in aggregate principal amount to $&#95;&#95;&#95;&#95;&#95;&#95;<B>&#093;</B>.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If applicable, insert </I>&#151; Notwithstanding the foregoing, the Company may not, prior to <B>&#95;&#95;&#95;&#95;&#95;</B>,
redeem any Securities of this series as contemplated by <B>&#091;</B><I>if applicable, insert </I>&#151; Clause (2)&nbsp;of<B>&#093;</B>
the preceding paragraph as a part of, or in anticipation of, any refunding
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xiv-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">operation by the application, directly or indirectly, of moneys borrowed having an interest
cost to the Company (calculated in accordance with generally accepted financial practice) of less
than &#95;&#95;&#95;&#95;&#95;&#95;&#95;% per annum.<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is subject to redemption of any kind, insert </I>&#151; In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If applicable, insert paragraph regarding subordination of the Security.</I><B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If applicable, insert </I>&#151; The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is not an Original Issue Discount Security, insert </I>&#151; If an Event of Default
with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><I>If the Security is an Original Issue Discount Security, insert </I>&#151; If an Event of Default with
respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. Such amount shall be equal to &#151; <I>insert formula for determining the
amount</I>. Upon payment (i)&nbsp;of the amount of principal so declared due and payable and (ii)&nbsp;of
interest on any overdue principal, premium and interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Company&#146;s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities of this
series shall terminate.<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is required, as a result of a change in, execution of or amendment to any laws
or treaties or the official application or interpretation of any laws or treaties, to pay
Additional Amounts, the Company shall have the option (but not the obligation) to redeem, in whole
but not in part, the Securities of this series. This option applies only in the case of changes,
executions or amendments that occur on or after &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; and in the jurisdiction where the Company
is incorporated. If succeeded by another Person, the applicable
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xv-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">jurisdiction will be the jurisdiction in which such successor is organized, and the applicable
date will be the date the Person became a successor. If this series of Securities is redeemed
pursuant to this option, the Redemption Price for Securities will be <B>&#091;</B><I>If the Security is not an
Original Issue Discount Security, insert </I>&#151; equal to the principal amount of the Securities being
redeemed plus accrued interest and any additional amounts due up to, but not including, the
Redemption Date.<B>&#093; &#091;</B><I>If the Security is an Original Issue Discount Security, insert </I>&#151; equal to &#151;
<I>insert formula for determining the amount</I><B>&#093;</B>.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in aggregate principal amount of
the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a
majority in aggregate principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60&nbsp;days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of this series are issuable only in registered form without coupons in
denominations of $&#95;&#95;&#95;&#95;&#95;&#95;&#95; and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xvi-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;204.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Form of Legend for Global Securities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by Section&nbsp;301 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;205.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Form of Trustee&#146;s Certificate of Authentication</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee&#146;s certificates of authentication shall be in substantially the following form:
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-bottom: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>As Trustee</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>Authorized Officer</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>Authorized Officer</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->-xvii-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE THREE
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">The Securities</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;301.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Amount Unlimited; Issuable in Series.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series, and each series may consist of one or more
identifiable tranches. There shall be established, without notice to or the consent of any Holder,
in or pursuant to a Board Resolution and, subject to Section&nbsp;303, set forth, or determined in the
manner provided, in an Officers&#146; Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the title of the Securities of the series (which shall distinguish the Securities
of the series from Securities of any other series including any series number or tranche
designation as the case may be);
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any limit upon the aggregate principal amount of the Securities of the series
which may be authenticated and delivered under this Indenture (including any provision for
the issuance of additional Securities of the series in excess of any such amount) except
for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section&nbsp;304, 305, 306, 906
or 1107 and except for any Securities which, pursuant to Section&nbsp;303, are deemed never to
have been authenticated and delivered hereunder;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the form of the Securities of the series, including the form of the Trustee&#146;s
certificate of authentication for such series; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates on which the principal of any Securities of the series is
payable, if any;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate or rates (which may be fixed or variable) at which the Securities of the
series shall bear interest, if any, or the manner of calculation of such rate or rates, and
the date or dates from which any such interest shall accrue, the Interest Payment Dates on
which any such interest shall be payable or the manner of determination of such Interest
Payment Dates and the Regular Record Date for any such interest payable on any Interest
Payment Date;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places where the principal of and any premium and interest on any
Securities of the series shall be payable;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed or repurchased, in whole
or in part, at the option of the Company and, if other than by a
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xviii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">Board Resolution, and the other material terms and provisions applicable to the
Company&#146;s redemption or repurchase rights;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the obligation, if any, of the Company to redeem or purchase any Securities,
including at the option of the Holder thereof, the period or periods within which, the
price or prices at which and the terms and conditions upon which any Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the subordination provisions, if any, applicable to the Securities of the series
and the ranking of the Securities of the series;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any collateral or other security pledged against payment of principal, interest
or premium, if any, on the Securities of the series;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the amount of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index, other security (whether equity or
debt), or pursuant to a formula or other special method, the manner in which such amounts
shall be determined;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or any premium or interest on any
Securities of the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose, including for
purposes of the definition of &#147;Outstanding&#148; in Section&nbsp;101;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the principal of or any premium or interest on any Securities of the series is
to be payable, at the election of the Company or the Holder thereof, in one or more
currencies, currency units or composite currencies other than that or those in which such
Securities are stated to be payable, the currency, currencies, currency units or composite
currencies in which the principal of or any premium or interest on such Securities as to
which such election is made shall be payable, the periods within which and the terms and
conditions upon which such election is to be made and the other material terms applicable
to the right to make such election amount so payable (or the manner in which such amount
shall be determined);
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section&nbsp;502;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated Maturity,
the amount which shall be deemed to be the principal amount of such Securities as of any
such date for any purposes thereunder or hereunder, including the principal amount thereof
which shall be due and payable upon any Maturity other than the Stated Maturity or which
shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
such case, the manner in which such amount deemed to be the principal amount shall be
determined);
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xix-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section&nbsp;1302 or Section&nbsp;1303 or both such Sections and, if
other than by a Board Resolution, the manner in which any election by the Company to
defease such Securities shall be evidenced;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the respective
Depositaries for such Global Securities, the form of any legend or legends which shall be
borne by any such Global Security in addition to or in lieu of that set forth in Section
204 and any circumstances in addition to or in lieu of those set forth in Clause (2)&nbsp;of the
last paragraph of Section&nbsp;305 in which any such Global Security may be exchanged in whole
or in part for Securities registered, and any transfer of such Global Security in whole or
in part may be registered, in the name or names of Persons other than the Depositary for
such Global Security or a nominee thereof;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any material change in the Events of Default which applies to any Securities of
the series and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section&nbsp;502;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any special tax implications of the Securities, including provisions for Original
Issue Discount Securities, if offered;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms of any repurchase or remarketing rights;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the Securities of the series will be convertible into or exchangeable for
other Securities, common shares or other securities of any kind of the Company or another
obligor, and, if so, the terms and conditions upon which such Securities will be so
convertible or exchangeable, including the initial conversion or exchange price or rate or
the method of calculation, how and when the conversion price or exchange ratio may be
adjusted, whether conversion or exchange is mandatory, at the option of the Holder or at
the Company&#146;s option, the conversion or exchange period, and any other provision in
addition to or in lieu of those described herein;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions granting special rights to Holders when a specified event occurs;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any addition to or change in the covenants set forth in Article&nbsp;Ten which applies
to the Securities of the series; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section&nbsp;901(5)).
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section&nbsp;303) set forth, or determined in the manner provided, in the Officers&#146;
Certificate referred to above or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xx-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officers&#146; Certificate setting forth the terms of the series.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;302.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Denominations</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section&nbsp;301. In the absence of
any such specified denomination with respect to the Securities of any series, the Securities of
such series shall be issuable in denominations of $1,000 and any integral multiple thereof.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;303.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Execution, Authentication, Delivery and Dating</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities shall be executed on behalf of the Company by a member of the Board of
Directors, the Chief Executive Officer, Chief Financial Officer or any other individual duly
authorized by a Board Resolution, and by the Secretary, Assistant Secretary or anyone duly
authorized by a Board Resolution attested by its Secretary or one of its Assistant Secretaries. The
signature of any of these officers on the Securities may be manual or facsimile.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections&nbsp;201 and 301, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to Section&nbsp;601) shall be
fully protected in relying upon, an Opinion of Counsel stating,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section&nbsp;201, that such form has been established in conformity
with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section&nbsp;301, that such terms have been established in conformity
with the provisions of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that such Securities, when authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors&#146; rights and to general equity principles.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee&#146;s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section&nbsp;301 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers&#146; Certificate otherwise required pursuant to Section&nbsp;301 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section&nbsp;309, for
all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;304.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Temporary Securities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable
for definitive Securities of such series upon surrender of the temporary Securities of such series
at the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series and tenor.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;305.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Registration, Registration of Transfer and Exchange</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company in a Place
of Payment or otherwise designated pursuant to Section&nbsp;1002 being herein sometimes collectively
referred to as the &#147;Security Register&#148;) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of transfers of
Securities. The Trustee is hereby appointed &#147;Security Registrar&#148; for the purpose of registering
Securities and transfers of Securities as herein provided.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of like tenor and aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to receive.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section&nbsp;304, 906 or 1107 not involving any transfer.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Securities of any series (or of any series and specified tenor) are to be redeemed in
part, the Company shall not be required (A)&nbsp;to issue, register the transfer of or exchange any
Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15&nbsp;days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section&nbsp;1103 and ending at the
close of business on the day of such mailing, or (B)&nbsp;to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxiii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Clauses (1), (2), (3)&nbsp;and (4)&nbsp;below shall apply only to Global Securities:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and each such
Global Security shall constitute a single Security for all purposes of this Indenture.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A)&nbsp;such Depositary (i)&nbsp;has
notified the Company that it is unwilling or unable to continue as Depositary for such
Global Security or (ii)&nbsp;has ceased to be a clearing agency registered under the Exchange
Act, (B)&nbsp;there shall have occurred and be continuing an Event of Default with respect to
such Global Security or (C)&nbsp;there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as contemplated by Section
301.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Clause (2)&nbsp;above, any exchange of a Global Security for other
Securities may be made in whole or in part, and all Securities issued in exchange for a
Global Security or any portion thereof shall be registered in such names as the Depositary
for such Global Security shall direct.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to
this Section, Section&nbsp;304, 306, 906 or 1107 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is
registered in the name of a Person other than the Depositary for such Global Security or a
nominee thereof.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;306.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Mutilated, Destroyed, Lost and Stolen Securities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Company and the Trustee (i)&nbsp;evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii)&nbsp;such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;307.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Payment of Interest; Interest Rights Preserved</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided as contemplated by Section&nbsp;301 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called &#147;Defaulted Interest&#148;) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1)&nbsp;or (2)&nbsp;below:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than
15&nbsp;days and not less than 10&nbsp;days prior to the date of the proposed payment and not less
than 10&nbsp;days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given to each Holder of Securities of
such series in the manner set forth in Section&nbsp;106, not less than 10&nbsp;days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid
to the Persons in whose names the Securities of such series (or
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxv-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">their respective Predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to the following Clause
(2).
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;308.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Persons Deemed Owners</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and
any premium and (subject to Section&nbsp;307) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;309.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Cancellation</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company has not issued and
sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this
Section, except as expressly permitted by this Indenture. All cancelled Securities held by the
Trustee shall be disposed of as directed by a Company Order.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;310.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Computation of Interest</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;311.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Payment of Additional Amounts.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law, the Company shall make all payments of principal and
interest in respect of the Securities of any series without withholding or deduction for any
present or future taxes, duties, levies, imposts, assessments or governmental charges of whatever
nature (collectively, &#147;Taxes&#148;), imposed or levied by or on behalf of &#091;<B>&#149;</B>&#093; or, if succeeded by
another Person, the jurisdiction in which such successor Person is organized, or any political
subdivisions or taxing authority thereof or therein having power to tax
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">(collectively, &#147;Taxing Authorities&#148;). In the event that the Company is required to withhold or
deduct any amount for or on account of such Taxes from any payment made under or with respect to
any Securities of any series, the Company shall except in the circumstances set forth below pay
such additional amounts (&#147;Additional Amounts&#148;) so that the net amount received by each Holder of
Securities, including the additional amounts, shall equal the amount that such Holder would have
received if such Taxes had not been required to be withheld or deducted. The obligation of the
Company to pay Additional Amounts shall not be payable with respect to a payment made to a Holder
of Securities of any series to the extent:
</DIV>



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that any such Taxes would not have been so imposed but for the existence of any
current or former connection between such Holder and the jurisdiction of the Taxing
Authority imposing such Taxes, other than the mere receipt of such payment, acquisition,
ownership or disposition of such Securities or the exercise or enforcement of rights under
the Securities of any series or this Indenture;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that any such Taxes are imposed on or measured by, net income of the beneficiary
or Holder or his net wealth or similar;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of any such Taxes required to be withheld by any Paying Agent from any payment of
principal or of interest on the Securities of any series, if such payment can be made
without withholding by any other Paying Agent and the Company duly provides for such other
Paying Agent;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of any estate, inheritance, gift, sales, transfer, or personal property Taxes
imposed with respect to the Securities of any series, except as otherwise provided in this
Indenture;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that any such Taxes are payable other than by deduction or withholding from
payments on the Securities of any series;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that any such Taxes would not have been imposed but for the presentation of the
Securities of any series, where presentation is required, for payment on a date more than
30&nbsp;days after the date on which such payment became due and payable or the date on which
payment thereof is duly provided for, whichever is later, except to the extent that the
beneficiary or Holder thereof would have been entitled to Additional Amounts had the
Securities of the relevant series been presented for payment on any date during such 30-day
period;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that such Holder would not be liable or subject to such withholding or deduction
of Taxes but for the failure to make a valid declaration of residence, non-residence, or
other similar claim for exemption or to provide a certificate, if: (x)&nbsp;the making of such
declaration or claim or the provision of such certificate is required or imposed by
statute, treaty, regulation, ruling or administrative practice of the relevant Taxing
Authority as a precondition to an exemption from, or reduction in, the relevant Taxes; and
(y)&nbsp;at least 60&nbsp;days prior to the first payment date with respect to which the Company
shall apply this condition, the Company shall have notified all Holders of the Securities
of any series in writing that they shall be required to provide such declaration or claim;
and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of any combination of the above conditions.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Additional Amounts shall also not be payable where, had the beneficial owner of the
Securities been the Holder of such Securities, it would not have been entitled to payment of
Additional Amounts by reason of any of the conditions set forth above.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall withhold or deduct the Taxes as required; remit the full amount of Taxes
deducted or withheld to the relevant Taxing Authority in accordance with all applicable laws; use
its reasonable efforts to obtain from each Taxing Authority imposing such Taxes copies of tax
receipts evidencing the payment of any Taxes deducted or withheld; and upon request, and to the
extent reasonably practicable, make available to the Holders of the Securities, within 90&nbsp;days
after the date the payment of any Taxes deducted or withheld is due pursuant to applicable law,
copies of tax receipts evidencing such payment by the Company or if, notwithstanding its efforts to
obtain such receipts, the same are not obtainable, other evidence of such payments.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the
Securities is due and payable, if the Company is obligated to pay Additional Amounts with respect
to such payment, the Company shall deliver to the Trustee an Officer&#146;s Certificate stating that
such Additional Amounts shall be payable, the amounts so payable and such other information as is
necessary to enable the Trustee to pay such Additional Amounts to Holders of the Securities on the
payment date.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay any stamp, issue, registration, documentary or other similar taxes and
duties, including interest, penalties and Additional Amounts with respect thereto, payable in
&#091;<B>&#149;</B>&#093; or the United States or any political subdivision or taxing authority of or in the
foregoing in respect of the creation, issue, offering, enforcement, redemption or retirement of the
Securities if and to the extent any such creation, issue, offering, enforcement, redemption or
retirement was required pursuant to applicable law or ordered by a court or Taxing Authority.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing provisions shall survive any termination or the discharge of this Indenture and
shall apply to any jurisdiction in which any successor to the Company is organized or is engaged in
business for tax purposes or any political subdivisions or taxing authority or agency thereof or
therein.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever this Indenture or the Securities of any series refer to the payment of principal,
premium, if any, redemption price, interest or any other amount payable under or with respect to
any Security of any series, such reference shall include the payment of Additional Amounts to the
extent payable in the particular context.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Additional Amounts actually paid with respect to the Securities of any
series pursuant to the preceding paragraphs are based on rates of deduction or withholding of Taxes
in excess of the appropriate rate applicable to the Holder of such Securities, and as a result
thereof such Holder is entitled to make a claim for a refund or credit of such excess from the
Taxing Authority imposing such Taxes, then such Holder shall, by accepting such Securities, be
deemed to have assigned and transferred all right, title and interest to any such claim for a
refund or credit of such excess to the Company; <I>provided, however, </I>that by making such assignment,
the Holder makes no representation or warranty that the Company shall be entitled to receive such
claim for a refund or credit and incurs no other obligation with respect thereto.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxviii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;312.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Additional Issuances.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may from time to time, without notice to or the consent of the Holders of the
Securities of any series, create and issue additional Securities of the relevant series having the
same terms as and ranking equally and ratably with such Securities in all respects (or in all
respects except for the payment of interest accruing prior to the issue date of such additional
Securities or except for the first payment of interest following the issue date of such additional
Securities), so that such additional Securities shall be consolidated and form a single series
with, and shall have the same terms as to status, redemption or otherwise as, the Securities of the
relevant series.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;313.</TD>
    <TD>&nbsp;</TD>
    <TD><I>CUSIP Numbers</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company in issuing the Securities of any series may use &#147;CUSIP&#148; numbers (if then generally
in use), and, if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a
convenience to Holders of the Securities of that series; <I>provided, however, </I>that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on
the Securities of that series or as contained in any notice of a redemption and that reliance may
be placed only on the other identification numbers printed on the Securities of that series, and
any such redemption shall not be affected by any defect in or omission of such numbers. The
Company shall promptly notify the Trustee in writing of any change in the &#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE FOUR
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Satisfaction and Discharge</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;401.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Satisfaction and Discharge of Indenture</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section&nbsp;306 and (ii)&nbsp;Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section&nbsp;1003) have been delivered to the Trustee for cancellation; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all such Securities not theretofore delivered to the Trustee for
cancellation
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have become due and payable, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will become due and payable at their Stated Maturity within one
year, or
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxix-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the
Company,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose money in an amount
sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and any premium and interest to
the date of such deposit (in the case of Securities which have become due and payable) or
to the Stated Maturity or Redemption Date, as the case may be;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has delivered to the Trustee an Officers&#146; Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section&nbsp;607, the obligations of the Trustee to any Authenticating
Agent under Section&nbsp;614 and, if money shall have been deposited with the Trustee pursuant to
subclause (B)&nbsp;of Clause (1)&nbsp;of this Section, the obligations of the Trustee under Section&nbsp;402 and
the last paragraph of Section&nbsp;1003 shall survive.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;402.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Application of Trust Money</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;1003, all money deposited with the
Trustee pursuant to Section&nbsp;401 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee.
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE FIVE
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Remedies</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;501.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Events of Default</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of any principal of or any premium upon any Security of
such series when it becomes due and payable, and continuance of such default for a period
of 14&nbsp;days; or
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxx-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of any interest upon any Securities of such series when it
becomes due and payable, and continuance of such default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the performance, or breach, of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than
that series), and continuance of such default or breach for a period of 60&nbsp;days after there
has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the
Outstanding Securities of that series a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a &#147;Notice of Default&#148;
hereunder; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;failure to pay any principal amount exceeding $50&nbsp;million when due and payable
(after the expiration of any applicable grace period with respect thereto) under any
agreement, bond, debenture, note or other evidence of indebtedness for money borrowed by
the Company (including a failure to pay with respect to Securities of any series other than
that series) whether such indebtedness now exists or shall hereafter be created, or (B)&nbsp;a
default which shall have resulted in any such indebtedness having an aggregate principal
amount outstanding of at least $50&nbsp;million becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without, in the case
of Clause (A), such indebtedness having been discharged, or, in the case of Clause (B),
such acceleration having been rescinded or annulled<B>, </B>within a period of 30&nbsp;days after there
shall have been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of
the Outstanding Securities of that series a written notice specifying such default and
requiring the Company to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled, as the case may be, and stating that such notice
is a &#147;Notice of Default&#148; hereunder; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the entry by a court having jurisdiction in the premises of (A)&nbsp;a decree or order
for relief in respect of the Company in an involuntary case or proceeding under any
applicable Republic of the Marshall Islands bankruptcy, insolvency, reorganization or other
similar law or (B)&nbsp;a decree or order adjudging the Company bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company under any applicable Republic of the Marshall
Islands law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order for relief or any such other decree or order unstayed and in
effect for a period of 60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Republic of the Marshall Islands bankruptcy,
insolvency, reorganization or
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxi-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under any applicable Republic of the Marshall Islands law, or the
consent by it to the filing of such petition or to the appointment of or taking possession
by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of its property, or the making by it of
an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action
by the Company in furtherance of any such action; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other Event of Default provided with respect to Securities of that series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Event of Default under any securities that have not been authenticated and delivered under
this Indenture shall not constitute an Event of Default under the terms of this Indenture.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;502.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Acceleration of Maturity; Rescission and Annulment</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than an Event of Default specified in Section&nbsp;501(5) or 501(6))
with respect to Securities of any series at the time Outstanding occurs and is continuing, then in
every such case the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare the principal amount of all the Securities of
that series (or, if any Securities of that series are Original Issue Discount Securities, such
portion of the principal amount of such Securities as may be specified by the terms thereof) to be
due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by
Holders), and upon any such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section&nbsp;501(5) or 501(6) with
respect to Securities of any series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof) shall automatically, and without any declaration or other action on the part of the
Trustee or any Holder, become immediately due and payable.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal
amount of the Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has paid or deposited with the Trustee a sum sufficient to pay
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all overdue interest on all Securities of that series,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the principal of (and premium, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and any
interest thereon at the rate or rates prescribed therefor in such Securities,
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Securities, and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel;
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">and
</DIV>



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Events of Default with respect to Securities of that series, other than the
nonpayment of the principal of Securities of that series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section&nbsp;513.
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">No such rescission shall affect any subsequent default or impair any right consequent thereon.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;503.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Collection of Indebtedness and Suits for Enforcement by Trustee</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that if
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30&nbsp;days, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default is made in the payment of the principal of (or premium, if any, on) any
Security when such principal (or premium, if any) becomes due and payable and such default
continues for a period of 30&nbsp;days,
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
and the reasonable and documented out-of-pocket expenses, disbursements and advances of the
Trustee, its agents and counsel.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture
at the request or direction of any of the Holders, unless such Holders shall have offered to the
Trustee reasonable indemnity. Subject to such provisions for the indemnification of the Trustee,
the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on the Trustee with
respect to the Securities of that series.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;504.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Trustee May File Proofs of Claim</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxiii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation and the
reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due to the Trustee under Section&nbsp;607.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
<I>provided, however, </I>that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors&#146; or other similar
committee.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;505.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Trustee May Enforce Claims Without Possession of Securities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;506.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Application of Money Collected.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any premium or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of all amounts due to the Trustee under Section&nbsp;607; and
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: Subject to any subordination provisions established in conformity with the provisions
of this Indenture, to the payment of the amounts then due and unpaid for principal of and any
premium and interest on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;507.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Limitation on Suits</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxiv-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such request;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee for 60&nbsp;days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal amount of the
Outstanding Securities of that series; it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or preference over any other of
such Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all of such Holders.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such limitations shall not apply to any such proceeding instituted by a Holder for the
enforcement of payment of the principal of or any premium or interest on any Security on or after
the applicable due date specified in any such Security.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;508.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Unconditional Right of Holders to Receive Principal, Premium and Interest</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section&nbsp;307) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute
suit for the enforcement of any such payment, and such rights shall not be impaired without the
consent of such Holder.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;509.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Restoration of Rights and Remedies</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;510.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Rights and Remedies Cumulative</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;306, no right or
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxv-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;511.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Delay or Omission Not Waiver</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;512.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Control by Holders</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series, <I>provided </I>that
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such direction shall not be in conflict with any rule of law or with this
Indenture, and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;513.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Waiver of Past Defaults</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of the Holders of all the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except a default
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the payment of the principal of or any premium or interest on any Security of
such series, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of a covenant or provision hereof which under Article&nbsp;Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;514.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Undertaking for Costs</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxvi-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">may assess costs against any such party litigant, in the manner and to the extent provided in
the Trust Indenture Act; <I>provided </I>that neither this Section nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an assessment in any
suit instituted by the Company.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;515.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Waiver of Usury, Stay or Extension Laws</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE SIX
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">The Trustee</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;601.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Certain Duties and Responsibilities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;602.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Notice of Defaults</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a default occurs hereunder with respect to Securities of any series, the Trustee shall give
the Holders of Securities of such series notice of such default as and to the extent provided by
the Trust Indenture Act; <I>provided, however, </I>that in the case of any default of the character
specified in Section&nbsp;501(3) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30&nbsp;days after the occurrence thereof. For the purpose of this
Section, the term &#147;default&#148; means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices to be given to direct Holders of a Global Security shall be given only to the
depositary, in accordance with its applicable policies as in effect from time to time. Notices to
be given to direct Holders of Securities other than Global Securities shall be sent by mail to the
respective addresses of the Holders as they appear in the Trustee&#146;s records, and shall be deemed
given when mailed. Neither the failure to give any notice to a particular Holder, nor any defect in
a notice given to a particular Holder, shall affect the sufficiency of any notice given to another
Holder.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xxxvii-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;603.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Certain Rights of Trustee</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;601:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Board of
Directors shall be sufficiently evidenced by a Board Resolution;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, rely upon an Officers&#146; Certificate;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant
to this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent or attorney;
and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;604.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Not Responsible for Recitals or Issuance of Securities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;605.</TD>
    <TD>&nbsp;</TD>
    <TD><I>May Hold Securities</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections&nbsp;608 and 613, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;606.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Money Held in Trust</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;607.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Compensation and Reimbursement</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust);
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable and documented out-of-pocket expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture
(including the reasonable compensation and the reasonable and documented out-of-pocket
expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its or its agents&#146; negligence, bad faith
or willful misconduct; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence, bad faith or willful misconduct on its or its
agents&#146; part, arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the reasonable and documented costs and out-of-pocket
expenses of defending itself against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;608.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Conflicting Interests</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.
To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest
by virtue of being a trustee under this Indenture with respect to Securities of more than one
series.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;609.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Corporate Trustee Required; Eligibility</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one or more other
series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">as such, has a combined capital and surplus of at least $50,000,000 and has its Corporate
Trust Office in New York, New York. If any such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of its supervising or examining authority, then
for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee with
respect to the Securities of any series shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;610.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Resignation and Removal; Appointment of Successor</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section&nbsp;611.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section&nbsp;611 shall not have been delivered to the Trustee within 30&nbsp;days after
the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may be removed at any time with respect to the Securities of any series by Act of
the Holders of a majority in aggregate principal amount of the Outstanding Securities of such
series, delivered to the Trustee and to the Company.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall fail to comply with Section&nbsp;608 after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Security for at least
six months, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall cease to be eligible under Section&nbsp;609 and shall fail to resign
after written request therefor by the Company or by any Holder, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall become incapable of acting or shall be adjudged bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">then, in any such case, (A)&nbsp;the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (B)&nbsp;subject to Section&nbsp;514, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">successor Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to the Securities of
any particular series) and shall comply with the applicable requirements of Section&nbsp;611. If, within
one year after such resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in aggregate principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the applicable requirements of
Section&nbsp;611, become the successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the Company or the Holders
and accepted appointment in the manner required by Section&nbsp;611, any Holder who has been a bona fide
Holder of a Security of such series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series to all Holders of Securities of such series in the manner provided in
Section&nbsp;106. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;611.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Acceptance of Appointment by Successor</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company
and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor
Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2)&nbsp;if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3)&nbsp;shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in the first or second preceding paragraph, as the case may be.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;612.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Merger, Conversion, Consolidation or Succession to Business</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;613.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Preferential Collection of Claims Against Company</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;614.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Appointment of Authenticating Agent</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section&nbsp;306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee&#146;s certificate of
authentication, such reference shall be deemed to include
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of not less than $50,000,000 and subject to supervision or examination
by Federal or State authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section&nbsp;106 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section&nbsp;607.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee&#146;s certificate of
authentication, an alternative certificate of authentication in the following form:
</DIV>

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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;,</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>As Trustee</I>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;,</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>As Authenticating Agent</I>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>Authorized Officer</I>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>Authorized Officer</I>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE SEVEN
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Holders&#146; Lists and Reports by Trustee and Company</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;701.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Company to Furnish Trustee Names and Addresses of Holders</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall furnish or cause to be furnished to the Trustee at such times as the Trustee
may request in writing, within 30&nbsp;days after the receipt by the Company of any such request, a list
of similar form and content as of a date not more than 15&nbsp;days prior to the time such list is
furnished;
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 12pt"><I>excluding </I>from any such list names and addresses received by the Trustee in its capacity as
Security Registrar.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;702.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Preservation of Information; Communications to Holders</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section&nbsp;701 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section&nbsp;701
upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Holder of Securities, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any agent of either of
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xliv-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">them shall be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the Trust Indenture Act.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;703.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Reports by Trustee</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, with the Commission and with
the Company. The Company shall notify the Trustee when any Securities are listed on any stock
exchange.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a default occurs with respect to Securities of any series, the Trustee shall give the
Holders of the relevant series notice of the default when, as and to the extent provided by the
Trust Indenture Act of 1939. However, in the case of any default under any covenant with respect to
the series, no notice of default to Holders shall be given until at least 30&nbsp;days after the
occurrence of the default.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;704.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Reports by Company</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; <I>provided</I>
that any such information, documents or reports required to be filed with the Commission pursuant
to Section&nbsp;13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15&nbsp;days after the
same is actually filed with the Commission.
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt">ARTICLE EIGHT
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Consolidation, Merger, Conveyance, Transfer or Lease</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;801.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Company May Consolidate, Etc., Only on Certain Terms</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not consolidate with or merge into any other Person or convey, transfer or
lease all or substantially all of its properties and assets to any Person, and the Company shall
not permit any Person to consolidate with or merge into the Company or convey, transfer or lease
all or substantially all of its properties and assets to the Company, unless:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case the Company shall consolidate with or merge into another Person or convey,
transfer or lease all or substantially all of its properties and assets to any Person, the
Person formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, all or substantially all of the
properties and assets of the Company shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the
Trustee, the due and punctual payment of the principal of and any premium and interest on
all the Securities and the performance or observance of every covenant of this Indenture on
the part of the Company to be
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xlv-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">performed or observed; <I>provided, however, </I>that this assumption may be pursuant to a
full and unconditional guarantee; and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company or any Subsidiary as a result of such
transaction as having been incurred by the Company or such Subsidiary at the time of such
transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have happened and be continuing.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Company may consolidate with or merge into any other Person
or convey, transfer or lease all or substantially all of its properties and assets to any Person or
permit any Person to consolidate with or merge into the Company or convey, transfer or lease all or
substantially all of its properties and assets as part of a transaction involving non-related third
parties or as part of an internal corporate reorganization.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;802.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Successor Substituted</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section&nbsp;801, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;803.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Transfer or Lease to a Wholly Owned Subsidiary</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the provisions of this Article&nbsp;Eight, Sections&nbsp;801 and 802 will not be
applicable in connection with any transfer or lease of all or substantially all of the Company&#146;s
properties and assets to a wholly owned Subsidiary.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may transfer or lease all or substantially all of its properties and assets to any
wholly owned Subsidiary, provided that such wholly owned Subsidiary shall expressly assume pursuant
to a full and unconditional guarantee executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and
interest on all the Securities and the performance or observance of every covenant of this
Indenture on the part of the Company to be performed or observed.
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt">ARTICLE NINE
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Supplemental Indentures</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;901.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Supplemental Indentures Without Consent of Holders</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xlvi-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such additional Events of Default are to be for the
benefit of less than all series of Securities, stating that such additional Events of
Default are expressly being included solely for the benefit of such series); or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to or change any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest coupons, or to
permit or facilitate the issuance of Securities in uncertificated form; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, <I>provided </I>that any such addition, change or elimination
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall neither (i)&nbsp;apply to any Security of any series created prior to
the execution of such supplemental indenture and entitled to the benefit of such
provision nor (ii)&nbsp;modify the rights of the Holder of any such Security with
respect to such provision or (B)&nbsp;shall become effective only when there is no such
Security Outstanding; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to secure the Securities; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to establish the form or terms of Securities of any series as permitted by
Sections&nbsp;201 and 301; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section&nbsp;611; or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, <I>provided </I>that such
action pursuant to this Clause (9)&nbsp;shall not adversely affect the interests of the Holders
of Securities of any series in any material respect.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;902.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Supplemental Indentures With Consent of Holders</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture (in each case, other than as permitted by Section&nbsp;901);
<I>provided</I>, <I>however</I>, that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,
</DIV>



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the Stated Maturity of the principal of, or any instalment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon or any premium payable upon the redemption thereof, or reduce the amount
of the principal of an Original Issue Discount Security or any other Security which would
be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section&nbsp;502, or change any Place of Payment where, or the coin or currency in which, any
Security or any premium or interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment, conversion or exchange on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or
modify any provisions with respect to the subordination of Securities in a manner adverse
to the Holders, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture, or
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify any of the provisions of this Section or Section&nbsp;513 or Section&nbsp;1005,
except to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby; <I>provided, however, </I>that this clause shall not be
deemed to require the consent of any Holder with respect to changes in the references to
&#147;the Trustee&#148; and concomitant changes in this Section and Section&nbsp;1005, or the deletion of
this proviso, in accordance with the requirements of Sections&nbsp;611 and 901(8).
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;903.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Execution of Supplemental Indentures</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section&nbsp;601) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to,
</DIV>

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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">enter into any such supplemental indenture which affects the Trustee&#146;s own rights, duties or
immunities under this Indenture or otherwise.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;904.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Effect of Supplemental Indentures</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;905.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Conformity with Trust Indenture Act</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;906.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Reference in Securities to Supplemental Indentures</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt">ARTICLE TEN
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Covenants</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1001.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Payment of Principal, Premium and Interest</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees for the benefit of each series of Securities that it shall
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1002.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Maintenance of Office or Agency</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; <I>provided</I>, <I>however</I>, that no such designation or
rescission shall in any manner relieve the Company of its
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-xlix-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">obligation to maintain an office or agency in each Place of Payment for Securities of any
series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1003.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Money for Securities Payments to Be Held in Trust</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of or any premium or interest on any Securities of
that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held
as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (1)&nbsp;comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2)&nbsp;during the
continuance of any default by the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, upon the written request
of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or any premium or interest on any Security of any series
and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; <I>provided</I>, <I>however</I>, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published
once in the English language in a newspaper customarily published on each Business Day and of
general circulation in the Republic of the Marshall Islands, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30&nbsp;days from the
date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-l-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1004.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Statement by Officers as to Default</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will deliver to the Trustee, within 120&nbsp;days after the end of each fiscal year of
the Company ending after the date hereof, an Officers&#146; Certificate, stating whether or not to the
knowledge of the signers thereof the Company is in default in the performance and observance of any
of the terms, provisions and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they have knowledge.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1005.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Waiver of Certain Covenants</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by Section&nbsp;301 for Securities of such series,
the Company may, with respect to the Securities of any series, omit in any particular instance to
comply with any term, provision or condition set forth in any covenant provided pursuant to Section
301(25), 901(2) or 901(7) for the benefit of the Holders of such series or in any of Sections&nbsp;1001
to 1004 , inclusive, if before the time for such compliance the Holders of majority in aggregate
principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or condition except to
the extent so expressly waived, and, until such waiver shall become effective, the obligations of
the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt">ARTICLE ELEVEN
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Redemption of Securities</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1101.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Applicability of Article</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section&nbsp;301
for such Securities) in accordance with this Article.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1102.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Election to Redeem; Notice to Trustee</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section&nbsp;301 for such Securities. In case of any
redemption at the election of the Company of less than all the Securities of any series (including
any such redemption affecting only a single Security), the Company shall, at least 60&nbsp;days prior to
the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the
case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
the Trustee with an Officers&#146; Certificate evidencing compliance with such restriction.
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->-li-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1103.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Selection by Trustee of Securities to Be Redeemed</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected not more than 60&nbsp;days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of a portion of the principal amount of any
Security of such series, <I>provided </I>that the unredeemed portion of the principal amount of any
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. If less than all the Securities of such series and of a
specified tenor are to be redeemed (unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60&nbsp;days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor
not previously called for redemption in accordance with the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption as aforesaid and, in case of any Securities selected for partial redemption as
aforesaid, the principal amount thereof to be redeemed.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1104.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Notice of Redemption</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60&nbsp;days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices of redemption shall state:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Redemption Date,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Redemption Price,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if less than all the Outstanding Securities of any series consisting of more than
a single Security are to be redeemed, the identification (and, in the case of partial
redemption of any such Securities, the principal amounts) of the particular Securities to
be redeemed and, if less than all the Outstanding Securities of any series consisting of a
single Security are to be redeemed, the principal amount of the particular Security to be
redeemed,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places where each such Security is to be surrendered for payment of
the Redemption Price, and
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption of Securities to be redeemed at the election of the Company
shall be given by the Company or, at the Company&#146;s request, by the Trustee in the name and
at the expense of the Company and shall be irrevocable.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1105.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Deposit of Redemption Price</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section&nbsp;1003) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1106.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Securities Payable on Redemption Date</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; <I>provided</I>, <I>however</I>, that,
unless otherwise specified as contemplated by Section&nbsp;301, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant
Record Dates according to their terms and the provisions of Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1107.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Securities Redeemed in Part</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1108.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Optional Tax Redemption</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the option (but not the obligation) to redeem, in whole but not in
part, the Securities of any series where, as a result of a change in, execution of or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">amendment to any laws or treaties or the official application or interpretation of any laws or
treaties, the Company would be required to pay Additional Amounts as described in Section&nbsp;311;
<I>provided, however, </I>that this option applies only in the case of changes, executions or amendments
that occur on or after the date specified in the prospectus supplement for the applicable series of
Securities.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Securities of any series are redeemed, the Redemption Price for Securities of the
relevant series shall be, in the case of a Security other than an Original Issue Discount Security
of the relevant series, equal to the principal amount of the Securities of the relevant series
being redeemed plus accrued interest and any additional amounts due up to, but not including, the
Redemption Date and, in the case of an Original Issue Discount Security of the relevant series,
equal to an amount determined by reference to a formula or other special method.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to redeem the Securities pursuant to this Section&nbsp;1108, the Company
shall provide notice in the manner specified in Section&nbsp;1104 and redeem the securities in the
manner specified in Sections&nbsp;1102, 1105 and 1106.
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt">ARTICLE TWELVE
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">SINKING FUNDS</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1201.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Applicability of Article</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not required to make any sinking fund payments with respect to Securities of
any series except as otherwise specified as contemplated by Section&nbsp;301 for such Securities.
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt">ARTICLE THIRTEEN
</DIV>


<DIV align="Center" style="font-size: 11pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">Defeasance and Covenant Defeasance</FONT>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1301.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Company&#146;s Option to Effect Defeasance or Covenant Defeasance</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may elect, at its option at any time, to have Section&nbsp;1302 or Section&nbsp;1303 applied
to any Securities or any series of Securities, as the case may be, designated pursuant to Section
301 as being defeasible pursuant to such Section&nbsp;1302 or 1303, in accordance with any applicable
requirements provided pursuant to Section&nbsp;301 and upon compliance with the conditions set forth
below in this Article. Any such election shall be evidenced by a Board Resolution or in another
manner specified as contemplated by Section&nbsp;301 for such Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1302.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Defeasance and Discharge</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its payment and other obligations, and any subordination provisions
established in conformity with the provisions of this Indenture shall cease to be effective, with
respect to such Securities as provided in this Section on and after the date the conditions set
forth in Section&nbsp;1304 are satisfied (hereinafter called &#147;Defeasance&#148;). For this purpose, such
Defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by such Securities and to have satisfied all its
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 11pt; margin-top: 12pt">other obligations under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until otherwise terminated or
discharged hereunder: (1)&nbsp;the rights of Holders of such Securities to receive, solely from the
trust fund described in Section&nbsp;1304 and as more fully set forth in such Section, payments in
respect of the principal of and any premium and interest on such Securities when payments are due,
(2)&nbsp;the Company&#146;s obligations with respect to such Securities under Sections&nbsp;304, 305, 306, 1002
and 1003, (3)&nbsp;the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4)
this Article. Subject to compliance with this Article, the Company may exercise its option (if any)
to have this Section applied to any Securities notwithstanding the prior exercise of its option (if
any) to have Section&nbsp;1303 applied to such Securities.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1303.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Covenant Defeasance</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, (1)&nbsp;the Company shall be released from
its obligations under any covenants provided pursuant to Section&nbsp;301(25), 901(2) or 901(7) for the
benefit of the Holders of such Securities and (2)&nbsp;the occurrence of any event specified in
Sections&nbsp;501(3) (with respect to any such covenants provided pursuant to Section&nbsp;301(25), 901(2) or
901(7)), 501(5) and 501(7) shall be deemed not to be or result in an Event of Default, in each case
with respect to such Securities as provided in this Section on and after the date the conditions
set forth in Section&nbsp;1304 are satisfied (hereinafter called &#147;Covenant Defeasance&#148;). For this
purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit
to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such specified Section (to the extent so specified in the case of Section&nbsp;501(3)), or
any subordination provisions established in conformity with the provisions of this Indenture,
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or
such subordination provisions or by reason of any reference in any such Section or such
subordination provisions to any other provision herein or in any other document, but the remainder
of this Indenture and such Securities shall be unaffected thereby.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1304.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Conditions to Defeasance or Covenant Defeasance</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following shall be the conditions to the application of Section&nbsp;1302 or Section&nbsp;1303 to
any Securities or any series of Securities, as the case may be:
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee which satisfies the requirements contemplated by Section&nbsp;609
and agrees to comply with the provisions of this Article applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security
for, and dedicated solely to, the benefits of the Holders of such Securities, (A)&nbsp;money in
an amount, or (B)&nbsp;U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment, money in an amount, or (C)&nbsp;a
combination thereof, in each case sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
(or any such other qualifying trustee) to pay and discharge, the principal of and any
premium and interest on such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">Securities on the respective Stated Maturities, in accordance with the terms of this
Indenture and such Securities. As used herein, &#147;U.S. Government Obligation&#148; means (x)&nbsp;any
security which is (i)&nbsp;a direct obligation of the United States of America for the payment
of which the full faith and credit of the United States of America is pledged or (ii)&nbsp;an
obligation of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in
either case (i)&nbsp;or (ii), is not callable or redeemable at the option of the issuer thereof,
and (y)&nbsp;any depositary receipt issued by a bank (as defined in Section&nbsp;3(a)(2) of the
Securities Act) as custodian with respect to any U.S. Government Obligation which is
specified in Clause (x)&nbsp;above and held by such bank for the account of the Holder of such
depositary receipt, or with respect to any specific payment of principal of or interest on
any U.S. Government Obligation which is so specified and held, <I>provided </I>that (except as
required by law) such custodian is not authorized to make any deduction from the amount
payable to the Holder of such depositary receipt from any amount received by the custodian
in respect of the U.S. Government Obligation or the specific payment of principal or
interest evidenced by such depositary receipt.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of an election to have Section&nbsp;1302 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee
an Opinion of Counsel stating that (A)&nbsp;the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (B)&nbsp;since the date of this
instrument, there has been a change in the applicable Federal income tax law, in either
case (A)&nbsp;or (B)&nbsp;to the effect that, and based thereon such opinion shall confirm that, the
Holders of such Securities will not recognize gain or loss for Federal income tax purposes
as a result of the deposit, Defeasance and discharge to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would be the case if such deposit, Defeasance and discharge were
not to occur.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of an election to have Section&nbsp;1303 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit and Covenant
Defeasance to be effected with respect to such Securities and will be subject to Federal
income tax on the same amount, in the same manner and at the same times as would be the
case if such deposit and Covenant Defeasance were not to occur.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that neither such Securities nor any other Securities of the same series, if then
listed on any securities exchange, will be delisted as a result of such deposit.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to such Securities or any other Securities shall have occurred and
be continuing at the time of such deposit or, with regard to any such event specified in
Sections&nbsp;501(5) and (6), at any time on or prior to the 90th day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until after
such 90th day).
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities
are in default within the meaning of such Act).
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under, any other agreement or instrument to which the Company
is a party or by which it is bound.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Defeasance or Covenant Defeasance shall not result in the trust arising from
such deposit constituting an investment company within the meaning of the Investment
Company Act unless such trust shall be registered under such Act or exempt from
registration thereunder.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event any Securities or any series of Securities include subordination
provisions established in conformity with the provisions of this Indenture, at the time of
such deposit, (A)&nbsp;no default in the payment of any principal of or premium or interest on
any Senior Debt shall have occurred and be continuing, (B)&nbsp;no event of default with respect
to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be,
due and payable prior to the date on which it would otherwise have become due and payable
(unless payment of such Senior Debt has been made or duly provided for), and (C)&nbsp;no other
event of default with respect to any Senior Debt shall have occurred and be continuing
permitting (after notice or lapse of time or both) the holders of such Senior Debt (or a
trustee on behalf of such holders) to declare such Senior Debt due and payable prior to the
date on which it would otherwise have become due and payable.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to the Trustee an Officer&#146;s Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant
Defeasance have been complied with.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1305.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;1003, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee
(solely for purposes of this Section and Section&nbsp;1306, the Trustee and any such other trustee are
referred to collectively as the &#147;Trustee&#148;) pursuant to Section&nbsp;1304 in respect of any Securities
shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any such Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders
of such Securities, of all sums due and to become due thereon in respect of principal and any
premium and interest, but money so held in trust need not be segregated from other funds except to
the extent required by law. Money and U.S. Government Obligations so held in trust shall not be
subject to any subordination provisions established in conformity with the provisions of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section&nbsp;1304 or the
principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to
the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section&nbsp;1304 with respect to any Securities which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Section&nbsp;1306.</TD>
    <TD>&nbsp;</TD>
    <TD><I>Reinstatement</I>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has been discharged or
released pursuant to Section&nbsp;1303 shall be revived and reinstated as though no deposit had occurred
pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying
Agent is permitted to apply all money held in trust pursuant to Section&nbsp;1305 with respect to such
Securities in accordance with this Article; <I>provided, however, </I>that if the Company makes any
payment of principal of or any premium or interest on any such Security following such
reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the
Holders of such Securities to receive such payment from the money so held in trust.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px;  margin-top: 22pt; margin-bottom: 22pt">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->-lix-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">STATE OF<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">) ss.:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the &#95;&#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;&#95;&#95;, before me personally came &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, to me known, who,
being by me duly sworn, did depose and say that he is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, one of the
corporations described in and which executed the foregoing instrument and that he signed his name
thereto by authority of the Board of Directors of said corporation.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 50%">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">STATE OF<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">) ss.:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the &#95;&#95;&#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;&#95;&#95;, before me personally came &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, to me known, who,
being by me duly sworn, did depose and say that he is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, one of the
corporations described in and which executed the foregoing instrument and that he signed his name
thereto by authority of the Board of Directors of said corporation.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 50%">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;

</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><B>&#091;</B><B><I>To be revised accordingly if not signed in New York.</I></B><B>&#093;</B>
</DIV>



<P align="center" style="font-size: 11pt"><!-- Folio -->-lx-<!-- /Folio -->
</DIV>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>y93088exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP</B><BR>
1133 Avenue of the Americas<BR>
New York, New York 10036<BR>
Tel (212)&nbsp;922 2200<BR>
Fax (212)&nbsp;922 1512
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;24, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital Product Partners L.P.<BR>
3, Iassonos Street<BR>
Piraeus, Athens<BR>
18537 Greece

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registration Statement on Form&nbsp;F-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as special counsel as to matters of the law of the Republic of The Marshall Islands
(&#147;<B>Marshall Islands Law</B>&#148;) for Capital Product Partners L.P. (the &#147;<B>Partnership</B>&#148;) in connection with
the preparation and filing with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;), pursuant
to the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and the rules and regulations
promulgated thereunder (&#147;<B>Rules</B>&#148;), of a registration statement on Form F-3 (such registration
statement and any additional registration statement filed pursuant to Rule 462(b) is referred to as
the &#147;<B>Registration Statement</B>&#148;) for the registration of the sale from time to time of up to
$500,000,000 aggregate offering price (or any such further aggregate offering price as may be
registered pursuant to Rule&nbsp;462(b)) of (i)&nbsp;Common Units to be issued by the Partnership (the
"<B>Units</B>&#148;) each representing limited partnership interests in the Partnership, (ii)&nbsp;one or more
series of preferred units to be issued by the Partnership (the &#147;<B>Preferred Units</B>&#148;), (iii)&nbsp;debt
securities (the &#147;<B>Debt Securities</B>&#148;), which may be issued pursuant to a form of indenture, in
substantially the form filed as Exhibit&nbsp;4.3 to the Registration Statement (the &#147;<B>Indenture</B>&#148;),
including debt securities convertible into or exchangeable for common units or other securities of
the Partnership, (iv)&nbsp;guarantees (the &#147;<B>Guarantees</B>&#148;) of the Debt Securities by one or more
subsidiaries of the Partnership (the &#147;<B>Guarantors</B>&#148;) and (v)&nbsp;warrants to purchase Debt Securities or
equity securities of the Partnership or securities of third parties or other rights (the &#147;<B>Warrants</B>&#148;
and collectively with the Units, Preferred Units, Debt Securities and Guarantees, the
&#147;<B>Securities</B>&#148;). The Securities will be sold from time to time as set forth in the Registration
Statement, the prospectus contained therein (the &#147;<B>Prospectus</B>&#148;) and supplements to the Prospectus
(the &#147;<B>Prospectus Supplements</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering this opinion, we have examined originals or photocopies of all such documents,
including (i)&nbsp;the Registration Statement and the Prospectus, (ii)&nbsp;the Indenture, (iii)&nbsp;the Second
Amended and Restated Agreement of Limited Partnership dated February&nbsp;22, 2010 of the Partnership,
as amended by an amendment dated as of September&nbsp;30, 2011 (the &#147;<B>LP Agreement</B>&#148;) and (iv)&nbsp;such other
papers, documents and certificates of public officials and certificates of representatives of the
Partnership and the Partnership&#146;s general partner, Capital GP L.L.C. (the &#147;<B>General Partner</B>&#148;), as we
have deemed necessary. In such examination, we have assumed (a)&nbsp;the legal capacity of each natural
person, (b)&nbsp;the genuineness of all signatures and the authenticity of all documents submitted to us
as originals, (c)&nbsp;the
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Capital Product Partners L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page &nbsp;&nbsp;&nbsp;2</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">October&nbsp;24, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">conformity to original documents of all documents submitted to us as
conformed or photostatic copies, (d)&nbsp;that there have been no undisclosed modifications, either
written, verbal or otherwise, of any provision of any document reviewed by us in connection with
the rendering of the opinion set forth herein, (e)&nbsp;the completeness of each document submitted to us and (f)&nbsp;the truthfulness of each
statement as to all factual matters contained in any document or certificate encompassed within the
due diligence review undertaken by us. We have also assumed the power, authority and legal right
of all parties (other than the Partner and General Partner) to the Registration Statement and any
amendments or supplements thereto (including any necessary post-effective amendments), all parties
to the Indenture and all parties to the Guarantees to enter into and perform their respective
obligations thereunder and the due authorization, execution and delivery of such documents by such
parties. We have further assumed the validity and enforceability of all documents under all
applicable laws other than Marshall Islands Law. As to any questions of fact material to our
opinion, we have, when relevant facts were not independently established, relied upon the aforesaid
certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also assumed that (i)&nbsp;the Registration Statement and any amendments or supplements thereto
(including any necessary post-effective amendments) shall have become effective under the
Securities Act, (ii)&nbsp;a Prospectus Supplement shall have been prepared and filed with the Commission
describing the Securities offered thereby, (iii)&nbsp;the Securities shall be issued and sold in
compliance with applicable U.S. federal, state and foreign laws and in the manner stated in the
Registration Statement and the applicable Prospectus Supplement, (iv)&nbsp;a definitive purchase,
underwriting or similar agreement with respect to any Securities offered will have been duly
authorized and validly executed and delivered by the applicable registrants and the other parties
thereto, (v)&nbsp;any Securities issuable upon conversion, exchange or exercise of any Security being
offered will be duly authorized, created and, if appropriate, reserved for issuance upon such
conversion, exchange or exercise, (vi)&nbsp;any Securities consisting of Units or Preferred Units,
including issuable upon conversion, exchange or exercise of any Security, that may be issued under
the Registration Statement, have been duly authorized and will be validly issued, and the
certificates evidencing the same will be duly executed and delivered, against receipt of the
consideration approved by the Company which will be no less than the par value, if any, thereof,
and (vii)&nbsp;the definitive terms of any Security, other than Units, offered pursuant to the
Registration Statement will have been established in accordance with resolutions of the Board of
Directors of the Company and applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the issuance and sale of any series of Preferred Units, we have further assumed
that (i)&nbsp;an appropriate certificate of designations, or similar instrument setting forth the
preferential, deferred, qualified or special rights, powers, privileges, conditions or duties with
respect to such series of Preferred Units will have been duly adopted and fixed by the Board of
Directors of the Partnership and approved by the General Partner in a form to be described in a
Prospectus Supplement, all in conformity with the requirements of the LP Agreement, and (ii)&nbsp;such
Preferred Units shall represent equity ownership interests in the Partnership held by limited
partners of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the issuance and sale of any Debt Securities, we have further assumed that (i)&nbsp;the
Indenture will have been duly executed and delivered by the Company and the trustee named therein
(the &#147;<B>Trustee</B>&#148;) substantially in the form examined by us and any applicable supplemental indenture
will have been duly executed and delivered by the Company and the Trustee in accordance with the
terms and conditions of the Indenture regarding the creation, authentication and delivery of any
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Capital Product Partners L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page &nbsp;&nbsp;&nbsp;3</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">October&nbsp;24, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">supplemental indenture to such Indenture and (ii)&nbsp;such Debt Securities when issued, will be
executed, authenticated, issued and delivered (a)&nbsp;against receipt of the consideration therefor
approved by the Company and (b)&nbsp;as provided in the Indenture with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the issuance and sale of any Warrants, we have further assumed that (i)&nbsp;a warrant
agreement (the &#147;<B>Warrant Agreement</B>&#148;) with respect to such Warrants will have been executed and
delivered by the Company and a warrant agent (the &#147;<B>Warrant Agent</B>&#148;), (ii)&nbsp;the Warrants will have
been duly and validly authorized, created, executed and delivered by the Company and duly executed
by any Warrant Agent appointed by the Company, and (iii)&nbsp;the Warrants will have been issued and
delivered by the Company against receipt of the consideration therefor approved by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion is limited to Marshall Islands Law and is as of the date hereof. We expressly
disclaim any responsibility to advise of any development or circumstance of any kind, including any
change of law or fact that may occur after the date of this opinion letter that might affect the
opinion expressed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the foregoing and having regard to legal considerations which we deem relevant, and
subject to the qualifications, limitations and assumptions set forth herein, we are of the opinion
that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the terms of the issuance and sale thereof have been duly authorized and approved by the
Partnership and when issued and delivered against payment therefor in accordance with the
terms of the LP Agreement, the applicable purchase, underwriting or similar agreement and the
Registration Statement, Prospectus and Prospectus Supplement, the Units will be validly
issued, fully paid and non-assessable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the terms of the issuance and sale thereof have been duly authorized and approved by the
Partnership and the General Partner and when issued and delivered against payment therefor in
accordance with the terms of the LP Agreement, the applicable purchase, underwriting or
similar agreement and the Registration Statement, Prospectus and Prospectus Supplement, the
Preferred Units will be validly issued, fully paid and non-assessable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the due execution and delivery of the Indenture by the parties thereto substantially in
the form examined by us, when (a)&nbsp;the specific terms of a particular Debt Security have been
duly authorized by the Partnership and established in accordance with the Indenture, (b)&nbsp;any
related Guarantee by the Guarantors has been duly authorized by each such Guarantor, and (c)
such Debt Security and any such Guarantee have been duly executed, authenticated, issued for
value and delivered in accordance with the Indenture, (i)&nbsp;such Debt Security and any such
Guarantee will be binding obligations of the Partnership and Guarantor, as applicable and will
be, in the case of Debt Securities, entitled to the benefits provided by the Indenture, and
(ii)&nbsp;if the Debt Securities are convertible into Securities (other than Debt Securities and
Guarantees), then such resulting Securities will be (x)&nbsp;in the case of Units or Preferred
Units (subject to compliance with the requirements set forth in Paragraphs 1 and 2 above),
validly issued, fully paid and non-assessable, and (y)&nbsp;in the case of Warrants, (subject to
compliance with the requirements set forth in Paragraph&nbsp;4 below), a binding agreement of the
Partnership, entitled to the benefits provided by the Warrant Agreement.</TD>
</TR>


</TABLE>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Capital Product Partners L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page &nbsp;&nbsp;&nbsp;4</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">October&nbsp;24, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the specific terms of a particular Warrant have been duly authorized and approved by the
Partnership and when issued and delivered against payment therefor in with the terms of the LP
Agreement, the Warrant Agreement, the applicable purchase, underwriting or similar agreement
and the Registration Statement, Prospectus and Prospectus Supplement, such
Warrant will be a binding agreement of the Partnership, entitled to the benefits provided by
the Warrant Agreement, and when issued against payment therefor upon exercise of the Warrant
(i)&nbsp;the Units issued upon the exercise of such Warrant will be validly issued, fully paid
and non-assessable, or (ii)&nbsp;the Debt Security will be the binding obligation of the
Partnership entitled to the benefits provided by the Indenture.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the filing of this opinion as an exhibit to the Registration Statement and to the
references to our firm in the Prospectus. In giving this consent, we do not hereby admit that we
are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or
related Rules nor do we admit that we are experts with respect to any part of the Registration
Statement within the meaning of the term &#147;expert&#148; as used in the Securities Act or related Rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>/s/ Watson, Farley &#038; Williams (New York) LLP</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>y93088exv8w1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;8.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Sullivan &#038; Cromwell LLP&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 70%; margin-top: 6pt">October&nbsp;24, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital Product Partners L.P.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Iassonos Street<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus 18537, Greece.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as United States federal income tax counsel to Capital Product Partners L.P.
(&#147;CPLP&#148;), a Marshall Islands limited partnership, in connection with the registration statement
under the Securities Act of 1933 on Form F-3 (the &#147;Registration Statement&#148;) filed with the
Securities and Exchange Commission on the date hereof. We hereby confirm to you that, insofar as
it relates to United States federal income tax matters, the discussion set forth under the caption
&#147;Material United States Federal Income Tax Considerations,&#148; subject to the qualifications,
exceptions, assumptions and limitations contained therein, is our opinion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the references therein to us. In giving this consent, we do not hereby admit that we are
within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of
1933, as amended, or the rules and regulations of the Securities and Exchange Commission
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><U>/s/SULLIVAN &#038; CROMWELL LLP</U>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>5
<FILENAME>y93088exv8w2.htm
<DESCRIPTION>EX-8.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;8.2</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP</B><BR>
1133 Avenue of the Americas<BR>
New York, New York 10036<BR>
Tel (212)&nbsp;922 2200<BR>
Fax (212)&nbsp;922 1512
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;24, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital Product Partners L.P.<BR>
3, Iassonos Street<BR>
Piraeus, Athens<BR>
18537 Greece

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registration Statement on Form&nbsp;F-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as special counsel as to matters of the law of the Republic of The Marshall Islands
(&#147;<B>Marshall Islands Law</B>&#148;) for Capital Product Partners L.P. (the &#147;<B>Partnership</B>&#148;) in connection with
the preparation and filing with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;), pursuant
to the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and the rules and regulations
promulgated thereunder (&#147;<B>Rules</B>&#148;), of a registration statement on Form F-3 (such registration
statement and any additional registration statement filed pursuant to Rule 462(b) is referred to as
the &#147;<B>Registration Statement</B>&#148;) for the registration of the sale from time to time of up to
$500,000,000 aggregate offering price (or any such further aggregate offering price as may be
registered pursuant to Rule&nbsp;462(b)) of (i)&nbsp;Common Units to be issued by the Partnership (the
&#147;<B>Units</B>&#148;) each representing limited partnership interests in the Partnership, (ii)&nbsp;one or more
series of preferred units to be issued by the Partnership (the &#147;<B>Preferred Units</B>&#148;), (iii)&nbsp;debt
securities (the &#147;<B>Debt Securities</B>&#148;), which may be issued pursuant to a form of indenture, in
substantially the form filed as Exhibit&nbsp;4.3 to the Registration Statement, including debt
securities convertible into or exchangeable for common units or other securities of the
Partnership, (iv)&nbsp;guarantees (the &#147;<B>Guarantees</B>&#148;) of the Debt Securities by one or more subsidiaries
of the Partnership and (v)&nbsp;warrants to purchase Debt Securities or equity securities of the
Partnership or securities of third parties or other rights (the &#147;<B>Warrants</B>&#148; and collectively with
the Units, Preferred Units, Debt Securities and Guarantees, the &#147;<B>Securities</B>&#148;). The Securities will
be sold from time to time as set forth in the Registration Statement, the prospectus contained
therein (the &#147;<B>Prospectus</B>&#148;) and supplements to the Prospectus (the &#147;<B>Prospectus Supplements</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering this opinion, we have examined originals or photocopies of all such documents,
including (i)&nbsp;the Registration Statement and the Prospectus and (ii)&nbsp;certificates of public
officials and of representatives of the Partnership and the Partnership&#146;s general partner, Capital
GP L.L.C., as we have deemed necessary. In such examination, we have assumed: (a)&nbsp;the genuineness
of all signatures and the authenticity of all documents submitted to us as originals, (b)&nbsp;the
conformity to original documents of all documents submitted to us as conformed or photostatic
copies, (c)&nbsp;that there have been no undisclosed modifications, either written, verbal or otherwise,
of any provision of any document reviewed by us in connection with the rendering of the opinion set
forth herein, (d)&nbsp;the completeness of each document submitted to us and (e)&nbsp;the truthfulness of
each statement as to all
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Capital Product Partners L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page&nbsp;&nbsp;&nbsp;2</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">October&nbsp;24, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">factual matters contained in any document or certificate encompassed
within the due diligence review undertaken by us. As to any questions of fact material to our
opinion, we have, when relevant facts were not independently established, relied upon the aforesaid
certificates. We have also assumed that (i)&nbsp;the Registration Statement and any amendments or
supplements thereto (including any necessary post-effective amendments) shall have become effective
under the Securities Act, and (ii)&nbsp;a Prospectus Supplement shall have been prepared and filed with
the Commission describing the Securities offered thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion is limited to Marshall Islands Law and is as of the date hereof. We expressly
disclaim any responsibility to advise of any development or circumstance of any kind, including any
change of law or fact that may occur after the date of this opinion letter that might affect the
opinion expressed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the facts as set forth in the Prospectus and having regard to legal considerations which
we deem relevant, and subject to the qualifications, limitations and assumptions set forth herein,
we hereby confirm that we have reviewed the discussion set forth in the Prospectus under the
caption &#147;Non-United States Tax Consequences &#151; Marshall Islands Tax Consequences&#148; and we confirm
that the statements in such discussion, to the extent they constitute summaries of law or legal
conclusions, unless otherwise noted, are the opinion of Watson, Farley &#038; Williams (New York) LLP
with respect to such matters as of the date of the Prospectus and accurately state our views as to
the tax matters discussed therein (except for the representations and statements of fact of the
Partnership included under such caption, as to which we express no opinion).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the filing of this opinion as an exhibit to the Registration Statement and to the
references to our firm in the Prospectus. In giving this consent, we do not hereby admit that we
are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or
related Rules nor do we admit that we are experts with respect to any part of the Registration
Statement within the meaning of the term &#147;expert&#148; as used in the Securities Act or related Rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>/s/ Watson, Farley &#038; Williams (New York) LLP</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>6
<FILENAME>y93088exv21w1.htm
<DESCRIPTION>EX-21.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv21w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 21.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIST OF SIGNIFICANT SUBSIDIARIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The
following is a list of Capital Product Partners L.P.&#146;s
significant subsidiaries as at October&nbsp;24, 2011:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Jurisdiction of Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Proportion of Ownership Interest</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Product
Operating GP L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of The Marshall Islands
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">100%</TD>
    <TD align="right" valign="top"></TD>
    <TD nowrap valign="top"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Crude Carriers Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of The Marshall Islands
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">100%</TD>
    <TD align="left" valign="top"></TD>
    <TD nowrap valign="top"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>y93088exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 23.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement on Form F-3 of Capital
Product Partners L.P. (the &#147;Partnership&#148;) of our reports dated February&nbsp;4, 2011, relating to the
consolidated financial statements of the Partnership (which report expresses an unqualified opinion
and includes explanatory paragraphs relating to: 1) the preparation of the portion of the financial
statements attributable to the Ross Shipmanagement Co., Baymont Enterprises Incorporated, Forbes
Maritime Co., Mango Finance Co., Navarro International S.A., Epicurus Shipping Company, and Adrian
Shipholding Inc., prior to the vessels&#146; acquisition by the Partnership, from the separate records
maintained by Capital Maritime &#038; Trading Corp., and 2) the retroactive adjustments to previously
issued financial statements resulting from transactions between entities under common control) and
the effectiveness of the Partnership&#146;s internal control over financial reporting, appearing in the
Annual Report on Form 20-F of the Partnership for the year ended December&nbsp;31, 2010, and to the
reference to us under the heading &#147;Experts&#148; in the prospectus which forms a part of the
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>/s/ Deloitte. Hadjipavlou, Sofianos &#038; Cambanis S.A.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Athens, Greece
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;24, 2011
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>8
<FILENAME>y93088exv23w2.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the Registration Statement on Form F-3 of Capital
Product Partners L.P. of our report dated April&nbsp;15, 2011, relating to the consolidated financial
statements of Crude Carriers Corp. and its subsidiaries (the &#147;Company&#148;) appearing in the Annual
Report on Form 20-F of the Company for the year ended December&nbsp;31, 2010, and to the reference to
us under the heading &#147;Experts&#148; in the prospectus which forms a part of the Registration
Statement.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Deloitte. Hadjipavlou, Sofianos &#038; Cambanis S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Athens, Greece</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">October&nbsp;24, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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<SEQUENCE>9
<FILENAME>y93088y9308800.gif
<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
