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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000908737-06-000819.txt : 20061114
<SEC-HEADER>0000908737-06-000819.hdr.sgml : 20061114
<ACCEPTANCE-DATETIME>20061114171822
ACCESSION NUMBER:		0000908737-06-000819
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20061114
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061114
DATE AS OF CHANGE:		20061114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SENIOR HOUSING PROPERTIES TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15319
		FILM NUMBER:		061216804

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6173323990
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>snh_8k.htm
<DESCRIPTION>SNH 8K - NOVEMBER 14, 2006
<TEXT>
<html>
  <head>
    <title>
      SNH 8K - November 14, 2006
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman, serif"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT PURSUANT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TO
      SECTION 13 OR 15(d) OF THE </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      EXCHANGE ACT OF 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>November
      14, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SENIOR
      HOUSING PROPERTIES TRUST</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      Name of Registrant as Specified in Its Charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Maryland</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or
      Other Jurisdiction</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      Incorporation)</font></div>
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    <div>
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          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>00</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1-15319</strong></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>04-3445278</strong></font></div>
            </td>
          </tr>
          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
            </td>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="43%">&#160;</td>
            <td valign="top" width="36%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>400
                Centre Street, Newton, Massachusetts</strong></font></div>
            </td>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>02458</strong></font></div>
            </td>
          </tr>
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            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal Executive Offices)</font></div>
            </td>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>617-796-8350</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Telephone Number, Including Area Code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
      Events.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 14, 2006, Senior Housing Properties Trust, or the Company, priced
      an
      underwritten public offering of 5,000,000 common shares of beneficial interest.
      The Company expects to issue and deliver these shares on or about November
      17,
      2006. The public offering price was $22.06 per share. The Company expects to
      use
      the $<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">105.0
      </font>million of net proceeds of the offering (after estimated expenses and
      underwriters&#8217; commissions) to reduce amounts outstanding on the Company&#8217;s
      revolving bank credit facility. The Company also granted the underwriters an
      option to purchase an additional 750,000 common shares to cover overallotments,
      if any.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      prospectus supplement relating to these common shares will be filed with the
      Securities and Exchange Commission. This Current Report on Form&#160;8-K shall
      not constitute an offer to sell or the solicitation of an offer to buy nor
      shall
      there be any sale of these securities in any state in which such offer,
      solicitation or sale would be unlawful prior to registration of qualification
      under the securities laws of any such state.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WARNING
      CONCERNING FORWARD LOOKING STATEMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THIS
      REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN
      THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER
      FEDERAL SECURITIES LAWS, INCLUDING WITH RESPECT TO THE COMPANY&#8217;S ISSUANCE OF THE
      COMMON SHARES (INCLUDING THE OVERALLOTMENT OPTION) AND ITS INTENDED USE OF
      THE
      PROCEEDS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT,
      BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED
      TO
      OCCUR AND MAY NOT OCCUR.&#160; ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE
      CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS
      FACTORS. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
      STATEMENTS.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(d)</strong></font></div>
            </td>
            <td align="left" valign="top" width="96%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibits</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%">&#160;</td>
            <td align="left" valign="top" width="96%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1</font></div>
            </td>
            <td align="left" valign="top" width="96%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Underwriting
                Agreement, dated as of November 14, 2006, between Senior Housing
                Properties Trust and the underwriters named therein relating to the
                issuance and sale of up to 5,750,000 of the Company&#8217;s common shares of
                beneficial interest.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
            </td>
            <td align="left" valign="top" width="96%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                of Venable LLP.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.1</font></div>
            </td>
            <td align="left" valign="top" width="96%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                of Sullivan&#160;&amp; Worcester LLP as to tax matters.</font></div>
            </td>
          </tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
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                of Venable LLP&#160;(contained in Exhibit 5.1).</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
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                of Sullivan&#160;&amp; Worcester LLP (contained in
                Exhibit&#160;8.1).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      Page Follows]</em></font></div><br>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SENIOR
                HOUSING PROPERTIES TRUST </strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%">&#160;</td>
            <td align="left" valign="top" width="48%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                John R. Hoadley</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
                R. Hoadley</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasurer
                and Chief Financial Officer </font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
      November 14, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ex1-1.htm
<DESCRIPTION>EX-1.1
<TEXT>
<html>
  <head>
    <title>
      ex-1.1
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
      1.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SENIOR
      HOUSING PROPERTIES TRUST</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,000,000
      Shares of Beneficial Interest</font></div>
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      par value per Share)</font></div>
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      AGREEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      14, 2006</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNDERWRITING
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      14, 2006</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UBS
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      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      Housing Properties Trust, a real estate investment trust organized under the
      laws of the State of Maryland (the &#8220;Company&#8221;), proposes to issue and sell to the
      underwriters named in Schedule&#160;A annexed hereto (the &#8220;Underwriters&#8221;) an
      aggregate of 5,000,000 common shares (the &#8220;Firm Shares&#8221;) of beneficial interest,
      $0.01 par value (the &#8220;Common Shares&#8221;) of the Company. In addition, solely for
      the purpose of covering over-allotments, the Company proposes to grant to the
      Underwriters the option to purchase up to an additional 750,000 Common Shares
      (the &#8220;Additional Shares&#8221;).&#160; The Firm Shares and the Additional Shares are
      hereinafter collectively sometimes referred to as the &#8220;Shares.&#8221; The Shares are
      described in the Prospectus which is referred to below.</font></div>
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      Company has prepared and filed with the Securities and Exchange Commission
      (the
&#8220;Commission&#8221;), in accordance with the provisions of the Securities Act of 1933,
      as amended, and the rules and regulations of the Commission thereunder
      (collectively, the &#8220;Act&#8221;), a registration statement (File No. 333-135716) on
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      prospectus relating to, among other things, Common Shares, preferred shares
      of
      beneficial interest, depository</font></div>
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      guarantees, debt securities and warrants for such securities of the Company,
      and
      such amendments to such registration statement, as may have been required prior
      to the date hereof, have been similarly prepared and have been filed with the
      Commission. Such shelf registration statement, as so amended, and any
      post-effective amendments thereto, have become effective under the
      Act.</font></div>
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      Company will next file with the Commission pursuant to Rule 424(b) under the
      Act
      a final prospectus supplement to the basic prospectus included in the shelf
      registration statement, as so amended, describing the Shares and the offering
      thereof, in such form as has been provided to or discussed with, and approved
      by, the Underwriters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      where the context otherwise requires, the term &#8220;Registration Statement&#8221; as used
      in this Agreement means the shelf registration statement, as amended at the
      time
      it became effective for purposes of Section 11 of the Act, as such section
      applies to the respective Underwriters (the &#8220;Effective Time&#8221;), including (i) all
      documents filed as part thereof or incorporated by reference or deemed to be
      incorporated by reference therein and (ii) any information contained or
      incorporated by reference in a prospectus filed with the Commission pursuant
      to
      Rule 424(b) under the Act, to the extent such information is deemed, pursuant
      to
      Rule 430A, Rule 430B or Rule 430C under the Act, to be part of the registration
      statement at the Effective Time. If an abbreviated registration statement is
      prepared and filed with the Commission in accordance with Rule 462(b) under
      the
      Act (an &#8220;Abbreviated Registration Statement&#8221;), the term &#8220;Registration Statement&#8221;
includes the Abbreviated Registration Statement. Any such Abbreviated
      Registration Statement shall be filed by the Company with the Commission and
      become effective no later than 10:00 P.M., New York City time, on the date
      of
      determination of the public offering price for the Shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      where the context otherwise requires, the term &#8220;Basic Prospectus&#8221; as used in
      this Agreement means the prospectus dated July 12, 2006, as filed with the
      Commission pursuant to Rule 424(b) and included in the shelf registration
      statement. Except where the context otherwise requires, the term &#8220;Prepricing
      Prospectus&#8221; as used in this Agreement means each preliminary form of the
      Prospectus (as defined herein) subject to completion, if any, used in connection
      with the offering of the Shares. Except where the context otherwise requires,
      the term &#8220;Prospectus Supplement&#8221; as used in this Agreement means any final
      prospectus supplement specifically relating to the Shares, in the form filed
      with, or transmitted for filing to, the Commission pursuant to Rule 424 under
      the Act. Except where the context otherwise requires, the term &#8220;Prospectus&#8221; as
      used in this Agreement means the Basic Prospectus together with the Prospectus
      Supplement, except that if such Basic Prospectus is amended or supplemented
      on
      or prior to the date on which the Prospectus Supplement was first filed pursuant
      to Rule 424, the term &#8220;Prospectus&#8221; shall refer to the Basic Prospectus as so
      amended or supplemented and as supplemented by the Prospectus
      Supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Permitted
      Free Writing Prospectuses,&#8221; as used herein, means the documents listed on
      Schedule B attached hereto and each &#8220;road show&#8221; (as defined in Rule 433 under
      the Act), if any, related to the offering of the Shares contemplated
      hereby</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">that
      is a
&#8220;written communication&#8221; (as defined in Rule 405 under the Act) (each such road
      show, a &#8220;Road Show&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Disclosure
      Package,&#8221; as used herein, means the Basic Prospectus, including without
      limitation the documents incorporated by reference therein as of the time this
      agreement is entered into, together with any Prepricing Prospectus and any
      combination of one or more of the Permitted Free Writing Prospectuses, if
      any.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      reference in this Agreement to the shelf registration statement, the
      Registration Statement, the Basic Prospectus, any Prepricing Prospectus, any
      Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus
      shall be deemed to refer to and include the documents incorporated by reference
      therein (the &#8220;Incorporated Documents&#8221;), including, unless the context otherwise
      requires, the documents, if any, filed as exhibits to such Incorporated
      Documents. Any reference in this Agreement to the term &#8220;amend,&#8221; &#8220;amendment&#8221; or
&#8220;supplement&#8221; with respect to the shelf registration statement, the Registration
      Statement, the Basic Prospectus, any Prepricing Prospectus, any Prospectus
      Supplement, any Prospectus or any Permitted Free Writing Prospectus shall be
      deemed to refer to and include any documents filed under the Securities Exchange
      Act of 1934, as amended (the &#8220;Exchange Act&#8221;), on or after the initial effective
      date of the Registration Statement, or the date of such Basic Prospectus, such
      Prepricing Prospectus, the Prospectus Supplement, the Prospectus or such
      Permitted Free Writing Prospectus, as the case may be, and deemed to be
      incorporated therein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company and the Underwriters agree as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Sale
      and Purchase</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Upon
      the basis of the representations and warranties and subject to the terms and
      conditions herein set forth, the Company agrees to issue and sell to each
      Underwriter, and, upon the basis of the representations, warranties and
      agreements of the Company herein contained and subject to all the terms and
      conditions set forth herein, each Underwriter agrees, severally and not jointly,
      to purchase from the Company the number of Firm Shares set forth opposite the
      name of such Underwriter in Schedule A attached hereto (subject to adjustment
      in
      accordance with Section 9 hereof) at a purchase price of $21.04per share (the
      &#8220;Purchase Price Per Share&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is advised by you that the Underwriters intend (i) to make a public
      offering of their respective portions of the Firm Shares as soon after the
      date
      hereof as in your judgment is advisable and (ii) initially to offer the Firm
      Shares upon the terms set forth in the Prospectus. You may from time to time
      increase or decrease the public offering price after the initial public offering
      to such extent as you may determine.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Company hereby grants to the several Underwriters the option
      to
      purchase, and upon the basis of the representations, warranties and agreements
      of the Company and subject to all the terms and conditions herein set forth,
      the
      Underwriters shall have the right to purchase, severally and not jointly, from
      the Company, ratably in accordance with the number of Firm Shares to be
      purchased by each of them (subject to such adjustment as you shall determine
      to
      avoid fractional shares), all</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">or
      a
      portion of the Additional Shares as may be necessary to cover over-allotments
      made in connection with the offering of the Firm Shares, at the Purchase Price
      Per Share.&#160; This option may be exercised by you on behalf of the several
      Underwriters at any time on or before the thirtieth day following the date
      hereof, by written notice to the Company.&#160; Such notice shall set forth the
      aggregate number of Additional Shares as to which the option is being exercised,
      and the date and time when the Additional Shares are to be delivered (such
      date
      and time being herein referred to as the &#8220;additional time of purchase&#8221;);
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      the additional time of purchase shall not be earlier than the time of purchase
      (as defined below) nor earlier than the second business day after the date
      on
      which the option shall have been exercised nor later than the tenth business
      day
      after the date on which the option shall have been exercised.&#160; The number
      of Additional Shares to be sold to each Underwriter shall be the number which
      bears the same proportion to the aggregate number of Additional Shares being
      purchased as the number of Firm Shares set forth opposite the name of such
      Underwriter on Schedule&#160;A hereto bears to the total number of Firm Shares
      (subject, in each case, to such adjustment as you may determine to eliminate
      fractional shares).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      used
      herein, &#8220;business day&#8221; shall mean a day on which the New York Stock Exchange
      (the &#8220;NYSE&#8221;) is open for trading.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Payment
      and Delivery</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Payment
      of the purchase price for the Firm Shares shall be made to the Company by
      Federal Funds wire transfer, against delivery of the Firm Shares to you through
      the facilities of the Depository Trust Company (&#8220;DTC&#8221;) for the respective
      accounts of the Underwriters. Such payment and delivery shall be made at 10:00
      A.M., New York City time, on November 17, 2006 (unless another time shall be
      agreed to by you or unless postponed in accordance with the provisions of
      Section 9 hereof). The time at which such payment and delivery are actually
      made
      is hereinafter sometimes called the &#8220;time of purchase.&#8221; Certificates, if any,
      for the Firm Shares shall be delivered to you in definitive form in such names
      and in such denominations as you shall specify no later than the second business
      day preceding the time of purchase. For the purpose of expediting the checking
      of the certificates for the Firm Shares by you, the Company agrees to make
      such
      certificates available to you for such purpose at least one full business day
      preceding the time of purchase.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Payment
      of the purchase price for the Additional Shares shall be made at the additional
      time of purchase in the same manner and at the same office as the payment for
      the Firm Shares.&#160; Certificates, if any, for the Additional Shares shall be
      delivered to you in definitive form in such names and in such denominations
      as
      you shall specify no later than the second business day preceding the additional
      time of purchase.&#160; For the purpose of expediting the checking of the
      certificates for the Additional Shares by you, the Company agrees to make such
      certificates available to you for such purpose at least one full business day
      preceding the additional time of purchase.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deliveries
      of the documents described in Section 7 hereof with respect to the purchase
      of
      the Shares shall be made at 9:00 A.M. at such location(s) as shall be agreed
      upon by you and the Company on the date of the closing of the purchase of the
      Firm Shares or the Additional Shares, as the case may be.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Representations
      and Warranties of the Company</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Company represents and warrants to and agrees with each of the Underwriters
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">no
      order
      preventing or suspending the use of the Basic Prospectus, any Prepricing
      Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free
      Writing Prospectus is in effect and no proceedings for such purpose are pending
      or, to the knowledge of the Company, threatened by the Commission or the
      securities authority of any state or other jurisdiction. The Registration
      Statement has become effective under the Act; no stop order suspending the
      effectiveness of the Registration Statement is in effect, and no proceedings
      for
      such purpose are pending before or, to the knowledge of the Company, threatened
      by the Commission or the securities authority of any state or other
      jurisdiction;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      the
      Company is eligible to use Form S-3 and the offering of the Shares complies
      and
      will comply with the requirements of Rule 415 under the Act including, without
      limitation, Rule 415(a)(5); (ii) each part of the Registration Statement, and
      also any Abbreviated Registration Statement, when it became effective, complied,
      or with respect to any part of the Registration Statement or any Abbreviated
      Registration Statement that has not yet become effective, will comply at the
      time of effectiveness, and as of the date hereof and, as amended or
      supplemented, at the time of purchase and at all times during which a prospectus
      is required by the Act to be delivered (whether physically or through compliance
      with Rule 172 under the Act or any similar rule) in connection with any sale
      of
      Shares, will comply, in all material respects, with applicable requirements
      of
      the Act and the Exchange Act; (iii) each part of the Registration Statement
      did
      not, as of the Effective Time, contain any untrue statement of a material fact
      or omit to state a material fact required to be stated therein or necessary
      to
      make the statements therein not misleading; (iv) each Prepricing Prospectus,
      if
      any, complied, at the time it was filed with the Commission, and complies as
      of
      the date hereof, in all material respects with the requirements of the Act;
      (v)
      the Disclosure Package, as of the time of execution of this Agreement, did
      not
      include an untrue statement of a material fact or omit to state a material
      fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; (vi) the Basic
      Prospectus complied or will comply, at the time it was or will be filed with
      the
      Commission, in all material respects with the requirements of the Act; (vii)
      each of the Prospectus Supplement and the Prospectus will comply, as of the
      date
      that it is filed with the Commission, the date of the Prospectus Supplement,
      the
      time of purchase and at all times during which a prospectus is required by
      the
      Act to be delivered (whether physically or through compliance with Rule 172
      under the Act or any similar rule) in connection with any sale of Shares, in
      all
      material respects, with the requirements of the Act (in the case of the
      Prospectus, including, without limitation, Section 10(a) of the Act); (viii)
      at
      no time during the period that begins on the earlier of the date of the
      Prospectus Supplement and the date the Prospectus Supplement is filed with
      the
      Commission and ends at the later of the time of purchase and the end of the
      period during which a prospectus is required by the Act to be delivered (whether
      physically or through compliance with Rule 172 under the Act or any similar
      rule) in connection with any sale of Shares did or will any Prospectus
      Supplement or the Prospectus, as then amended or supplemented, include an untrue
      statement of a material fact or omit to state a material</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; (ix) at no time during
      the period that begins on the date of such Permitted Free Writing Prospectus
      and
      continues through the time of the filing of the Prospectus with the Commission
      did or will any Permitted Free Writing Prospectus include an untrue statement
      of
      a material fact or omit to state a material fact necessary in order to make
      the
      statements therein, in the light of the circumstances under which they were
      made, not misleading, except that the representations and warranties set forth
      in this paragraph (b) do not apply to statements or omissions in the
      Registration Statement, the Basic Prospectus, any Prepricing Prospectus, the
      Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus
      based upon information relating to any Underwriter furnished to the Company
      by
      such Underwriter through you expressly for use therein;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      the
      Company has not, directly or indirectly, distributed and will not distribute
      any
      offering material in connection with the offering or sale of the Shares other
      than the Basic Prospectus, any Prepricing Prospectus, the Permitted Free Writing
      Prospectuses, if any, and the Prospectus; (ii) the Company has not, directly
      or
      indirectly, prepared, used or referred to any Permitted Free Writing Prospectus
      except in compliance with Rule 163 or with Rules 164 and 433 under the Act;
      (iii) assuming that such Permitted Free Writing Prospectus is so sent or given
      after the Registration Statement was filed with the Commission (and after such
      Permitted Free Writing Prospectus was, if required pursuant to Rule 433(d)
      under
      the Act, filed with the Commission), the sending or giving, by any Underwriter,
      of any Permitted Free Writing Prospectus will satisfy the provisions of Rule
      164
      or Rule 433 (without reliance on subsections (b), (c) and (d) of Rule 164),
      (iv)
      the conditions set forth in one or more of subclauses (i) through (iv),
      inclusive, of Rule 433(b)(1) under the Act are satisfied, (v) the Prepricing
      Prospectus is a prospectus that, other than by reason of Rule 433 or Rule 431
      under the Act, satisfies the requirements of Section 10 of the Act, (vi) neither
      the Company nor the Underwriters are disqualified, by reason of subsection
      (f)
      or (g) of Rule 164 under the Act, from using, in connection with the offer
      and
      sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule 405 under
      the Act) pursuant to Rules 164 and 433 under the Act, (vii) the Company is
      not
      an &#8220;ineligible issuer&#8221; (as defined in Rule 405 under the Act) as of the
      eligibility determination date for purposes of Rules 164 and 433 under the
      Act
      with respect to the offering of the Shares contemplated by the Registration
      Statement, (viii) the parties hereto agree and understand that the content
      of
      any and all &#8220;road shows&#8221; (as defined in Rule 433 under the Act) related to the
      offering of the Shares contemplated hereby is solely the property of the
      Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Incorporated Documents, when they were filed with the Commission, complied
      in
      all material respects with the requirements of the Exchange Act, and none of
      such documents, when they were filed with the Commission, contained an untrue
      statement of a material fact or omitted to state a material fact necessary
      to
      make the statements therein not misleading; and any further documents so filed
      and incorporated by reference in (i) the Registration Statement, when such
      documents are filed with the Commission, will conform in all material respects
      to the requirements of the Exchange Act, as applicable, and will not contain
      an
      untrue statement of a material fact or omit to state a material fact necessary
      to make the statements therein not</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">misleading,
      and (ii) any Prepricing Prospectus, the Prospectus or any Permitted Free Writing
      Prospectus, when such documents are filed with the Commission, will conform
      in
      all material respects to the requirements of the Exchange Act, as applicable,
      and will not contain an untrue statement of a material fact or omit to state
      a
      material fact necessary to make the statements therein, in the light of the
      circumstances in which they were made, not misleading;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
      of the
      date of this Agreement, the Company has, and as of the time of purchase the
      Company will have, an authorized capitalization as set forth in the Registration
      Statement, any Prepricing Prospectus and the Prospectus (and any similar
      information, if any, contained in any Permitted Free Writing Prospectus); as
      of
      the date of this Agreement the Company has an outstanding capitalization as
      set
      forth in the Registration Statement, any Prepricing Prospectus and the
      Prospectus and as of the time of purchase there shall not have been any changes
      since the date of this Agreement in the Company&#8217;s outstanding capitalization,
      except for differences which are not material; all of the issued and outstanding
      Common Shares of the Company have been duly and validly authorized and issued
      and are fully paid and non-assessable, have been issued in compliance with
      all
      federal and state securities laws and were not issued in violation of any
      preemptive or similar right;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company has been duly formed and is validly existing as a real estate investment
      trust in good standing under the laws of the State of Maryland, with trust
      power
      to own, lease and operate its properties and conduct its business as described
      in the Registration Statement, the Prepricing Prospectus, the Prospectus and
      the
      Permitted Free Writing Prospectuses, if any, and to execute and deliver this
      Agreement and to issue, sell and deliver the Shares as contemplated
      herein;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company is duly qualified and is in good standing in each jurisdiction in which
      the ownership or leasing of its properties or the conduct of its business
      requires such qualification, except where the failure to so qualify in any
      such
      jurisdiction would not individually or in the aggregate have a material adverse
      effect on the business, prospects, properties, condition (financial or
      otherwise) or results of operations of the Company and the Subsidiaries (as
      defined herein), taken as a whole (a &#8220;Material Adverse Effect&#8221;);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company does not own, directly or indirectly, any shares of stock or any other
      equity or long-term debt of any other corporation or have any direct or indirect
      equity interest or ownership of long-term debt in any firm, partnership, joint
      venture, limited liability company, association or other entity except for
      (i)
      the Company&#8217;s subsidiaries (as defined in the Act) (the &#8220;Subsidiaries&#8221;) and (ii)
      the Company&#8217;s ownership of 1,000,000 common shares of HRPT Properties Trust and
      35,000 common shares of Five Star Quality Care, Inc. The Subsidiaries identified
      in Schedule C attached hereto (each, a &#8220;Significant Subsidiary&#8221;) are the only
      Subsidiaries of the Company that are significant subsidiaries (as such term
      is
      defined by Rule 1-02(w) of Regulation S-X) of the Company. Each Significant
      Subsidiary has been duly incorporated or formed and is validly existing as
      a
      corporation or other entity, as the case may be, in good standing under the
      laws
      of the jurisdiction of its incorporation or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">organization,
      with the requisite corporate, trust, partnership or other power to acquire
      and
      own, lease and operate its properties and to conduct its business, as described
      in the Registration Statement, the Prepricing Prospectus, the Prospectus and
      the
      Permitted Free Writing Prospectuses, if any; and each Significant Subsidiary
      is
      duly qualified and in good standing to do business in each jurisdiction in
      which
      the nature of its business or the ownership or leasing of the property requires
      such qualification, except where the failure to be so qualified would not
      individually or in the aggregate have a Material Adverse Effect. Each of the
      Significant Subsidiaries is duly qualified and in good standing to do business
      in the jurisdictions set forth below the name of such Significant Subsidiary
      on
      Schedule D hereto, such jurisdictions being the only jurisdictions in which
      the
      nature of its business or the ownership or leasing of the property requires
      such
      qualification, except where the failure to be so qualified would not
      individually or in the aggregate have a Material Adverse Effect. Each Subsidiary
      that is not a Significant Subsidiary has been duly incorporated or formed and
      is
      validly existing as a corporation or other entity, as the case may be, in good
      standing under the laws of the jurisdiction of its incorporation or
      organization, with the requisite corporate, trust, partnership or other power
      to
      acquire and own, lease and operate its properties and to conduct its business,
      as described in the Registration Statement, the Prepricing Prospectus, the
      Prospectus and the Permitted Free Writing Prospectuses, if any; and each
      Subsidiary that is not a Significant Subsidiary is duly qualified and in good
      standing to do business in each jurisdiction in which the nature of its business
      or the ownership or leasing of the property requires such qualification, except
      where the failure to be so qualified would not individually or in the aggregate
      have a Material Adverse Effect;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">this
      Agreement has been duly authorized, executed and delivered by the
      Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      shares of beneficial interest of the Company, including the Shares, conform
      in
      all material respects to each description thereof, if any, included or
      incorporated by reference in the Registration Statement, any Prepricing
      Prospectus, the Prospectus or any Permitted Free Writing Prospectus. The
      certificates, if any, evidencing the Shares are in due and proper form and
      conform in all material respects to the requirements of the Maryland REIT
      Law;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Shares have been duly and validly authorized and, when issued and delivered
      against payment therefore as provided herein, will be duly and validly issued,
      fully paid and non-assessable and free of any preemptive or similar
      rights;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(l)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">neither
      the Company nor any of the Subsidiaries is in breach or violation of, or in
      default under (and no event has occurred which with notice, lapse of time,
      or
      both would result in any breach or violation of, or constitute a default under),
      (i) its Declaration of Trust, charter or by-laws or other organizational
      documents, (ii) any obligation, agreement, covenant or condition contained
      in
      any indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Company or any Subsidiary is subject or by which any
      of
      them or any of their properties is bound or affected or (iii) any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Company or any of its or its Subsidiaries&#8217; properties, except,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      the
      case of clauses (ii) and (iii), for those breaches, violations or defaults
      which, individually or in the aggregate, would not have a Material Adverse
      Effect;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(m)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      issuance by the Company of the Shares, the compliance by the Company with all
      of
      the provisions of this Agreement, the execution, delivery and performance by
      the
      Company of this Agreement, and the consummation of the transactions contemplated
      herein (including, without limitation, the application of the net proceeds
      of
      the offering by the Company as described in the Prospectus) will not conflict
      with or result in a breach or violation of any of the terms or provisions of,
      or
      constitute a default under, or result in the creation or imposition of any
      lien,
      charge or encumbrance upon the Shares or any property or assets of the Company
      pursuant to (i) the provisions of the Declaration of Trust or the bylaws of
      the
      Company or any Subsidiary or any of the Company&#8217;s or any Subsidiary&#8217;s other
      organizational documents, (ii) any indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Company or any
      Subsidiary is a party or by which the Company or any Subsidiary is bound or
      to
      which any of the property or assets of the Company or any Subsidiary is subject,
      or (iii) any applicable laws or any order, rule or regulation of any court
      or
      governmental agency or body having jurisdiction over the Company or any of
      its
      or its Subsidiaries&#8217; properties, other than, in the case of clause (ii), as
      would not, individually or in the aggregate, have a Material Adverse Effect
      or a
      material adverse effect on the ability of the Company to consummate the
      transactions contemplated hereby;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(n)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">no
      approval, authorization, consent or order of or filing with any federal, state
      or local or foreign governmental or regulatory commission, board, body,
      authority or agency or with the New York Stock Exchange (&#8220;NYSE&#8221;), or approval of
      the shareholders of the Company, is required in connection with the issuance
      and
      sale of the Shares or the consummation by the Company of the transactions as
      contemplated hereby (including, without limitation, the application of the
      net
      proceeds of the offering by the Company as described in the Prepricing
      Prospectus and the Prospectus), other than registration of the Shares under
      the
      Act, which has been effected (or, with respect to any registration statement
      to
      be filed hereunder pursuant to Rule 462(b) under the Act, will be effected
      in
      accordance herewith), and any necessary qualification under the securities
      or
      blue sky laws of the various jurisdictions in which the Shares are being offered
      by the Underwriters;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(o)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">no
      person
      has the right, contractual or otherwise, to cause the Company to issue to it,
      or
      register pursuant to the Act, any shares of beneficial interest or other equity
      interests. No person has preemptive rights, co-sale rights, rights of first
      refusal or other rights to purchase any Common Shares. No person has the right,
      contractual or otherwise, to cause the Company to register under the Act any
      shares of beneficial interest or other equity interests as a result of the
      filing or effectiveness of the Registration Statement or the sale of Shares
      contemplated thereby, except for such rights as have been complied with or
      waived;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(p)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ernst
      &amp; Young LLP, whose report on the consolidated financial statements of the
      Company and the Subsidiaries was filed with the Commission as part of the
      Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31,
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005
      and
      is incorporated by reference in the Registration Statement, the Prepricing
      Prospectus, the Prospectus and, if applicable, any Permitted Free Writing
      Prospectuses, are independent public accountants as required by the Act and
      by
      the rules of the Public Company Accounting Oversight Board;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(q)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
      legal
      or governmental proceedings, affiliate or other related party transactions,
      off-balance sheet transactions (including, without limitation, transactions
      related to, and the existence of, &#8220;variable interest entities&#8221; within the
      meaning of Financial Accounting Standards Board Interpretation No. 46),
      contracts, leases or documents of a character required to be described in the
      Registration Statement, the Prepricing Prospectus, the Prospectus or any
      Incorporated Document, and all documents required to be filed as an exhibit
      to
      the Registration Statement, any Prepricing Prospectus, the Prospectus or any
      Incorporated Document, have been so described or filed or will be filed prior
      to
      the time of purchase as required;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(r)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">except
      as
      otherwise described in the Registration Statement, each Disclosure Package
      and
      the Prospectus, there are no legal or governmental proceedings pending to which
      the Company or any of the Subsidiaries is a party or of which any of the
      Company&#8217;s or any of the Subsidiaries&#8217; properties or assets is the subject, the
      result of which would, individually or in the aggregate, have a Material Adverse
      Effect or a material adverse effect on the ability of the Company to consummate
      the transactions contemplated hereby, and, to the Company&#8217;s knowledge, no such
      proceedings are threatened or contemplated, except as disclosed in the
      Registration Statement, each Disclosure Package and the Prospectus, the result
      of which would, individually or in the aggregate, have a Material Adverse Effect
      or a material adverse effect on the ability of the Company to consummate the
      transactions contemplated hereby. To the Company&#8217;s knowledge, there are no legal
      or governmental proceedings pending or threatened to which any lessee, sublessee
      or operator of any property of the Company or any Subsidiary or portion thereof
      is a party, the result of which would, individually or in the aggregate, have
      a
      Material Adverse Effect, and no such proceedings are being threatened or
      contemplated, except as disclosed in the Registration Statement, each Disclosure
      Package and the Prospectus and the result of which would, individually or in
      the
      aggregate, have a Material Adverse Effect. Neither the Company nor any of the
      Subsidiaries has received from any governmental authority notice of any
      violation of any local, state or federal law, rule or regulation (including
      without limitation any such law, rule or regulation applicable to the health
      care industry (&#8220;Health Care Laws&#8221;) or relating to human health or safety or the
      environment or any hazardous or toxic substances or wastes, pollutants or
      contaminants (&#8220;Environmental Laws&#8221;)), except as disclosed in the Registration
      Statement, each Disclosure Package and the Prospectus, the result of which
      would, individually or in the aggregate, have a Material Adverse Effect, and
      to
      the Company&#8217;s knowledge, there is no such violation, or any occurrence or
      circumstance that would give rise to a claim under or pursuant to any local,
      state or federal law, rule or regulation (including without limitation any
      Health Care Laws or Environmental Laws), which would, individually or in the
      aggregate, have a Material Adverse Effect. To the Company&#8217;s knowledge, there is
      no violation of any local, state or federal law, rule or regulation (including
      without limitation Health Care Laws and Environmental Laws) by any person from
      whom the Company or any of the Subsidiaries acquired any of its </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">properties
      (a &#8220;seller&#8221;), or any lessee, sublessee or operator of any of their respective
      properties or any part thereof, the result of which would, individually or
      in
      the aggregate, have a Material Adverse Effect, and to the Company&#8217;s knowledge,
      there is no such violation, or any occurrence or circumstance that would give
      rise to a claim under or pursuant to any local, state or federal law, rule
      or
      regulation (including without limitation any Health Care Laws or Environmental
      Laws), which would, individually or in the aggregate, have a Material Adverse
      Effect, except as disclosed in the Registration Statement, each Disclosure
      Package and the Prospectus. Neither the Company nor any of the Subsidiaries
      has
      received from any governmental authority any written notice of any condemnation
      of or zoning change affecting the properties or any part thereof of the Company
      or any of the Subsidiaries that individually or in the aggregate would have
      a
      Material Adverse Effect and the Company does not know of any such condemnation
      or zoning change which is threatened and which if consummated individually
      or in
      the aggregate would have a Material Adverse Effect. Nothing has come to the
      Company&#8217;s attention that any seller, lessee, sublessee or operator of any
      property of the Company or any of the Subsidiaries, or portion thereof has,
      received from any governmental authority any written notice of any condemnation
      of or zoning change affecting the Properties (as defined in Section 3(s) below)
      or any part thereof of the Company or any of the Subsidiaries that individually
      or in the aggregate would have a Material Adverse Effect;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(s)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
      of the
      respective dates at which such information is given, each of the Company and
      the
      Subsidiaries has good and marketable title in fee simple or ground leases to
      the
      properties disclosed in the Registration Statement, each Disclosure Package
      and
      the Prospectus as being owned by them (the &#8220;Properties&#8221;); and the Properties are
      free and clear of all liens, encumbrances, claims, mortgages, deeds of trust,
      restrictions, security interests and defects (&#8220;Property Encumbrances&#8221;), except
      for: (i) the leasehold interests of lessees in the Company&#8217;s and the
      Subsidiaries&#8217; properties held under lease (the &#8220;Leases&#8221;), (ii) any other
      Property Encumbrances that would not, individually or in the aggregate, have
      a
      Material Adverse Effect and (iii) those Property Encumbrances set forth in
      the
      Registration Statement, each Disclosure Package and the Prospectus. All Property
      Encumbrances on or affecting the properties of the Company or any of the
      Subsidiaries which are required to be disclosed in the Registration Statement,
      each Disclosure Package and the Prospectus are disclosed therein. Except where
      it would not individually or in the aggregate have a Material Adverse Effect,
      each of the Leases pertaining to the properties of the Company or any of the
      Subsidiaries has been duly authorized by the Company or one of the Subsidiaries,
      as applicable, and is a valid and binding agreement of the Company or one of
      the
      Subsidiaries, as applicable, and, to the Company&#8217;s knowledge, each other party
      thereto, enforceable in accordance with its terms, except as enforcement thereof
      may be limited by bankruptcy, insolvency, moratorium, fraudulent conveyance
      or
      other similar laws affecting the enforcement of creditors&#8217; rights generally and
      by general equitable principles. To the Company&#8217;s knowledge, no lessee of any
      portion of any of the properties of the Company or any of the Subsidiaries
      is in
      default under its respective lease and there is no event which, but for the
      passage of time or the giving of notice or both, would constitute a default
      under any such lease, except as disclosed in the Registration Statement, each
      Disclosure Package and the Prospectus and except for such defaults that would
      not, individually or in the aggregate, have a Material Adverse
      Effect;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(t)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company and each of the Subsidiaries and, to the Company&#8217;s knowledge, each of
      the operators, lessees or sublessees of any property or portion thereof of
      the
      Company or any of the Subsidiaries have such permits, licenses, approvals,
      certificates, franchises and authorizations of governmental or regulatory
      authorities (&#8220;permits&#8221;), including, without limitation, under any Health Care
      Laws or Environmental Laws, as are necessary in the case of each such party
      to
      acquire and own, lease or operate its properties and to conduct its business,
      except where the failure to obtain such permits would not individually or in
      the
      aggregate have a Material Adverse Effect; except as described in the
      Registration Statement, each Disclosure Package and the Prospectus, the Company
      and each of the Subsidiaries and, to the Company&#8217;s knowledge, each of the
      lessees, sublessees or operators of any property or portion thereof of the
      Company or any of the Subsidiaries have fulfilled and performed all of their
      obligations with respect to such permits and, except as disclosed in the
      Registration Statement, each Disclosure Package and the Prospectus, no event
      has
      occurred which allows, or after notice or lapse of time would allow, revocation
      or termination thereof or result in any other impairment of the rights of the
      holder of any such permit, except where the failure to fulfill or perform,
      or
      the resulting termination or impairment, would not, individually or in the
      aggregate, have a Material Adverse Effect; and, except as described in the
      Registration Statement, each Disclosure Package and the Prospectus, such permits
      contain no restrictions that are burdensome to the Company and the Subsidiaries,
      taken as a whole and that would, individually or in the aggregate, have a
      Material Adverse Effect;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(u)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      financial statements, together with the related schedules and notes, forming
      a
      part of the Registration Statement, any Prepricing Prospectus, the Prospectus
      or
      any Permitted Free Writing Prospectus, present fairly the consolidated financial
      position of the Company and the Subsidiaries as of the dates indicated and
      the
      consolidated results of operations and cash flows of the Company and the
      Subsidiaries for the periods specified. Such financial statements have been
      prepared in conformity with generally accepted accounting principles applied
      on
      a consistent basis during the periods involved. Any pro forma financial
      statements and other pro forma financial data included or incorporated by
      reference in the Registration Statement, any Prepricing Prospectus, the
      Prospectus or any Permitted Free Writing Prospectus comply as to form in all
      material respects with the applicable accounting requirements of Regulation
      S-X
      of the Act, and the pro forma adjustments have been properly applied to the
      historical amounts in the compilation of those statements. To the extent
      applicable, all disclosures contained in the Registration Statement, any
      Prepricing Prospectus, the Prospectus, any Permitted Free Writing Prospectus
      or
      any Incorporated Document regarding Non-GAAP Financial Measures (as such term
      is
      defined by the rules and regulations of the Commission) comply, in all material
      respects, with Regulation G of the Exchange Act and, if applicable, Item 10
      of
      Regulation S-K. The Company and the Subsidiaries do not have any material
      liabilities or obligations, direct or contingent (including any off-balance
      sheet obligations or any &#8220;variable interest entities&#8221; within the meaning of
      Financial Accounting Standards Board Interpretation No. 46), not disclosed
      in
      the Registration Statement, each Prepricing Prospectus and the Prospectus.
      The
      other financial and statistical data set forth in the Registration Statement,
      any Prepricing Prospectus, the Prospectus and any Permitted Free Writing
      Prospectus are accurately presented and prepared on a basis consistent with
      the
      financial statements and books and </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">records
      of the Company. There are no financial statements (historical or pro forma)
      that
      are required to be included in the Registration Statement, any Prepricing
      Prospectus or the Prospectus that are not included as required;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">subsequent
      to the respective dates as of which information is given in the Registration
      Statement, any Prepricing Prospectus, the Prospectus and any Permitted Free
      Writing Prospectus, in each case excluding any amendments or supplements to
      the
      foregoing made after the execution of this Agreement, there has not been (i)
      any
      material adverse change, or any prospective material adverse change, in the
      business, properties, condition (financial or otherwise) or results of
      operations of the Company and the Subsidiaries taken as a whole, (ii) any
      transaction which is material to the Company or the Subsidiaries, (iii) any
      obligation, direct or contingent, which is material to the Company and the
      Subsidiaries taken as a whole, incurred by the Company or the Subsidiaries,
      (iv)
      any material change in the outstanding shares of beneficial interest or material
      increase in the outstanding indebtedness of the Company or the Subsidiaries
      or
      (v) any dividend or distribution of any kind declared, paid or made on the
      shares of beneficial interest of the Company or a dividend distribution of
      any
      kind on any class of its shares of beneficial interest (other than dividends
      or
      distributions from wholly-owned subsidiaries of the Company) other than (A)
      regular quarterly dividends, declared, paid or made and (B) the issuance of
      common shares of beneficial interest to the trustees and officers of the Company
      and directors, officers and employees of Reit Management &amp; Research LLC, the
      Company&#8217;s investment manager (&#8220;RMR&#8221;), pursuant to the Company&#8217;s Incentive Share
      Award Plan and to RMR in payment of its incentive fee in accordance with the
      Company&#8217;s advisory agreement with RMR filed as an exhibit to the Registration
      Statement. None of the Company nor the Subsidiaries has any material contingent
      obligation which is not disclosed in the Registration Statement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(w)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">each
      of
      the Company and the Subsidiaries are insured by insurers of recognized financial
      responsibility against such losses and risks and in such amount as are customary
      in the business in which they are engaged, except as described in the
      Registration Statement, each Disclosure Package and the Prospectus. Except
      as
      would not, individually or in the aggregate, have a Material Adverse Effect,
      all
      policies of insurance insuring the Company and the Subsidiaries or any of their
      businesses, assets, employees, officers, directors and trustees are in full
      force and effect, and the Company and the Subsidiaries are in compliance with
      the terms of such policies in all material respects. Except as would not,
      individually or in the aggregate, have a Material Adverse Effect, there are
      no
      claims by the Company or any of the Subsidiaries under any such policy or
      instrument as to which any insurance company is denying liability or defending
      under a reservation of rights clause;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">except
      as
      disclosed in the Registration Statement, each Disclosure Package and the
      Prospectus, neither the Company nor any of the Subsidiaries has either sent
      or
      received any communication regarding termination of, or intent not to renew,
      any
      of the contracts or agreements referred to or described in, or filed as an
      exhibit to, the Registration Statement, any Prepricing Prospectus, the
      Prospectus, any Permitted Free Writing Prospectus or any Incorporated Document,
      and no such termination or non-</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">renewal
      has been threatened by the Company or any of the Subsidiaries or any other
      party
      to any such contract or agreement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(y)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company has obtained for the benefit of the Underwriters the agreement (a
&#8220;Lock-Up Agreement&#8221;), in the form set forth as Exhibit A hereto, of its managing
      trustees (Messrs. Barry M. Portnoy and Gerard M. Martin) and executive officers
      (Messrs. David J. Hegarty and John R. Hoadley);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(z)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">neither
      the Company nor any of the Subsidiaries or any of their respective affiliates
      has taken, directly or indirectly, any action designed to or which has
      constituted or which might reasonably be expected to cause or result, under
      the
      Exchange Act or otherwise, in the stabilization or manipulation of the price
      of
      any security of the Company to facilitate the sale or resale of the
      Shares;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(aa)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company and the Subsidiaries have not sustained since the date of the latest
      audited financial statements included in the Registration Statement, any
      Prepricing Prospectus and the Prospectus any loss or interference with their
      businesses from fire, explosion, flood or other calamity, whether or not covered
      by insurance, or from any labor dispute or court or governmental action, order
      or decree, otherwise than as disclosed in the Prospectus or other than any
      loss
      or interference, which would not individually or in the aggregate have a
      Material Adverse Effect;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(bb)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company and the Subsidiaries maintain a system of internal accounting controls
      sufficient to provide reasonable assurance that (i) transactions are executed
      in
      accordance with management&#8217;s general or specific authorization; (ii)
      transactions are recorded as necessary to permit preparation of financial
      statements in conformity with generally accepted accounting principles and
      to
      maintain accountability for assets; (iii) access to assets is permitted only
      in
      accordance with management&#8217;s general or specific authorization; and (iv) the
      recorded accountability for assets is compared with the existing assets at
      reasonable intervals and appropriate action is taken with respect to any
      differences;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(cc)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company has established and maintains and evaluates &#8220;disclosure controls and
      procedures&#8221; (as such term is defined in Rule 13a-15 and 15d-15 under the
      Exchange Act) and &#8220;internal control over financial reporting&#8221; (as such term is
      defined in Rule 13a-15 and 15d-15 under the Exchange Act); such disclosure
      controls and procedures are designed to ensure that material information
      relating to the Company, including its consolidated subsidiaries, is made known
      to the Company&#8217;s chief executive officer and its chief financial officer by
      others within those entities, and such disclosure controls and procedures are
      effective to perform the functions for which they were established; the
      Company&#8217;s auditors and the Audit Committee of the Board of Trustees of the
      Company have been advised of: (i) any significant deficiencies in the design
      or
      operation of the Company&#8217;s internal control over financial reporting which are
      reasonably likely to adversely affect the Company&#8217;s ability to record, process,
      summarize, and report financial information, and (ii) any fraud, whether or
      not
      material, that involves management or other employees who have a significant
      role in the Company&#8217;s internal control over financial reporting; any material
      weaknesses in the </font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">15</font></div>
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      internal control over financial reporting have been identified for the Company&#8217;s
      auditors; and since the date of the most recent evaluation of such disclosure
      controls and procedures, there has been no significant change in the Company&#8217;s
      internal control over financial reporting or in other factors that has
      materially affected, or is reasonably likely to materially affect, the Company&#8217;s
      internal control over financial reporting; the principal executive officers
      (or
      their equivalents) and principal financial officers (or their equivalents)
      of
      the Company have made all certifications required by the Sarbanes-Oxley Act
      of
      2002 (the &#8220;Sarbanes-Oxley Act&#8221;) and any related rules and regulations
      promulgated by the Commission, and the statements contained in any such
      certification are complete and correct as of the dates such statements were
      made; each of the Company and its trustees and officers is otherwise in
      compliance in all material respects with all applicable effective provisions
      of
      the Sarbanes-Oxley Act and the rules and regulations of the Commission and
      the
      NYSE promulgated thereunder;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(dd)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company and the Subsidiaries have filed all federal, state, local and foreign
      tax returns and tax forms required to be filed, except where the failure to
      file
      such return or form would not, individually or in the aggregate, have a Material
      Adverse Effect. Such returns and forms are complete and correct in all material
      respects, and all taxes shown on such returns or otherwise assessed that are
      due
      or payable have been paid, except such taxes as are being contested in good
      faith and as to which adequate reserves have been provided. All payroll
      withholdings required to be made by the Company and the Subsidiaries with
      respect to employees have been made except where the failure to fulfill or
      perform, would not, individually or in the aggregate, have a Material Adverse
      Effect. The charges, accruals and reserves on the books of the Company and
      the
      Subsidiaries in respect of any tax liability for any year not finally determined
      are adequate to meet any assessments or reassessments for additional taxes.
      There have been no tax deficiencies asserted and, to the Company&#8217;s knowledge, no
      tax deficiency might be reasonably asserted or threatened against the Company
      and/or the Subsidiaries that would individually or in the aggregate have a
      Material Adverse Effect;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ee)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company has provided you with true, correct and complete copies of all
      documentation pertaining to any extension of credit in the form of a personal
      loan made, directly or indirectly, by the Company to any trustee or executive
      officer of the Company, or to any family member or affiliate of any trustee
      or
      executive officer of the Company; and since July 30, 2002, the Company has
      not,
      directly or indirectly, including through any Subsidiary: (i) extended credit,
      arranged to extend credit, or renewed any extension of credit, in the form
      of a
      personal loan, to or for any trustee or executive officer of the Company, or
      to
      or for any family member or affiliate of any trustee or executive officer of
      the
      Company; or (ii) made any material modification, including any renewal thereof,
      to any term of any personal loan to any trustee or executive officer of the
      Company, or any family member or affiliate of any trustee or executive officer,
      which loan was outstanding on July 30, 2002;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ff)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">neither
      the Company nor any of the Subsidiaries nor, to the Company&#8217;s knowledge, any
      employee or agent of the Company or any Subsidiary has made any payment of
      funds
      of the Company or any Subsidiary or received or retained any funds in violation
      of any law, rule or regulation, which payment, receipt or retention
</font></div>
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      funds
      is of a character required to be disclosed in the Registration Statement, any
      Prepricing Prospectus, the Prospectus or any Incorporated Document;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(gg)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      outstanding Common Shares are, and the Shares will be, subject to official
      notice of issuance and evidence of satisfactory distribution, listed on the
      NYSE; and the Company is in compliance with NYSE listing standards;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(hh)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company meets the requirements for qualification and taxation as a real estate
      investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended
      (the &#8220;Code&#8221;);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company is not, and at no time during which a prospectus is required by the
      Act
      to be delivered (whether physically or through compliance with Rule 172 under
      the Act or any similar rule) in connection with any sale of Shares will not
      be,
      and, after giving effect to the offering and sale of the Shares, will not be
      an
&#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as
      such terms are defined in the Investment Company Act of 1940, as amended (the
      &#8220;Investment Company Act&#8221;); and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(jj)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      accordance with Rule 2710(b)(7)(C)(i) of the National Association of Securities
      Dealers, Inc. (the &#8220;NASD&#8221;), the Shares have been registered with the Commission
      on Form S-3 under the Act pursuant to the standards for such Form S-3 in effect
      prior to October 21, 1992.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, any certificate signed by any officer of the Company or any of the
      Subsidiaries and delivered to the Underwriters or counsel for the Underwriters
      in connection with the offering of the Shares shall be deemed to be a
      representation and warranty by the Company or Subsidiary, as the case may be,
      as
      to matters covered thereby, to each Underwriter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Reserved]</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Certain
      Covenants</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company hereby agrees:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      furnish such information as may be required and otherwise to cooperate in
      qualifying the Shares for offering and sale under the securities or blue sky
      laws of such states as you may designate and to maintain such qualifications
      in
      effect so long as required for the distribution of the Shares; provided that
      the
      Company shall not be required to qualify as a foreign corporation or to consent
      to the service of process under the laws of any such state (except service
      of
      process with respect to the offering and sale of the Shares); and to promptly
      advise you of the receipt by the Company of any notification with respect to
      the
      suspension of the qualification of the Shares for sale in any jurisdiction
      or
      the initiation or threat of any proceeding for such purpose;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      make
      available to the Underwriters in New York City as many copies of the Prospectus
      (or of the Prospectus as amended or supplemented if the </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
      shall have made any amendments or supplements thereto) as the Underwriters
      may
      reasonably request for the purposes contemplated by the Act; in case any
      Underwriter is required to deliver (whether physically or through compliance
      with Rule 172 under the Act or any similar rule), in connection with the sale
      of
      the Shares, a prospectus beyond the nine-month period referred to in Section
      10(a)(3) of the Act in connection with the sale of the Shares, the Company
      will
      prepare promptly upon request, but at its expense, such amendment or amendments
      to the Registration Statement and such prospectuses as may be necessary to
      permit compliance with the requirements of Section 10(a)(3) of the
      Act;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      advise
      you promptly, confirming such advice in writing, of any request by the
      Commission for amendments or supplements to the Registration Statement, any
      Prepricing Prospectus, the Prospectus or any Permitted Free Writing Prospectus
      or for additional information with respect thereto, or of notice of institution
      of proceedings for, or the entry of a stop order suspending the effectiveness
      of
      either of the Registration Statement and, if the Commission should enter a
      stop
      order suspending the effectiveness of either of the Registration Statement,
      to
      make every reasonable effort to obtain the lifting or removal of such order
      as
      soon as possible; to advise you promptly of any proposal to amend or supplement
      the Registration Statement, any Prepricing Prospectus or the Prospectus,
      including by filing any documents that would be incorporated therein by
      reference and to file no such amendment or supplement to which you shall object
      in writing;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      file
      promptly all reports and any definitive proxy or information statement required
      to be filed by the Company with the Commission in order to comply with the
      Exchange Act subsequent to the date of the Prospectus and for so long as a
      prospectus is required by the Act to be delivered (whether physically or through
      compliance with Rule 172 under the Act or any similar rule) in connection with
      any sale of the Shares, and to promptly notify you of such filing;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">if,
      at
      the time this Agreement is executed and delivered, it is necessary for the
      registration statement or a post-effective amendment thereto or any Abbreviated
      Registration Statement to be declared effective before the offering of the
      Shares may commence, the Company will endeavor to cause the registration
      statement or such post-effective amendment to become effective as soon as
      possible and will advise you promptly and, if requested by you, will confirm
      such advice in writing, when the registration statement or such post-effective
      amendment has become effective;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      furnish to you and, upon request, to each of the other Underwriters for a period
      of three years from the date of this Agreement (i) copies of any reports or
      other communications which the Company shall send to its shareholders or shall
      from time to time publish or publicly disseminate, (ii) copies of all annual,
      quarterly and current reports filed with the Commission on Forms 10-K, 10-Q
      and
      8-K, or such other similar form as may be designated by the Commission, (iii)
      upon request, copies of documents or reports filed with any national securities
      exchange on which any class of securities of the Company is listed, and (iv)
      such other information as you may reasonably request regarding the Company
      or
      the Subsidiaries, in each case as soon as </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">such
      communications, documents or information becomes available; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that in
      no case shall the Company be required to furnish materials pursuant to this
      paragraph which are filed and publicly accessible via EDGAR;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      advise
      the Underwriters promptly of the happening of any event known to the Company
      within the time during which a Prospectus relating to the Shares is required
      under the Act to be delivered (whether physically or through compliance with
      Rule 172 or any similar rule) in connection with any sale of the Shares, which,
      in the judgment of the Company, would require the making of any change in the
      Prospectus then being used, or in the information incorporated therein by
      reference, so that the Prospectus would not include an untrue statement of
      material fact or omit to state a material fact necessary to make the statements
      therein, in the light of the circumstances under which they are made, not
      misleading, and, during such time, to prepare and furnish, at the Company&#8217;s
      expense, to the Underwriters promptly such amendments or supplements to such
      Prospectus as may be necessary to reflect any such change and to furnish you
      a
      copy of such proposed amendment or supplement before filing any such amendment
      or supplement with the Commission;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      make
      generally available to its security holders, and to deliver to you, as soon
      as
      reasonably practicable, but not later than 16 months after the date of this
      Agreement, an earnings statement of the Company satisfying the provisions of
      the
      last paragraph of Section 11(a) of the Act and Rule 158(c)
      thereunder;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      furnish to its shareholders as soon as practicable after the end of each fiscal
      year an annual report (including a balance sheet and statements of income,
      shareholders&#8217; equity and of cash flow of the Company) for such fiscal year,
      accompanied by a copy of the certificate or report thereon of nationally
      recognized independent certified public accountants;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      furnish to you three conformed copies of each of the Registration Statement,
      as
      initially filed with the Commission, and of all amendments thereto (including
      all exhibits thereto and documents incorporated by reference therein) and
      sufficient conformed copies of the foregoing (other than exhibits) for
      distribution of a copy to each of the other Underwriters;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      furnish to you as early as practicable prior to the time of purchase and the
      additional time of purchase, as the case may be, but not later than two business
      days prior thereto, a copy of the latest available unaudited interim
      consolidated financial statements, if any, of the Company and the Subsidiaries
      which have been read by the Company&#8217;s independent certified public accountants,
      as stated in their letter to be furnished pursuant to Section 7(f)
      hereof;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      apply
      the net proceeds from the sale of the Shares in the manner set forth under
      the
      caption &#8220;Use of proceeds&#8221; in the Prospectus;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xiii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      furnish to you, before filing with the Commission subsequent to the effective
      date of the Registration Statement and during the period referred to
      in</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">paragraph
      (vii) above, a copy of any document proposed to be filed pursuant to Section
      13,
      14 or 15(d) of the Exchange Act;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xiv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      pay
      all expenses, fees and taxes in connection with (i) the preparation and filing
      of the Registration Statement, the Basic Prospectus, any Prepricing Prospectus,
      the Prospectus Supplement, the Prospectus, any Permitted Free Writing Prospectus
      and any amendments or supplements thereto, and the printing and furnishing
      of
      copies of each thereof to the Underwriters and to dealers (including costs
      of
      mailing and shipment), (ii) the registration, issue, sale and delivery of the
      Shares including any stock or transfer taxes and stamp or similar duties payable
      upon the sale, issuance or delivery of the Shares to the Underwriters, (iii)
      the
      word processing and/or printing of this Agreement, any Agreement Among
      Underwriters and any dealer agreements and the reproduction and/or printing
      and
      furnishing of copies of each thereof to the Underwriters and to dealers
      (including costs of mailing and shipment), (iv) the qualification of the Shares
      for offering and sale under state laws and the determination of their
      eligibility for investment under state law as aforesaid (including the legal
      fees and filing fees and other disbursements of counsel to the Underwriters)
      and
      the printing and furnishing of copies of any blue sky surveys or legal
      investment surveys to the Underwriters and to dealers, (v) any filing for review
      of the public offering of the Shares by NASD Regulation, Inc. (including the
      legal fees and filing fees and other disbursements of counsel to the
      Underwriters with respect thereto), (vi) any listing of the Shares on any
      securities exchange and any registration thereof under the Exchange Act, (vii)
      the fees and disbursements of any transfer agent or registrar for the Shares,
      (viii) the costs and expenses of the Company relating to presentations or
      meetings undertaken in connection with the marketing of the offering and sale
      of
      the Shares to prospective investors and the Underwriters&#8217; sales forces,
      including, without limitation, expenses associated with the production of road
      show slides and graphics, fees and expenses of any consultants engaged in
      connection with the road show presentations, travel, lodging and other expenses
      incurred by the officers of the Company and any such consultants, and the cost
      of any aircraft chartered in connection with the road show, and (ix) the
      performance of the Company&#8217;s other obligations hereunder;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      comply
      with Rule 433(g) under the Act;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xvi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">not
      to
      (i) sell, offer to sell, contract to sell, hypothecate, pledge, grant any option
      to sell or otherwise dispose of, directly or indirectly, or establish or
      increase a put equivalent position or liquidate or decrease a call equivalent
      position within the meaning of Section 16 of the Exchange Act with respect
      to,
      any Common Shares or securities convertible into or exchangeable or exercisable
      for Common Shares or options, warrants or other rights to purchase Common Shares
      or any other shares of the Company that are substantially similar to Common
      Shares, (ii) enter into any swap or other arrangement that transfers to another,
      in whole or in part, any of the economic consequences of ownership of Common
      Shares or any securities convertible into or exercisable or exchangeable for
      Common Shares, whether any such transaction is to be settled by delivery of
      Common Shares or such other securities, in cash or otherwise, (iii) publicly
      announce an intention to effect any transaction specified in clause (i) or
      (ii),
      or (iv) file a registration statement under the Act relating to the offer and
      sale of any </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
      Shares or securities convertible into or exchangeable or exercisable for Common
      Shares or options, warrants or other rights to purchase Common Shares or any
      other shares of the Company that are substantially similar to Common Shares
      for
      a period of thirty (60) days after the date hereof (the &#8220;Lock-up Period&#8221;)
      without the prior written consent of UBS Securities LLC and Merrill Lynch,
      Pierce, Fenner &amp; Smith Incorporated, except for (i) the registration of the
      Shares and the sales to the Underwriters pursuant to this Agreement, (ii)
      issuances of Common Shares upon the exercise of outstanding options or warrants
      as disclosed in the Registration Statement, each Prepricing Prospectus and
      the
      Prospectus, (iii) the issuance of employee stock options not exercisable during
      the Lock-up Period pursuant to stock option plans, if any, described in the
      Registration Statement, each Prepricing Prospectus and the Prospectus, (iv)
      issuances of Common Shares to the trustees and officers of the Company and
      directors and officers of RMR pursuant to the Company&#8217;s Incentive Share Award
      Plan described in the Registration Statement, each Prepricing Prospectus and
      the
      Prospectus and to RMR in payment of its incentive fee in accordance with the
      Company&#8217;s advisory agreement with RMR filed as an exhibit to the Registration
      Statement and (v) issuances of Common Shares as partial or full payment for
      properties directly or indirectly acquired or to be acquired by the Company
      or
      its subsidiaries; provided that, the Company shall have conditioned such
      issuances of Common Shares upon agreement of the recipients to the restrictions
      of this paragraph; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that if
      (a) during the period that begins on the date that is fifteen (15) calendar
      days
      plus three (3) business days before the last day of the Lock-Up Period and
      ends
      on the last day of the Lock-Up Period, the Company issues an earnings release
      or
      material news or a material event relating to the Company occurs; or (b) prior
      to the expiration of the Lock-Up Period, the Company announces that it will
      release earnings results during the sixteen (16) day period beginning on the
      last day of the Lock-Up Period, then the restrictions imposed by this 5(a)(xv)
      shall continue to apply until the expiration of the date that is fifteen (15)
      calendar days plus three (3) business days after the date on which the issuance
      of the earnings release or the material news or material event
      occurs;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xvii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      use
      its best efforts to cause the Shares to be listed on the NYSE;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xviii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      use
      its best efforts to continue to qualify as a REIT under Sections 856 through
      860
      of the Code;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xix)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      maintain a transfer agent and, if necessary under the jurisdiction of formation
      of the Company, a registrar for the Common Shares;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xx)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">prior
      to
      the time of purchase, to issue no press release or other communication directly
      or indirectly and hold no press conferences with respect to the Company or
      any
      Subsidiary, the financial condition, results of operations, business,
      properties, assets, or liabilities of the Company or any Subsidiary, or the
      offering of the Shares, without your prior consent; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xxi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">not,
      at
      any time at or after the execution of this Agreement, to, directly or
      indirectly, offer or sell any Shares by means of any &#8220;prospectus&#8221; (within
      the</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">21</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">meaning
      of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in
      connection with the offer or sale of the Shares, in each case other than the
      Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      Underwriter represents, severally and not jointly, that it has not and will
      not
      use any &#8220;free writing prospectus,&#8221; as defined in Rule 405 under the Securities
      Act, required to be filed with the Commission by the Company or any Underwriter
      pursuant to Rule 433 under the Act, other than any free writing prospectus
      listed on Schedule B hereto or otherwise consented to by the
      Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Reimbursement
      of Underwriters&#8217; Expenses</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      If the
      Shares are not delivered for any reason other than the termination of this
      Agreement pursuant to clause (ii)(A), (C), (D) or (E) of the second paragraph
      of
      Section 8 hereof or pursuant to the last paragraph of Section 9 hereof or the
      default by one or more of the Underwriters in its or their respective
      obligations hereunder, the Company shall, in addition to paying the amounts
      described in Section 5(a)(xiv) hereof, reimburse the Underwriters for all of
      their out-of-pocket expenses, including the reasonable fees and disbursements
      of
      their counsel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Conditions
      of Underwriters&#8217; Obligations</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      several obligations of the Underwriters hereunder are subject to the accuracy
      of
      the representations and warranties on the part of the Company on the date hereof
      and at the time of purchase </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(and
      the
      several obligations of the Underwriters at the additional time of purchase
      are
      subject to the accuracy of the representations and warranties on the part of
      the
      Company on the date hereof and at the time of purchase (unless previously
      waived) and at the additional time of purchase, as the case may be)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      the
      performance by the Company of its obligations hereunder and to the following
      additional conditions precedent:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company shall furnish to you at the time of purchase and the additional time
      of
      purchase, as the case may be, an opinion of Sullivan &amp; Worcester LLP,
      counsel for the Company, addressed to the Underwriters, and dated the time
      of
      purchase and the additional time of purchase, as the case may be, with
      reproduced copies for each of the other Underwriters and in form satisfactory
      to
      Dewey Ballantine LLP, counsel for the Underwriters, stating to the effect set
      forth in </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      </u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B
      hereto.
      In rendering their opinion as aforesaid, Sullivan &amp; Worcester LLP may limit
      such opinion to matters of federal, Massachusetts and New York law and, as
      to
      matters governed by Maryland law, may rely upon the opinion, dated as of the
      time of purchase of Venable LLP delivered pursuant to Section 7(b) of this
      Agreement, provided that such reliance is expressly authorized by such opinion
      and a copy of such opinion is delivered to the Underwriters and is, in form
      and
      substance, satisfactory to the Underwriters and counsel for the Underwriters.
      In
      addition, in rendering such opinion, such counsel may state that their opinion
      as to laws of the State of Delaware is limited to the Delaware General
      Corporation Law and that their opinion with respect to the qualification of
      the
      Company and its Subsidiaries to do business in jurisdictions other than their
      respective jurisdiction of organization is based solely upon certificates to
      such effect issued by an appropriate official of the applicable jurisdictions.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company shall furnish to you at the time of purchase and the additional time
      of
      purchase, as the case may be, an opinion of Venable LLP, special </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">22</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maryland
      counsel of the Company, addressed to the Underwriters, and dated the time of
      purchase and the additional time of purchase, as the case may be, with
      reproduced copies for each of the other Underwriters and in form satisfactory
      to
      Dewey Ballantine LLP, counsel for the Underwriters, stating to the effect set
      forth in </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      C</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company shall furnish to you at the time of purchase and the additional time
      of
      purchase, as the case may be, an opinion of Ropes and Gray LLP, special
      litigation counsel of the Company, addressed to the Underwriters, and dated
      the
      time of purchase and the additional time of purchase, as the case may be, with
      reproduced copies for each of the other Underwriters and in form satisfactory
      to
      Dewey Ballantine LLP, counsel for the Underwriters, stating to the effect set
      forth in </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      D</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      shall
      have received at the time of purchase and the additional time of purchase,
      as
      the case may be, an opinion of Dewey Ballantine LLP, counsel for the
      Underwriters, dated the time of purchase and the additional time of purchase,
      as
      the case may be, with respect to the sale of the Shares by the Company, the
      Registration Statement, the Prospectus and such other related matters as the
      Underwriters may require. In addition, Dewey Ballantine LLP may rely on the
      opinion of Venable LLP as to all matters of Maryland law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      shall
      have received from Ernst &amp; Young LLP letters addressed to the Underwriters
      in the forms approved by UBS Securities LLC and Merrill Lynch, Pierce, Fenner
      &amp; Smith Incorporated, and dated (i) the date of this Agreement, which letter
      shall cover, without limitation, the information in the Registration Statement,
      any Prepricing Prospectus, the various financial disclosures, if any, contained
      in the Permitted Free Writing Prospectuses, if any, and the Prospectus and
      (ii)
      the time of purchase and the additional time of purchase, as the case may be,
      which letter shall cover, without limitation, the information in the
      Registration Statement and the Prospectus, and the various financial
      disclosures, if any, contained in the Permitted Free Writing Prospectuses,
      if
      any.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      amendment or supplement to the Registration Statement or Prospectus, including
      documents deemed to be incorporated by reference therein, shall have been made
      to which you have objected in writing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registration Statement shall have become effective, and the Prospectus
      Supplement shall have been filed with the Commission pursuant to Rule 424(b)
      under the Act at or before 5:30 P.M., New York City time, no later than the
      second full business day after the date of this Agreement or such earlier time
      as required by the Act, and any registration statement pursuant to Rule 462(b)
      under the Act required in connection with the offering and sale of the Shares
      shall have been filed and become effective no later than 10:00 P.M., New York
      City time, on the date of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to
      the time of purchase and the additional time of purchase, as the case may be,
      (i) no stop order with respect to the effectiveness of the Registration
      Statement shall have been issued under the Act or proceedings initiated under
      Section 8(d) or 8(e) of the Act; (ii) the Registration Statement and all
      amendments thereto, or </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">23</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">modifications
      thereof, if any, shall not contain an untrue statement of a material fact or
      omit to state a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading; (iii) none of the Prepricing Prospectuses
      or the Prospectus, and no amendment or supplements thereto, shall contain an
      untrue statement of a material fact or omit to state a material fact required
      to
      be stated therein or necessary to make the statements therein, in the light
      of
      the circumstances under which they are made, not misleading; (iv) no Disclosure
      Package, and no amendment or supplement thereto, shall include an untrue
      statement of a material fact or omit to state a material fact necessary in
      order
      to make the statements therein, in the light of the circumstances under which
      they are made, not misleading; and (v) none of the Permitted Free Writing
      Prospectuses, if any, shall include an untrue statement of a material fact
      or
      omit to state a material fact necessary in order to make the statements therein,
      in the light of the circumstances under which they are made, not
      misleading.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Between
      the time of execution of this Agreement and the time of purchase or the
      additional time of purchase, as the case may be, there shall not have occurred
      any downgrading, nor shall any notice or announcement have been given or made
      of
      (i) any intended or potential downgrading or (ii) any review or possible change
      that does not indicate an improvement, in the rating accorded any securities
      of
      or guaranteed by the Company by any &#8220;nationally recognized statistical rating
      organization,&#8221; as that term is defined in Rule 436(g)(2) under the
      Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      shall
      have received signed Lock-Up Agreements referred to in Section 3(y)
      hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will, at the time of purchase and the additional time of purchase,
      as
      the case may be, deliver to you a certificate of two of its executive officers
      to the effect that the representations and warranties of the Company as set
      forth in this Agreement are true and correct as of such date, that the Company
      has performed such of its obligations under this Agreement as are to be
      performed at or before the time of purchase and the conditions set forth in
      paragraphs (g) and (h) of this Section 7 have been met.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(l)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will at the time of purchase deliver to you a certificate signed by
      the
      President of the Company substantially in such form approved by you and counsel
      to the Underwriters, respecting the Company&#8217;s compliance, both prior to and
      after giving effect to the transactions contemplated hereby (including, without
      limitation, the application of the net proceeds by the Company as described
      in
      the Prospectus), with the financial covenants set forth in the Company&#8217;s credit
      agreement, the Company&#8217;s indenture relating to the Company&#8217;s 8-5/8% Senior Notes
      due 2012 and the Company&#8217;s indenture relating to the Company&#8217;s 7-7/8% Senior
      Notes due 2015 and other agreements and instruments respecting outstanding
      material indebtedness of the Company and the Subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(m)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Shares shall have been approved for listing on the NYSE.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">24</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(n)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company shall have furnished to you such other documents and certificates as
      to
      the accuracy and completeness of any statement in the Registration Statement,
      any Prepricing Prospectus, the Prospectus or any Permitted Free Writing
      Prospectus as of the time of purchase as you may reasonably
      request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Effective
      Date of Agreement; Termination</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Agreement shall become effective: (i) upon the execution and delivery hereof
      by
      the parties hereto; or (ii) if, at the time this Agreement is executed and
      delivered, it is necessary for the registration statement or a post-effective
      amendment thereto or an Abbreviated Registration Statement to be declared or
      become effective before the offering of the Shares may commence, when
      notification of the effectiveness of the registration statement or such
      post-effective amendment has been released by the Commission or such Abbreviated
      Registration Statement has, pursuant to the provisions of Rule 462 under the
      Act, become effective. Until such time as this Agreement shall have become
      effective, it may be terminated by the Company, by notifying you, or by you,
      as
      representatives of the Underwriters, by notifying the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      obligations of the several Underwriters hereunder shall be subject to
      termination in the absolute discretion of UBS Securities LLC and Merrill Lynch,
      Pierce, Fenner &amp; Smith Incorporated, if (i) since the time of execution of
      this Agreement or the earlier respective dates as of which information is given
      in the Registration Statement, any Prepricing Prospectus, the Prospectus and
      the
      Permitted Free Writing Prospectuses, if any, there has been any material adverse
      change or any development involving a prospective material adverse change in
      the
      business, properties, management, financial condition or results of operations
      of the Company and the Subsidiaries taken as a whole, which would, in the
      judgment of UBS Securities LLC and Merrill Lynch, Pierce, Fenner &amp; Smith
      Incorporated, make it impracticable or inadvisable to proceed with the public
      offering or the delivery of the Shares on the terms and in the manner
      contemplated in the Registration Statement, any Disclosure Package or the
      Prospectus, or (ii) since the time of execution of this Agreement, there shall
      have occurred: (A) a suspension or material limitation in trading in securities
      generally on the NYSE, the American Stock Exchange or the Nasdaq Stock Market
      Inc.; (B) a suspension or material limitation in trading in the Company&#8217;s
      securities on the NYSE; (C) a general moratorium on commercial banking
      activities declared by either federal or New York State authorities or a
      material disruption in commercial banking or securities settlement or clearance
      services in the United States; (D) an outbreak or escalation of hostilities
      or
      acts of terrorism involving the United States or a declaration by the United
      States of a national emergency or war; or (E) any other calamity or crisis
      or
      any change in financial, political or economic conditions in the United States
      or elsewhere, if the effect of any such event specified in clause (D) or (E),
      in
      the judgment of UBS Securities LLC and Merrill Lynch, Pierce, Fenner &amp; Smith
      Incorporated, makes it impracticable or inadvisable to proceed with the public
      offering or the delivery of the Shares on the terms and in the manner
      contemplated in the Registration Statement, any Disclosure Package or the
      Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      you or
      any group of Underwriters elects to terminate this Agreement as provided in
      this
      Section 8, the Company and each other Underwriter shall be notified promptly
      in
      writing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      sale to the Underwriters of the Shares, as contemplated by this Agreement,
      is
      not carried out by the Underwriters for any reason permitted under this
      Agreement or if such sale is not carried out because the Company shall be unable
      to comply with any of the terms of this Agreement, the Company shall not be
      under any obligation or liability under this Agreement (except to the extent
      provided in Sections 5(a)(xiv), 6 and 10 hereof), and the Underwriters shall
      be
      under no obligation or liability to the Company under this Agreement (except
      to
      the extent provided in Section 10 hereof) or to one another
      hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Increase
      in Underwriters&#8217; Commitments</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Subject
      to Sections 7 and 8 hereof, if any Underwriter shall default in its obligation
      to take up and pay for the Firm Shares to be purchased by it hereunder
      (otherwise than for reasons sufficient to justify the termination of this
      Agreement under the provisions of Section 8 hereof) and if the number of Firm
      Shares which all Underwriters so defaulting shall have agreed but failed to
      take
      up and pay for does not exceed 10% of the total aggregate number of Firm Shares,
      the non-defaulting Underwriters shall take up and pay for (in addition to the
      Firm Shares they are obligated to purchase pursuant to Section 1 hereof) the
      Firm Shares agreed to be purchased by all such defaulting Underwriters, as
      hereinafter provided. Such Firm Shares shall be taken up and paid for by such
      non-defaulting Underwriter or Underwriters in such amount or amounts as you
      may
      designate with the consent of each Underwriter so designated or, in the event
      no
      such designation is made, such Firm Shares shall be taken up and paid for by
      all
      non-defaulting Underwriters pro rata in proportion to the aggregate number
      of
      Firm Shares set opposite the names of such non-defaulting Underwriters in
      Schedule A.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Without
      relieving any defaulting Underwriter from its obligations hereunder, the Company
      agrees with the non-defaulting Underwriters that it will not sell any Firm
      Shares hereunder unless all of the Firm Shares are purchased by the Underwriters
      (or by substituted Underwriters selected by you with the approval of the Company
      or selected by the Company with your approval).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      a new
      Underwriter or Underwriters are substituted by the Underwriters or by the
      Company for a defaulting Underwriter or Underwriters in accordance with the
      foregoing provision, the Company or you shall have the right to postpone the
      time of purchase for a period not exceeding five business days in order that
      any
      necessary changes in the Prospectus and other documents may be
      effected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
      Underwriter as used in this Agreement shall refer to and include any Underwriter
      substituted under this Section 9 with like effect as if such substituted
      Underwriter had originally been named in Schedule A.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      aggregate number of Firm Shares which the defaulting Underwriter or Underwriters
      agreed to purchase exceeds 10% of the total number of Firm Shares which all
      Underwriters agreed to purchase hereunder, and if neither the non-defaulting
      Underwriters nor the Company shall make arrangements within the five business
      day period stated above for the purchase of all the Firm Shares which the
      defaulting Underwriter or Underwriters agreed to purchase hereunder, this
      Agreement shall be</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">terminated
      without further act or deed and without any liability on the part of the Company
      to any non-defaulting Underwriter and without any liability on the part of
      any
      non-defaulting Underwriter to the Company. Nothing in this paragraph, and no
      action taken hereunder, shall relieve any defaulting Underwriter from liability
      in respect of any default of such Underwriter under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Indemnity
      and Contribution</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company agrees to indemnify, defend and hold harmless each Underwriter, its
      partners, directors and officers, and any person who controls any Underwriter
      within the meaning of Section 15 of the Act or Section 20 of the Exchange Act,
      and the successors and assigns of all of the foregoing persons, from and against
      any loss, damage, expense, liability or claim (including the reasonable cost
      of
      investigation) which, jointly or severally, any such Underwriter or any such
      person may incur under the Act, the Exchange Act, the common law or otherwise,
      insofar as such loss, damage, expense, liability or claim arises out of or
      is
      based upon (i) any untrue statement or alleged untrue statement of a material
      fact contained in the Registration Statement (or in the Registration Statement
      as amended by any post-effective amendment thereof by the Company) or arises
      out
      of or is based upon any omission or alleged omission to state a material fact
      required to be stated therein or necessary to make the statements therein not
      misleading, except insofar as any such loss, damage, expense, liability or
      claim
      arises out of or is based upon any untrue statement or alleged untrue statement
      of a material fact contained in, and in conformity with information concerning
      such Underwriter furnished in writing by or on behalf of such Underwriter
      through you to the Company expressly for use in, the Registration Statement
      or
      arises out of or is based upon any omission or alleged omission to state a
      material fact in the Registration Statement in connection with such information,
      which material fact was not contained in such information and which material
      fact was required to be stated in such Registration Statement or was necessary
      to make such information not misleading or (ii) any untrue statement or alleged
      untrue statement of a material fact included in any Prospectus (the term
      Prospectus for the purpose of this Section 10 being deemed to include any Basic
      Prospectus, any Prepricing Prospectus, the Prospectus Supplement, the Prospectus
      and any amendments or supplements to the foregoing), in any Permitted Free
      Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule 433 under
      the Act) of the Company or in any Prospectus together with any combination
      of
      one or more of the Permitted Free Writing Prospectuses, if any, or arises out
      of
      or is based upon any omission or alleged omission to state a material fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading, except, with respect
      to such Prospectus or Permitted Free Writing Prospectus, insofar as any such
      loss, damage, expense, liability or claim arises out of or is based upon any
      untrue statement or alleged untrue statement of a material fact contained in,
      and in conformity with information concerning such Underwriter furnished in
      writing by or on behalf of such Underwriter through you to the Company expressly
      for use in, such Prospectus or Permitted Free Writing Prospectus or arises
      out
      of or is based upon any omission or alleged omission to state a material fact
      in
      such Prospectus or Permitted Free Writing Prospectus in connection with such
      information, which material fact was not contained in such information and
      which
      material fact was necessary in order to make the statements in</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">27</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">such
      information, in the light of the circumstances under which they were made,
      not
      misleading.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      Underwriter severally agrees to indemnify, defend and hold harmless the Company,
      its trustees, officers, employees and agents and any person who controls the
      Company within the meaning of Section 15 of the Act or Section 20 of the
      Exchange Act, and the successors and assigns of all of the foregoing persons,
      from and against any loss, damage, expense, liability or claim (including the
      reasonable cost of investigation) which, jointly or severally, the Company
      or
      any such person may incur under the Act, the Exchange Act, the common law or
      otherwise, insofar as such loss, damage, expense, liability or claim arises
      out
      of or is based upon (i) any untrue statement or alleged untrue statement of
      a
      material fact contained in, and in conformity with information furnished in
      writing by or on behalf of such Underwriter through you to the Company expressly
      for use in the Registration Statement (or in the Registration Statement as
      amended by any post-effective amendment thereof by the Company), or arises
      out
      of or is based upon any omission or alleged omission to state a material fact
      in
      such Registration Statement in connection with such information, which material
      fact was not contained in such information and which material fact was required
      to be stated in such Registration Statement or was necessary to make such
      information not misleading or (ii) any untrue statement or alleged untrue
      statement of a material fact contained in, and in conformity with information
      furnished in writing by or on behalf of such Underwriter through you to the
      Company expressly for use in, a Prospectus or a Permitted Free Writing
      Prospectus, or arises out of or is based upon any omission or alleged omission
      to state a material fact in such Prospectus or Permitted Free Writing Prospectus
      in connection with such information, which material fact was not contained
      in
      such information and which material fact was necessary in order to make the
      statements in such information, in the light of the circumstances under which
      they were made, not misleading.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      any
      action, suit or proceeding (each, a &#8220;Proceeding&#8221;) is brought against any person
      in respect of which indemnity may be sought pursuant to the foregoing paragraphs
      (a) , (b) and (c) of this Section 10, such person (the &#8220;indemnified party&#8221;)
      shall promptly notify the person against whom such indemnity may be sought
      (the
&#8220;indemnifying party&#8221;) in writing of the institution of such Proceeding and such
      indemnifying party shall assume the defense of such Proceeding, including the
      employment of counsel reasonably satisfactory to such indemnified party) and
      payment of all fees and expenses; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      the omission to so notify such indemnifying party shall not relieve such
      indemnifying party from any liability which it may have to such indemnified
      party or otherwise. Such indemnified party shall have the right to employ its
      own counsel in any such case, but the fees and expenses of such counsel shall
      be
      at the expense of such indemnified party unless the employment of such counsel
      shall have been authorized in writing by such indemnifying party in connection
      with the defense of such Proceeding or such indemnifying party shall not have,
      within a reasonable period of time in light of the circumstances, employed
      counsel to defend such Proceeding or such indemnified party or parties shall
      have reasonably concluded that there may be defenses available to it or them
      which are different from or additional to or in conflict with those available
      to
      such indemnifying party (in which case such</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">28</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">indemnifying
      party shall not have the right to direct the defense of such Proceeding on
      behalf of the indemnified party or parties, but such indemnifying party may
      employ counsel and participate in the defense thereof but the fees and expenses
      of such counsel shall be at the expense of such indemnifying party), in any
      of
      which events such fees and expenses shall be borne by such indemnifying party
      and paid as incurred (it being understood, however, that such indemnifying
      party
      shall not be liable for the expenses of more than one separate counsel (in
      addition to any local counsel) in any one Proceeding or series of related
      Proceedings in the same jurisdiction representing the indemnified parties who
      are parties to such Proceeding). No indemnifying party shall be liable for
      any
      settlement of any such Proceeding effected without the written consent of such
      indemnifying party but if settled with the written consent of such indemnifying
      party, such indemnifying party agrees to indemnify and hold harmless the
      indemnified party from and against any loss or liability by reason of such
      settlement. Notwithstanding the foregoing sentence, if at any time an
      indemnified party shall have requested an indemnifying party to reimburse the
      indemnified party for fees and expenses of counsel as contemplated by the second
      sentence of this paragraph, then the indemnifying party agrees that it shall
      be
      liable for any settlement of any Proceeding effected without its written consent
      if (i) such settlement is entered into more than 60 business days after receipt
      by such indemnifying party of the aforesaid request, (ii) such indemnifying
      party shall not have reimbursed the indemnified party in accordance with such
      request prior to the date of such settlement and (iii) such indemnified party
      shall have given the indemnifying party at least 30 days&#8217; prior notice of its
      intention to settle. No indemnifying party shall, without the prior written
      consent of the indemnified party, effect any settlement of any pending or
      threatened Proceeding in respect of which any indemnified party is or could
      have
      been a party and indemnity could have been sought hereunder by such indemnified
      party, unless such settlement includes an unconditional release of such
      indemnified party from all liability on claims that are the subject matter
      of
      such Proceeding and does not include an admission of fault, liability or failure
      to act, by or on behalf of such indemnified party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      indemnification provided for in this Section 10 is unavailable to an indemnified
      party under subsections (a) and (b) of this Section 10 in respect of any losses,
      damage, expenses, liabilities or claims referred to therein, then each
      applicable indemnifying party, in lieu of indemnifying such indemnified party,
      shall contribute to the amount paid or payable by such indemnified party as
      a
      result of such losses, damages, expenses, liabilities or claims (i) in such
      proportion as is appropriate to reflect the relative benefits received by the
      Company on the one hand and the Underwriters on the other hand from the offering
      of the Shares or (ii) if the allocation provided by clause (i) above is not
      permitted by applicable law, in such proportion as is appropriate to reflect
      not
      only the relative benefits referred to in clause (i) above but also the relative
      fault of the Company on the one hand and of the Underwriters on the other in
      connection with the statements or omissions which resulted in such losses,
      damages, expenses, liabilities or claims, as well as any other relevant
      equitable considerations. The relative benefits received by the Company on
      the
      one hand and the Underwriters on the other shall be deemed to be in the same
      respective proportion as the total proceeds from the offering (net of
      underwriting discounts and commissions but before deducting expenses) received
      by the Company and the total underwriting discounts and commissions received
      by
      the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">29</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Underwriters,
      bear to the aggregate public offering price of the Shares. The relative fault
      of
      the Company on the one hand and of the Underwriters on the other shall be
      determined by reference to, among other things, whether the untrue statement
      or
      alleged untrue statement of a material fact or omission or alleged omission
      relates to information supplied by the Company on the one hand or by the
      Underwriters on the other and the parties&#8217; relative intent, knowledge, access to
      information and opportunity to correct or prevent such statement or omission.
      The amount paid or payable by a party as a result of the losses, damages,
      expenses, liabilities and claims referred to in this subsection shall be deemed
      to include any legal or other fees or expenses reasonably incurred by such
      party
      in connection with investigating, preparing to defend or defending any claim
      or
      Proceeding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company and the Underwriters agree that it would not be just and equitable
      if
      contribution pursuant to this Section 10 were determined by pro rata allocation
      (even if the Underwriters were treated as one entity for such purpose) or by
      any
      other method of allocation that does not take account of the equitable
      considerations referred to in subsection (d) above. Notwithstanding the
      provisions of this Section 10, no Underwriter shall be required to contribute
      any amount in excess of the amount by which the total price at which the Shares
      underwritten by such Underwriter and distributed to the public were offered
      to
      the public exceeds the amount of any damage which such Underwriter has otherwise
      been required to pay by reason of such untrue statement or alleged untrue
      statement or omission or alleged omission. No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Act) shall be
      entitled to contribution from any person who was not guilty of such fraudulent
      misrepresentation. The Underwriters&#8217; obligations to contribute pursuant to this
      Section 10 are several in proportion to their respective underwriting
      commitments and not joint.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      indemnity and contribution agreements contained in this Section 10 and the
      covenants, warranties and representations of the Company contained in this
      Agreement shall remain in full force and effect regardless of any investigation
      made by or on behalf of any Underwriter, its partners, directors, officers,
      employees or agents or any person (including each partner, officer, director,
      employee or agent of such person) who controls any Underwriter within the
      meaning of Section 15 of the Act or Section 20 of the Exchange Act, or by or
      on
      behalf of the Company, its trustees, officers, employees or agents or any person
      who controls the Company within the meaning of Section 15 of the Act or Section
      20 of the Exchange Act and shall survive any termination of this Agreement
      or
      the issuance and delivery of the Shares. The Company and each Underwriter agree
      promptly to notify each other of the commencement of any Proceeding against
      it
      and, in the case of the Company, against any of the Company&#8217;s officers,
      trustees, employees or agents in connection with the issuance and sale of the
      Shares, or in connection with the Registration Statement, any Prepricing
      Prospectus, the Prospectus or any Permitted Free Writing
      Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Notices</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Except
      as otherwise herein provided, all statements, requests, notices and agreements
      shall be in writing or by telegram and, if to the Underwriters, shall be
      sufficient in all respects if delivered or sent to UBS Securities LLC, 299
      Park
      Avenue, New York, New York 10171, Attention: Syndicate Department, or to Merrill
      Lynch,</font></div><br>
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        </div>
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      Fenner &amp; Smith Incorporated, 4 World Financial Center, 16th floor, New York,
      NY 10080, Attention: Syndicate Department, in either case with a copy to Dewey
      Ballantine LLP, 1301 Avenue of the Americas, New York, New York 10019,
      Attention: Donald J. Murray, Esq.; and if to the Company, shall be sufficient
      in
      all respects if delivered or sent to the Company at the offices of the Company
      at 400 Centre Street, Newton, Massachusetts 02458, Attention: David J. Hegarty,
      President and Chief Operating Officer, with a copy to Sullivan &amp; Worcester
      LLP, One Post Office Square, Boston, Massachusetts 02109, Attention: Alexander
      A. Notopoulos, Jr., Esq.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Governing
      Law; Construction</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Agreement and any claim, counterclaim or dispute of any kind or nature
      whatsoever arising out of or in any way relating to this Agreement (a &#8220;Claim&#8221;),
      directly or indirectly, shall be governed by, and construed in accordance with,
      the laws of the State of New York. The Section headings in this Agreement have
      been inserted as a matter of convenience of reference and are not a part of
      this
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Submission
      to Jurisdiction</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Except
      as set forth below, no Claim may be commenced, prosecuted or continued in any
      court other than the courts of the State of New York located in the City and
      County of New York or in the United States District Court for the Southern
      District of New York, which courts shall have jurisdiction over the adjudication
      of such matters, and the Company consents to the jurisdiction of such courts
      and
      personal service with respect thereto. The Company hereby consents to personal
      jurisdiction, service and venue in any court in which any Claim arising out
      of
      or in any way relating to this Agreement is brought by any third party against
      an Underwriter or any indemnified party. Each of the Underwriters and the
      Company (on its behalf and, to the extent permitted by applicable law, on behalf
      of its shareholders and affiliates) waives all right to trial by jury in any
      action, proceeding or counterclaim (whether based upon contract, tort or
      otherwise) in any way arising out of or relating to this Agreement. The Company
      agrees that a final judgment in any such action, proceeding or counterclaim
      brought in any such court shall be conclusive and binding upon the Company,
      and
      may be enforced in any other courts to the jurisdiction of which the Company
      is
      or may be subject, by suit upon such judgment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Parties
      at Interest</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Agreement herein set forth has been and is made solely for the benefit of the
      Underwriters, the Company and, to the extent provided in Section 10 hereof,
      the
      controlling persons, directors and officers and, if applicable, trustees
      referred to in such Section, and their respective successors, assigns, heirs,
      personal representatives and executors and administrators. No other person,
      partnership, association or corporation (including a purchaser, as such
      purchaser, from any of the Underwriters) shall acquire or have any right under
      or by virtue of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Information
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      The
      statements set forth in the fourth, sixth and seventh paragraphs, and in the
      section entitled &#8220;Price stabilization, short positions,&#8221; under the caption
&#8220;Underwriting&#8221; in the Prospectus Supplement, insofar as such statements relate
      to (a) electronic delivery of prospectuses, (b) the amount of selling concession
      and reallowance and (c) price stabilization and short</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">positions,
      constitute the only information furnished by or on behalf of the Underwriters
      as
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>No
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      The
      Company hereby acknowledges that the Underwriters are acting solely as
      underwriters in connection with the purchase and sale of the Company&#8217;s
      securities. The Company further acknowledges that the Underwriters are acting
      pursuant to a contractual relationship created solely by this Agreement entered
      into on an arm&#8217;s length basis, and in no event do the parties intend that the
      Underwriters act or be responsible as a fiduciary to the Company, its
      management, stockholders or creditors or any other person in connection with
      any
      activity that the Underwriters may undertake or have undertaken in furtherance
      of the purchase and sale of the Company&#8217;s securities, either before or after the
      date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar
      obligations to the Company, either in connection with the transactions
      contemplated by this Agreement or any matters leading up to such transactions,
      and the Company hereby confirms its understanding and agreement to that effect.
      The Company and the Underwriters agree that they are each responsible for making
      their own independent judgments with respect to any such transactions and that
      any opinions or views expressed by the Underwriters to the Company regarding
      such transactions, including, but not limited to, any opinions or views with
      respect to the price or market for the Company&#8217;s securities, do not constitute
      advice or recommendations to the Company. The Company and the Underwriters
      agree
      that the Underwriters are acting as principals and not as the agents or
      fiduciaries of the Company and the Underwriters have not assumed and will not
      assume any advisory responsibility in favor of the Company with respect to
      the
      transactions contemplated hereby or the process leading thereto (irrespective
      of
      whether the Underwriters have advised or are currently advising the Company
      on
      other matters). The Company hereby waives and releases, to the fullest extent
      permitted by law, any claims that the Company may have against the Underwriters
      with respect to any breach or alleged breach of any fiduciary, advisory or
      similar duty to the Company in connection with the transactions contemplated
      by
      this Agreement or any matters leading up to such transactions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Counterparts</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Agreement may be signed by the parties in one or more counterparts that together
      shall constitute one and the same agreement among the parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Successors
      and Assigns</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Agreement shall be binding upon the Underwriters and the Company and their
      respective successors and assigns and any successor or assign of any substantial
      portion of the Company&#8217;s and any of the Underwriters&#8217; respective businesses
      and/or assets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Miscellaneous</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      UBS
      Securities LLC, an indirect, wholly-owned subsidiary of UBS AG, is not a bank
      and is separate from any affiliated bank, including any U.S. branch or agency
      of
      UBS AG. Because UBS Securities LLC is a separately organized entity, it is
      solely responsible for its own contractual obligations and commitments,
      including obligations with respect to sales and purchases of securities.
      Securities sold, offered or recommended by UBS Securities LLC are not deposits,
      are not</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">32</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">insured
      by the Federal Deposit Insurance Corporation, are not guaranteed by a branch
      or
      agency, and are not otherwise an obligation or responsibility of a branch or
      agency.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lending
      affiliates of UBS Securities LLC and Merrill Lynch, Pierce, Fenner &amp; Smith
      Incorporated may have lending relationships with issuers of securities
      underwritten or privately placed by UBS Securities LLC and Merrill Lynch,
      Pierce, Fenner &amp; Smith Incorporated. To the extent required under the
      securities laws, prospectuses and other disclosure documents for securities
      underwritten or privately placed by UBS Securities LLC and Merrill Lynch,
      Pierce, Fenner &amp; Smith Incorporated will disclose the existence of any such
      lending relationships and whether the proceeds of the issue will be used to
      repay debts owed to affiliates of UBS Securities LLC or Merrill Lynch, Pierce,
      Fenner &amp; Smith Incorporated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      ARTICLES OF AMENDMENT AND RESTATEMENT ESTABLISHING SENIOR HOUSING PROPERTIES
      TRUST, DATED SEPTEMBER 20, 1999, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS
      AND SUPPLEMENTS THERETO, IS DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT
      OF
      ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT THE NAME &#8220;SENIOR HOUSING
      PROPERTIES TRUST&#8221; REFERS TO THE TRUSTEES UNDER THE DECLARATION OF TRUST, BUT NOT
      INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE
      OR AGENT OF SENIOR HOUSING PROPERTIES TRUST SHALL BE HELD TO ANY PERSONAL
      LIABILITY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, SENIOR HOUSING PROPERTIES
      TRUST. ALL PERSONS DEALING WITH SENIOR HOUSING PROPERTIES TRUST, SHALL LOOK
      ONLY
      TO THE ASSETS OF SENIOR HOUSING PROPERTIES TRUST FOR THE PAYMENT OF ANY SUM
      OR
      THE PERFORMANCE OF ANY OBLIGATION.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>[Remainder
      of Page Intentionally Left Blank; Signature Page
      Follows.]</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">33</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      foregoing correctly sets forth the understanding among the Company and the
      Underwriters, please so indicate in the space provided below for the purpose,
      whereupon this letter and your acceptance shall constitute a binding agreement
      between the Company and the Underwriters severally.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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                truly yours,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SENIOR
                HOUSING PROPERTIES TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                John R. Hoadley</u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Name:
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">34</font></div>
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      and agreed to as of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">date
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
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                SECURITIES LLC</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="6%">&#160;</td>
            <td align="left" valign="top" width="67%">
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                Sage Kelly</u></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MERRILL
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          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCORPORATED</font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="69%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;<u>/s/
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                Vice President, Investment Banking</font></div>
            </td>
          </tr>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">36</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SCHEDULE
      A</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="56%" style="border-bottom: #ffffff thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Underwriters</u></strong></font></div>
                </td>
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                </td>
                <td valign="top" width="22%" style="border-bottom: #ffffff thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="56%">&#160;</td>
                <td align="right" valign="bottom" width="22%">&#160;</td>
                <td align="right" valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UBS
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                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Merrill
                    Lynch, Pierce, Fenner &amp; Smith</font></div>
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                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morgan
                    Stanley &amp; Co. Incorporated</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">570,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RBC
                    Capital Markets Corporation</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">570,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wachovia
                    Capital Markets, LLC</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">570,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ferris,
                    Baker Watts, Incorporated</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Janney
                    Montgomery Scott LLC</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morgan
                    Keegan &amp; Company, Inc.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oppenheimer
                    &amp; Co. Inc.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
                    James and Associates, Inc.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stifel,
                    Nicolaus &amp; Company, Incorporated</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brookstreet
                    Securities Corporation</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Calyon
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                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cantor
                    Fitzgerald Securities</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comerica
                    Securities</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Crowell,
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                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.A.
                    Davidson 7 Co.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dominick
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                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E*Trade
                    Securities</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Huntleigh
                    Securities Corporation</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J.J.B.
                    Hilliard WL Lyons, Inc.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">McGinn,
                    Smith &amp; Co., LLC</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Suntrust
                    Capital Markets, Inc.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wedbush
                    Morgan Securities Inc.</font></div>
                </td>
                <td valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,000</font></div>
                </td>
                <td valign="top" width="22%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">&#160;</td>
                <td valign="top" width="22%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="22%" style="border-bottom: #ffffff thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="56%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</font></div>
                </td>
                <td align="left" valign="top" width="22%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,000,000</font></div>
                </td>
                <td align="left" valign="top" width="22%" style="border-bottom: #ffffff solid;">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">A-1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SCHEDULE
      B</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PERMITTED
      FREE WRITING PROSPECTUSES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Schedule
        Omitted.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SCHEDULE
      C</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">SIGNIFICANT
      SUBSIDIARIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Schedule
        Omitted.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">C-1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SCHEDULE
      D</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOREIGN
      QUALIFICATIONS OF THE COMPANY AND SIGNIFICANT SUBSIDIARIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">Schedule
      Omitted.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">D-1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SCHEDULE
      E</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">MARYLAND
      SIGNIFICANT SUBSIDIARIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">Schedule
      Omitted.</font><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">E-1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>EXHIBIT
      A</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
      Shares of Beneficial Interest</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">($0.01
      Par Value)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UBS
      Securities LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Merrill
      Lynch, Pierce, Fenner &amp; Smith</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporated</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morgan
      Stanley &amp; Co. Incorporated</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RBC
      Capital Markets Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wachovia
      Capital Markets, LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ferris,
      Baker Watts, Incorporated</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Janney
      Montgomery Scott LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morgan
      Keegan &amp; Company, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oppenheimer
      &amp; Co. Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
      James and Associates, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stifel,
      Nicolaus &amp; Company, Incorporated</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>As
      Managing Underwriters</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c/o
      UBS
      Securities LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">299
      Park
      Avenue</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
      York,
      New York 10171</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c/o
      Merrill Lynch, Pierce, Fenner &amp; Smith</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporated</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4
      World
      Financial Center, 16th floor</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
      York,
      NY 10080</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Lock-Up Letter Agreement is being delivered to you in connection with the
      proposed Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;) to be entered
      into among Senior Housing Properties Trust (the &#8220;Company&#8221;) and you, as
      Underwriters, with respect to the public offering (the &#8220;Offering&#8221;) of up to
      5,000,000 common shares of beneficial interest of the Company (the &#8220;Common
      Shares&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      order
      to induce you to enter into the Underwriting Agreement, the undersigned agrees
      that for a period from the date hereof until the end of 60 days after the date
      of the final prospectus supplement relating to the Offering the undersigned
      will
      not, without the prior written consent of UBS Securities LLC (&#8220;UBS&#8221;) and Merrill
      Lynch, Pierce, Fenner &amp; Smith Incorporated (&#8220;Merrill Lynch&#8221;), (i) sell,
      offer to sell, contract or</font></div><br>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Exhibit
          A-1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">agree
      to
      sell, hypothecate, pledge, grant any option to purchase or otherwise dispose
      of
      or agree to dispose of, directly or indirectly, or file (or participate in
      the
      filing of) a registration statement with the Securities and Exchange Commission
      (the &#8220;Commission&#8221;) in respect of, or establish or increase a put equivalent
      position or liquidate or decrease a call equivalent position within the meaning
      of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules
      and regulations of the Commission promulgated thereunder with respect to, any
      Common Shares of the Company or any securities convertible into or exercisable
      or exchangeable for Common Shares, or warrants or other rights to purchase
      Common Shares, (ii) enter into any swap or other arrangement that transfers
      to
      another, in whole or in part, any of the economic consequences of ownership
      of
      Common Shares or any securities convertible into or exercisable or exchangeable
      for Common Shares, or warrants or other rights to purchase Common Shares,
      whether any such transaction is to be settled by delivery of Common Shares
      or
      such other securities, in cash or otherwise, or (iii) publicly announce an
      intention to effect any transaction specified in clause (i) or
      (ii).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the above, if (a) during the period that begins on the date that is fifteen
      (15)
      calendar days plus three (3) business days before the last day of the Lock-Up
      Period and ends on the last day of the Lock-Up Period, the Company issues an
      earnings release or material news or a material event relating to the Company
      occurs; or (b) prior to the expiration of the Lock-Up Period, the Company
      announces that it will release earnings results during the sixteen (16) day
      period beginning on the last day of the Lock-Up Period, then the restrictions
      imposed by this Lock-Up Agreement shall continue to apply until the expiration
      of the date that is fifteen (15) calendar days plus three (3) business days
      after the date on which the issuance of the earnings release or the material
      news or material event occurs</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing restrictions shall not apply to (a) the registration of or sale to
      the
      Underwriters of any Common Shares pursuant to the Offering and the Underwriting
      Agreement, (b) bona fide gifts, provided the recipient or recipients thereof
      agree in writing with the Underwriters to be bound by the terms of this Lock-Up
      Letter Agreement, or (c) dispositions to any trust for the direct or indirect
      benefit of the undersigned and/or the immediate family of the undersigned,
      provided that such trust agrees in writing with the Underwriters to be bound
      by
      the terms of this Lock-Up Letter Agreement.</font></div>
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      addition, the undersigned hereby waives any rights the undersigned may have
      to
      require registration of Common Shares in connection with the filing of a
      registration statement relating to the Offering.&#160; The undersigned further
      agrees that, for a period from the date hereof until the end of 60 days after
      the date of the final prospectus relating to the Offering, the undersigned
      will
      not, without the prior written consent of UBS and Merrill Lynch, make any demand
      for, or exercise any right with respect to, the registration of Common Shares
      of
      the Company or any securities convertible into or exercisable or exchangeable
      for Common Shares, or warrants or other rights to purchase Common
      Shares.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Exhibit
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      (i)
      the Company notifies you in writing that it does not intend to proceed with
      the
      Offering, (ii) the registration statement filed with the Securities and Exchange
      Commission with respect to the Offering is withdrawn or (iii) for any reason
      the
      Underwriting Agreement shall be terminated prior to the time of purchase (as
      defined in the Underwriting Agreement), this Lock-Up Letter Agreement shall
      be
      terminated and the undersigned shall be released from its obligations
      hereunder.</font></div>
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                very truly,</font></div>
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          </tr>
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            </td>
          </tr>
          <tr>
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            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
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            </td>
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                &#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" colspan="2" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>EXHIBIT
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TO
          BE
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>EXHIBIT
      C</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 90pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
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          THE
          COMPANY TO BE DELIVERED</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
          TO SECTION 7(b)</font></div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>EXHIBIT
      D</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      OPINION OF SPECIAL LITIGATION COUNSEL</font></div>
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        THE
        COMPANY TO BE DELIVERED</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Exhibit
      D-1</font>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      5.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>[VENABLE
      LLP LETTERHEAD]</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      14, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">400
      Centre Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Newton,
      Massachusetts 02458</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 367.75pt">&#160;</font><a name="RELine"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Registration
      Statement on Form S-3 (File No. 333</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>-135716)</u></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="Salutation"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ladies
      and Gentlemen:</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        have
        served as Maryland counsel to Senior Housing Properties Trust, a Maryland
        real</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        estate
        investment trust (the "Company"), in connection with certain matters of Maryland
        law arising out of the issuance of up to 6,900,000 common shares (the "Shares")
        of beneficial interest, $.01 par value per share, of the Company (including
        up
        to 900,000 Shares which the underwriters in the Offering (as defined herein)
        have the option to purchase solely to cover over-</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">allotments),
        covered by the above-referenced Registration Statement, and all amendments
        thereto</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        (the
        "Registration Statement"), filed by the Company with the United States
        Securities and Exchange Commission (the "Commission") under the Securities
        Act
        of 1933, as amended (the "1933 Act"). The Shares are to be issued in an
        underwritten public offering (the "Offering") pursuant to a Prospectus
        Supplement, dated November , 2006 (the "Prospectus Supplement"). Unless
        otherwise defined herein, capitalized terms used but not defined herein shall
        have the meanings given to them in the Registration Statement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        connection with our representation of the Company, and as a basis for the
        opinion hereinafter set forth, we have examined originals, or copies certified
        or otherwise identified to our satisfaction, of the following documents
        (collectively, the "Documents"):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registration Statement and the related form of prospectus included
        therein;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Prospectus Supplement, substantially in the form to be filed with the
        Commission;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Amended and Restated Declaration of Trust, as amended and supplemented, of
        the
        Company (the "Declaration of Trust"), certified as of a recent date by the
        State
        Department of Assessments and Taxation of Maryland (the "SDAT");</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      14, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Bylaws of the Company, certified as of the date hereof by an officer of the
      Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      certificate of the SDAT as to the good standing of the Company, dated as of
      a
      recent date;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Resolutions
      adopted by the Board of Trustees of the Company, or a duly authorized committee
      thereof, relating to the authorization of the issuance of the Shares (the
      "Resolutions"), certified as of the date hereof by an officer of the
      Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      certificate executed by an officer of the Company, dated as of the date hereof;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Such
      other documents and matters as we have deemed necessary or appropriate to
      express the opinion set forth below, subject to the assumptions, limitations
      and
      qualifications stated herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      expressing the opinion set forth below, we have assumed the
      following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      individual executing any of the Documents, whether on behalf of such individual
      or another person, is legally competent to do so.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      individual executing any of the Documents on behalf of a party (other than
      the
      Company) is duly authorized to do so.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      of
      the parties (other than the Company) executing any of the Documents has duly
      and
      validly executed and delivered each of the Documents to which such party is
      a
      signatory, and such party's obligations set forth therein are legal, valid
      and
      binding and are enforceable in accordance with all stated terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      Documents submitted to us as originals are authentic. All Documents submitted
      to
      us as certified or photostatic copies conform to the original documents. All
      signatures on all such Documents are genuine. All public records reviewed or
      relied upon by us or on our behalf are true and complete. All representations,
      warranties, statements and information contained in the Documents are true
      and
      complete. There has been no oral or written modification of or amendment to
      any
      of the Documents, and there has been no waiver of any provision of any of the
      Documents, by action or omission of the parties or otherwise.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      14, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Shares will not be issued in violation of any restriction or limitation
      contained in Article VII (Restriction on Transfer and Ownership of Shares)
      of
      the Declaration of Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      upon the foregoing, and subject to the assumptions, limitations and
      qualifications stated herein, it is our opinion that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is a real estate investment trust duly formed and existing under and
      by
      virtue of the laws of the State of Maryland and is in good standing with the
      SDAT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      issuance of the Shares has been duly authorized and, when issued and delivered
      by the Company pursuant to the Resolutions and the Registration Statement
      against payment of the consideration set forth therein, the Shares will be
      validly issued, fully paid and nonassessable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing opinion is limited to the laws of the State of Maryland and we do
      not
      express any opinion herein concerning any other law. We express no opinion
      as to
      compliance with, or the applicability of, federal or state securities laws,
      including the securities laws of the State of Maryland. The opinion expressed
      herein is subject to the effect of judicial decisions which may permit the
      introduction of parol evidence to modify the terms or the interpretation of
      agreements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      opinion expressed herein is limited to the matters specifically set forth herein
      and no other opinion shall be inferred beyond the matters expressly stated.
      We
      assume no obligation to supplement this opinion if any applicable law changes
      after the date hereof or if we become aware of any fact that might change the
      opinion expressed herein after the date hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      opinion is being furnished to you solely for submission to the Commission as
      an
      exhibit to the Company's Current Report on Form 8-K relating to the Offering
      (the "Current Report"), which is incorporated by reference in the Registration
      Statement, and, accordingly, may not be relied upon by, quoted in any manner
      to,
      or delivered to any other person or entity without, in each instance, our prior
      written consent.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      We
      hereby consent to the filing of this opinion as an exhibit to the Current Report
      and the said incorporation by reference and to the use of the name of our firm
      therein. In giving this consent, we do not admit that we are within the category
      of persons whose consent is required by Section 7 of the 1933 Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2"><br></font>
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                  truly yours,</font></div>
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                  Venable LLP</font></div>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>ex8-1.htm
<DESCRIPTION>EX-8.1
<TEXT>
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      ex-8.1
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
      8.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;November
      14,
      2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">400
      Centre Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Newton,
      Massachusetts 02458</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following opinion is furnished to Senior Housing Properties Trust, a Maryland
      real estate investment trust (the &#8220;Company&#8221;), to be filed with the Securities
      and Exchange Commission (the &#8220;SEC&#8221;) as Exhibit 8.1 to the Company&#8217;s Current
      Report on Form 8-K to be filed within one week of the date hereof (the &#8220;Form
      8-K&#8221;) under the Securities Exchange Act of 1934, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      acted as counsel for the Company in connection with its Registration Statement
      on Form S-3, File No.&#160;333-135716 (the &#8220;Registration Statement&#8221;), under the
      Securities Act of 1933, as amended (the &#8220;Act&#8221;), and we have reviewed originals
      or copies of the Registration Statement, such corporate records, certificates
      and statements of officers and accountants of the Company and of public
      officials, and such other documents as we have considered relevant and necessary
      in order to furnish the opinion hereinafter set forth. In doing so, we have
      assumed the genuineness of all signatures, the legal capacity of natural
      persons, the authenticity of all documents submitted to us as originals, the
      conformity to original documents of all documents submitted to us as copies,
      and
      the authenticity of the originals of such documents. Specifically, and without
      limiting the generality of the foregoing, we have reviewed: (i)&#160;the amended
      and restated declaration of trust and the amended and restated by-laws of the
      Company, each as amended to date, and in the case of the declaration of trust,
      as supplemented; (ii)&#160;the prospectus supplement dated November 14, 2006
      (the &#8220;Prospectus Supplement&#8221;) to the final prospectus dated July 12, 2006 (as
      supplemented by the Prospectus Supplement, the &#8220;Prospectus&#8221;), which forms a part
      of the Registration Statement, relating to, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>inter
      alia</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      the
      Company&#8217;s offering of common shares of beneficial interest in the Company; and
      (iii)&#160;the sections of Item 1 of the Company&#8217;s Annual Report on
      Form&#160;10-K for its fiscal year ended December&#160;31, 2005 (the
&#8220;Form&#160;10-K&#8221;) captioned &#8220;Federal Income Tax Considerations&#8221; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      &#8220;ERISA Plans, Keogh Plans and Individual Retirement Accounts&#8221;. With respect to
      all questions of fact on which the opinion set forth below is based, we have
      assumed the accuracy and completeness of and have relied on the information
      set
      forth in the Prospectus, the Form&#160;10-K and the documents incorporated
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font><a name="Date"/></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      14, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">therein
      by reference, and on representations and certifications made to us by officers
      of the Company. We have not independently verified such information.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      opinion set forth below is based upon the Internal Revenue Code of 1986, as
      amended, the Treasury Regulations issued thereunder, published administrative
      interpretations thereof, and judicial decisions with respect thereto, all as
      of
      the date hereof (collectively, &#8220;Tax Laws&#8221;), and upon the Employee Retirement
      Income Security Act of 1974, as amended, the Department of Labor regulations
      issued thereunder, published administrative interpretations thereof, and
      judicial decisions with respect thereto, all as of the date hereof
      (collectively, &#8220;ERISA Laws&#8221;). No assurance can be given that Tax Laws or ERISA
      Laws will not change. In preparing the discussions with respect to Tax Laws
      matters and ERISA Laws matters in the sections of Item 1 of the Form 10-K
      captioned &#8220;Federal Income Tax Considerations&#8221; and &#8220;ERISA Plans, Keogh Plans and
      Individual Retirement Accounts&#8221;, as supplemented by the section of the
      Prospectus Supplement captioned &#8220;Federal Income Tax and ERISA Considerations&#8221;,
      we have made certain assumptions and expressed certain conditions and
      qualifications therein, all of which assumptions, conditions and qualifications
      are incorporated herein by reference. With respect to all questions of fact
      on
      which our opinion is based, we have assumed the initial and continuing truth,
      accuracy and completeness of: (i) the information set forth in the Form 10-K,
      the Prospectus, and in the documents incorporated therein by reference; and
      (ii)
      representations made to us by officers of the Company or contained in the Form
      10-K, the Prospectus and in the documents incorporated therein by reference,
      in
      each such instance without regard to qualifications such as &#8220;to the best
      knowledge of&#8221; or &#8220;in the belief of&#8221;. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      relied upon, but not independently verified, the foregoing assumptions. If
      any
      of the foregoing assumptions are inaccurate or incomplete for any reason, or
      if
      the transactions described in the Form 10-K, the Prospectus, or the documents
      incorporated therein by reference have been consummated in a manner that is
      inconsistent with the manner contemplated therein, our opinion as expressed
      below may be adversely affected and may not be relied upon.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      upon and subject to the foregoing, we are of the opinion that the discussions
      with respect to Tax Laws matters and ERISA Laws matters in the sections of
      Item
      1 of the Form 10-K captioned &#8220;Federal Income Tax Considerations&#8221; and &#8220;ERISA
      Plans, Keogh Plans and Individual Retirement Accounts&#8221;, as supplemented by the
      discussion in the section of the Prospectus Supplement captioned &#8220;Federal Income
      Tax and ERISA Considerations&#8221;, in all material respects are accurate and fairly
      summarize the Tax Laws issues and the ERISA Laws issues addressed therein,
      and
      hereby confirm that the opinions of counsel referred to in said sections
      represent our opinions on the subject matter thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      opinion above is limited to the matters specifically covered hereby, and we
      have
      not been asked to address, nor have we addressed, any other matters or any
      other
      transactions. Further, we disclaim any undertaking to advise you of any
      subsequent changes of the matters stated, represented or assumed herein or
      any
      subsequent changes in Tax Laws or ERISA Laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      opinion is intended solely for the benefit and use of the Company, and is not
      to
      be used, released, quoted, or relied upon by anyone else for any purpose (other
      than as required by </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Housing Properties Trust</font><a name="Date"/></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
      14, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">law)
      without our prior written consent. We hereby consent to the filing of a copy
      of
      this opinion as an exhibit to the Form 8-K, which is incorporated by reference
      in the Company&#8217;s Registration Statement, and to the references to our firm in
      the Prospectus Supplement. In giving such consent, we do not thereby admit
      that
      we come within the category of persons whose consent is required under Section
      7
      of the Act or under the rules and regulations of the SEC promulgated thereunder.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                truly yours,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                SULLIVAN &amp; WORCESTER LLP</font></div>
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