<SEC-DOCUMENT>0000866829-12-000014.txt : 20120307
<SEC-HEADER>0000866829-12-000014.hdr.sgml : 20120307
<ACCEPTANCE-DATETIME>20120307160147
ACCESSION NUMBER:		0000866829-12-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20120307
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120307
DATE AS OF CHANGE:		20120307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HELIX ENERGY SOLUTIONS GROUP INC
		CENTRAL INDEX KEY:			0000866829
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				953409686
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32936
		FILM NUMBER:		12674220

	BUSINESS ADDRESS:	
		STREET 1:		400 N SAM HOUSTON PKWY E
		STREET 2:		SUITE 400
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060
		BUSINESS PHONE:		2816180400

	MAIL ADDRESS:	
		STREET 1:		400 N SAM HOUSTON PKWY E
		STREET 2:		SUITE 400
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAL DIVE INTERNATIONAL INC
		DATE OF NAME CHANGE:	19960821
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>HELIX ENERGY SOLUTIONS GROUP INC. FORM 8-K DATED 3-7-12
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 18pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Items 1.01&#160;&#160;Entry into a Material Definitive Agreement</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Helix Energy Solutions Group, Inc., a Minnesota corporation (&#8220;Helix&#8221;), as borrower, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer and the lenders party to the Credit Agreement (as defined below) have entered into Amendment No. 5 to the Credit Agreement dated as of November 11, 2011 (the &#8220;Fifth Amendment&#8221;) which amends the existing Credit Agreement dated as of July 3, 2006, as amended.&#160;&#160;The Fifth Amendment was executed and delivered on March 7, 2012 to allow for Helix to enter into a new indenture governing the 3.25% Convertible Senior Notes due 2032 (the "2032 Notes&#8221;).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB1" style="FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 14pt"></font><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt">The description of the Fifth Amendment contained in this Form 8-K does not purport to be complete and is qualified in its entirety by reference to the full text of the Fifth Amendment, incorporated herein by reference from Exhibit 4.1 hereof.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB1" style="FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 14pt"></font><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt">The description of the Fifth Amendment described above under Item&#160;1.01 is incorporated in this Item&#160;2.03 by reference.&#160;&#160;A copy of the Fifth Amendment is filed as Exhibit&#160;4.1 to this Form 8-K and is incorporated in this Item&#160;2.03 by reference.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Item 7.01&#160;&#160;Regulation FD Disclosure</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">On March 7, 2012, Helix issued a press release announcing the pricing of the transaction described in Item 8.01 below, a copy of which is attached as Exhibit 99.1 hereto.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) or otherwise subject to the liability of that section, unless&#160;Helix specifically states that the information is considered &#8220;filed&#8221; under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) or the Exchange Act.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Item 8.01 Other Events</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">On March 7, 2012, Helix entered into an Underwriting Agreement with Raymond James &amp; Associates, Inc. (&#8220;the Underwriter&#8221;) relating to the public offering of its $200 million aggregate principal amounts of the 2032 Notes. The 2032 Notes will mature on March 15, 2032.&#160;&#160;Closing of the issuance of the 2032 Notes is scheduled for March 12, 2012. The 2032 Notes have been registered under the Securities Act, pursuant to Helix&#8217;s Registration Statement on Form S-3 (File No 333-179937) (the &#8220;Registration Statement&#8221;), as supplemented by the preliminary&#160;prospectus supplement, dated March 6, 2012 relating to the 2032 Notes, filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB1" style="FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 14pt"></font><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Underwriting Agreement provides that the obligations of the Underwriter to purchase the 2032 Notes are subject to approval of certain legal matters by counsel to the Underwriter and other customary conditions. The Underwriter is obligated to purchase all of the 2032 Notes if they purchase any of the 2032&#160;Notes. The Underwriting Agreement contains customary representations, warranties and agreements and customary conditions to closing.&#160;&#160;&#160;Additionally, Helix has agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Underwriter may be required to make because of any of those liabilities.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The foregoing description of the Underwriting Agreement is qualified in its entirety by reference to such Underwriting Agreement, a copy of which is filed herewith as Exhibit 1.1 and is incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Helix intends to use the net proceeds from the offering to repurchase and retire $110.7 million of its existing $300 million principal amount of 3.25% Convertible Senior Notes due 2025 in separate, privately negotiated transactions, and for other general corporate purposes, including&#160;&#160;the repayment of other indebtedness.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><a href="exh1-1.htm">Underwriting Agreement dated March 7, 2012 between Helix Energy Solutions Group, Inc. and Raymond &amp; James Associates, Inc.</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><a href="exh4-1.htm">4.1</a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><a href="exh4-1.htm">Amendment No. 5 to Credit Agreement dated as of November 11, 2011 by and among Helix Energy Solutions Group, Inc., as borrower, Bank of America, N.A., as administrative agent, and the lenders named thereto.</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><a href="exh991.htm">99.1</a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><a href="exh991.htm">Press Release dated March 7, 2012 announcing the pricing of 3.25% Convertible Senior Notes due 2032 and commitments to repurchase $110.7 million of Helix&#8217;s existing 3.25% Convertible Senior Notes due 2025.</a></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">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>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Date:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;March 7, 2012</font></div>

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<div style="TEXT-INDENT: 216pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;HELIX ENERGY SOLUTIONS GROUP, INC.</font></div>

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<div style="TEXT-INDENT: 144pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>By:&#160;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;/s/ Lloyd Hajdik</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB1" style="FONT-FAMILY: Arial; MARGIN-LEFT: 305.7pt; FONT-SIZE: 14pt"></font><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Lloyd Hajdik</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB1" style="FONT-FAMILY: Arial; MARGIN-LEFT: 161.55pt; FONT-SIZE: 14pt"></font><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font>Senior Vice President - Finance and </font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><a href="exh1-1.htm">Underwriting Agreement dated March 7, 2012 between Helix Energy Solutions Group, Inc. and Raymond &amp; James Associates, Inc.</a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><a href="exh4-1.htm">Amendment No. 5 to Credit Agreement dated as of November 11, 2011&#160;by and among Helix Energy Solutions Group, Inc., as borrower, Bank of America, N.A., as administrative agent, and the lenders named thereto.</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><a href="exh991.htm">99.1</a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><a href="exh991.htm">Press Release dated March 7, 2012 announcing the pricing of 3.25% Convertible Senior Notes due 2032 and commitments to repurchase $110.7 million of Helix&#8217;s existing 3.25% Convertible Senior Notes due 2025.</a></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">$200,000,000</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">HELIX ENERGY SOLUTIONS GROUP, INC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNDERWRITING AGREEMENT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">3.25% <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Convertible </font>Senior Notes due 2032</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">New York, New York</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">March 7, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Raymond James &amp; Associates, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">As Representative of the</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">880 Carillon Parkway</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Ladies and Gentlemen:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Helix Energy Solutions Group, Inc., a Minnesota corporation (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Company</font>&#8221;), proposes to issue and sell to the underwriters named in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule I</font> hereto (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Underwriters</font>&#8221;), for whom you are acting as representative (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Representative</font>&#8221;), $200,000,000 aggregate principal amount of its 3.25% Convertible Senior Notes due 2032 (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Notes</font>&#8221;).&#160;&#160;The Notes shall be convertible into 39.9752 shares of common stock, no par value, of the Company (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Common Stock</font>&#8221;), per $1,000 principal amount of Notes, as described in the Prospectus, defined below.&#160;&#160;The shares of Common Stock into which the Notes may be converted are referred to herein as the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Conversion Shares</font>.&#8221;&#160;&#160;The Notes and the Conversion Shares hereinafter are referred to collectively as the &#8220;Securities.&#8221;&#160;&#160;The Notes will be issued under an indenture dated as of March 12, 2012 the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Indenture</font>&#8221;) between the Company and The Bank of New York Mellon Trust Co., N.A., as trustee (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Trustee</font>&#8221;).&#160;&#160;The Notes are described more fully in the Prospectus, referred to below.&#160;&#160;If the firm listed as addressee above is the only firm listed in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule I</font> hereto, then the terms &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Underwriters</font>&#8221; and &#8220;Representative,&#8221; as used herein, each shall be deemed to refer to such firm.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company hereby confirms its agreement with the several Underwriters concerning the purchase and sale of the Notes as follows:</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">1.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Representations and Warranties</font>.&#160;&#160;The Company represents and warrants to, and agrees with, each Underwriter that:</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Registration Statement</font>.&#160;&#160;The Company has prepared and filed with the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Commission</font>&#8221;) a registration statement on Form S-3 (File No. 333-179937), which contains a base prospectus (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Base Prospectus</font>&#8221;), to be used </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">in connection with the public offering and sale of the Notes.&#160;&#160;Such registration statement, as amended, including the financial statements, exhibits and schedules thereto, and including any required information deemed to be a part thereof pursuant to Rule&#160;&#160;430A, 430B or 430C under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Securities Act</font>&#8221;) and the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Exchange Act</font>&#8221;), at each time of effectiveness, is called the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Registration Statement</font>.&#8221;&#160;&#160;Any preliminary prospectus supplement to the Base Prospectus that describes the Notes and the offering thereof and is used prior to the filing of the Prospectus is called, together with the Base Prospectus, a &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Preliminary Prospectus</font>.&#8221;&#160;&#160;The term &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Prospectus</font>&#8221; shall mean the final prospectus supplement relating to the Notes, together with the Base Prospectus, that is first filed pursuant to Rule 424(b) (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) after the date and time that this Agreement is executed and delivered by the parties hereto (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Execution Time</font>&#8221;).&#160;&#160;Any reference herein to the Registration Statement, any Preliminary Prospectus or the Prospectus, as the case may be, shall be deemed to refer to and include any documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the effective date of the Registration Statement, or the date of such Preliminary Prospectus or the Prospectus, as the case may be, and any reference to &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus, as the case may be, shall be deemed to refer to and include any documents filed after such date under the Exchange Act that are deemed to be incorporated by reference therein.&#160;&#160;All references in this Agreement to the Registration Statement, any Preliminary Prospectus, the Prospectus, or any amendments or supplements to any of the foregoing shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">EDGAR</font>&#8221;) (except as may be permitted by Regulation S-T under the Securities Act).</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Disclosure Package</font>.&#160;&#160;The term &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Disclosure Package</font>&#8221; shall mean (A) any Preliminary Prospectus, as it may be amended or supplemented, (B) the Base Prospectus, (C) the applicable issuer free writing prospectuses as defined under Rule 433 of the Securities Act, if any, identified in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule II</font> hereto (each, an &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Issuer Free Writing Prospectus</font>&#8221;); (D) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package, and (E) the Final Term Sheet (as defined herein), which also shall be identified in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule II</font> hereto.&#160;&#160;The Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any &#8220;written communication&#8221; (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Notes, other than a communication referred to in clauses (A), (B), (C), (D) and (E) above.&#160;&#160;As of 7.45 a.m. (Eastern time) on the date of this Agreement (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Initial Sale Time</font>&#8221;), and as of the Closing Date (as hereinafter defined), the Disclosure Package did not, and will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160;&#160;As of each time of broadcast, and as of the Closing Date, each electronic road show, when taken together as a whole with the Disclosure Package, did not, and will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160;&#160;The preceding two sentences do not apply to statements in or omissions from the Disclosure Package or each electronic road show </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">based upon and in conformity with written information relating to any Underwriter furnished to the Company by or on behalf of any Underwriter specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6(b)</font> hereof (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Underwriter Information</font>&#8221;).</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(c)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Registration Statement, Prospectus and Incorporated Documents</font>.&#160;&#160;As of the date hereof, when the Prospectus is first filed with the Commission pursuant to Rule 424(b) under the Securities Act, when any supplement or amendment to the Prospectus is filed with the Commission, at the Closing Date and, with respect to the Registration Statement in (A) and (B) below, as of the Initial Sale Time, (A) the Registration Statement is effective, the Registration Statement, as amended as of any such time, and the Prospectus, as amended or supplemented as of any such time, and the Indenture complied, complies or will comply in all material respects with the applicable provisions under the Securities Act, the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Trust Indenture Act</font>&#8221;), and the Exchange Act, (B) the Registration Statement, as amended as of any such time, did not, does not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading, and (C) the Prospectus, as amended or supplemented as of any such time, did not, does not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">however</font>, that the Company makes no representations or warranties as to (i) that part of the Registration Statement which shall constitute the Statement of Eligibility and Qualification of the Trustee (Form T-1) under the Trust Indenture Act of the Trustee, (ii) the Underwriter Information, or (iii) any statement that does not constitute part of the Registration Statement or the Prospectus pursuant to Rule 412 under the Securities Act.&#160;&#160;The documents that are incorporated by reference in the Registration Statement, the Disclosure Package, any Preliminary Prospectus or the Prospectus or from which information is so incorporated by reference, when they were filed with the Commission, complied in all material respects with the requirements under the Securities Act or the Exchange Act, as applicable, and did not, when such documents were so filed, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.&#160;&#160;The Commission has not issued any order suspending the effectiveness of the Registration Statement or any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, and the Company is without knowledge that any proceedings have been instituted for either purpose or pursuant to Section 8A of the Securities Act.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(d)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Ineligible Issuer</font>.&#160;&#160;(A) At the earliest time after the Company or another offering participant made a <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">bona fide</font> offer (within the meaning under Rule 164(h)(2) under the Securities Act) and (B) as of the date of the execution and delivery of this Agreement (with such date being used as a determination date for purposes of this clause (B)), the Company neither was nor is an Ineligible Issuer (as defined in Rule 405 under the Securities Act).</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(e)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Issuer Free Writing Prospectus</font>.&#160;&#160;No Issuer Free Writing Prospectus (including the Final Term Sheet), as of its issue date and at all subsequent times through the completion of the offering contemplated hereby or until any earlier date that the Company </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">notified or notifies the Representative as described in the next sentence, included, includes or will include any information that conflicted, conflicts, or will conflict with the information contained in the Registration Statement, including any document incorporated by reference therein, any Preliminary Prospectus, or the Prospectus, that had not or has not been superseded or modified.&#160;&#160;If at any time following delivery of an Issuer Free Writing Prospectus and prior to the end of the Prospectus Delivery Period (as defined below), there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, any Preliminary Prospectus, or the Prospectus, the Company has promptly notified or will promptly notify the Representative and has promptly amended or supplemented or will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict.&#160;&#160;The foregoing two sentences do not apply to statements in or omissions from an Issuer Free Writing Prospectus based upon and in conformity with Underwriter Information.&#160;&#160;Each Issuer Free Writing Prospectus complied in all material respects with the Securities Act and has been or will be (within the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby).&#160;&#160;The Company has not distributed and will not distribute, prior to the later of the Closing Date and the completion of the Underwriters&#8217; distribution of the Notes, any offering material in connection with the offering and sale of the Notes other than the Registration Statement, any Preliminary Prospectus, the Prospectus, or any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters and included in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule III</font> hereto.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(f)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Well Known Seasoned Issuer</font>.&#160;&#160;(A) At the time of filing the Registration Statement, (B)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) under the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or&#160;15(d) under the Exchange Act or form of prospectus), (C) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, under Rule&#160;163(c) under the Securities Act) made any offer relating to the Notes in reliance on the exemption under Rule&#160;163 under the Securities Act, and&#160;(D)&#160;at the Execution Time (with such time being used as the determination time for purposes of this clause (D)), the Company was and is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 under the Securities Act.&#160;&#160;The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405 under the Securities Act, the Company has not received from the Commission any notice pursuant to Rule 401(g)(2) under the Securities Act objecting to use of the automatic shelf registration statement form and the Company has not otherwise ceased to be eligible to use the automatic shelf registration statement form.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(g)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Indenture</font>.&#160;&#160;The Indenture has been duly authorized by the Company and, on the Closing Date, will have been (i) duly qualified under the Trust Indenture Act and (ii) duly executed and delivered by the Company and, assuming due authorization, execution and delivery thereof by the trustee, will constitute a legal, valid, and binding instrument of the Company enforceable against the Company in accordance with its terms, except as may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or other similar laws affecting the rights of creditors now or hereafter in effect, and to equitable principles that may limit the right to specific enforcement of remedies; the Indenture conforms in all material respects to the description thereof contained in the Registration Statement, the Prospectus and the Disclosure Package.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Conversion Shares</font>.&#160;&#160;The Conversion Shares have been duly and validly authorized and reserved by the Company, and, when issued upon conversion of the Notes in accordance with the terms of the Notes and the Indenture, will be fully paid and nonassessable, and the issuance of the Conversion Shares will not be subject to any preemptive right, right of first refusal or other similar rights to subscribe for purchase securities of the Company or any subsidiary of the Company; the Conversion Shares conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus and the Disclosure Package.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(j)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Conflicts</font>.&#160;&#160;The issue and sale of the Notes, the issuance of the Conversion Shares, the execution and delivery of, and compliance by, the Company with all of the provisions of this Agreement and the Indenture, the consummation of the transactions herein and therein contemplated, and the performance of its obligations hereunder and thereunder, will not (i) 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 any property or assets of the Company or any of its subsidiaries pursuant to, any material indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter, by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(k)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Consents Required</font>.&#160;&#160;No consent, approval, authorization or order of, or qualification with, any court or arbitrator or governmental or regulatory authority is required for the issuance and sale of the Notes, the issuance of the Conversion Shares and the execution and delivery of, and compliance by, the Company with all of the provisions of this Agreement and the Indenture, and the consummation of the transactions herein and therein contemplated, and the performance of its obligations hereunder and thereunder, except such as have been obtained or made by the Company and are in full force and effect or as may be required by the securities or Blue Sky laws of the various states or foreign jurisdictions in connection with the offer and sale of the Notes.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(m)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Violation or Default</font>.&#160;&#160;Neither the Company nor any of its subsidiaries is (i) in violation of its charter, bylaws or similar organizational documents, (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the performance or observance of any material term, obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(n)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Statements</font>.&#160;&#160;The statements set forth in the Prospectus under the captions &#8220;Description of Notes&#8221; and &#8220;Description of Our Debt Securities&#8221; insofar as they purport to constitute a summaries of the terms of the Securities, and under the caption &#8220;Material U.S. Federal Income Tax Considerations,&#8221; insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair.</font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">knowledge, no such proceedings are threatened or contemplated by governmental or regulatory authorities or threatened by others.&#160;&#160;There are no statutes, regulations or contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement and the Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement, the Disclosure Package and the Prospectus.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(p)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Investment Company Act</font>.&#160;&#160;The Company is not and, after giving effect to the offering and sale of the Notes, the application of the proceeds thereof as described in the Registration Statement, the Disclosure Package and the Prospectus, will not be an &#8220;investment company&#8221; as such term is defined in the Investment Company Act of 1940, as amended (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Investment Company Act</font>&#8221;).</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(q)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Authorizations</font>.&#160;&#160;The Company and its subsidiaries possess all licenses, permits and authorizations issued by the appropriate Federal, state and foreign governments, governmental or regulatory authorities, self-regulatory organizations and all courts or other tribunals, and are members in good standing of each Federal, state or foreign exchange, board of trade, clearing house or association and self-regulatory or similar organization necessary to conduct their respective businesses as described in the Registration Statement, the Disclosure Package and the Prospectus, except as would not, individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, permit or authorization, or has any reason to believe that any such license, permit or authorization will not be renewed in the ordinary course, except as would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(r)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Independent Registered Public Accounting Firm</font>.&#160;&#160;Ernst &amp; Young LLP, who have certified certain consolidated financial statements of the Company and its subsidiaries, and have audited the effectiveness of the Company&#8217;s internal control over financial reporting, is an independent registered public accounting firm as required by the Securities Act and the rules and regulations of the Commission and the Public Company Accounting Oversight Board thereunder.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(s)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Accounting Controls</font>.&#160;&#160;The Company and its subsidiaries, on a consolidated basis, maintain systems of &#8220;internal control over financial reporting&#8221; (as such term is defined in Rule 13a-15(f) under the Exchange Act) that comply with the requirements of the Exchange Act and has been designed by the Company&#8217;s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&#160;&#160;Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company&#8217;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting.</font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">relating to the Company and its subsidiaries is made known to the Company&#8217;s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective.&#160;&#160;The Company and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(u)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Sarbanes-Oxley Act</font>. The Company, and to its knowledge, each of the Company&#8217;s directors or officers, in their capacities as such, is in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act and any related rules and regulations promulgated by the Commission. Each of the principal executive officer and the principal financial officer of the Company (and each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by him or her with the Commission. For purposes of the preceding sentence, &#8220;principal executive officer&#8221; and &#8220;principal financial officer&#8221; shall have the meanings given to such terms in the Sarbanes-Oxley Act.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(v)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Organization and Good Standing</font>.</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company has been duly organized and is validly existing as a corporation with active status under the laws of the state of Minnesota and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package and the Prospectus and to enter into and perform its obligations under, or as contemplated under, this Agreement.&#160;&#160;The Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or be in good standing would not result in a Material Adverse Effect.</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(ii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Each subsidiary of the Company that is set forth on <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule IV</font> hereto (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Significant Subsidiaries</font>&#8221;) has been duly organized and is validly existing in good standing under the laws of the jurisdiction of its organization, has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package and the Prospectus and is duly qualified as a foreign entity to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or be in good standing would not result in a Material Adverse Effect.</font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">membership interests.&#160;&#160;All of the issued and outstanding equity of each Significant Subsidiary is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; and none of the outstanding shares of capital stock of any Significant Subsidiary was issued in violation of preemptive or similar rights of any security holder of such Significant Subsidiary.&#160;&#160;The Company has an authorized capitalization as set forth in the Registration Statement, the Disclosure Package and the Prospectus under the heading &#8220;Capitalization.&#8221;</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">(y)</font></font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">eXtensible Business Reporting Language</font>. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">(z)</font></font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Statistical or Market-Related Data</font>. Any statistical, industry-related or market-related data included or incorporated by reference in the Prospectus or the Disclosure Package, are based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agree with the sources from which they are derived.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(hh)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Good Title to Property</font>. The Company and each of its subsidiaries has good and valid title to all property (whether real or personal) described in the Disclosure Package and the Prospectus as being owned by it, in each case free and clear of all liens, claims, security interests, other encumbrances or defects (collectively, &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Liens</font>&#8221;), except such as are described in the Prospectus and the Disclosure Package and those that would not, individually or in the aggregate materially adversely affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or any of its subsidiaries. All of the property described in the Prospectus and the Disclosure Package as being held under lease by the Company or any of its subsidiaries is held thereby under valid, subsisting and enforceable leases, without any liens, restrictions, encumbrances or claims, except those that, individually or in the aggregate, are not material and do not materially interfere with the use made and proposed to be made of such property by the Company or such subsidiary.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(ii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Intellectual Property Rights</font>. The Company and each of its subsidiaries owns or possesses the right to use all patents, trademarks, trademark registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, software, databases, know-how, Internet domain names, trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures, and other intellectual property (collectively, &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Intellectual Property</font>&#8221;) necessary to carry on its businesses as currently conducted, and as proposed to be conducted as described in the Disclosure Package and the Prospectus, and the Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company or any of its subsidiaries with respect to the foregoing except for those that would not have a Material Adverse Effect. The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Company&#8217;s or any of its subsidiaries&#8217; right to own, use, or hold for use any of the Intellectual Property as owned, used or held for use in the conduct of the businesses as currently conducted.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(jj)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Labor Disputes</font>. No labor problem or dispute with the employees of the Company or any of the subsidiaries exists, or, to the Company&#8217;s knowledge, is threatened or imminent, which would reasonably be expected to result in a Material Adverse Effect. </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company is not aware that any key employee or significant group of employees of the Company or any of the subsidiaries plans to terminate employment with the Company or any of the subsidiaries. Neither the Company nor any of its subsidiaries has engaged in any unfair labor practice, except for matters which would not, individually or in the aggregate, result in a Material Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or, to the Company&#8217;s knowledge, threatened against the Company or any of its subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&#8217;s knowledge, threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company&#8217;s knowledge, threatened against the Company or any of its subsidiaries and (C) no union representation dispute currently existing concerning the employees of the Company or any of its subsidiaries and (ii) to the Company&#8217;s knowledge, (A) no union organizing activities are currently taking place concerning the employees of the Company or any of its subsidiaries and (B) there has been no violation of any federal, state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income Security Act of 1974 (&#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">ERISA</font>&#8221;) or the rules and regulations promulgated thereunder concerning the employees of the Company or any of its subsidiaries.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(mm)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Compliance with Environmental Laws</font>. Except as otherwise disclosed in its filings with the Commission, the Company and each of its subsidiaries (i) is and has been in compliance with any and all applicable foreign, federal, state and local laws, orders, rules, </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">regulations, directives, decrees, judgments, and provisions of license contracts relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of human health and safety or the environment which are applicable to their businesses (&#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Environmental Laws</font>&#8221;); (ii) has received and is in compliance with all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its business; and (iii) is in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, individually or in the aggregate, result in a Material Adverse Effect. There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, individually or in the aggregate, result in a Material Adverse Effect.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(nn)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Insurance</font>. The Company and each of its subsidiaries maintains or is covered by insurance provided by recognized, financially sound and reputable institutions with insurance policies in such amounts and covering such risks as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries. All such insurance is fully in force on the date hereof and will be fully in force as of the Closing Date. The Company has no reason to believe that it and its subsidiaries will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.&#160;&#160;Neither the Company nor any of its subsidiaries has been denied any material insurance policy or coverage for which it has applied.&#160;&#160;Neither the Company nor any of its subsidiaries insures risk of loss through any captive insurance, risk retention group, reciprocal group or by means of any fund or pool of assets specifically set aside for contingent liabilities other than as described in the Disclosure Package and the Prospectus.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(oo)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Brokers Fees</font>. Except as disclosed in the Prospectus and Disclosure Package there are no contracts, agreements or understandings between the Company and any person (other than this Agreement) that would give rise to a claim against the Company or any Underwriter for a brokerage commission, finder&#8217;s fee or other like payment in connection with the offering and sale of the Notes.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(pp)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Forward-Looking Statements</font>. No forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in either the Disclosure Package or the Prospectus have been made or reaffirmed without a reasonable basis therefor or have been disclosed other than in good faith.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(qq)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">New York Stock Exchange; Exchange Act Registration</font>. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and is listed on the New York Stock Exchange (the &#8220;NYSE&#8221;), and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NYSE, nor has the Company received any notification that the Commission or the NYSE is contemplating terminating such </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">registration or listing. The Company has complied in all material respects with the applicable requirements of the NYSE for maintenance of inclusion of the Common Stock thereon.</font></font></div>
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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">2.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Purchase and Sale</font>.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company agrees to issue and sell the Notes to the several Underwriters as provided in this Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Notes set forth opposite such Underwriter&#8217;s name in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule I</font> hereto at a price equal to 98.0% of the principal amount thereof plus accrued interest, if any, from March 12, 2012.&#160;&#160;The Company will not be obligated to deliver any of the Notes except upon payment for all the Notes to be purchased as provided herein.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company understands that the Underwriters intend to make a public offering of the Notes as soon after the effectiveness of this Agreement as in the judgment of the Representative is advisable, and initially to offer the Notes on the terms set forth in the Prospectus.&#160;&#160;The Company acknowledges and agrees that the Underwriters may offer and sell Notes to or through any affiliate of an Underwriter and that any such affiliate may offer and sell Notes purchased by it to or through any Underwriter.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(c)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Payment for and delivery of the Notes will be made at the offices of Morrison &amp; Foerster LLP, 1290 Avenue of the Americas, New York, New York 10104 at 10:00 A.M., New York City time, on March 12, 2012, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative and the Company may agree upon in writing.&#160;&#160;The time and date of such payment and delivery is referred to herein as the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Closing Date</font>&#8221;.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(d)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Payment for the Notes shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative against delivery to the nominee of The Depository Trust Company, for the account of the Underwriters, of one or more global notes representing the Notes (collectively, the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Global Note</font>&#8221;), with any transfer taxes payable in connection with the sale of the Notes duly paid by the Company.&#160;&#160;The Global Note will be made available for inspection by the Representative not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">During the period beginning at the Initial Sale Time and ending on the later of the Closing Date or such date, as in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection with sales by an Underwriter or dealer (except for delivery requirements imposed because such Underwriter or dealer is an affiliate of the Company), including in circumstances where such requirement may be satisfied pursuant to Rule 172 (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Prospectus Delivery Period</font>&#8221;), the Company will not file any amendment to the Registration Statement or supplement to the Base Prospectus or the Disclosure Package (including the Prospectus) unless the Company has furnished the </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Representative a copy for review prior to filing and will not file any such proposed amendment or supplement to which the Representative reasonably objects; provided, however, that the foregoing shall not apply to filings required to be made with the Commission in order to comply with the Exchange Act so long as any such filing is provided to the Representative a reasonable amount of time in advance of filing. Subject to the foregoing sentence, the Company will cause the Prospectus to be filed with the Commission pursuant to Rule 424 via EDGAR.&#160;&#160;The Company will advise the Representative promptly (i) when any Preliminary Prospectus and the Prospectus shall have been filed with the Commission pursuant to Rule 424, (ii) when any amendment to the Registration Statement or the Disclosure Package relating to the Notes shall have become effective, (iii) of any request by the Commission for any amendment of the Registration Statement or amendment of or supplement to the Prospectus or the Disclosure Package, the receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus of the Prospectus or the institution or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act, and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Notes for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.&#160;&#160;The Company will use its best efforts to prevent the issuance of any such stop order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or the Prospectus or suspending any such qualification of the Notes and, if any such order is issued, to obtain as soon as possible the withdrawal thereof.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Ongoing Compliance</font>.&#160;&#160;If, at any time during the Prospectus Delivery Period, except with respect to any such delivery requirement imposed upon an affiliate of the Company in connection with any secondary market sales, any event occurs as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in light of the circumstances under which they were made or then prevailing, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus to comply with the Securities Act or the Exchange Act, the Company promptly will prepare and file with the Commission, subject to the first sentence of paragraph (a) of this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 3</font>, an amendment or supplement which will correct such statement or omission or an amendment or supplement which will effect such compliance (including, if consented to by the Underwriters, by means of an Issuer Free Writing Prospectus), and will give immediate notice, and confirm in writing, to the Underwriters to cease the solicitation of offers to purchase the Notes, and furnish to the Underwriters a reasonable number of copies of such amendment or supplement.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(d)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Delivery of Copies</font>.&#160;&#160;The Company will furnish to the Representative and counsel for the Underwriters, without charge, copies of the Registration Statement (including exhibits and documents incorporated by reference thereto) and each amendment thereto which shall become effective on or prior to the Closing Date and, so long as delivery of a prospectus by an Underwriter or dealer may be required by the Securities Act, as many copies of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus and any amendments thereof and supplements thereto as the Representative may reasonably request.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(e)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Blue Sky Compliance</font>.&#160;&#160;The Company shall cooperate with the Representative and counsel for the Underwriters to qualify or register the Notes for sale under (or obtain exemptions from the application of) the laws of such jurisdictions as the Representative may reasonably designate, will maintain such qualifications in effect so long as required for the distribution of the Notes; <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">however</font>, that the Company shall not be required (i) to qualify to do business or as a dealer in securities in any jurisdiction where it is not now so qualified, (ii) to take any action which would subject it to general or unlimited service of process in any jurisdiction where it is not now so subject, or (iii) subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(f)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Lock-Up</font>.&#160;&#160;During the period of 90 days from the date of this Agreement, without the prior written consent of the Representative, the Company (i) will not, directly or indirectly, issue, offer, sell, agree to issue, offer or sell, solicit offers to purchase, grant any call option, warrant or other right to purchase, purchase any put option or other right to sell, pledge, borrow or otherwise dispose of any Relevant Security (as defined below) or make any announcement of any of the foregoing, (ii) will not establish or increase any &#8220;put equivalent position&#8221; or liquidate or decrease any &#8220;call equivalent position&#8221; (in each case within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder) with respect to any Relevant Security, and (iii) will not otherwise enter into any swap, derivative or other transaction or arrangement that transfers to another, in whole or in part, any economic consequence of ownership of a Relevant Security, whether or not such transaction is to be settled by delivery of Relevant Securities, other securities, cash or other consideration, other than the sale of Notes as contemplated by this Agreement, the issuance of the Conversion Shares, and the Company&#8217;s issuance of Common Stock upon (i) the conversion or exchange of convertible or exchangeable securities outstanding on the date hereof; (ii) the exercise of currently outstanding options; (iii) the exercise of currently outstanding warrants; and (iv) the grant and exercise of options under, or the issuance and sale of shares pursuant to, employee and director stock option plans in effect on the date hereof, each as described in the Disclosure Package and the Prospectus.&#160;&#160;As used herein, &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Relevant Security</font>&#8221; means the Common Stock, any other equity security of the Company or any of its Subsidiaries or any security convertible into, or exercisable or exchangeable for, any Common Stock or other such equity security.&#160;&#160;The Company will not file a registration statement under the Securities Act in connection with any transaction by the Company or any person that is prohibited pursuant to the foregoing, except for registration statements on Form S-8 relating to employee benefit plans.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(g)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Final Term Sheet</font>.&#160;&#160;The Company will prepare a final term sheet containing a description of the Notes and the offering contemplated hereby, in a form approved by the Representative and contained in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule III</font> of this Agreement, and will file such term </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">sheet pursuant to Rule 433(d) under the Securities Act as promptly as possible, but in any case not later than the time required by such rule (such term sheet, the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Final Term Sheet</font>&#8221;).</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(h)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Issuer Free Writing Prospectus</font>.&#160;&#160;The Company represents that it has not made and agrees that, unless it obtains the prior written consent of the Representative, it will not make, any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &#8220;free writing prospectus&#8221; (as defined under Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act; <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">provided</font> that the prior written consent of the Representative shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses included in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule III</font> hereto.&#160;&#160;Any such free writing prospectus consented to by the Representative is hereinafter referred to as a &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Permitted Free Writing Prospectus</font>.&#8221;&#160;&#160;The Company agrees that (i) it has treated and will treat as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) it has complied and will comply, as the case may be, with the requirements under Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.&#160;&#160;The Company consents to the use by any Underwriter of a free writing prospectus that (a) is not an &#8220;issuer free writing prospectus&#8221; as defined under Rule 433, and (b) contains only (i) information describing the preliminary terms of the Notes or their offering, (ii) information permitted by Rule 134 under the Securities Act or (iii) information that describes the final terms of the Notes or their offering and that is included in the Final Term Sheet of the Company contemplated in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 3(g)</font> above.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Additional Documents Filed or Incorporated by Reference</font>.&#160;&#160;The Company agrees that any further documents filed and incorporated by reference in the Registration Statement, the Disclosure Package, any Preliminary Prospectus or the Prospectus, when such documents are filed with the Commission, will comply in all material respects with the requirements under the Securities Act or the Exchange Act, as applicable, and will not, when such documents are so filed, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(j)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Renewals</font>.&#160;&#160;If immediately prior to the third anniversary (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Renewal Deadline</font>&#8221;) of the initial effective date of the Registration Statement, any of the Notes remain unsold by the Underwriters, the Company will file prior to the Renewal Deadline, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Notes, in a form satisfactory to the Representative.&#160;&#160;If the Company is no longer eligible to file an automatic shelf registration statement, the Company will file prior to the Renewal Deadline, if it has not already done so, a new shelf registration statement relating to the Notes, in a form satisfactory to the Representative, and will use its best efforts to cause such registration statement to be declared effective within 90&#160;days after the Renewal Deadline.&#160;&#160;The Company will take all other action necessary or appropriate to permit the public offering and sale of the Notes to continue as contemplated in the expired registration statement relating to the Notes.&#160;&#160;References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(l)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Filing Fee</font>.&#160;&#160;The Company agrees to pay the required Commission filing fees relating to the Notes within the time required by Rule&#160;456(b)(1)(i) under the Securities Act, without regard to the proviso therein, and otherwise in accordance with Rules&#160;456(b) and 457(r) under the Securities Act, and in any event prior to the Closing Date.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(n)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Stabilization</font>.&#160;&#160;The Company will not take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Notes or the Common Stock.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(o)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Reports</font>. So long as the Notes are outstanding, the Company will furnish to the Representative, as soon as they are available, copies of all reports or other communications (financial or other) furnished to holders of the Notes, and copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system; provided the Company will be deemed to have furnished such reports and financial statements to the Representative to the extent they are filed on EDGAR.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(p)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Record Retention</font>.&#160;&#160;The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(q)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Reservation of the Conversion Shares</font>.&#160;&#160;The Company will, at all times, reserve and keep available, free of preemptive rights, enough shares of Common Stock for the purpose of enabling the Company to satisfy its obligations to issue the Conversion Shares upon conversion of the Notes.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">4.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Conditions to the Obligations of the Underwriters</font>.&#160;&#160;The obligations of the Underwriters to purchase the Notes as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part of the Company contained herein as of the date hereof, as of the date of the effectiveness of any amendment to the Registration Statement filed prior to the Closing Date (including the filing of any document incorporated by </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">reference therein) and as of the Closing Date, to the accuracy of the statements of the Company made in any certificates furnished pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions:</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">For the period from and after effectiveness of this Agreement and prior to the Closing Date:</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or, to the Company&#8217;s knowledge, threatened by the Commission, and the Company shall not have received from the Commission any notice pursuant to Rule 401(g)(2) under the Securities Act objecting to use of the automatic shelf registration statement form (unless the Notes are duly registered in the manner contemplated by Rule 401(g)(2) to the satisfaction of the Representative prior to the Closing Date);</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(ii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Company shall have filed any Preliminary Prospectus and the Prospectus with the Commission (including the information required by Rule 430B under the Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430B, and such post-effective amendment shall have become effective (if not automatically effective under the rules of the Commission);</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Final Term Sheet, and any other material required to be filed by the Company pursuant to Rule 433(d) under the Securities Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings under such Rule or, to the extent applicable, under Rule 164(b); and</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iv)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representative.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Ratings</font>.&#160;&#160;On or after the date hereof and up to and including the Closing Date, (i) no downgrading shall have occurred in the rating accorded the Company&#8217;s debt securities by any &#8220;nationally recognized statistical rating organization,&#8221; as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company&#8217;s debt securities.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(c)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Material Adverse Change</font>.&#160;&#160;Subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus, (i) there shall not have been any change or decrease specified in the letter or letters referred to in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Sections 4(g)</font> and <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">4(h)</font> or (ii) no event or condition of a type described in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 1(k)</font> shall have occurred or shall exist, which event or condition is not described in the Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto), and, in any case referred to in clause (i) or (ii) above, the effect of which in the judgment of the Representative makes it impracticable or </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">inadvisable to proceed with the offering, sale or delivery of the Notes on the terms and in the manner contemplated by this Agreement, the Disclosure Package and the Prospectus.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(d)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Company Opinions</font>.</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company shall have furnished to the Representative the opinion of Locke Lord LLP, counsel for the Company, dated the Closing Date, to the effect that:</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(A)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">each of the Company and its Significant Subsidiaries incorporated under the laws of any state of the United States (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Domestic Significant Subsidiaries</font>&#8221;) is validly existing and in good standing or with active status under the laws of its jurisdictions of organization, is duly qualified to do business and is in good standing or with active status in the jurisdiction set forth opposite its name set forth on Schedule II hereto and in each additional jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, and has all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to be so qualified or have such power or authority would not, individually or in the aggregate, have a Material Adverse Effect;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(B)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">such counsel is without knowledge that (1) there is any pending or threatened action, suit or proceeding before or by any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Domestic Significant Subsidiaries, of a character required to be disclosed in the Registration Statement, the Disclosure Package, or the Prospectus which is omitted or not adequately disclosed therein, or (2) any franchise, contract or other document of a character required to be described in the Registration Statement, the Disclosure Package or the Prospectus, or to be filed as an exhibit to the Registration Statement, that is not so described or filed as required;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(C)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Company has an authorized capitalization as set forth in the Registration Statement, the Disclosure Package and the Prospectus under the heading &#8220;Capitalization and all the outstanding shares of capital stock or other equity interests of each Domestic Significant Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(D)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">this Agreement, the Indenture and the Securities conform in all material respects to the descriptions thereof contained in the Disclosure Package and the Prospectus;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(E)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Registration Statement is an &#8220;automatic shelf registration statement&#8221; as defined under Rule 405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the date of the Underwriting Agreement; each of the Preliminary Prospectus and the Prospectus was filed with the Commission pursuant to the subparagraph of Rule 424(b) under the Securities Act; and no order suspending the effectiveness of the Registration Statement has been issued, no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;been received by the Company and no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or in connection with the offering is pending or, to the best knowledge of such counsel, threatened by the Commission;</font></font></div>
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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(F)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Registration Statement, the Disclosure Package and the Prospectus and each amendment thereof or supplement thereto (other than the financial statements and other financial and statistical information contained therein or incorporated by reference therein, as to which such counsel need express no opinion) comply as to form in all material respects with the applicable requirements under the Securities Act, the Exchange Act and the Trust Indenture Act;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(G)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">this Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution, and delivery by the Underwriters, constitutes a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except as may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or other similar laws affecting the rights of creditors now or hereafter in effect, and to equitable principles that may limit the right to specific enforcement of remedies;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(I)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">no consent, approval, authorization or order of, or qualification with, any court or arbitrator or governmental or regulatory authority is required for the issue and sale of the Notes or the issuance of the Conversion Shares and the execution and delivery of, and compliance by, the Company with all of the provisions of this Agreement and the Indenture, and the consummation of the transactions herein and therein contemplated, and the performance of its obligations hereunder and thereunder, except such as may be required by the securities or Blue Sky laws of the various states or foreign jurisdictions in connection with the offer and sale of the Notes;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(J)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Indenture has been duly authorized, executed and delivered by the Company, has been duly qualified under the Trust Indenture Act, and constitutes a legal, valid, and binding instrument of the Company enforceable against the Company in accordance with its terms, except as may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or other similar laws affecting the rights of creditors now or hereafter in effect, and to equitable principles that may limit the right to specific enforcement of remedies; and the Notes have been duly and validly authorized for issuance and sale, and, when issued and delivered to the Underwriters against payment therefor pursuant to this Agreement and authenticated in accordance with the provisions of the Indenture, will be entitled to the benefits of the Indenture, will be duly and validly issued and outstanding and will be valid and binding obligations of the Company, enforceable in accordance with their terms, except as may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or other similar laws affecting the rights of creditors now or hereafter in effect, and to equitable principles that may limit the right to specific enforcement of remedies;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(K)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Conversion Shares (1) have been reserved for issuances and (2) when issued and delivered pursuant to this Agreement and the Indenture, will be duly and validly issued, fully paid and non-assessable and will conform in all material respects to the description of the Common Stock in the Prospectus;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(L)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the issue and sale of the Notes, the issuance of the Conversion Shares and the execution and delivery of, and compliance by, the Company with all of the provisions of this Agreement and the Indenture, and the consummation of the transactions herein and therein contemplated, and the performance of its obligations hereunder and thereunder, will not (i) 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 any property or assets of the Company or any of its subsidiaries pursuant to, any Material Contract, or (ii) result in any violation of the provisions of the charter, by-laws or similar organizational documents of the Company or any of its Domestic Significant Subsidiaries, except, in the case of clause (i) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect;</font></font></div>

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<div style="TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">For purposes of this Section 4(d)(i)(L), &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Material Contract</font>&#8221; means those agreements, arrangements and understandings which have been (x) filed with the Commission on behalf of the Company or (y) identified to such counsel by the Company as an indenture, mortgage, deed of trust, loan agreement or other material agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject for which any conflict, breach, violation or default arising from execution and delivery of, and compliance by the Company with all of the provisions of this Agreement and the Indenture would have a Material Adverse Effect.</font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(M)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the issue and sale of the Securities, the issuance of the Conversion Shares and the execution and delivery of, and compliance by, the Company with all of the provisions of this Agreement and the Indenture, and the consummation of the transactions herein and therein contemplated, and the performance of its obligations hereunder and thereunder, will not result in the violation of any law or statute or, to the best knowledge of such counsel, any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority applicable to the Company or any Domestic Significant Subsidiary or any of its respective properties or assets, except for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(N)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">such counsel is without knowledge of any rights to the registration of securities of the Company under the Registration Statement which have not been waived by the holders of such rights or which have </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font></div>

<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;not expired by reason of lapse of time following notification of the Company&#8217;s intention to file the Registration Statement;</font></font></div>
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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(O)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the descriptions in the Registration Statement, the Disclosure Package and the Prospectus of statutes, legal, governmental and regulatory proceedings and contracts and other documents are accurate in all material respects; the statements in the Preliminary Prospectus and Prospectus under the headings &#8220;ERISA Considerations&#8221; and &#8220;Material U.S. Federal Income Tax Considerations&#8221;, to the extent that they constitute summaries of matters of law or regulation or legal conclusions, fairly summarize the matters described therein in all material respects; and, to the best knowledge of such counsel; there are no statutes, regulations or contracts and other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement or the Prospectus and that have not been so filed as exhibits to the Registration Statement or described in the Registration Statement, the Disclosure Package and the Prospectus;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(P)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the Company is not and, after giving effect to the offering and sale of the Notes and the application of the proceeds thereof as described in the Registration Statement, the Disclosure Package and the Prospectus, will not be an &#8220;investment company&#8221; within the meaning of the Investment Company Act;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(Q)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the documents incorporated by reference in the Disclosure Package and the Prospectus (other than the financial statements and related schedules therein, as to which such counsel need express no opinion), when they were filed with the Commission, complied as to form in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder; and such counsel has no reason to believe that any of such documents, when such documents were so filed contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statement therein, in the light of the circumstances under which they were made when such documents were so filed, not misleading; and</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">provided, however, that opinions with respect to Minnesota law shall be provided by Moss &amp; Barnett, A Professional Association, Minnesota counsel to the Company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">In rendering each such opinion, such counsel shall also state that, although it has participated in conferences with representatives of the Underwriters and with representatives of the Company, its counsel and its accountants concerning the Registration Statement, the Disclosure Package and the Prospectus and has considered the matters required to be stated therein and the statements contained therein, such counsel has not independently verified the accuracy, completeness or fairness of such statements.&#160;&#160;Such counsel also need not pass upon, nor assume any responsibility for, ascertaining whether or when any of the information contained in the Disclosure Package was conveyed to any purchaser of the Notes.&#160;&#160;Such counsel shall state that based upon and subject to the foregoing, nothing has come to such counsel&#8217;s attention that leads it to believe that (i) the Registration Statement, at each time it became effective (including the information, if any, deemed pursuant to Rule 430A, 430B or 430C to be part of the Registration Statement at each time of effectiveness), contained an untrue statement of a material </font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than the State of Minnesota and New York or the United States to the extent deemed proper and specified in such opinion, upon the opinion of other counsel of good standing believed to be reliable and who are satisfactory to counsel for the Underwriters; and (B) as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(ii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company shall have furnished to the Representative the opinion of Scottish counsel for the Company, dated the Closing Date, to the effect that:</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(A)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">each of the Significant Subsidiaries organized under the laws of Scotland (the &#8220;Scottish Significant Subsidiaries&#8221;) is validly existing and in good standing or with active status under the laws of Scotland, is duly qualified to do business and are in good standing or with active status in each jurisdiction set forth opposite its name set forth on Schedule II hereto in which its ownership or lease of property or the conduct of its businesses requires such qualification, and has all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to be so qualified or have such power or authority would not, individually or in the aggregate, have a Material Adverse Effect;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(B)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">all the outstanding shares of capital stock or other equity interests of each Scottish Significant Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable and are registered in the name of Helix Energy Solutions (U.K.) Limited; and</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(C)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">such counsel is without knowledge that there is any pending or threatened action, suit or proceeding before or by any court or governmental agency, authority or body or any arbitrator involving the any Scottish Significant Subsidiaries, of a character required to be disclosed in the Registration Statement, the Disclosure Package, or the Prospectus which is omitted or not adequately disclosed therein.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">e)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Underwriter Opinion</font>.&#160;&#160;The Representative shall have received from Morrison &amp; Foerster LLP, counsel for the Underwriters, such opinion or opinions, dated the Closing Date, with respect to the issuance and sale of the Notes, the issuance of the Conversion Shares, the Indenture, the Registration Statement, the Disclosure Package, and the Prospectus and any other related matters as the Representative may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(f)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Certificate</font>.&#160;&#160;The Company shall have furnished to the Representative a certificate of the Company, signed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Disclosure Package, each electronic road show, the Prospectus and this Agreement and that:</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">to their knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or threatened by the Commission; and</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iv)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">except as set forth in or contemplated in the Disclosure Package and the Prospectus, no event set forth in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Sections 4(b)</font> and <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">(c)</font> shall have occurred.</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">They are an independent registered public accounting firm with respect to the Company within the meaning under the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(ii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">In their opinion, the consolidated financial statements of the Company and its subsidiaries audited by them and included or incorporated by reference in the Registration Statement, any preliminary prospectus and the Prospectus comply as to form in all material respects with the applicable accounting requirements under the Securities Act and the Exchange Act and the related rules and regulations adopted by the Commission.</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">On the basis of procedures (but not an audit in accordance with generally accepted auditing standards) consisting of:</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(A)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Reading the minutes of the meetings of the stockholders, the board of directors, the Corporate Governance and Nominating Committee, Compensation Committee and the Audit Committee of the Company as set forth in the minute books through a specified date not more than five business days prior to the date of delivery of such letter;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(B)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Performing the procedures specified by the American Institute of Certified Public Accountants for a review of interim financial information as described in Statement of Accounting Standards No. 100, Interim Financial Information, on any unaudited condensed consolidated interim financial statements of the Company and its consolidated subsidiaries included or incorporated by reference in the Registration Statement, any Preliminary Prospectus and the Prospectus and reading the unaudited interim financial data, if any, for the period from the date of the latest balance sheet included or incorporated by reference in the Registration Statement, any Preliminary Prospectus and the Prospectus to the date of the latest available interim financial data; and</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(C)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Making inquiries of certain officials of the Company who have responsibility for financial and accounting matters regarding the specific items for which representations are requested below; nothing has come to their attention as a result of the foregoing procedures that caused them to believe that:</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(1)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">the unaudited condensed consolidated interim financial statements, included or incorporated by reference in the Registration Statement, any Preliminary Prospectus and the Prospectus, do not comply as to form in all material respects with the applicable accounting requirements under the Exchange Act and the published rules and regulations thereunder;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(2)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">any material modifications should be made to the unaudited condensed consolidated interim financial statements, included or incorporated by reference in the Registration Statement, any Preliminary Prospectus and the Prospectus, for them to be in conformity with generally accepted accounting principles;</font></font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(3)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a) at the date of the latest available interim financial data and at the specified date not more than three business days prior to the date of the delivery of such letter, there was any change in the common stock and additional paid-in capital, any increase in the consolidated long-term debt, or any decrease in </font></font></div>

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<font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;consolidated net current assets or shareholders&#8217; equity (other than scheduled repayments of such debt) of the Company and its subsidiaries on a consolidated basis as compared with the amounts shown in the latest balance sheet included or incorporated by reference in the Registration Statement, any Preliminary Prospectus and the Prospectus or (b) for the period from the date of the latest available financial data to a specified date not more than three business days prior to the delivery of such letter, there was any decrease, as compared with the corresponding period in the preceding year, in the consolidated net revenue, the total or per-share amounts of income before extraordinary items or the net income of the Company and its subsidiaries on a consolidated basis, except in all instances for changes or decreases which the Registration Statement, any Preliminary Prospectus and the Prospectus discloses have occurred or may occur, or Ernst &amp; Young LLP shall state any specific changes or decreases.</font></font></div>
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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iv)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The letter shall also state that Ernst &amp; Young LLP has carried out certain other specified procedures, not constituting an audit, with respect to certain amounts, percentages and financial information which are included or incorporated by reference in the Registration Statement, any Preliminary Prospectus and the Prospectus and which are specified by the Representative and agreed to by Ernst &amp; Young LLP, and has found such amounts, percentages and financial information to be in agreement with the relevant accounting, financial and other records of the Company and its subsidiaries identified in such letter.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(h)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Deloitte &amp; Touche LLP Comfort Letter</font>. At the time this Agreement is executed and on the Closing Date, Deloitte &amp; Touche LLP shall have furnished to the Representative a letter or letters, dated as of the date of this Agreement or the Closing Date, as the case may be, in form and substance satisfactory to the Representative, confirming substantially the same matters as in paragraph (g) above, but only concerning the financial statements of Deepwater Gateway, L.L.C. and Independence Hub, LLC.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Petroleum Engineers&#8217; Certificate</font>.&#160;&#160;The Underwriters shall have received from Huddleston a certificate, dated the closing date, in form and substance reasonably satisfactory to the Underwriters and counsel to the Underwriters, to the effect that:</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(i)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Reserve Information was true and correct in all material respects on the dates of such Reserve Reports;</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(ii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Huddleston were, as of the dates of the Reserve Reports, and are, as of the date hereof, independent petroleum engineers with respect to the Company;</font></font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(iii)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">other than any decrease in reserves resulting from normal production of the reserves and intervening spot market product price fluctuations disclosed in the Disclosure Package and the Prospectus, to the knowledge of Huddleston, there are not any facts or circumstances that would adversely affect the reserves in the aggregate, </font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">If any of the conditions specified in this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 4</font> shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory in form and substance to the Representative and its counsel, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by the Representative.&#160;&#160;Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.</font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">therewith and in connection with the preparation of any Blue Sky survey, (vii) any fees charged by rating agencies for the rating of the Notes, (viii) the fees and expenses of any depository and any nominee thereof in connection with the Notes and (ix) all expenses incurred by the Company in connection with any &#8220;road show&#8221; presentation to potential investors.</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">If (i) this Agreement is terminated pursuant to <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 8</font>, (ii) the Company for any reason fails to tender the Notes for delivery to the Underwriters or (iii) the Underwriters decline to purchase the Notes for any reason permitted under this Agreement, the Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">6.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Indemnification and Contribution</font>.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Indemnification of the Underwriters</font>.&#160;&#160;The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, (ii) or any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto) the Disclosure Package or any electronic road show, or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the Underwriter Information.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Indemnification of the Company</font>.&#160;&#160;Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company in writing by such Underwriter through the Representative expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto) or the Disclosure Package, it being understood and agreed that the only such information consists of the following: the names of the Underwriters on the cover page of and under the caption &#8220;Underwriting&#8221; in the Prospectus, the last paragraph on the cover page of the Prospectus and the statements set forth in the paragraph under the caption &#8220;Underwriting&#8212;Stabilization&#8221;, the first </font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">and second sentences in the first paragraph under the caption &#8220;Underwriting&#8212;Commission and Discounts&#8221; and the second sentence in the paragraph under the caption &#8220;Underwriting&#8212;Market Making.&#8221;</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(c)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Notice and Procedures</font>.&#160;&#160;If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the &#8220;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Indemnified Person</font>&#8221;) shall promptly notify the person against whom such indemnification may be sought (the &#8220;<font style="DISPLAY: inline; 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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">such request prior to the date of such settlement.&#160;&#160;No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(d)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Contribution</font>.&#160;&#160;If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (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 from the offering of the Notes or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.&#160;&#160;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 proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Notes and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Notes.&#160;&#160;The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(e)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Limitation on Liability</font>.&#160;&#160;The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font> were determined by <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">pro</font> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">rata</font> 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 paragraph (d) above.&#160;&#160;The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.&#160;&#160;Notwithstanding the provisions of this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font>, in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the Securities exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.&#160;&#160;No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.&#160;&#160;</font></font></div>

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<div><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Underwriters&#8217; obligations to contribute pursuant to this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font> are several in proportion to their respective purchase obligations hereunder and not joint.</font></font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(f)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Non-Exclusive Remedies</font>.&#160;&#160;The remedies provided for in this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font> are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">If, on the Closing Date, any Underwriter defaults on its obligation to purchase the Notes that it has agreed to purchase hereunder, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Notes by other persons satisfactory to the Company on the terms contained in this Agreement.&#160;&#160;If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Notes, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Notes on such terms.&#160;&#160;If other persons become obligated or agree to purchase the Notes of a defaulting Underwriter, either the non-defaulting Underwriters or the Company may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any such changes.&#160;&#160;As used in this Agreement, the term &#8220;Underwriter&#8221; includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule I</font> hereto that, pursuant to this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 7</font>, purchases Notes that a defaulting Underwriter agreed but failed to purchase.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">If, after giving effect to any arrangements for the purchase of the Notes of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Notes that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Notes, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Notes that such Underwriter agreed to purchase hereunder plus such Underwriter&#8217;s pro rata share (based on the principal amount of Notes that such Underwriter agreed to purchase hereunder) of the Notes of such defaulting Underwriter or Underwriters for which such arrangements have not been made.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(c)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">If, after giving effect to any arrangements for the purchase of the Notes of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Notes that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Notes, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters.&#160;&#160;Any termination of this Agreement pursuant to this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 7</font> shall be without liability on the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 5</font> hereof and except that the provisions of <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font> hereof shall not terminate and shall remain in effect.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(d)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter for damages caused by its default.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">8.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Termination</font>.&#160;&#160;This Agreement shall be subject to termination in the absolute discretion of the Representative, by notice given to the Company prior to delivery of and payment for the Notes, if prior to such time (i) trading in securities generally or in the common stock of the Company listed on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on such exchange, or (ii) a banking moratorium shall have been declared by Federal or New York State authorities or a material disruption in the commercial banking or securities settlement or clearance services in the United States shall have occurred, or (iii) there shall have occurred any outbreak or material escalation of hostilities or other calamity or crisis (in the United States or elsewhere) the effect of which on the financial markets of the United States is such as to make it, in the judgment of the Representative, impracticable or inadvisable to market the Notes or proceed with the offering of the Notes.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">9.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Representations and Indemnities to Survive</font>.&#160;&#160;The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of any Underwriter or the Company or any of the officers, directors or controlling persons referred to in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font> hereof, and will survive delivery of and payment for the Notes.&#160;&#160;The provisions of <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 5</font> and <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">6</font> hereof and this <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 9</font> shall survive the termination or cancellation of this Agreement.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">10.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices and other communications hereunder will be in writing and effective only on receipt, and, if sent to the Underwriters, will be mailed, delivered or faxed and confirmed to them at: Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: John Critchlow, Facsimile Number: (727) 567-8247 and with a copy to Morrison &amp; Foerster LLP, 1290 Avenue of the Americas, New York, New York 10104-0050, Attention: Anna Pinedo, Facsimile Number: (212) 468-7900. or, if sent to the Company, will be mailed, delivered or faxed and confirmed to it at Helix Energy Solutions Group, Inc., 400 North Sam Houston Parkway East, Suite 400, Houston, Texas 77060, Attention: Peggy Fitzgerald, Facsimile Number: (281) 618-0505 with a copy to Locke Lord LLP, 100 Congress Avenue, Suite 300, Austin, Texas 78701, Attention: Michelle Earley, Esq., Facsimile Number: (512) 391-4818.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">11.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Successors</font>.&#160;&#160;This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 6</font> hereof, and no other person will have any right or obligation hereunder. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.&#160;&#160;No purchaser of Notes from any Underwriter shall be deemed to be a successor merely by reason of such purchase.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">12.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">No Fiduciary Duties; Agreement Complete</font>.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company&#160;acknowledges and agrees that: (i) the purchase and sale of the Notes pursuant to this Agreement, including the determination of the public offering price of the Notes and any related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of the Company,&#160;or its affiliates, stockholders, creditors or employees or any other party; (iii) no Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Company with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company&#160;on other matters) and no Underwriter has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement; (iv) the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company&#160;and that the several Underwriters have no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v)&#160;the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.&#160;&#160;The Company agrees that it will not claim that the Underwriters have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have no responsibility or liability to the Company with respect thereto.&#160;&#160;Any review by the Underwriters of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the Company.&#160;&#160;This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the several Underwriters, or any of them, with respect to the subject matter hereof.&#160;&#160;The Company&#160;hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the several Underwriters with respect to any breach or alleged breach of agency or fiduciary duty.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">13.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Certain Defined Terms</font>.&#160;&#160;For purposes of this Agreement, (a) except where otherwise expressly provided, the term &#8220;affiliate&#8221; has the meaning set forth in Rule 405 under the Securities Act; (b) the term &#8220;business day&#8221; means any day other than a day on which banks are permitted or required to be closed in New York City; and (c) the term &#8220;subsidiary&#8221; has the meaning set forth in Rule 405 under the Securities Act.</font></font></div>

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<td colspan="3" valign="top" width="42%" style="TEXT-ALIGN: left">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font><font style="FONT-WEIGHT: bold">HELIX ENERGY SOLUTIONS GROUP, INC.</font></font></div>
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<td align="left" valign="top" width="5%">
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<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td colspan="3" valign="top" width="42%" style="TEXT-ALIGN: left">
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</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>&#160;Title:&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>&#160;Senior Vice President - Finance and Chief Accounting Officer</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">CONFIRMED AND ACCEPTED</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">as of the date first above written:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">RAYMOND JAMES &amp; ASSOCIATES, INC.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">For themselves and on behalf of the</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">several Underwriters listed</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">in <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Schedule I</font> hereto.</font></div>

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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">&#160; </font></div>
</td>
<td width="1399">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">RAYMOND JAMES &amp; ASSOCIATES, INC.</font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:_/<font style="BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">s/ Kent Nelson</font>___________</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Senior Managing Director</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Authorized Signatory</font></div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">&#160; </font></div>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">SCHEDULE I</font></font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Underwriters</font></div>
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<td valign="top" width="24%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Principal Amount</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">of Notes to be Purchased</font></div>
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<td align="left" valign="top" width="56%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Raymond James &amp; Associates, Inc.</font></div>
</td>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">$200,000,000</font></div>
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<td valign="top" width="56%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="24%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="56%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Total</font></div>
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<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">$200,000,000</font></div>
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</div>

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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">SCHEDULE II</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Issuer Free Writing Prospectuses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Final Term Sheet, as set forth in Schedule III</font></div>

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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">SCHEDULE III</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Pricing Term Sheet dated March 7, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">HELIX ENERGY SOLUTIONS GROUP, INC.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">$200 MILLION 3.25% CONVERTIBLE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SENIOR NOTES DUE 2032</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Summary of Terms for Issuance</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Issuer:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Helix Energy Solutions Group, Inc.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Security:</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">3.25% Convertible Senior Notes due 2032.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Trading Symbol of Common Stock:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">The issuer&#8217;s common stock is listed on the NYSE under the symbol &#8220;HLX.&#8221;</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Principal Amount:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">$200 million.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Issue Price:</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">100% plus accrued interest, if any, from issue date&#8212;March 12, 2012.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Net Proceeds to Issuer:</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">$196 million, before expenses.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Use of Proceeds:</font></div>
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<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">The issuer estimates that its net proceeds from the sale of the notes will be approximately $195 million after deducting the underwriting fees and all estimated offering expenses that are payable by the issuer. The issuer intends to use the net proceeds from the sale of the notes to repurchase and retire $110.7 million of its existing $300 million principal amount of 3.25% Convertible Senior Notes due 2025 (&#8220;3.25% Convertible Senior Notes&#8221;), in separate, privately negotiated transactions, and for other general corporate purposes, including the repayment of other indebtedness.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Ranking:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">The notes will be the issuer&#8217;s senior unsecured obligations and will rank equally with all of its existing and future senior unsecured indebtedness. The notes will be effectively subordinated to all of the issuer&#8217;s existing and future secured indebtedness (to the extent of the assets securing such indebtedness) and structurally subordinated to all existing and future liabilities of its subsidiaries, including trade payables.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Trade Date:</font></div>
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<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">March 7, 2012.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Settlement Date:</font></div>
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<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">March 12, 2012 (T+3).</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Maturity Date:</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">March 15, 2032, unless earlier redeemed, repurchased or converted.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Interest Rate:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">3.25% per annum.</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">NYSE Last Reported Sale Price on March 6, 2012:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">$18.53.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Premium:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">35.00% above the NYSE Last Reported Sale Price on March&#160;6, 2012.</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Initial Conversion Price:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Approximately $25.02 per share of HLX common stock.</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Initial Conversion Rate:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">39.9752 shares of HLX common stock per $1,000 principal amount.</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Interest Payment Dates:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Semi-annually in arrears on March 15 and September 15 of each year, starting on September 15, 2012.</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Contingent Interest:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Beginning with the period commencing on March 20, 2018 and ending on September 14, 2018, and for each of the six-month periods thereafter commencing on September 15, 2018, contingent interest will be paid if the average trading price of the notes on the five trading days ending on the third trading day immediately preceding the first day of the applicable interest period equals or exceeds 120% of the principal amount of the notes. The amount of contingent interest payable per $1,000 principal amount of notes during the applicable interest period will equal an annual rate of 0.25% of the average trading price of such $1,000 principal amount of notes during the applicable five-trading-day reference period, payable in arrears.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Conversion Rights:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Holders may convert their notes at their option prior to December 15, 2031 only under the following circumstances:</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#183;</font><font id="TAB2" style="FONT-FAMILY: arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">during any calendar quarter after the calendar quarter ending March 31, 2012, if the closing sale price of the issuer&#8217;s common stock for each of 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 130% of the conversion price (the &#8220;conversion trigger price&#8221;) in effect on the last trading day of the immediately preceding calendar quarter;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#183;</font><font id="TAB2" style="FONT-FAMILY: arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">during the five consecutive business days immediately after any five consecutive trading day period&#160;&#160;in which the trading price per $1,000 principal amount of the notes for each trading day in that note measurement period was equal to or less than 97% of the conversion value of the notes on such trading day;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#183;</font><font id="TAB2" style="FONT-FAMILY: arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">if the issuer has called the notes for redemption and the redemption has not yet occurred; and</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#183;</font><font id="TAB2" style="FONT-FAMILY: arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">if the issuer makes certain distributions on shares of its common stock or engages in certain specified corporate transactions (see below).</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">In addition, the notes will be convertible irrespective of the foregoing circumstances from, and including, December 15, 2031 to, and including, the business day immediately preceding the maturity date.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Optional Redemption:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Prior to March 20, 2018 the notes will not be redeemable. On or after March 20, 2018, the issuer may, at its option, redeem some or all of the notes in cash, at any time, upon at least 30 days&#8217; notice at a price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, including contingent interest, if any.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Repurchase by the Issuer at the Holder&#8217;s Option:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">On March 15, 2018, March 15, 2022 and March 15, 2027, any holder may require the issuer to repurchase its notes for cash. The repurchase price will equal 100% of the principal amount of the notes to be repurchased plus accrued and unpaid interest, including contingent interest, if any, to, but not including, the repurchase date.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Repurchase by the Issuer at the Holder&#8217;s Option Upon a Fundamental Change:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Holders may require the issuer to repurchase in cash some or all of their notes at a repurchase price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest (including contingent interest, if any) at any time prior to the notes&#8217; maturity following a fundamental change, as further described in the prospectus supplement.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Make-Whole Shares Under Certain Circumstances:</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">The issuer will increase the conversion rate applicable to notes that are surrendered for conversion at any time from, and including, the effective date of certain transactions (a &#8220;make-whole fundamental change&#8221;) to, and including, the 30th business day after the actual effective date of the make-whole fundamental change, according to the following table:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160; </font>

<div><font id="TAB2" style="LETTER-SPACING: 9pt"></font>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="31%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effective Date</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;18.53</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;20.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;22.50</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;25.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;27.50</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;30.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;35.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;40.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;45.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;50.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;55.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;60.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;65.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;70.00</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;75.00</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="31%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 15, 2012</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.98</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.04</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9.53</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.72</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.38</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.36</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.94</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.02</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.38</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.93</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.58</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.31</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.09</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.92</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.77</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="31%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 15, 2013</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.69</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.66</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9.06</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.22</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.88</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.88</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.52</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.67</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.09</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.68</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.38</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.14</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.96</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.80</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.68</font></div>
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<td valign="top" width="31%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 15, 2014</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.04</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.94</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.29</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.45</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.14</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.19</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.95</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.20</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.71</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.37</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.12</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.93</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.78</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.65</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.55</font></div>
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</tr><tr bgcolor="white">
<td valign="top" width="31%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 15, 2015</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.60</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.34</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.54</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.66</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.36</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.46</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.34</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.71</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.32</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.06</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.87</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.72</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.60</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.51</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.43</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="31%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 15, 2016</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.32</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9.79</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.71</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.72</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.43</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.58</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.63</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.16</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.90</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.72</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.60</font></div>
</td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.50</font></div>
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<td align="right" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.42</font></div>
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<td align="right" valign="top" width="3%">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.19</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Common stock, cash or a combination of cash and common stock.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">42330PAG2</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Sole Book-Running Manager:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Raymond James &amp; Associates, Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Helix Energy Solutions Group, Inc. has filed a registration statement (including a prospectus and preliminary prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read each of these documents and the other documents filed with the SEC and incorporated by reference in such documents for more complete information about Helix Energy Solutions Group, Inc. and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may obtain a copy of these documents by calling Raymond James &amp; Associates, Inc. at (800) 248-8863.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Canyon Offshore, Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Texas</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Canyon Offshore Limited</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Canyon Offshore International Corp.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Texas</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Helix Well Ops (U.K.) Limited</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Scotland</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Helix Well Ops Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Texas</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Delaware</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Cal Dive I-Title XI, Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Texas</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Helix Vessel Holdings LLC</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Delaware</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Caesar Holding Co LLC</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Helix Subsea Construction, Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Delaware</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Kommandor LLC (81% interest)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Delaware</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Helix Ingleside LLC</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Delaware</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Deepwater Gateway, L.L.C. (50%)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Independence Hub, LLC (20%)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 14pt">Delaware</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">John V. Lovoi</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">T. William Porter, III</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Raymond James &amp; Associates, Inc.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">880 Carillon Parkway</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">St. Petersburg, FL 33716</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Helix Energy Solutions Group, Inc., Lock-Up Agreement</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Ladies and Gentlemen:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">This letter (the &#8220;Agreement&#8221;) is being delivered to you in connection with the proposed Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;), between Helix Energy Solutions Group, Inc., a Minnesota corporation (the &#8220;Company&#8221;), and you as the Underwriter named therein, relating to the offering (the &#8220;Offering&#8221;) by the Company of its 3.25% Convertible Senior Notes due 2032 (the &#8220;Notes&#8221;) in an aggregate principal amount of up to $200 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">In order to induce you to enter into the Underwriting Agreement, the undersigned hereby agrees that, without the prior written consent of Raymond James &amp; Associates, Inc., during the period from the date hereof until ninety (90) days from the date of the Underwriting Agreement (the &#8220;Lock-Up Period&#8221;), the undersigned (a) will not, directly or indirectly, issue, offer, sell, agree to issue, offer or sell, solicit offers to purchase, grant any call option, warrant or other right to purchase, purchase any put option or other right to sell, pledge, borrow or otherwise dispose of any Relevant Security (as defined below), and (b) will not establish or increase any &#8220;put equivalent position&#8221; or liquidate or decrease any &#8220;call equivalent position&#8221; with respect to any Relevant Security (in each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the &#8220;Exchange Act&#8221;)) with respect to any Relevant Security, or otherwise enter into any swap, derivative or other transaction or arrangement that transfers to another, in whole or in part, any economic consequence of ownership of a Relevant Security, whether or not such transaction is to be settled by delivery of Relevant Securities, other securities, cash or other consideration.&#160;&#160;The foregoing sentence shall not apply to: (1) the transfer the undersigned&#8217;s shares of a Relevant Security as a <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">bona fide</font> gift or gifts by will or intestacy; (2) the transfer of the undersigned&#8217;s shares of a Relevant Security to its affiliates, as such term is defined in Rule 405 under the Securities Act; (3) the transfer of the undersigned&#8217;s shares of a Relevant Security to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned; provided that any such transfer shall not involve a disposition for value; (4) the transfer of the undersigned&#8217;s shares of a Relevant Security with the written consent of Raymond James &amp; Associates, Inc.; (5) transactions in Relevant Securities acquired in the open market after the completion of the offering; provided that no filing by any party under the Exchange Act shall be required or shall be voluntarily made in connection with such transaction (other than a filing on a Form 5, Schedule 13D or Schedule 13G (or 13D-A or 13G-A) made after the expiration of the Lock-Up Period); or (6) the establishment of any contract, instruction or plan (a &#8216;&#8216;Plan&#8217;&#8217;) that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act; provided, however, that no sales of Relevant Securities shall be made pursuant to a Plan prior to the expiration of the Lock-Up Period (as the same may be extended pursuant to the provisions hereof); provided further, that the Company is not required to report the establishment of such Plan in any public report or filing with the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Exchange Act during the Lock-Up Period and does not otherwise voluntarily effect any such public filing or report regarding such Plan.&#160;Notwithstanding the foregoing, in the case of any transfer pursuant to (1) through (4) above, each resulting transferee (or trustee, as applicable) of Relevant Securities shall execute and deliver to you an agreement satisfactory to you certifying that such transferee is bound by the terms of this Agreement and has been in compliance with the terms hereof since the date first above written as if it had been an original party hereto.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Nothing in this Agreement shall prohibit any grant or exercise of options to purchase a Relevant Security pursuant to the Company&#8217;s or Subsidiary&#8217;s option plans.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">As used herein, (i) &#8220;Relevant Security&#8221; means the common stock (the &#8220;Common Stock&#8221;), any other equity security of the Company or any of its subsidiaries and any security convertible into, or exercisable or exchangeable for, any Common Stock or other such equity security, and (ii) &#8220;immediate family&#8221; shall mean any relationship by blood, marriage, or adoption, not more remote than first cousin.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB1" style="FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 14pt"></font><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt">The undersigned hereby authorizes the Company during the Lock-Up Period to cause any transfer agent for the Relevant Securities to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, Relevant Securities for which the undersigned is the record holder and, in the case of Relevant Securities for which the undersigned is the beneficial but not the record holder, agrees during the Lock-Up Period to cause the record holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, such Relevant Securities.&#160;&#160;The undersigned hereby further agrees that, without the prior written consent of Raymond James &amp; Associates, Inc., during the Lock-up Period the undersigned (x) will not file or participate in the filing with the Commission of any registration statement, or circulate or participate in the circulation of any preliminary or final prospectus or other disclosure document with respect to any proposed offering or sale of a Relevant Security and (y) will not exercise any rights the undersigned may have to require registration with the Commission of any proposed offering or sale of a Relevant Security.</font></font></div>

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<TYPE>EX-4.1
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<DESCRIPTION>AMENDMENT NO. 5 TO CREDIT AGREEMENT
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-FAMILY: Arial; FONT-SIZE: 16pt; FONT-WEIGHT: bold">EXHIBIT 4.1</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">AMENDMENT NO. 5 TO CREDIT AGREEMENT</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">This Amendment No. 5 to Credit Agreement, dated as of November 11, 2011, (this "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Amendment</font>"), is entered into by <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">HELIX ENERGY SOLUTIONS GROUP, INC.</font>, a Minnesota corporation (the "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Borrower</font>"), the lenders party to the Credit Agreement described below, and <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">BANK OF AMERICA, N.A.</font>, as Administrative Agent (in such capacity, the "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Administrative Agent</font>"), Swing Line Lender and L/C Issuer.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">INTRODUCTION</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Reference is made to the Credit Agreement dated as of July 3, 2006 (as modified from time to time, the "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Credit Agreement</font>"), among the Borrower, the lenders from time to time party thereto (collectively, the "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Lenders</font>" and individually, a "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Lender</font>"), and the Administrative Agent.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The Borrower is seeking the flexibility to negotiate, either directly or indirectly, with certain holders of Convertible Senior Notes to extend the initial repurchase date with respect to certain of the Convertible Senior Notes and to make certain other modifications in connection with such extension, and in connection therewith, the Borrower has requested, and the Lenders and the Administrative Agent have agreed, on the terms and conditions set forth herein, to make certain technical amendments to the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">THEREFORE</font>, in connection with the foregoing and for other good and valuable consideration, the Borrower, the Lenders, and the Administrative Agent hereby agree as follows:</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Section 1.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Definitions; References</font>.&#160;&#160;Unless otherwise defined in this Amendment, each term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Section 2.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Amendment of Credit Agreement</font>.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(a)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 1.01</font> of the Credit Agreement is hereby amended by replacing the definition of "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Convertible Notes Indenture</font>" in its entirety with the following:</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">"<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Convertible Notes Indenture</font>" means (a) the indenture dated as of March&#160;30, 2005, between the Borrower and JPMorgan Chase Bank, National Association, as Trustee (the "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Initial Indenture</font>"), and (b) any other indenture constituting a refinancing, in whole or in part, of Indebtedness under the Initial Indenture in accordance with the terms of this Agreement, including any refinancing of any such refinancing Indebtedness.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">(b)</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Section 1.01</font> of the Credit Agreement is hereby amended by replacing the definition of "<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Convertible Senior Notes</font>" in its entirety with the following:</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Section 4.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Effect on Credit Documents</font>.&#160;&#160;Except as heretofore amended and in effect and amended herein, the Credit Agreement and all other Loan Documents remain in full force and effect as originally executed.&#160;&#160;Nothing herein shall act as a waiver of any of the Administrative Agent's or any Lender's rights under the Loan Documents as amended, including the waiver of any default or event of default, however denominated.&#160;&#160;Each party hereto acknowledges and agrees that this Amendment shall in no manner impair or affect the validity or enforceability of the Credit Agreement, as amended hereby.&#160;&#160;This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.&#160;&#160;Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a default or event of default under the other Loan Documents.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Section 5.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Effectiveness</font>.&#160;&#160;This Amendment shall become effective, and the Credit Agreement shall be amended as provided for herein as of the date first set forth above, when the Administrative Agent (or its counsel) shall have received counterparts hereof duly executed and delivered by a duly authorized officer of the Borrower, each Guarantor, and by the Lenders whose consent is required to effect the amendments contemplated hereby.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Section 6.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Reaffirmation of Guaranty</font>.&#160;&#160;By its signature hereto, each Guarantor represents and warrants that such Guarantor has no defense to the enforcement of the Guaranty, and that according to its terms the Guaranty will continue in full force and effect to guaranty the Borrower's obligations under the Credit Agreement and the other amounts described in the Guaranty following the execution of this Amendment.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Section 7.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">Governing Law</font>.&#160;&#160;THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Section 9.</font><font id="TAB2" style="FONT-FAMILY: Arial; LETTER-SPACING: 9pt; FONT-SIZE: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">ENTIRE AGREEMENT</font>.&#160;&#160;THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.&#160;&#160;THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;/s/ Lloyd A. Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Lloyd A. Hajdik</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Senior Vice President &#8211; Finance and Chief Accounting Officer</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;/s/ Lloyd A. Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Assistant Treasurer</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;/s/ Lloyd A. Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">ENERGY RESOURCE TECHNOLOGY GOM, INC.</font>, a Delaware corporation</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;&#160;&#160;&#160;/s/ Lloyd A.&#160;Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Lloyd A. Hajdik</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Vice President, Chief Accounting Officer and Controller</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;/s/ Lloyd A.&#160;Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Lloyd A. Hajdik</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Assistant Treasurer</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;/s/ Lloyd A.&#160;Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Lloyd A. Hajdik</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Vice President &#8211; Finance and Chief Accounting Officer</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;&#160;/s/ Lloyd A.&#160;Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Lloyd A. Hajdik</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Assistant Treasurer</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">HELIX WELL OPS INC.</font>, a Texas corporation</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;/s/ Lloyd A.&#160;Hajdik&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Lloyd A. Hajdik</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 252pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Vice President and Controller</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Signature Page to Amendment No. 5 to Credit Agreement</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">BANK OF AMERICA, N.A.</font>, as Administrative Agent</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;&#160;&#160;/s/ DeWayne D. Rosse&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Name:&#160;&#160;&#160;&#160;&#160;DeWayne D. Rosse&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Title:&#160;&#160;&#160;&#160;&#160;&#160;Agency Management Officer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Signature Page to Amendment No. 5 to Credit Agreement</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">BANK OF AMERICA, N.A.</font>, as a Lender, L/C Issuer and Swing Line Lender</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/ David A. Batson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Name:&#160;&#160;&#160;&#160;&#160;&#160;David A. Batson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Title:&#160;&#160;&#160;&#160;&#160; SVP &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Signature Page to Amendment No. 5 to Credit Agreement</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">By:&#160;&#160;&#160;&#160;&#160;/s/ Robert Corder</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Name:&#160;&#160;&#160;&#160;&#160;Rober Corder&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Title:&#160;&#160;&#160;&#160;&#160;&#160; &#160;Director</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Signature Page to Amendment No. 5 to Credit Agreement</font></div>
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<div style="TEXT-ALIGN: right"><font style="FONT-FAMILY: Arial; FONT-SIZE: 16pt; FONT-WEIGHT: bold">EXHIBIT 99.1<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">ww</font><font style="DISPLAY: inline">w</font><font style="DISPLAY: inline">.HelixESG.com</font></font></div>

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<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Helix Energy Solutions Group, Inc. <font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font>&#160;&#160;400 N. Sam Houston Parkway E., Suite 400&#160;&#160;<font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font>&#160;&#160;Houston, TX&#160;&#160;77060-3500&#160;&#160;<font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font> 281-618-0400&#160;&#160;<font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font>&#160;&#160;fax: 281-618-0505</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt">For Immediate Release&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">12-005</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Date:&#160;&#160;March 7, 2012&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Contact:&#160;&#160;&#160;&#160;&#160; Terrence Jamerson</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Director, Finance &amp; Investor Relations</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Arial; FONT-SIZE: 14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;SVP-Finance &amp; Chief Accounting Officer</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Helix Announces Convertible Senior Notes Transactions</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Houston, Texas: March 7, 2012 &#8211; Helix Energy Solutions Group, Inc. (NYSE: HLX) today announced it has priced an offering of $200.0 million of 3.25% Convertible Senior Notes due 2032 (the &#8220;2032 Notes&#8221;).&#160;&#160;Helix expects to use the proceeds from the issuance of the 2032 Notes to repurchase and retire $110.7 million of its existing $300.0 million principal amount of 3.25% Convertible Senior Notes due 2025 in separate, privately negotiated transactions and for other general corporate purposes, including the repayment of other indebtedness.&#160;&#160;Helix expects to close the offering of the 2032 Notes on or about March 12, 2012,&#160;&#160;&#160;subject to the satisfaction of customary closing conditions.&#160;&#160;Raymond James &amp; Associates, Inc. is acting as sole book-running manager of this offering.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">The 2032 Notes are to be issued via an underwritten public offering, resulting in expected net proceeds of approximately $195.0 million, after deducting estimated offering expenses.&#160;&#160;Interest on the 2032 Notes will be paid semi-annually on March 15 and September 15 beginning on September 15, 2012.&#160;&#160;During certain periods and subject to certain conditions, the notes will be convertible by holders into shares of Helix&#8217;s common stock at an initial conversion rate of 39.98 shares of common stock per $1,000 principal amount of notes which is equivalent to an initial conversion price of approximately $25.02 per share of common stock, subject to adjustment.&#160;&#160;Upon conversion, holders will receive, at Helix's discretion, cash, shares of Helix's common stock or a combination thereof.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Holders of the 2032 Notes have the option to require Helix to purchase the outstanding notes on March 15, 2018, March 15, 2022, and March 15, 2027 at a price equal to 100% of the principal amount of the notes delivered for repurchase plus any accrued unpaid interest.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Helix may redeem the 2032 Notes at its option at any time on or after March 20, 2018 for a redemption price equal to the principal amount of the redeemed notes plus accrued and unpaid interest.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">In conjunction with this offering, Helix amended its Credit Agreement to allow for the new indenture governing the 2032 Notes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Copies of the prospectus supplement and accompanying prospectus relating to this&#160;&#160;offering may be obtained from Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate (telephone: 800-248-8863 or email:&#160;&#160;Andrea.Borum@RaymondJames.com). Electronic copies of the prospectus and prospectus supplements may be obtained when available by visiting EDGAR on the SEC's website at http://www.sec.gov.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">This announcement does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities described herein, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement, which are part of an effective registration statement</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">About Helix</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the energy market as well as to its own oil and gas business unit. For more information about Helix, please visit our website at <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt; TEXT-DECORATION: underline">www.HelixESG.com</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">Forward Looking Statements</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 14pt">This press release contains &#8220;forward-looking statements&#8221; within the meaning of the federal securities laws regarding, among other things, Helix&#8217;s intention to issue the notes and its intended use of proceeds.&#160;&#160;When used in this press release, the words &#8220;intends to,&#8221; &#8220;anticipates,&#8221; &#8220;expects,&#8221; and similar expressions are intended to identify forward-looking statements.&#160;&#160;Such statements are subject to a number of risks and uncertainties.&#160;&#160;The success of the offering and the sale of the notes are subject to a number of conditions, not all of which are within Helix&#8217;s control.&#160;&#160;There is no assurance that Helix will successfully complete the proposed offering or apply the proceeds of the offering as presently intended.&#160;&#160;Actual results could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the impact of changes in the national economy, changes in the interest rate environment, and other risk factors set forth in the Helix&#8217;s most recently filed Annual Report on Form 10-K and in the Helix&#8217;s other filings with the SEC, which are available free of charge on the SEC&#8217;s website at www.sec.gov. Helix assumes no obligation and does not intend to update these forward-looking statements except as required by the securities laws.</font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
