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<SEC-DOCUMENT>0000945234-09-000022.txt : 20090210
<SEC-HEADER>0000945234-09-000022.hdr.sgml : 20090210
<ACCEPTANCE-DATETIME>20090210165821
ACCESSION NUMBER:		0000945234-09-000022
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090209
FILED AS OF DATE:		20090210
DATE AS OF CHANGE:		20090210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING TRUST
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		09586391

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-264-0251

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o53585e6vk.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>Current Report</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
Pursuant to Section&nbsp;13a-16 or 15d-16 of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>February&nbsp;10, 2009</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission File Number: 001-14534</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Precision Drilling Trust</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>4200, 150 &#151; 6th Avenue S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7</B><BR>
(Address of principal executive offices)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper of a Form 6-K if
submitted to furnish a report or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the rules of the home
country exchange on which the registrant&#146;s securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been distributed to the
registrant&#146;s security holders, and, if discussing a material event, has already been the subject of
a Form 6-K submission or other Commission filing on EDGAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under
the Securities Exchange Act of 1934.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#254;</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule&nbsp;12g3-2(b): 82- <U>N/A</U>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Precision Drilling Trust Underwriting Agreement</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of Section&nbsp;12 of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.<BR>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING CORPORATION<br>
By its Administrator PRECISION DRILLING<br>
CORPORATION</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;10, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joanne L. Alexander</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Joanne L. Alexander</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o53585exv99w1.htm
<DESCRIPTION>PRECISION DRILLING TRUST UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Precision Drilling Trust Underwriting Agreement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Underwriting Agreement</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">February&nbsp;9, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Trust<BR>
Precision Drilling Corporation<BR>
4200, 150 &#150; 6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 3Y7

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Douglas J. Strong</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Chief Financial Officer</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RBC Dominion Securities Inc. and Deutsche Bank Securities Inc., as co-lead underwriters (the
"<B>Co-Lead Underwriters</B>&#148;), and TD Securities Inc., HSBC Securities (Canada) Inc., Cormark Securities
Inc., FirstEnergy Capital Corp. and Tristone Capital Inc. (together with the Co-Lead Underwriters,
the &#147;<B>Underwriters</B>&#148; and each an &#147;<B>Underwriter</B>&#148;) understand that Precision Drilling Trust (the
"<B>Trust</B>&#148;) proposes to issue and sell 46,000,000 Trust Units (as hereinafter defined) (the &#147;<B>Firm
Securities</B>&#148;). Upon the terms and subject to the conditions contained herein, the Underwriters
hereby severally, but not jointly, agree to purchase from the Trust, in the respective percentages
provided for in Article&nbsp;14 hereof, and by its acceptance hereof the Trust agrees to sell to the
Underwriters, at the Closing Time (as hereinafter defined), all but not less than all, of the Firm
Securities at a price of U.S.$3.75 per Firm Security (the &#147;<B>Offering Price</B>&#148;), being an aggregate
purchase price of U.S.$172,500,000.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the terms and subject to the conditions contained herein, the Trust hereby grants to the
Underwriters an option (the &#147;<B>Over-Allotment Option</B>&#148;) to purchase up to an additional 6,900,000
Trust Units (the &#147;<B>Option Securities</B>&#148;) at a price of U.S.$3.75 per Option Security to cover
over-allotments, if any, in the sale of the Firm Securities. The Over-Allotment Option may be
exercised in whole or in part at any time prior to 5:00 p.m. (Calgary time) on the 30th day after
the Closing Date (as hereinafter defined) by written notice from the Co-Lead Underwriters to the
Trust, setting forth the aggregate number of Option Securities to be purchased. If the
Over-Allotment Option is exercised, the number of Option Securities specified in the notice shall
be purchased by the Underwriters, severally, but not jointly, in the same proportion as their
respective obligations to purchase the Firm Securities as set forth in Article&nbsp;14 hereof. Option
Securities may be purchased by the Underwriters only for the purpose of satisfying over-allotments
made in connection with the sale of the Firm Securities. The Firm Securities and the Option
Securities (to the extent the Over-Allotment Option is exercised as described above) are
hereinafter referred to as the &#147;<B>Purchased Securities</B>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We understand that the Trust has filed the Base Prospectus (as hereinafter defined) and the
Canadian Preliminary Prospectus (as hereinafter defined) relating to the qualification for
distribution of Securities (as hereinafter defined) in each of the Provinces (as hereinafter
defined), and a Registration Statement (as hereinafter defined) relating to the offer and sale of
Securities in the United States, and is prepared:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to authorize and issue the Purchased Securities; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to prepare and file, without delay, (A)&nbsp;a final prospectus supplement and all
necessary related documents in order to qualify the distribution of the Purchased
Securities in each of the Provinces, and (B)&nbsp;a final prospectus supplement in relation
to the Purchased Securities with the SEC (as hereinafter defined).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of the Underwriters&#146; agreement to purchase the Firm Securities and to offer them
to the public, which agreement will result from the acceptance of this offer by the Trust and the
Corporation (as hereinafter defined) and in consideration of the services rendered and to be
rendered by the Underwriters in connection herewith, the Trust agrees to pay to the Underwriters at
the Closing Time or the Option Closing Time (as hereinafter defined), as the case may be, a fee
(the &#147;<B>Underwriting Fee</B>&#148;) equal to 4.0% of the aggregate purchase price for the Firm Securities
(being an aggregate fee with respect to the Firm Securities of U.S.$6,900,000) and the Option
Securities purchased by the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The services provided by the Underwriters in connection herewith will not be subject to the goods
and services tax provided for in the <I>Excise Tax Act </I>(Canada) and taxable supplies provided will be
incidental to the exempt financial services provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement resulting from the acceptance of this letter by the Trust and the Corporation (herein
referred to as &#147;<B>this Agreement</B>&#148;) shall be subject to the following additional terms and conditions:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;1<BR>
Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1.1 In this Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BAR</B>&#148; means the amended business acquisition report of the Trust in respect of the acquisition of
Grey Wolf, dated February&nbsp;9, 2009 and filed by the Trust on SEDAR;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Base Prospectus</B>&#148; means the English and French language versions (unless the context indicates
otherwise) of the (final)&nbsp;short form base shelf prospectus of the Trust dated February&nbsp;4, 2009
filed with the Securities Commissions in connection with the qualification for distribution of the
Securities in each of the Provinces and, unless the context otherwise requires, includes all
documents incorporated therein by reference;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Canadian Preliminary Prospectus</B>&#148; means the English and French language versions of the preliminary
prospectus supplement of the Trust, that excludes certain pricing information, filed with the
Securities Commissions on the date hereof, together with the Base Prospectus;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Canadian Prospectus</B>&#148; means the Canadian Preliminary Prospectus until such time as the Prospectus
Supplement is filed with the Securities Commissions, after which time the &#147;<B>Canadian Prospectus</B>&#148;
shall mean, collectively, the Base Prospectus and the Prospectus Supplement; together in each case
with all documents incorporated therein by reference;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Closing Date</B>&#148; means February&nbsp;18, 2009 or such other date as the Co-Lead Underwriters and the Trust
may agree upon in writing, acting reasonably, but in any event not later than February&nbsp;27, 2009;
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Closing Time</B>&#148; means 6:30 a.m. (Calgary time) on the Closing Date (or, if the context so requires,
on the Option Closing Date) or such other time on the Closing Date (or, if the context so requires,
on the Option Closing Date) as the Co-Lead Underwriters and the Trust may agree upon;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as amended;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Co-Lead Underwriters</B>&#148; has the meaning specified in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Corporation</B>&#148; means Precision Drilling Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Disclosure Package</B>&#148; means, collectively, (i)&nbsp;the U.S. Pricing Prospectus, (ii)&nbsp;the Issuer Free
Writing Prospectuses, if any, identified in Annex D hereto, (iii)&nbsp;the information listed in Annex E
hereto, and (iv)&nbsp;any other Free Writing Prospectus that the parties hereto shall hereafter
expressly agree in writing to treat as part of the Disclosure Package;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>distribution</B>&#148; has the meaning attributed thereto under applicable Securities Laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Effective Date</B>&#148; means each date and time that any part of the Registration Statement or any
post-effective amendment or amendments thereto became or becomes effective;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Environmental Laws</B>&#148; shall mean any Canadian, United States and other applicable domestic, foreign,
federal, provincial, state, local or municipal laws and regulations relating to the protection of
human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Execution Time</B>&#148; means the date and time that this Agreement is executed and delivered by the
parties hereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>FCPA</B>&#148; has the meaning specified in section 7.1(uu);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Final Receipt</B>&#148; has the meaning specified in section 2.1(a);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Financial Information</B>&#148; means, collectively, the Precision Financial Information and the Grey Wolf
Financial Information;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Firm Securities</B>&#148; has the meaning specified in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Form&nbsp;F-10</B>&#148; means Form&nbsp;F-10 under the U.S. Securities Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Form&nbsp;F-X</B>&#148; has the meaning specified in section 2.1(b);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Free Writing Prospectus</B>&#148; means a free writing prospectus, as defined in Rule&nbsp;405 of the U.S.
Securities Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Grey Wolf</B>&#148; means Grey Wolf, Inc.;
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Grey Wolf Convertible Notes</B>&#148; means, collectively, the Floating Rate Contingent Convertible Senior
Notes Due 2024 and 3.75% Contingent Convertible Senior Notes Due 2023 issued by Grey Wolf, which
have been assumed by Lobos;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#147;<B>Grey Wolf Financial Information</B>&#148; means, collectively:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the audited consolidated financial statements of Grey Wolf as at December&nbsp;31,
2007 and 2006 and for each of the years in the three year period ended December&nbsp;31,
2007 including the auditors&#146; report thereon and the notes in respect thereof (including
the reconciliation of such financial statements to Canadian generally accepted
accounting principles); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the unaudited interim comparative consolidated financial statements of Grey
Wolf as at September&nbsp;30, 2008 and for the three and nine month period ended
September&nbsp;30, 2008 and 2007 including the notes in respect thereof (including the
reconciliation of such financial statements to Canadian generally accepted accounting
principles);</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Income Tax Act</B>&#148; means the <I>Income Tax Act</I>, R.S.C. 1985, c. 1 (5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Supp.), as amended,
including the regulations promulgated thereunder, as amended from time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Initial Sale Time</B>&#148; has the meaning set forth in section 3.3(c);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Issuer Free Writing Prospectus</B>&#148; means an issuer free writing prospectus, as defined in Rule&nbsp;433 of
the U.S. Securities Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lobos</B>&#148; means Precision Drilling Oilfield Services Corporation (formerly Precision Lobos
Corporation);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>material</B>&#148; or &#147;<B>materially</B>&#148;, when used in relation to the Trust, means material in relation to the
Trust and its Subsidiaries taken as a whole;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>material change</B>&#148;, &#147;<B>material fact</B>&#148; and &#147;<B>misrepresentation</B>&#148; have the meanings attributed thereto
under applicable Securities Laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Material Subsidiaries</B>&#148; means a Subsidiary of the Trust; provided however, such term shall not
include a Subsidiary if the amount of the Trust&#146;s share (based on its percentage ownership of
voting interests of such Subsidiary) of the total assets or total revenues of such Subsidiary does
not exceed 10% of the consolidated assets of the Trust or the consolidated revenues of the Trust in
each case as at and for the period ending on the date of the most recent audited financial
statements of the Trust, provided further that Lobos shall be a Material Subsidiary;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Money Laundering Laws</B>&#148; has the meaning specified in section 7.1(ss);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>NI 44-101</B>&#148; means National Instrument 44-101 &#150; <I>Short Form&nbsp;Prospectus Distributions </I>adopted by the
Securities Commissions in respect of short form prospectus distributions;
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>NI 44-102</B>&#148; means National Instrument 44-102 &#150; <I>Shelf Distributions </I>adopted by the Securities
Commissions in respect of shelf prospectus distributions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>NI 52-107</B>&#148; means National Instrument 52-107 &#150; <I>Acceptable Accounting Principles, Auditing Standards
and Reporting Currency </I>adopted by the Securities Commissions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>NP 11-202</B>&#148; means National Policy 11-202 &#150; <I>Process for Prospectus Reviews in Multiple Jurisdictions</I>
adopted by the Securities Commissions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>NYSE</B>&#148; means the New York Stock Exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>OFAC</B>&#148; has the meaning specified in section 7.1(tt);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Offering Price</B>&#148; has the meaning specified in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Option Closing Date</B>&#148; has the meaning specified in section 8.2;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Option Securities</B>&#148; has the meaning specified in the second paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Over-Allotment Option</B>&#148; has the meaning specified in the second paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Passport System</B>&#148; means the system and procedures for prospectus filing and review under
Multilateral Instrument 11-102 &#150; <I>Passport System </I>adopted by the Securities Commissions (other than
the Ontario Securities Commission) and NP 11-202;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>PDLP</B>&#148; means Precision Drilling Limited Partnership;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>PDLP Exchangeable Units</B>&#148; means the Class&nbsp;B limited partnership units of PDLP that are exchangeable
for Trust Units on a one-for-one basis;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Precision Declaration of Trust</B>&#148; means the declaration of trust of the Trust dated as of September
22, 2005 between Robert J.S. Gibson, H. Garth Wiggins and Patrick M. Murray, as first trustees, and
Brian E. Roberts, as initial unitholder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Precision Financial Information</B>&#148; means, collectively:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the audited comparative consolidated financial statements of the Trust as at
December&nbsp;31, 2007 and 2006 and for each of the years in the three year period ended
December&nbsp;31, 2007 including the auditors&#146; report thereon and the notes in respect
thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the unaudited interim comparative consolidated financial statements of the
Trust as at September&nbsp;30, 2008 and for the three and nine month period ended September
30, 2008 and 2007 including the notes in respect thereof (the &#147;<B>Interim Financial
Statements</B>&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reconciliation of the Interim Financial Statements to United States
generally accepted accounting principles;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Precision Reports</B>&#148; has the meaning specified in section 7.1(n);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Precision Special Voting Unit</B>&#148; means the special voting unit of the Trust, as presently
constituted, authorized and issued pursuant to the Precision Declaration of Trust;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Prospectus Amendment</B>&#148; means the English and French language versions (unless the context otherwise
indicates) of any amendment to, or amended and restated version of, the Canadian Prospectus or any
portion thereof that is filed with the Securities Commissions prior to the conclusion of the
distribution of the Purchased Securities (including, for greater certainty, any additional
prospectus supplement filed in respect of the Base Prospectus in connection with this Offering),
other than merely by incorporation by reference of Subsequent Disclosure Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Prospectus Supplement</B>&#148; means the English and French language versions of the prospectus supplement
of the Trust to be filed with the Securities Commissions, which, together with the Base Prospectus,
will qualify the distribution of the Purchased Securities in each of the Provinces;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Provinces</B>&#148; means all of the provinces of Canada;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Public Record</B>&#148; means all information filed by or on behalf of the Trust with the Securities
Commissions, including without limitation, the Base Prospectus, all documents which are, or are
deemed to be, incorporated by reference in the Base Prospectus or the U.S. Base Prospectus and any
other information filed with the Securities Commissions in compliance or intended compliance with
any Securities Laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Purchased Securities</B>&#148; has the meaning specified in the second paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Registration Statement</B>&#148; means, collectively, the various parts of the registration statement of
the Trust filed on Form F-10 (File No.&nbsp;333-156844), including all exhibits thereto and the
documents incorporated by reference in the prospectus contained in the registration statement at
the time such part of the registration statement became effective, each as amended at the time such
part of the registration statement became effective and including any post-effective amendment
thereto, and including any prospectus supplement relating to the Trust Units that is filed with the
SEC and deemed part of such registration statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>SEC</B>&#148; means the United States Securities and Exchange Commission;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Securities</B>&#148; means Trust Units, debt securities of the Trust, and subscription receipts and
warrants exercisable to acquire Trust Units or debt securities of the Trust, as the case may be;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Securities Commissions</B>&#148; means the securities commissions or similar securities regulatory
authorities in the Provinces;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Securities Laws</B>&#148; means the securities acts or similar statutes of each of the Provinces and all
regulations, rules, policy statements, notices and blanket orders or rulings thereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Selling Firms</B>&#148; has the meaning specified in section&nbsp;5.1(a);
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Shelf Procedures</B>&#148; means the rules and procedures established pursuant to NI 44-102;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>SOX</B>&#148; means the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated
thereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subsequent Disclosure Documents</B>&#148; means any financial statements (including reconciliations of
generally accepted accounting principles), management&#146;s discussion and analysis, information
circulars, annual information forms, material change reports (other than confidential material
change reports), business acquisition reports or other documents filed by the Trust after the
Execution Time which are, or are deemed to be, incorporated by reference into the Base Prospectus,
the Prospectus Supplement or any Prospectus Amendment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subsidiary</B>&#148; means a &#147;subsidiary&#148; as defined in the <I>Canada Business Corporations Act </I>or, with
respect to an entity other than a corporation, means an entity in which the Trust directly or
indirectly owns not less than 50% of the voting, capital or income interests and, for greater
certainty, includes Lobos and each of its Subsidiaries;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Translated Financial Information</B>&#148; has the meaning specified in section 3.1(f) of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Trust</B>&#148; means Precision Drilling Trust;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Trust Units</B>&#148; means the trust units of the Trust;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Underwriters</B>&#148; has the meaning specified in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Underwriting Fee</B>&#148; has the meaning specified in the fourth paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Unitholders</B>&#148; means the holders from time to time of Trust Units;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Base Prospectus</B>&#148; means the prospectus included in the Registration Statement at the time it
became effective (including the documents incorporated by reference therein);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Exchange Act</B>&#148; means the United States Securities Exchange Act of 1934, as amended;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Final Prospectus</B>&#148; means the U.S. Base Prospectus together with the final prospectus
supplement relating to the Purchased Securities and including the pricing information omitted from
the U.S. Preliminary Prospectus in the form first filed with the SEC pursuant to General
Instruction II.L. of Form F-10 (the &#147;<B>U.S. Prospectus Supplement</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Preliminary Prospectus</B>&#148; means a preliminary prospectus supplement that excludes certain
pricing information and is filed with the SEC pursuant to the General Instruction II.L. of Form
F-10, together with the U.S. Base Prospectus;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Pricing Prospectus</B>&#148; means the U.S. Preliminary Prospectus relating to the Purchased
Securities, as amended or supplemented immediately prior to the Initial Sale Time;
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Securities Act</B>&#148; means the United States Securities Act of 1933, as amended; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>2008 Results Release</B>&#148; means the press release of the Trust issued on the date hereof with respect
to, among other things, the 2008 annual and fourth quarter financial results of the Trust and the
suspension of monthly distributions from the Trust to its unitholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any reference herein to the terms &#147;<B>amend</B>&#148;, &#147;<B>amendment</B>&#148; or &#147;<B>supplement</B>&#148; with respect to the
Registration Statement, the Base Prospectus, the Canadian Preliminary Prospectus, the Prospectus
Supplement, the Canadian Prospectus, the U.S. Base Prospectus, the U.S. Preliminary Prospectus or
the U.S. Final Prospectus shall be deemed to refer to and include the filing of any document under
the Securities Laws or the U.S. Exchange Act after the Effective Date of the Registration Statement
or the issue date of the Base Prospectus, the Canadian Preliminary Prospectus, the Prospectus
Supplement, the U.S. Base Prospectus, the U.S. Preliminary Prospectus or the U.S. Final Prospectus,
as the case may be, deemed to be incorporated therein by reference.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;2<BR>
Filing of Prospectus Supplement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.1 The Trust and the Corporation jointly represent, warrant and covenant to and with the
Underwriters and acknowledge that the Underwriters are relying thereon in connection with the
purchase of the Purchased Securities, that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust has relied upon the Shelf Procedures, has prepared and filed the Base
Prospectus (in English and French) and all such other documents as are required under
applicable Securities Laws (in English and, as required, in French), utilizing the
Passport System and has obtained a final receipt dated February&nbsp;5, 2009 in respect of
the Base Prospectus evidencing that final receipts of the Securities Commissions in
each of the Provinces have been issued (the &#147;<B>Final Receipt</B>&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust meets the general eligibility requirements for the use of Form F-10
and has filed the Registration Statement and an amendment thereto in respect of the
Securities and an appointment of agent for service of process on Form&nbsp;F-X (the &#147;<B>Form
F-X</B>&#148;) in conjunction with the filing of the Registration Statement with the SEC; the
Registration Statement and any post-effective amendment thereto, in each case including
the U.S. Base Prospectus, each in the form heretofore delivered or to be delivered to
the Co-Lead Underwriters, including exhibits to the Registration Statement and any
documents incorporated by reference in the U.S. Base Prospectus contained therein, for
delivery by them to each of the other Underwriters, became effective under the U.S.
Securities Act in such form; and no other document with respect to the Registration
Statement or documents incorporated by reference therein has heretofore been filed or
transmitted for filing with the SEC and no other document incorporated by reference in
the U.S. Base Prospectus contained therein has heretofore been filed with the
Securities Commissions, except for any documents filed with the SEC or the Securities
Commissions subsequent to the date of such effectiveness in the form heretofore</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delivered to the Co-Lead Underwriters for delivery by them to each of the other
Underwriters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Canadian Preliminary Prospectus has been filed with the Securities
Commissions and no stop order suspending the effectiveness of the Registration
Statement has been issued and, to the Trust&#146;s and the Corporation&#146;s knowledge, no
proceeding for that purpose has been initiated or threatened by the SEC.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust shall prepare and file as soon as reasonably possible and, in any event, not later than
5:00 p.m. (Calgary time) on February&nbsp;10, 2009 (or such later date and time as may be agreed to in
writing by the Co-Lead Underwriters), the Prospectus Supplement and all such other documents as are
required under applicable Securities Laws (in English and in French, as applicable) with the
Securities Commissions and otherwise fulfill all legal requirements to enable the Purchased
Securities to be offered and sold to the public in each of the Provinces through the Underwriters
or any other investment dealer or broker registered in the applicable Provinces. Concurrent
therewith, the Trust shall file the Prospectus Supplement (with such additions thereto and
deletions therefrom as are permitted or required by the applicable rules and regulations of the
SEC) with the SEC pursuant to General Instruction II.L. of Form&nbsp;F-10 and otherwise fulfill all
legal requirements to enable the Purchased Securities to be offered and sold to the public in the
United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.2 The Trust and the Corporation agree to allow the Underwriters, prior to the filing of the
Prospectus Supplement and any Prospectus Amendment, to participate fully in the preparation of, and
approve the form and content of, the Prospectus Supplement and any Prospectus Amendment and such
other documents as may be required under the Securities Laws to qualify the distribution of the
Purchased Securities in the Provinces and in the United States, and to allow the Underwriters to
conduct all due diligence which the Underwriters may reasonably require in order to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confirm the Public Record is accurate and current in all material respects;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fulfill the Underwriters&#146; obligations as underwriters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enable the Underwriters to responsibly execute the certificate in the
Prospectus Supplement and any Prospectus Amendment required to be executed by the
Underwriters.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.3 After the filing of the Prospectus Supplement and until the conclusion of the distribution of
the Purchased Securities, the Trust and the Corporation shall use their commercially reasonable
efforts to take or cause to be taken all steps as may from time to time be necessary to maintain
the qualification of, or if the qualification shall cease for any reason to requalify, the
distribution of the Purchased Securities in each of the Provinces and the United States; provided,
however, that with respect to state securities law qualifications in the United States, the Trust
shall not be obligated to file any general consent to service of process or to qualify as a foreign
trust or as a dealer in securities in any jurisdiction in which it is not so qualified or to
subject itself to taxation in respect of doing business in any jurisdiction in which it is not
otherwise so subjected.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;3<BR>
Delivery of the Prospectus Supplement and Related Documents</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.1 The parties acknowledge that the Trust has delivered to the Co-Lead Underwriters electronic
copies of the Canadian Preliminary Prospectus in the form filed with the Securities Commissions.
The Trust shall deliver or cause to be delivered to the Underwriters and the Underwriters&#146; counsel
the documents set out below at the respective times indicated:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the Base Prospectus, in the English and French languages, as filed
with the Securities Commissions in the Provinces and copies of all documents or
information incorporated by reference therein which have not previously been delivered
to the Underwriters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the Registration Statement, including the U.S. Base Prospectus, and
each amendment thereto, as filed with the SEC and copies of all exhibits and documents
filed therewith which have not previously been delivered to the Underwriters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to or contemporaneously, as nearly as practicable, with the filing with
the Securities Commissions of the Prospectus Supplement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the Prospectus Supplement in the English and French
languages, signed as required by the Securities Laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the U.S. Final Prospectus filed with the SEC; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of any documents incorporated by reference therein
which have not previously been delivered to the Underwriters;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as soon as they are available, copies of the English and French language
versions, as applicable, of any Prospectus Amendment required to be filed under any of
the Securities Laws, signed as required by the Securities Laws and any amendment to the
Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as soon as they are available, copies of any documents incorporated by
reference in or exhibits to the Base Prospectus, the U.S. Base Prospectus, the
Prospectus Supplement, the U.S. Final Prospectus, the Registration Statement, any
Prospectus Amendment or any amendment to any of them which have not been previously
delivered to be Underwriters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the time of delivery of the French language version of the Prospectus
Supplement to the Underwriters pursuant to this section 3.1, an opinion or opinions of
the Trust&#146;s Qu&#233;bec counsel addressed to the Underwriters and dated the date of each of
the Canadian Preliminary Prospectus and the Prospectus Supplement to the effect that,
except for selected financial information, the 2008 Results Release, management&#146;s
discussion and analysis of financial condition and results of operations, financial
statements (including pro forma financial statements) and supplementary data, notes to
financial statements (including pro</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forma financial statements) and auditors&#146; reports (collectively, the &#147;<B>Translated
Financial Information</B>&#148;) contained in or incorporated by reference therein, the
Canadian Preliminary Prospectus and the Canadian Prospectus, as applicable, in the
French language, together with any document or information in the French language
incorporated by reference therein, is in all material respects a complete and proper
translation thereof in the English language, and an opinion of the Trust&#146;s auditors
or Grey Wolf&#146;s auditors, at the same time or times and substantially to the same
effect, in respect of the Translated Financial Information relating to the Trust and
Grey Wolf, respectively; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the Execution Time and at the time of filing with the Securities Commissions
of the Prospectus Supplement and any Prospectus Amendment,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a comfort letter from the Trust&#146;s auditors addressed to the
Underwriters and dated the date of this Agreement, the Prospectus Supplement or
the Prospectus Amendment, as the case may be, in form and substance
satisfactory to the Underwriters, acting reasonably, relating to the
verification of certain of the financial information and statistical and
accounting data relating to the Trust contained or incorporated by reference in
the Canadian Prospectus, the Registration Statement, the Disclosure Package,
the U.S. Final Prospectus or any Prospectus Amendment (including, for greater
certainty, the 2008 Results Release), which comfort letter shall be based on a
review having a cut-off date not more than two business days prior to the date
of such letter, and shall reference the Trust&#146;s auditors having read the
unaudited consolidated financial statements of the Trust as at and for the year
ended December&nbsp;31, 2008. Such letter shall also state that such auditors are
independent public accountants within the meaning of the Securities Laws and
the U.S. Securities Act and the rules and regulations thereunder, and that in
their opinion the financial statements of the Trust included or incorporated by
reference in the Canadian Prospectus, the Registration Statement, the
Disclosure Package, the U.S. Final Prospectus or any Prospectus Amendment, as
the case may be, comply as to form in all material respects with the published
accounting requirements of the Securities Laws and the U.S. Securities Act and
the related regulations and with the applicable accounting requirements of the
Securities Laws and the U.S. Securities Act and the U.S. Exchange Act and the
related published rules and regulations adopted by the SEC and have been
reconciled to U.S. generally accepted accounting principles in accordance with
the U.S. Securities Act and rules and regulations thereunder, including the
applicable requirements of Form&nbsp;F-10, applied on a consistent basis throughout
the periods involved; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a comfort letter from Grey Wolf&#146;s auditors addressed to the
Underwriters and dated the date of this Agreement, the Prospectus Supplement or
the Prospectus Amendment, as the case may be, in form and substance
satisfactory to the Underwriters, acting reasonably, relating to the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>verification of certain of the financial information and statistical and
accounting data relating to Grey Wolf contained or incorporated by reference
in the Canadian Prospectus, the Registration Statement, the Disclosure
Package, the U.S. Final Prospectus or any Prospectus Amendment, which
comfort letter shall be based on a review having a cut-off date of December
19, 2008. Such letter shall also state that such auditors were independent
public accountants within the meaning of the U.S. Securities Act and the
rules and regulations thereunder as of February&nbsp;28, 2008 and during the
period covered by the financial statements on which they reported, and that
in their opinion the audited financial statements of Grey Wolf included or
incorporated by reference in the Disclosure Package, the Registration
Statement and the U.S. Final Prospectus comply as to form in all material
respects with the published accounting requirements of the U.S. Securities
Act and the related regulations and with the applicable accounting
requirements of the U.S. Securities Act and the U.S. Exchange Act and the
related published rules and regulations adopted by the SEC and have been
reconciled to Canadian generally accepted accounting principles in
accordance with the requirements of NI 52-107, applied on a consistent basis
throughout the periods involved.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.2 The delivery to the Underwriters of the Canadian Prospectus (including the delivery of the
Canadian Preliminary Prospectus prior to the execution of this Agreement) shall constitute a joint
and several representation and warranty to the Underwriters by the Trust and the Corporation that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information and statements contained in the Canadian Prospectus and of any
documents incorporated therein by reference (except any information and statements
relating solely to the Underwriters which has been provided in writing to the Trust by
or on behalf of any Underwriter through the Co-Lead Underwriters specifically for
inclusion therein) constitutes full, true and plain disclosure of all material facts
relating to the Trust (on a consolidated basis) and the Purchased Securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Canadian Prospectus does not contain a misrepresentation within the meaning
of Securities Laws.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such delivery shall also constitute the consent of the Trust to the use of the Canadian Prospectus
by the Underwriters in connection with the distribution of the Purchased Securities in the
Provinces and the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.3 The Trust and the Corporation hereby jointly and severally represent, warrant and covenant to
the Underwriters as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the documents incorporated by reference in the Canadian Prospectus, when they
were filed with the Securities Commissions and incorporated by reference into the
Canadian Prospectus, conformed in all material respects to the requirements of</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities Laws; the documents included or incorporated by reference in the
Registration Statement, the U.S. Pricing Prospectus and the U.S. Final Prospectus,
when they became effective or were filed with the SEC, as the case may be, conformed
in all material respects to any applicable requirements of the U.S. Exchange Act and
the rules and regulations of the SEC thereunder; and any further documents so filed
and incorporated by reference in the Canadian Prospectus, the Registration
Statement, the U.S. Pricing Prospectus and the U.S. Final Prospectus or any
amendment or supplement thereto, when such documents are filed with the Securities
Commissions or the SEC, as applicable, will conform in all material respects to the
requirements of Securities Laws, or the U.S. Exchange Act and the rules thereunder,
as applicable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on the Effective Date, the Registration Statement did, and on the date it is
first filed and at the Closing Time, the U.S. Final Prospectus will, conform in all
material respects with the U.S. Securities Act and the rules and regulations of the SEC
under the U.S. Securities Act; on the date first filed each of the Base Prospectus and
the Canadian Preliminary Prospectus did, and on the date the Prospectus Supplement is
filed and at the Closing Time the Canadian Prospectus will, conform in all material
respects with the applicable requirements of Securities Laws and the rules and
regulations of the Securities Commissions under Securities Laws; the Registration
Statement, as of the Effective Date, did not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to
make the statement therein not misleading, and the U.S. Final Prospectus, as of its
date, and as of the Closing Time, will not contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading; and the Canadian
Prospectus will not, as of the filing date of the Prospectus Supplement and as of the
Closing Time, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading;
provided, however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Trust by or on behalf of any Underwriter through the
Co-Lead Underwriters specifically for inclusion in the Registration Statement, the Base
Prospectus, the Canadian Preliminary Prospectus, the Prospectus Supplement or the U.S.
Final Prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of 7:00 p.m. (Eastern time) on the date of this Agreement (the &#147;<B>Initial Sale
Time</B>&#148;), and as of the Closing Time, each of (i)&nbsp;the Disclosure Package and (ii)&nbsp;each
electronic road show, if any, 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. The preceding
sentence does not apply to statements in or omissions from the Disclosure Package made
in reliance upon and in conformity</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with information furnished in writing to the Trust by or on behalf of any
Underwriter specifically for inclusion therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the earliest time after the filing of the Registration Statement that the
Trust or another offering participant made a bona fide offer (within the meaning of
Rule&nbsp;164(h)(2) of the U.S. Securities Act) of the Purchased Securities, the Trust was
not and is not an Ineligible Issuer (as defined in Rule&nbsp;405 under the U.S. Securities
Act), without taking account of any determination by the SEC pursuant to Rule&nbsp;405 of
the U.S. Securities Act that it is not necessary that the Trust be considered an
Ineligible Issuer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Issuer Free Writing Prospectus does not include any information that
conflicts with the information contained in the Registration Statement, including any
document incorporated therein by reference and any prospectus supplement deemed to be a
part thereof that has not been superseded or modified. If there occurs an event or
development as a result of which the Disclosure Package would include an untrue
statement of a material fact or would omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances then prevailing, not
misleading, or as a result of which any Issuer Free Writing Prospectus would include
any information that conflicts with the information contained in the Registration
Statement, the Trust will notify promptly the Co-Lead Underwriters so that any use of
the Disclosure Package and such Issuer Free Writing Prospectus may cease until it is
amended or supplemented. The foregoing two sentences do not apply to statements in or
omissions from the Disclosure Package made in reliance upon and in conformity with
information furnished in writing to the Trust by or on behalf of any Underwriter
through the Co-Lead Underwriters specifically for inclusion therein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;4<BR>
Commercial Copies of Prospectus Supplement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.1 The Trust shall deliver to the Underwriters, as soon as practicable, and in any event no later
than noon (local time) in Toronto and 4:00 p.m. (local time) in other cities, on the business day
following the date of the filing of the Prospectus Supplement with the Securities Commissions, at
offices designated by the Underwriters, such number of commercial copies of the Prospectus
Supplement and the U.S. Final Prospectus as the Underwriters may reasonably request by instructions
to the printer thereof given no later than 4:00 p.m. (Calgary time) on the day prior to the time
when the Trust plans to authorize the printing of the commercial copies of the Prospectus
Supplement and the U.S. Final Prospectus. The Trust shall, as soon as reasonably possible
following a request by the Underwriters, cause to be delivered to the Underwriters such additional
commercial copies of the Prospectus Supplement and the U.S. Final Prospectus in such numbers and at
such offices in such cities as the Underwriters may reasonably request from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.2 The Trust shall from time to time deliver to the Underwriters, as soon as practicable at the
offices in such cities designated by the Underwriters pursuant to section 4.1, the number of copies
of any documents incorporated, or containing information incorporated by reference in
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Canadian Prospectus or the U.S. Final Prospectus and of any Subsequent Disclosure Documents or
any Prospectus Amendment or amendment to the U.S. Base Prospectus or the U.S. Final Prospectus
which the Underwriters may reasonably request from time to time.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;5<BR>
Distribution of Trust Units</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.1 Each of the Underwriters covenants and agrees with the Trust:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to offer the Purchased Securities for sale to the public, directly and through
other investment dealers and brokers (the Underwriters, together with such other
investment dealers and brokers, referred to herein as the &#147;<B>Selling Firms</B>&#148;), only in
compliance with applicable Securities Laws, upon the terms and subject to the
conditions set forth in the Prospectus Supplement or the U.S. Final Prospectus, as
applicable, any Prospectus Amendment and this Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to use all reasonable efforts to complete and to cause the Selling Firms to
complete the distribution of the Purchased Securities as soon as possible after the
Closing Time.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.2 After a reasonable effort has been made by the Underwriters to sell all of the Purchased
Securities at the Offering Price, the Underwriters may, in order to sell any of the Purchased
Securities which remain unsold, subsequently offer the Purchased Securities at a price less than
the Offering Price from time to time in compliance with Securities Laws and, specifically in the
case of any Purchased Securities offered in the Provinces, the requirements of NI 44-101 and the
disclosure concerning the same which is contained in the Prospectus Supplement. Any such reduction
will not reduce the proceeds received by the Trust from this Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.3 For the purposes of this Article&nbsp;5, the Underwriters shall be entitled to assume that the
distribution of the Purchased Securities is qualified in each of the Provinces provided the
Prospectus Supplement has been filed with the Securities Commissions and that the Purchased
Securities are registered under U.S. federal securities laws unless the Underwriters receive notice
to the contrary from the Trust or any applicable securities regulatory authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.4 No Underwriter will be liable to the Trust under this Article&nbsp;5 with respect to a default by
another Selling Firm (that is not an affiliate of such Underwriter) or the Trust under this
Agreement if the Underwriter first mentioned is not itself in violation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.5 The Co-Lead Underwriters will notify the Trust when, in their opinion, the Underwriters have
ceased distribution of the Purchased Securities and shall, as soon as practicable, provide the
Trust with a breakdown in writing of the number of Purchased Securities distributed in each of the
Provinces where such breakdown is required for the purpose of calculating fees payable to a
Securities Commission.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 16 -
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;6<BR>
Material Changes</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">6.1 (a)</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">During the period from the date hereof until the completion of the distribution of the
Purchased Securities and at any time when a prospectus relating to the Purchased Securities is
required to be delivered under the U.S. Securities Act (including in circumstances where such
requirement may be satisfied pursuant to Rule&nbsp;172 under the U.S. Securities Act), the Trust or
the Corporation shall promptly notify the Underwriters, in writing, with full particulars of:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any change (actual, contemplated or threatened) in the
business, affairs, operations, assets, liabilities (contingent or otherwise),
earnings, capital or ownership or condition (financial or otherwise) of the
Trust or any of its Subsidiaries; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any change in any matter covered by a statement in respect of
the Trust, contained in the Canadian Prospectus, the Registration Statement,
the U.S. Base Prospectus, the U.S. Pricing Prospectus, the U.S. Final
Prospectus, any Subsequent Disclosure Documents or any Prospectus Amendment or
amendment or supplement to any of them or any other part of the documents
incorporated by reference therein; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other event or circumstance in respect of the Trust or its
Subsidiaries,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">of which it is aware and which:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is, or may be, of such a nature as to render the Canadian
Prospectus, any Prospectus Amendment or any other part of the documents
incorporated by reference therein misleading or untrue in any material respect
or would result in any of such documents containing a misrepresentation or
which would result in any of such documents not complying with any of the
Securities Laws; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>results in it being necessary to amend the Registration
Statement or to amend or supplement the U.S. Base Prospectus, the U.S. Pricing
Prospectus or the U.S. Final Prospectus in order that such document will not
include 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 the case of the Registration Statement, not misleading, and in the
case of the U.S. Base Prospectus, the U.S. Pricing Prospectus or the U.S. Final
Prospectus, in light of the circumstances under which such statements are made,
not misleading, or makes it necessary to amend or supplement the Registration
Statement, the U.S. Base Prospectus, the U.S. Pricing Prospectus or the U.S.
Final Prospectus to comply with the requirements of the U.S. Securities Act and
the published rules and regulations thereunder.</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trust or the Corporation shall, in good faith, discuss with the Co-Lead
Underwriters on behalf of the Underwriters, any change, event or circumstance (actual
or proposed within the knowledge of the Trust or the Corporation) which is of such a
nature that there is reasonable doubt whether notice need be given to the Underwriters
pursuant to this section and, in any event, prior to making any filing referred to in
section 6.2 below.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.2 The Trust shall promptly comply, to the reasonable satisfaction of the Underwriters and their
counsel, with any applicable filing and other requirements under Securities Laws or the U.S.
Securities Act or the rules thereunder arising as a result of any change, event or circumstance
referred to in section 6.1 above and shall prepare and file under all applicable Securities Laws
and under the U.S. Securities Act and the rules thereunder, with all reasonable dispatch, and in
any event within any time limit prescribed under applicable Securities Laws and under the U.S.
Securities Act and the rules thereunder, any Subsequent Disclosure Document or Prospectus Amendment
or amendment or supplement to the U.S. Base Prospectus, the Registration Statement, the U.S.
Pricing Prospectus or the U.S. Final Prospectus as may be required under applicable Securities Laws
or the U.S. Securities Act or the rules thereunder; provided that the Trust shall allow the
Underwriters and their counsel to participate fully in the preparation of any such Subsequent
Disclosure Document or Prospectus Amendment or amendment or supplement to the U.S. Base Prospectus,
the Registration Statement, the U.S. Pricing Prospectus or the U.S. Final Prospectus and to conduct
all due diligence investigations which the Underwriters may reasonably require in order to fulfill
their obligations as underwriters and in order to enable the Underwriters to responsibly execute
the certificate required to be executed by them in any Prospectus Amendment, and the Underwriters
shall have approved the form of any Prospectus Amendment or amendment or supplement to the U.S.
Base Prospectus, the Registration Statement, the U.S. Pricing Prospectus or the U.S. Final
Prospectus, such approval not to be unreasonably withheld and to be provided in a timely manner
(provided that the Underwriters are able to responsibly execute the certificate required to be
executed by them in any such document). The Trust shall further promptly deliver to the
Underwriters and the Underwriters&#146; counsel a copy of each Prospectus Amendment or amendment or
supplement to the U.S. Base Prospectus, the Registration Statement, the U.S. Pricing Prospectus or
the U.S. Final Prospectus signed as required by applicable Securities Laws and each Subsequent
Disclosure Document in the English and French languages, such number of commercial copies of each
Prospectus Amendment or amendment or supplement to the U.S. Base Prospectus, the Registration
Statement or the U.S. Final Prospectus as the Underwriters may reasonably request, in the same
manner as set forth in section 4.1 hereof, as well as opinions and letters with respect to each
such Prospectus Amendment or amendment or supplement to the U.S. Base Prospectus, the Registration
Statement, the U.S. Pricing Prospectus or the U.S. Final Prospectus substantially similar to those
referred to in and required by sections 3.1(f) and (g)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.3 The delivery to the Underwriters of each Prospectus Amendment and Subsequent Disclosure
Document shall constitute a representation and warranty to the Underwriters by the Trust and the
Corporation, jointly and severally, with respect to the Canadian Prospectus, as amended, modified
or superseded by such Prospectus Amendment or Subsequent Disclosure Document and by each Prospectus
Amendment and Subsequent Disclosure Document previously delivered to the Underwriters as aforesaid,
to the same effect as set forth in paragraphs (a)&nbsp;and (b)&nbsp;of section 3.2 above. Such delivery
shall also constitute the consent of the Trust to the use of
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Canadian Prospectus, as amended by such Prospectus Amendments or Subsequent Disclosure
Documents, by the Underwriters in connection with the distribution of the Purchased Securities in
the Provinces and to the use of the U.S. Base Prospectus and the U.S. Final Prospectus, as amended,
by the Underwriters in connection with the offer and sale of the Purchased Securities in the United
States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.4 During the period commencing on the date hereof and ending on the completion of the
distribution of the Purchased Securities, the Trust or the Corporation will promptly inform the
Underwriters of the full particulars of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any request of any Securities Commission or the SEC for any amendment to the
Base Prospectus, the Canadian Preliminary Prospectus, the Prospectus Supplement, any
Prospectus Amendment, the Registration Statement, the U.S. Preliminary Prospectus, the
U.S. Base Prospectus, the U.S. Final Prospectus or any amendment or supplement thereto
or any part of the Public Record or for any additional information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance by any Securities Commission, the SEC or by any other competent
authority of any order to cease or suspend trading of any securities of the Trust or
any of its Subsidiaries or of the institution or threat of institution of any
proceedings for that purpose; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt by the Trust or the Corporation of any communication from any
Securities Commission, the SEC, the TSX, the NYSE or any other competent authority
relating to the Base Prospectus, the Canadian Preliminary Prospectus, the Prospectus
Supplement, any Prospectus Amendment, the Registration Statement, the U.S. Base
Prospectus, the U.S. Pricing Prospectus, the U.S. Final Prospectus or any amendment or
supplement thereto, any other part of the Public Record or the distribution of the
Purchased Securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;7<BR>
Representations, Warranties and Covenants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.1 Each of the Trust and the Corporation jointly and severally represents, warrants and covenants
to and with the Underwriters and acknowledges that the Underwriters are relying thereon in
connection with the purchase of the Purchased Securities, that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and its Subsidiaries has been duly organized and is validly
existing under the laws of its jurisdiction of organization and has all requisite
trust, corporate or partnership authority, as applicable, and power to carry on its
business as described in the Canadian Prospectus, the Disclosure Package and the U.S.
Prospectus, and to own or lease and to operate its properties and assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Subsidiaries is qualified to carry on business and is validly
subsisting under the laws of each jurisdiction in which it carries on its business
except where the failure to be so qualified would not reasonably be expected to
materially adversely affect the assets, business, operations, capital or condition
(financial or otherwise) of the Trust and its Subsidiaries, taken as a whole;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither the Trust nor the Corporation is in default or breach of, and the
execution and delivery of, and the performance of and compliance with the terms of this
Agreement by the Trust and the Corporation or any of the transactions contemplated
hereby, does not and will not result in any breach of, or constitute a default under,
and does not and will not create a state of facts which, after notice or lapse of time
or both, would result in a breach of or constitute a default under: (i)&nbsp;any term or
provision of the Precision Declaration of Trust, the articles, by-laws, trust
indenture, partnership agreement or other constating documents of any Subsidiary of the
Trust, (ii)&nbsp;any resolutions of the unitholders or trustees of the Trust or the
shareholders, partners, unitholders, directors or general partner, as applicable, of
any Subsidiary of the Trust, (iii)&nbsp;any indenture, mortgage, note, contract, agreement
(written or oral), instrument, lease or other document to which the Trust or any of its
Subsidiaries is a party or by which it or they are bound, or (iv)&nbsp;any judgment, decree,
order, statute, rule or regulation applicable to the Trust or any of its Subsidiaries,
which default or breach might reasonably be expected to materially adversely affect the
assets, business, operations, capital or condition (financial or otherwise) of the
Trust and its Subsidiaries, taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and the Corporation has full trust or corporate power and
authority, as applicable, to enter into this Agreement and to perform its obligations
set out herein (including the obligation of the Trust to issue the Purchased
Securities) and this Agreement has been duly authorized, executed and delivered by each
of the Trust and the Corporation and is a legal, valid and binding obligation of each
of the Trust and the Corporation enforceable against it in accordance with its terms
subject to the qualifications set out in the opinions of counsel to be delivered
pursuant to Section&nbsp;9.1(f) hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no consent, approval, authorization, order, permit, licence, filing,
regulation, clearance or qualification of any court or governmental agency, body or
regulator is required in connection with the transactions contemplated by this
Agreement except such as have been obtained under applicable Securities Laws of the
Provinces or which are contemplated as being required to be obtained in this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Precision Financial Information presents fairly in all material respects
the financial condition (and reflects all material liabilities (absolute, accrued,
contingent or otherwise)), results of operations and cash flows of the Trust on a
consolidated basis as of the dates and for the periods indicated, complies as to form
with the applicable accounting requirements of applicable Securities Laws and the U.S.
Securities Act and has been prepared in conformity with Canadian generally accepted
accounting principles and has been reconciled to U.S. generally accepted accounting
principles in accordance with Item&nbsp;18 of Form 20-F under the U.S. Exchange Act, in each
case applied on a consistent basis throughout the periods involved (except as otherwise
noted therein). Any selected financial data set forth in the Canadian Prospectus, the
Registration Statement, the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure Package or the U.S. Final Prospectus fairly presents, on the basis stated
therein, the information included therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Grey Wolf Financial Information presents fairly in all material respects
the financial condition (and reflects all material liabilities (absolute, accrued,
contingent or otherwise)), results of operations and cash flows of Grey Wolf on a
consolidated basis as of the dates and for the periods indicated, complies as to form
with the applicable accounting requirements of applicable Securities Laws and the U.S.
Securities Act and has been prepared in conformity with U.S. generally accepted
accounting principles and has been reconciled to Canadian generally accepted accounting
principles in accordance with applicable Securities Laws, in each case applied on a
consistent basis throughout the periods involved (except as otherwise noted therein).
Any selected financial data set forth in the Canadian Prospectus, the Registration
Statement, the Disclosure Package, or the U.S. Final Prospectus fairly presents, on the
basis stated therein, the information included therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the pro forma financial statements, including the notes thereto, of the Trust
contained in the BAR and incorporated by reference in the Canadian Prospectus, the
Registration Statement, the Disclosure Package and the U.S. Final Prospectus have been
prepared in accordance with Canadian generally accepted accounting principles,
consistently applied, have been prepared and presented in accordance with Securities
Laws, and include all adjustments necessary for a fair presentation; the assumptions
contained in such pro forma financial statements are suitably supported and consistent
with the financial results of the Trust and Grey Wolf, and such statements provide a
reasonable basis for the compilation of the pro forma financial statements and such pro
forma financial statements accurately reflect such assumptions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial information and estimates set forth in the Base Prospectus, the
Disclosure Package and the U.S. Final Prospectus under the headings &#147;Recent
Developments &#151; Acquisition of Grey Wolf, Inc. &#151; Acquisition Cost&#148; and &#147;Consolidated
Capitalization&#148;, and in the 2008 Results Release incorporated by reference in such
documents, including, where applicable, guidance information and all assumptions, are
suitably supported by and consistent with the financial results of the Corporation and
have been prepared based on the application of accounting principles consistent with
the accounting principles applied in the Trust&#146;s (and where applicable, Grey Wolf&#146;s)
financial statements incorporated by reference in the Canadian Prospectus, the
Disclosure Package and the U.S. Final Prospectus; the financial information contained
in the 2008 Results Release fairly presents the information included therein; and the
estimates contained in any of the aforementioned documents represent the bona fide
estimates of the Trust and the Corporation based on all information available to the
Trust and the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>KPMG LLP of Calgary, Alberta, Canada, who have audited or reviewed the
Precision Financial Information and delivered their reports with respect to the</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>audited Precision Financial Information, are independent chartered accountants with
respect to the Trust within the meaning of applicable Securities Laws and
independent public accountants within the meaning of the U.S. Securities Act and the
rules and regulations thereunder; and KPMG LLP of Houston, Texas, U.S.A. were
independent registered public accountants with respect to Grey Wolf within the
meaning of the U.S. Securities Act and the rules and regulations thereunder as of
February&nbsp;28, 2008 and during the period covered by the financial statements on which
they reported;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed in the Canadian Prospectus, the Disclosure Package and the
U.S. Final Prospectus, there are no actions, suits, claims, proceedings or inquiries
pending or (to the knowledge of the Trust or the Corporation) threatened against or
affecting the Trust or any of its Subsidiaries at law or in equity or before or by any
federal, provincial, state, municipal or other governmental department, commission,
board, bureau, agency or instrumentality which in any way materially adversely affect,
or may in any way materially adversely affect, the assets, business, operations or
condition (financial or otherwise) of the Trust and its Subsidiaries, taken as a whole,
or which affect or may affect the distribution of the Purchased Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed in the Canadian Prospectus, the Disclosure Package and the
U.S. Final Prospectus, there has not been any material adverse change in the capital,
assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of the
Trust and its Subsidiaries, taken as a whole, from the position set forth in the
Financial Information as at and for the year ended December&nbsp;31, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed in the Canadian Prospectus, the Disclosure Package and the
U.S. Final Prospectus, since December&nbsp;31, 2007, neither the Trust nor any of its
Subsidiaries has incurred, assumed or suffered any liability (absolute, accrued,
contingent or otherwise) or entered into any transaction which is or may be material to
the Trust and its Subsidiaries, taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust and PDLP have filed with the SEC all documents required to be so
filed by them since January&nbsp;1, 2007 pursuant to Sections&nbsp;13(a), 14(a) and 15(d) of the
U.S. Exchange Act and with the Securities Commissions all documents required to be
filed since January&nbsp;1, 2007 under applicable Securities Laws (collectively, the
&#147;<B>Precision Reports</B>&#148;). As used in this section 7.1(n), the term &#147;file&#148; shall include any
reports on Form 6-K. As of its respective date or, if amended by a subsequent filing
prior to the date hereof, on the date of such filing, each Precision Report complied in
all material respects with the applicable requirements of the U.S. Exchange Act and
other applicable U.S. securities laws, SOX and the rules and regulations thereunder and
did not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading;</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate number of Trust Units and Precision Special Voting Units
authorized to be issued by the Trust is unlimited. As of the date hereof, there were
160,061,065 issued and outstanding Trust Units and one issued and outstanding Precision
Special Voting Unit. As of the date hereof, there are 132,583 issued and outstanding
PDLP Exchangeable Units which are exchangeable into Trust Units on the basis of one
Trust Unit for each PDLP Exchangeable Unit. Other than (i)&nbsp;the 132,583 issued and
outstanding PDLP Exchangeable Units, and (ii)&nbsp;Trust Units issuable pursuant to 73,527
deferred trust units granted to directors of the Corporation, there are no outstanding
or authorized securities convertible into Trust Units. All Trust Units and the
Precision Special Voting Unit are, and all Trust Units that may be issued as
contemplated under this Agreement shall be when issued, duly authorized and validly
issued as fully paid and non-assessable Trust Units or Precision Special Voting Units,
as the case may be, and are not subject to any pre-emptive rights. 159,535,972 common
shares of the Corporation, representing one hundred percent (100%) of the issued and
outstanding capital of the Corporation, are owned directly by PDLP. 1,000 shares of
Lobos common stock are owned directly by the Trust, and 250,000 shares of Lobos common
stock are owned by the Corporation, together representing one hundred percent (100%) of
the issued and outstanding capital stock of Lobos;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of the outstanding shares, units or other equity interests in the capital
of each Subsidiary of the Trust (other than 132,583 PDLP Exchangeable Units) are duly
authorized, validly issued, fully paid and non-assessable and are owned, directly or
indirectly, by the Trust, and the Trust has no Material Subsidiaries other than the
Corporation, Lobos, PDLP, Precision Limited Partnership, Precision Drilling Canada
Limited Partnership and Precision Drilling Oilfield Services, Inc.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except for 132,583 issued and outstanding PDLP Exchangeable Units which are
exchangeable into Trust Units on the basis of one Trust Unit for each PDLP Exchangeable
Unit, Trust Units issuable pursuant to 73,527 deferred trust units granted to directors
of the Corporation and Trust Units issuable upon conversion of the Grey Wolf
Convertible Notes, no person holds any securities convertible or exchangeable into
trust units, shares, partnership units or other securities or equity interests of the
Trust or any of its Subsidiaries or has any agreement, warrant, option, right or
privilege being or capable of becoming an agreement, warrant, option or right for the
purchase of any unissued securities of the Trust or any of its Subsidiaries; and other
than pursuant to this Agreement, no person has the right to require the Trust or any of
its Subsidiaries to register any securities for sale under the Securities Laws or
the U.S. Securities Act by reason of the filing of the Prospectus Supplement with any
Securities Commission or the filing of the Registration Statement with the SEC or the
issuance and sale of the Purchased Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and PDLP is a &#147;reporting issuer&#148; or has equivalent status in
each of the Provinces within the meaning of the Securities Laws in such Provinces.
Since December&nbsp;31, 2007, neither the Trust or PDLP has received any correspondence or
notice from a Securities Commission concerning a review of</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Trust&#146;s or PDLP&#146;s continuous disclosure documents in respect of which any
matters remain outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Securities Commission or similar regulatory authority or the TSX or the NYSE
or the SEC has issued any order which is currently outstanding preventing or suspending
trading in any securities of the Trust or any of its Subsidiaries, no such proceeding
is, to the knowledge of the Trust or the Corporation, pending, contemplated or
threatened and the Trust is not in material default of any requirement of Securities
Laws or of the U.S. Exchange Act, the U.S. Securities Act or the regulations
thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issued and outstanding Trust Units are listed and posted for trading on
each of the TSX and NYSE and the Trust is in compliance, in all material respects, with
all applicable rules and policies of the TSX and NYSE;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and its Subsidiaries owns or leases or is entitled to own or
lease all such assets or properties as are necessary to the conduct of its operations
as presently conducted, except such as would not, individually or in the aggregate,
constitute a material adverse effect on the condition (financial or otherwise),
prospects, earnings, business or properties of the Trust and its Subsidiaries, taken as
a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust and its Subsidiaries possess all licenses, certificates, permits and
other authorizations issued by the appropriate foreign, federal, provincial, state,
municipal or local regulatory authorities necessary to conduct their respective
businesses except where the failure to possess such license, certificate, permit or
other authorization would not, individually or in the aggregate, have a material
adverse effect on the condition (financial or otherwise), prospects, earnings, business
or properties of the Trust and its Subsidiaries, taken as a whole, and neither the
Trust nor any such Subsidiary has received any notice of proceedings relating to the
revocation or modification of any such license, certificate, authorization or permit
which, individually or in the aggregate, if the subject of an unfavourable decision,
ruling or finding, would have a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Trust and its
Subsidiaries, taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed in the Canadian Prospectus, the Disclosure Package and the
U.S. Final Prospectus, the Trust and each of its Subsidiaries have filed all domestic,
foreign, federal, provincial, state and local tax returns that are required to be filed
(except in any case in which the failure so to file would not have a material adverse
effect on the condition (financial or otherwise), prospects, earnings, business or
properties of the Trust and its Subsidiaries, taken as a whole), all such tax returns
are complete and correct and the Trust and each of its Subsidiaries have timely paid
all taxes required to be paid by them and any other assessment, fine or penalty levied
against them, to the extent that any of the foregoing is due and payable, except for
any such assessment, fine or penalty that is currently being contested in good faith or
as would not have a material adverse</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect on the condition (financial or otherwise), prospects, earnings, business or
properties of the Trust and its Subsidiaries, taken as a whole; except as disclosed
in the Canadian Prospectus, the Disclosure Package and the U.S. Final Prospectus, no
tax return of the Trust or its Subsidiaries is under audit or examination by any tax
authority, no written or, to the knowledge of the Trust or the Corporation,
unwritten notice of such an audit or examination has been received by the Trust or
its Subsidiaries, and there is no assessed deficiency, refund litigation, proposed
adjustment or matter in controversy with respect to any taxes due and owing by the
Trust or its Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no labour problem or dispute with the employees of the Trust&#146;s Subsidiaries
exists or, to the knowledge of the Trust or the Corporation, is threatened or imminent
and the Trust is not aware of any existing or imminent labour disturbance by the
employees of any of its Subsidiaries&#146; principal suppliers, contractors or customers, in
each case that could have a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Trust and its
Subsidiaries, taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust and each of its Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as are
customary in the businesses in which they are engaged; all policies of insurance and
fidelity or surety bonds insuring the Trust or any of its Subsidiaries or their
respective businesses, assets, employees, officers, trustees and directors are in full
force and effect; the Trust and its Subsidiaries are in compliance with the terms of
such policies and instruments in all material respects; and there are no material
claims by the Trust or any of its Subsidiaries under any such policy or instrument as
to which any insurance company is denying liability or defending under a reservation of
rights clause; neither the Trust nor any such Subsidiary has any reason to believe that
it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not have a material adverse effect on the
condition (financial or otherwise), prospects, earnings, business or properties of the
Trust and its Subsidiaries, taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed in the Canadian Prospectus, the Disclosure Package and the
U.S. Final Prospectus, no Subsidiary of the Trust is currently prohibited, directly or
indirectly, from paying (directly or indirectly) any distributions, dividends or
interest payments to the Trust, from making any other distribution on such Subsidiary&#146;s
capital stock or other ownership interest, from repaying to the Trust any notes, loans
or advances to such Subsidiary from the Trust or from transferring any of such
Subsidiary&#146;s property or assets to the Trust or any other Subsidiary of the Trust, in
each case in any material respect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust has not entered into or modified any loans or arrangements with its
officers or trustees or the directors or officers of the Corporation in violation of
Section&nbsp;402 of SOX. The Trust has established and maintains disclosure controls and
procedures and internal control over financial reporting (within the meaning</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules&nbsp;13a-15(e) and 15d-15(e) of the U.S. Exchange Act and applicable Securities
Laws). The Trust&#146;s disclosure controls and procedures are reasonably designed to
ensure that all material information required to be disclosed by the Trust in the
reports that it files under the U.S. Exchange Act or applicable Securities Laws are
recorded, processed, summarized and reported within the time periods specified in
the rules and forms of the SEC or the applicable Securities Commissions and that all
such material information is accumulated and communicated to the management of the
Corporation, in its capacity as administrator of the Trust, as appropriate to allow
timely decisions regarding required disclosure and to make the certifications
required pursuant to Sections&nbsp;302 and 906 of SOX and applicable Securities Laws. The
management of the Corporation, in its capacity as administrator of the Trust, has
completed its assessment of the effectiveness of the Trust&#146;s internal control over
financial reporting in compliance with the requirements of Section&nbsp;404 of SOX and
the applicable Securities Laws for the year ended December&nbsp;31, 2007, and such
assessment concluded that such controls were effective. To the knowledge of the
Trust and the Corporation, the Trust has disclosed, based on its most recent
evaluations, to the Trust&#146;s outside auditors and the audit committee of the
Corporation&#146;s board of directors (i)&nbsp;all significant deficiencies in the design or
operation of internal control over financial reporting and any material weaknesses,
that have more than a remote chance to materially adversely affect Precision&#146;s
ability to record, process, summarize and report financial data (as defined in Rule
13a-15(f) of the U.S. Exchange Act and applicable Securities Laws) and (ii)&nbsp;any
fraud, regardless of whether material, that involves management or other employees
who have a significant role in the Trust&#146;s internal controls over financial
reporting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>since January&nbsp;1, 2007, to the knowledge of the Trust and the Corporation,
neither the Trust nor any of its Subsidiaries nor any trustee, director, officer,
employee, auditor, accountant or representative of the Trust or any of its Subsidiaries
has received or otherwise had or obtained knowledge of any material complaint,
allegation, assertion or claim, whether written or oral, regarding the accounting or
auditing practices, procedures, methodologies or methods of the Trust or any of its
Subsidiaries, including any material complaint, allegation, assertion or claim that the
Trust or any of its Subsidiaries has a &#147;material weakness&#148; (as such terms are defined
in the Public Accounting Oversight Board&#146;s Auditing Standard No.&nbsp;2, as in effect on the
date hereof), in the Trust&#146;s internal control over financial reporting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust and its Subsidiaries are (i)&nbsp;in compliance with Environmental Laws,
(ii)&nbsp;have received and are in compliance with all permits, licenses or other approvals
required of them under applicable Environmental Laws to conduct their respective
businesses and (iii)&nbsp;have not received notice of any actual or potential liability for
the investigation or remediation of any disposal or release of hazardous or toxic
substances or wastes, pollutants or contaminants, except where such non-compliance with
Environmental Laws, failure to receive required permits, licenses or other approvals,
or liability would not, individually or in the aggregate,</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have a material adverse effect on the condition (financial or otherwise), prospects,
earnings, business or properties of the Trust and its Subsidiaries, taken as a
whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and its Subsidiaries has fulfilled its obligations, if any,
under the minimum funding standards of Section&nbsp;302 of the United States Employee
Retirement Income Security Act of 1974 (&#147;<B>ERISA</B>&#148;) and the regulations and published
interpretations thereunder with respect to each &#147;plan&#148; (as defined in Section&nbsp;3(3) of
ERISA and such regulations and published interpretations) in which employees of the
Trust and its Subsidiaries are eligible to participate and each such plan is in
compliance in all material respects with the presently applicable provisions of ERISA
and such regulations and published interpretations. The Trust and its Subsidiaries
have not incurred any unpaid liability to the Pension Benefit Guaranty Trust (other
than for the payment of premiums in the ordinary course) or to any such plan under
Title IV of ERISA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and its Subsidiaries has fulfilled all material obligations,
if any, under all pension plans (including any supplemental pension arrangement) and
retirement allowances and plans, health and welfare plans, employee savings and similar
plans, and each such plan is in compliance and has been administered in all material
respects with all applicable laws. All such plans that are registered pension plans
are in full compliance with all investment, administration, solvency and funding
requirements under applicable Canadian federal and provincial pension standards and tax
laws, no event has occurred which could give rise to a partial or full termination of
any such plan, no improper withdrawals or application of plan assets have been made, no
governmental authority has imposed any restrictions on the payment or settlement of
benefits under such plans, no solvency funding relief has been applied for or is
expected to be applied for except as disclosed in the Canadian Prospectus, the
Disclosure Package and the U.S. Final Prospectus. All other such plans are fully
funded or secured except as disclosed in the Canadian Prospectus, the Disclosure
Package and U.S. Final Prospectus, and no events have occurred which could give rise to
immediate or accelerated funding of such other plans. The Trust and its Subsidiaries
have not received any claim or demand in respect of any employee plan except for
routine claims for benefits and no claims are anticipated;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed in the Canadian Prospectus, the Disclosure Package and the
U.S. Final Prospectus, the Trust and each Subsidiary has good and sufficient title to
all items of real property and improvements and to all equipment and personal property
owned by each of them, in each case free and clear of any security interests, liens,
encumbrances, duties, claims and other defects, and the real property, improvements,
equipment and personal property held under lease by the Trust or any Subsidiary are
held under valid, subsisting and enforceable leases, except in each case as would not
have a material adverse effect on the condition (financial or otherwise), prospects,
earnings, business or properties of the Trust and its Subsidiaries, taken as a whole;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except for any rights, infringement, action, suit, proceeding or claim that may
exist that would not, individually or in the aggregate, cause a material adverse effect
on the condition (financial or otherwise), prospects, earnings, business or properties
of the Trust and its Subsidiaries, taken as a whole: (i)&nbsp;the Trust and its Subsidiaries
own, possess, license or have other rights to use, all patents, patent applications,
trade and service marks, trade and service mark registrations, trade names, copyrights,
licenses, inventions, trade secrets, technology, know how and other intellectual
property (collectively, the &#147;<B>Intellectual Property</B>&#148;) necessary for the conduct of the
Trust&#146;s and its Subsidiaries&#146; business as now conducted; (ii)&nbsp;there are no rights of
third parties to any such Intellectual Property; (iii)&nbsp;to the knowledge of the Trust
and the Corporation, there is no material infringement by third parties of any such
Intellectual Property; (iv)&nbsp;there is no pending or, to the knowledge of the Trust or
the Corporation, threatened action, suit, proceeding or claim by others challenging the
rights of the Trust or any of its Subsidiaries in or to any such Intellectual Property;
(v)&nbsp;there is no pending or, to the knowledge of the Trust, threatened action, suit,
proceeding or claim by others challenging the validity or scope of any such
Intellectual Property, and the Trust and the Corporation are unaware of any facts which
would form a reasonable basis for any such claim; and (vi)&nbsp;there is no pending or, to
the knowledge of the Trust or the Corporation, threatened action, suit, proceeding or
claim by others that the Trust infringes or otherwise violates any patent, trademark,
copyright, trade secret or other proprietary rights of others;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when issued, all of the Purchased Securities will have been duly and validly
created, allotted and issued as fully paid and non-assessable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computershare Investor Services Inc. has been duly appointed as transfer agent
and registrar for the Trust Units in Canada and Computershare Trust Company NA has been
duly appointed as co-transfer agent and co-registrar for the Trust Units in the United
States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(jj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust is not and, after giving effect to the offering and sale of the Firm
Securities and, if applicable, the Option Securities and the application of the
proceeds as described in the Prospectus Supplement, the Disclosure Package and the U.S.
Final Prospectus under the heading &#147;Use of Proceeds,&#148; will not be an &#147;investment
company&#148; as defined in the United States Investment Company Act of 1940, as amended,
and the rules and regulations of the SEC promulgated thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(kk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither the Trust nor the Corporation is a &#147;passive foreign investment company&#148;
within the meaning of Section&nbsp;1297 of the Code, and neither the Trust nor the
Corporation is a &#147;controlled foreign corporation&#148; within the meaning of Section&nbsp;957 of
the Code. The Trust Units will qualify as common stock under the Code and applicable
Treasury Regulations and the Trust is, and expects to be at all times after the
completion of the transactions contemplated hereby, a &#147;qualified foreign corporation&#148;
under Section 1(h) of the Code and the applicable Treasury Regulations;</TD>
</TR>

</TABLE>
</DIV></DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust is, and at all times since its formation has been, a &#147;mutual fund
trust&#148; and a &#147;unit trust&#148; and the Trust is not a &#147;SIFT&#148; trust, all within the meaning
of the Income Tax Act. PDLP is, and at all times since its formation has been a
&#147;Canadian partnership&#148; and PDLP is not a &#147;SIFT partnership&#148;, each within the meaning of
the Income Tax Act. The completion of the issuance and sale of the Purchased Securities
hereunder shall not cause the Trust to cease to be a &#147;mutual fund trust&#148; and a &#147;unit
trust&#148; or to become a &#147;SIFT&#148; trust, or cause PDLP to cease to be a &#147;Canadian
partnership&#148; or to become a &#147;SIFT partnership&#148;, all within the meaning of the Income
Tax Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(mm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust has not taken, directly or indirectly, and will not take any action
designed to or that would constitute or that might reasonably be expected to cause or
result in, under Securities Laws, or the U.S. Exchange Act or otherwise, stabilization
or manipulation of the price of any security of the Trust to facilitate the sale or
resale of the Purchased Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(nn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is no contract, agreement or other document of a character required to be
described in the Registration Statement, the Disclosure Package, the Canadian
Prospectus or the U.S. Final Prospectus, or to be filed together with or as an exhibit
thereto, which is not described or filed as required; and the statements in the Base
Prospectus, the Disclosure Package and the U.S. Final Prospectus under the headings
&#147;Description of Trust Units&#148; and &#147;Material Debt&#148;, insofar as such statements summarize
legal matters, agreements, documents or proceedings discussed therein, are accurate and
fair summaries of such legal matters, agreements, documents or proceedings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(oo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust will promptly file all reports required to be filed by it with the
Securities Commissions under applicable Securities Laws, and with the SEC pursuant to
Section&nbsp;13(a), 13(c) or 15(d) of the U.S. Exchange Act for so long as the delivery of a
prospectus is required (including in circumstances where such requirement may be
satisfied pursuant to Rule&nbsp;172 of the U.S. Securities Act) in connection with the
offering or sale of the Purchased Securities, and during such same period will advise
the Co-Lead Underwriters, promptly after it receives notice thereof, of the issuance by
the Securities Commissions or the SEC of any stop order or of any order preventing or
suspending the use of any prospectus relating to the Purchased Securities, of the
suspension of the qualification of such Purchased Securities for offering or sale in
any of the Provinces and the United States, of the initiation or threat, to the
knowledge of the Trust or the Corporation, of any proceeding for any such purpose, or
of any request by the Securities Commissions or the SEC for the amending or
supplementing of the Registration Statement, the Base Prospectus, the Canadian
Prospectus, the U.S. Pricing Prospectus or the U.S. Final Prospectus or for additional
information relating to the Purchased Securities; and the Trust will use its
commercially reasonable efforts to prevent the issuance of any such stop order or any
such order preventing or suspending the use of any prospectus relating to the Purchased
Securities or the suspension of any such qualification and, in the event of the
issuance of any such stop order or of any such order preventing or suspending the use
of any prospectus relating to the</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchased Securities or suspending any such qualification, to use its commercially
reasonable efforts to obtain the withdrawal of such order as soon as possible;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(pp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as soon as reasonably practicable, the Trust will make generally available to
its security holders an earnings statement or statements of the Trust and its
Subsidiaries which will satisfy the provisions of Section 11(a) of the U.S. Securities
Act and Rule&nbsp;158 thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(qq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the statistical, industry-related and market-related data included in the
Canadian Prospectus, the Registration Statement, the Disclosure Package and the U.S.
Final Prospectus are based on or derived from sources which the Trust and the
Corporation reasonably and in good faith believe are reliable and accurate, and such
data agree with the sources from which they are derived in all material respects;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(rr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no forward looking statement within the meaning of Section&nbsp;27A of the U.S.
Securities Act and Section&nbsp;21E of the U.S. Exchange Act contained in the U.S. Final
Prospectus, the Disclosure Package, the Registration Statement, or any other document
filed with the SEC was made with actual knowledge by the Trust or the Corporation that
the statement was false or misleading, and no forward-looking information within the
meaning of Securities Laws contained in the Canadian Prospectus, has been made or
reaffirmed by the Trust or the Corporation without a reasonable basis or has been
disclosed other than in good faith;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operations of the Trust and its Subsidiaries are and have been conducted at
all times in material compliance with applicable financial record-keeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, applicable money laundering statutes and applicable rules and regulations
thereunder (collectively, the &#147;<B>Money Laundering Laws</B>&#148;), and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Trust or any or its Subsidiaries with respect to the Money
Laundering Laws is pending or, to the Trust&#146;s or the Corporation&#146;s knowledge,
threatened;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(tt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither the Trust nor the Corporation nor, to the Trust&#146;s or the Corporation&#146;s
knowledge, as the case may be, any director, officer, agent, employee or affiliate of
the Trust or the Corporation is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B>OFAC</B>&#148;); and the
Trust and the Corporation will not directly or indirectly use the proceeds of the
offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(uu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither the Trust nor any of its Subsidiaries nor any director, officer, agent,
employee or affiliate of the Trust or any of its Subsidiaries is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of
the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the &#147;<B>FCPA</B>&#148;), including, without limitation, making use of the mails or any
means or instrumentality of interstate commerce corruptly in furtherance of an offer,
payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to
any &#147;foreign official&#148; (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in
contravention of the FCPA and the Trust, its Subsidiaries and its affiliates have
conducted their businesses in compliance with the FCPA and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to
continue to ensure, continued compliance therewith.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.2 Each of the Trust and the Corporation covenants and agrees with and in favour of the
Underwriters that the proceeds received by the Trust from the Underwriters from the sale of the
Purchased Securities will be used for the purposes described or to be described in the Prospectus
Supplement, the Disclosure Package and the U.S. Final Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.3 Except as contemplated by this Agreement, during the period commencing on the date hereof and
ending on the date which is 90&nbsp;days from the Closing Date (the &#147;<B>Lock-Up Period</B>&#148;), neither the Trust
nor any Subsidiary will, without the prior written consent of the Co-Lead Underwriters, which
consent shall not be unreasonably withheld, directly or indirectly, offer, sell or issue for sale
or resale, as the case may be, or publicly announce the issue or sale or intended issue or sale of,
any Trust Units, PDLP Exchangeable Units or other equity securities, or securities convertible or
exchangeable into Trust Units, PDLP Exchangeable Units or other equity securities, or publicly
announce its intention to do so or file a registration statement with the SEC in respect thereof,
and except pursuant to the (i)&nbsp;deferred trust unit plan for non-management directors of the
Corporation that was approved by Unitholders on May&nbsp;9, 2007, (ii)&nbsp;issuance of Trust Units upon the
exchange of currently outstanding PDLP Exchangeable Units, and (iii)&nbsp;unitholder rights plan between
the Trust and Computershare Trust Company of Canada dated as of March&nbsp;9, 2007; provided, however,
that if (1)&nbsp;during the last 17&nbsp;days of the initial Lock-Up Period, the Trust releases earnings
results or publicly announced material news or a material event or (2)&nbsp;prior to the expiration of
the initial Lock-Up Period, the Trust publicly announced that it will release earnings results
during the 15&nbsp;day period following the last day of the initial Lock-Up Period, then in each case
the Lock-Up Period will be automatically extended until the expiration of the 18&nbsp;day period
beginning on the date of release of the earnings results or the announcement of the material news
or material event, as applicable, unless the Co-Lead Underwriters waive, in writing, such
extension, which waiver shall not be unreasonably withheld, and the Trust will provide the Co-Lead
Underwriters with prior notice of any such announcement that gives rise to an extension of the
Lock-Up Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.4 Unless the Trust and the Co-Lead Underwriters otherwise agree in writing, neither the Trust nor
the Corporation nor any Underwriter has made and none of them will make any offer relating to the
Purchased Securities that would constitute an Issuer Free Writing Prospectus or
</DIV>




</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 31 -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that would otherwise constitute a Free Writing Prospectus; provided that the prior written consent
of the parties hereto shall be deemed to have been given in respect of the Free Writing
Prospectuses, if any, included in Annex D hereto and in respect of any electronic roadshow
furnished to the Co-Lead Underwriters prior to first use and not objected to by the Co-Lead
Underwriters. Any such free writing prospectus consented to by the Co-Lead Underwriters, the Trust
or the Corporation, as applicable, is hereinafter referred to as a &#147;<B>Permitted Free Writing
Prospectus</B>.&#148; Each of the Trust and the Corporation agrees that (i)&nbsp;it has treated and will treat,
as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and
(ii)&nbsp;it has complied and will comply, as the case may be, with the requirements of Rules&nbsp;164 and
433 under the U.S. Securities Act applicable to any Permitted Free Writing Prospectus, including in
respect of timely filing with the SEC, legending and record keeping.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;8<BR>
Closing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.1 The closing of the purchase and sale of the Firm Securities shall take place at the Closing
Time at the offices of Bennett Jones LLP in Calgary, Alberta or at such other time and place as may
be agreed upon in writing by the Trust and the Co-Lead Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.2 The closing of the purchase and sale of any Option Securities shall be completed at the Closing
Time on such date (the &#147;<B>Option Closing Date</B>&#148;), which may be the same as the Closing Date but shall
in no event be earlier than the Closing Date, nor less than three nor more than five business days
after the giving of the notice hereinafter referred to (provided that if the Option Closing Date is
the same as the Closing Date, such notice may be given not less than two business days prior to the
Option Closing Date), as shall be specified in a written notice from the Co-Lead Underwriters to
the Trust of the Underwriters&#146; determination to purchase that number of Option Securities specified
in such notice. The closing of the purchase and sale of any Option Securities shall be completed
at the offices of Bennett Jones LLP in Calgary, Alberta or at such other time and place as may be
agreed upon in writing by the Trust and the Co-Lead Underwriters. If the Over-Allotment Option is
exercised, all of the provisions of this Agreement relating to the purchase by the Underwriters of
the Firm Securities shall apply <I>mutatis mutandis </I>in relation to the purchase by the Underwriters of
any Option Securities at the Closing Time on the Option Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.3 At the Closing Time, the Trust shall deliver to CDS Clearing and Depository Services Inc.
(&#147;<B>CDS</B>&#148;), on behalf of the Underwriters, a certificate or certificates representing the Purchased
Securities registered in the name of &#147;CDS &#038; Co.&#148; or in such other name or names as the Co-Lead
Underwriters may notify the Trust not less than one business day before the Closing Date. The
Co-Lead Underwriters shall furnish to CDS not less than one business day before the Closing Date, a
breakdown of the number of Purchased Securities to be allocated in the book-based system of CDS to
the Underwriters and other brokers or dealers which are participants of CDS and act on behalf of
beneficial owners, together with the financial institution numbers of each person to whom Purchased
Securities are to be allocated in the book-based system. The delivery of the certificate or
certificates to CDS shall be made against payment by the Underwriters to the Trust of the aggregate
purchase price for the Purchased Securities purchased by the Underwriters.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.4 At the Closing Time, the Trust shall pay the Underwriting Fee to the Underwriters by wire
transfer in immediately available funds as directed by the Underwriters, provided that payment of
the Underwriting Fee may be made and satisfied by the Underwriters deducting the amount of the
Underwriting Fee from the purchase price for the Purchased Securities to be paid by the
Underwriters to the Trust at the Closing Time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;9<BR>
Conditions Precedent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.1 The following are conditions precedent to the obligations of the Underwriters to close the
transactions contemplated by this Agreement, which conditions each of the Trust and the Corporation
jointly and severally covenants to exercise all reasonable commercial efforts to have fulfilled at
or prior to the Closing Time and which conditions may be waived in writing in whole or in part by
the Underwriters at any time. If any of the conditions are not met, each of the Underwriters may
terminate its obligations under this Agreement without prejudice to any other remedies it may have.
At the Closing Time:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received a certificate of the Trust, dated the
Closing Date, signed on behalf of the Trust by the President and Chief Executive
Officer and the Chief Financial Officer of the Corporation, as administrator on behalf
of the Trust, or such other senior officers of the Corporation satisfactory to the
Underwriters, certifying that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust has complied with and satisfied in all material
respects all covenants, terms and conditions of this Agreement on its part to
be complied with or satisfied at or prior to the Closing Time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties of the Trust contained
herein are true and correct in all material respects as of the Closing Time
with the same force and effect as if made at and as of the Closing Time, except
for such representations and warranties which are made as of a specific date
other than the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no event of a nature referred to in section 10.1(a), (b), (c)
or (d)(i) hereof has occurred since the date of this Agreement or to the
knowledge of such officers is pending, contemplated or threatened (excluding in
the case of section 10.1(b) hereof any requirement of an Underwriter to make a
determination as to whether or not any event or change has, in the
Underwriter&#146;s opinion, had or would have the effect specified therein); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has been no adverse material change, financial or
otherwise, as at the Closing Date, in the business, earnings, affairs,
operations, assets, liabilities (contingent or otherwise) or capital of the
Trust and its Subsidiaries (taken as a whole) from that disclosed in the
Canadian Prospectus or any Prospectus Amendment and in the Disclosure Package
and the U.S. Final Prospectus,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and the Underwriters shall have no knowledge to the contrary;</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received a certificate of the Corporation, dated
the Closing Date, signed on behalf of the Corporation by its President and Chief
Executive Officer and its Chief Financial Officer or such other senior officers
satisfactory to the Underwriters, certifying that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation has complied with and satisfied in all material
respects all covenants, terms and conditions of this Agreement on its part to
be complied with or satisfied at or prior to the Closing Time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties of the Corporation contained
herein are true and correct in all material respects as of the Closing Time
with the same force and effect as if made at and as of the Closing Time, except
for such representations and warranties which are made as of a specific date
other than the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no event of a nature referred to in section 10.1(a), (b), (c)
or (d)(i) hereof has occurred since the date of this Agreement or to the
knowledge of such officers is pending, contemplated or threatened (excluding in
the case of section 10.1(b) hereof any requirement of an Underwriter to make a
determination as to whether or not any event or change has, in the
Underwriter&#146;s opinion, had or would have the effect specified therein); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has been no adverse material change, financial or
otherwise, as at the Closing Date, in the business, earnings, affairs,
operations, assets, liabilities (contingent or otherwise) or capital of the
Trust and its subsidiaries (taken as a whole) from that disclosed in the
Canadian Prospectus or any Prospectus Amendment and in the Disclosure Package
and the U.S. Final Prospectus,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and the Underwriters shall have no knowledge to the contrary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust shall have furnished to the Underwriters evidence that the Purchased
Securities have been conditionally approved for listing and trading on the TSX and the
NYSE and that the Purchased Securities will be posted for trading on the TSX and the
NYSE on the Closing Date, subject to customary filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received a comfort letter of the Trust&#146;s auditors,
addressed to the Underwriters and dated the Closing Date, in form and substance
satisfactory to the Underwriters, acting reasonably, bringing the information contained
in the comfort letter or letters of such auditors referred to in section 3.1(g) hereof
forward to the Closing Time, which comfort letter shall be based on a review having a
cut-off date not more than two business days prior to the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received a comfort letter of Grey Wolf&#146;s auditors,
addressed to the Underwriters and dated the Closing Date, in form and substance
satisfactory to the Underwriters, acting reasonably, bringing the information contained
in the comfort letter or letters of such auditors referred to in section</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>3.1(g) hereof forward to the Closing Time, which comfort letter shall be based on a
review having a cut-off date not more than two business days prior to the Closing
Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received legal opinions, dated the Closing Date,
from Mayer Brown LLP, U.S. counsel for the Trust, to the effect set forth in Annex A
hereto, from Bennett Jones LLP, Canadian counsel for the Trust, to the effect set forth
in Annex B hereto, from Felesky Flynn LLP, Canadian tax counsel for the Trust, to the
effect set forth in Annex C hereto, from Shearman &#038; Sterling LLP, U.S. counsel for the
Underwriters, with respect to the issuance and sale of the Purchased Securities in the
United States, the Registration Statement, the Disclosure Package, the U.S. Final
Prospectus (together with any supplement thereto) and other related matters as the
Underwriters may reasonably require, and from Blake, Cassels &#038; Graydon LLP, Canadian
counsel for the Underwriters, with respect to the issuance and sale of the Purchased
Securities in Canada, the Canadian Prospectus and other related matters as the
Underwriters may reasonably require, it being understood that counsel for the
Underwriters may rely on the opinions of counsel for the Trust and that counsel for the
Underwriters and counsel for the Trust may rely upon the opinions of local counsel as
to all matters not governed by the laws of the respective jurisdictions in which they
are qualified to practice, and may rely, to the extent appropriate in the
circumstances, as to matters of fact on certificates of the Trust, auditors and public
officials, and that the opinions of counsel may be subject to usual qualifications as
to equitable remedies, creditors&#146; rights laws and public policy considerations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received written confirmation from the Trust&#146;s
registrar and transfer agent of the number of Trust Units issued and outstanding as of
the day immediately prior to the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Financial Industry Regulatory Authority, Inc. shall not have raised any
objections with respect to the fairness or reasonableness of the underwriting, or other
arrangements or transactions, contemplated hereby; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to the Closing Time, the Trust and the Corporation shall have furnished
to the Co-Lead Underwriters such further information, certificates and documents as the
Co-Lead Underwriters may reasonably request.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;10<BR>
Termination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.1 In addition to any other remedies which may be available to the Underwriters, the Underwriters
(collectively, or any one of them individually) shall be entitled, at their option, to terminate
and cancel their respective obligations under this Agreement, without any liability on their part,
if prior to the Closing Time:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any order to cease or suspend trading in any securities of the Trust, or
prohibiting or restricting the distribution of the Purchased Securities is made, or any
stop</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>order suspending the effectiveness of the Registration Statement or stop order
preventing or suspending the use of any prospectus relating to the Purchased
Securities has been issued, or proceedings are announced or commenced or, to the
Trust&#146;s or the Corporation&#146;s knowledge, threatened for the making of any such order,
by any Securities Commission, the SEC or similar regulatory authority, or by any
other competent authority, unless such order has been rescinded, revoked or
withdrawn or such proceedings have been discontinued or will not be proceeded with;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any inquiry, investigation (whether formal or informal) or other proceeding in
relation to the Trust is announced or commenced or any order is issued by any
Securities Commission, the SEC or by any other competent authority, or there is any
change of law or the interpretation or administration thereof by any such authority,
if, in the opinion of the Underwriters (or any one of them), the announcement,
commencement or issuance thereof, or change, as the case may be, materially adversely
affects the trading or distribution of the Purchased Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust or the Corporation shall be in breach of, default under or
non-compliance in any material respect with any representation, warranty, covenant,
term or condition of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;there shall occur any change as is contemplated in section 6.1 hereof
(other than a change related solely to the Underwriters) or, (ii)&nbsp;as a result of
investigations after the date hereof, the Underwriters (or any one of them) determine
that there exists any fact or circumstance which existed prior to the date hereof and
had not been disclosed prior to the date hereof, which in their sole opinion, acting
reasonably, would be expected to have a material adverse effect on the market price or
value of the Trust Units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;there should develop, occur or come into effect or existence any event,
action, state, condition or major financial occurrence of national or international
consequence or any law or regulation, or (ii)&nbsp;there will have been any attack on,
outbreak or escalation of hostilities or acts of terrorism involving Canada or the
United States, any declaration of war by Canada or the United States or any other
substantial national or international calamity or emergency, either of which, in the
opinion of the Underwriters (or any one of them), acting reasonably, (A)&nbsp;materially
adversely affects or involves, or will materially adversely affect or involve the
financial markets in Canada or the United States or the business, operations or affairs
of the Trust and its Subsidiaries (taken as a whole); or (B)&nbsp;is expected to prevent,
suspend or materially restrict the trading in the Purchased Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is announced any change or proposed change in the income tax laws of
Canada or the interpretation or administration thereof and such change would reasonably
be expected to have a material adverse effect on the market price or value of the
Purchased Securities; or</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there should occur any suspension of trading in securities generally on the
NYSE or the TSX (other than a suspension caused solely, without any external factors,
by a technical or computer malfunction at the NYSE or TSX, as applicable) or limitation
on prices (other than limitations on hours or numbers of days of trading) for
securities on either such exchange.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any such termination shall be effected by an Underwriter or the Underwriters giving written notice
to the Trust at any time prior to the Closing Time. In the event of a termination by any of the
Underwriters pursuant to this section 10.1, there shall be no further liability on the part of the
other Underwriters or of the Trust or the Corporation to such Underwriters except in respect of the
payment of such of the expenses referred to in Article&nbsp;13 hereof payable by the Trust as shall
previously have been incurred and any liability of the Trust and the Corporation to such
Underwriters which may have arisen or may thereafter arise under Article&nbsp;12 hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;11<BR>
Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.1 All terms and conditions of this Agreement shall be construed as conditions and any breach or
failure to comply in all material respects with any such terms or conditions which are for the
benefit of the Underwriters shall entitle the Underwriters to terminate their obligation to
purchase the Purchased Securities by notice in writing to that effect given to the Trust and the
Corporation at or prior to the Closing Time. The Underwriters may waive in whole or in part or
extend the time for compliance with any of such terms and conditions without prejudice to their
rights in respect of any other of such terms and conditions or any other or subsequent breach or
non-compliance, provided that to be binding on the Underwriters any such waiver or extension must
be in writing.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;12<BR>
Indemnification and Contribution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.1 Each of the Trust and the Corporation (collectively, the &#147;<B>Indemnitors</B>&#148;) shall jointly and
severally indemnify and hold harmless each of the Underwriters and their affiliates and their
respective directors, officers, shareholders, agents and employees and each person who controls any
Underwriter within the meaning of Section&nbsp;15 of the U.S. Securities Act or Section&nbsp;20 of the U.S.
Exchange Act (collectively, the &#147;<B>Indemnified Parties</B>&#148; and individually, an &#147;<B>Indemnified Party</B>&#148;)
from and against all liabilities, claims, demands, losses (other than loss of profit in connection
with the distribution of the Purchased Securities), costs, damages and expenses (including, without
limitation, any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such liability, claim, demand, or loss) in any way caused by or
arising directly or indirectly from or in consequence of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any information or statement (except any information and statements relating
solely to the Underwriters which has been provided in writing to the Trust by or on
behalf of any Underwriter through the Co-Lead Underwriters specifically for inclusion
therein) in the Canadian Prospectus or any Prospectus Amendment or in any other
document incorporated therein by reference being or being alleged to be a
misrepresentation or untrue, or any omission or alleged omission to state therein</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fact or information (except facts or information relating solely to the
Underwriters or any of them that has been provided in writing to the Trust by or on
behalf of any Underwriter through the Co-Lead Underwriters specifically for
inclusion therein) required to be stated therein or necessary to make any of the
statements therein not misleading in light of the circumstances in which they were
made;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any untrue statement or alleged untrue statement of a material fact in the
Registration Statement or any amendment thereto, or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any untrue statement or alleged untrue statement of a
material fact in the Disclosure Package, any U.S. Preliminary Prospectus any Issuer
Free Writing Prospectus, the U.S. Base Prospectus, the U.S. Final Prospectus or any
amendment or supplement thereto, or any omission or alleged omission of a material fact
(except facts or information relating solely to the Underwriters or any of them that
has been provided in writing to the Trust by or on behalf of any Underwriter through
the Co-Lead Underwriters specifically for inclusion therein) required to be stated
therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any order made or any inquiry, investigation or proceeding commenced or
threatened by any securities, regulatory or other competent authority based upon any
untrue statement, omission or misrepresentation or alleged untrue statement, omission
or misrepresentation (except a statement, omission or misrepresentation relating solely
to the Underwriters or any of them that has been provided in writing to the Trust by or
on behalf of any Underwriter through the Co-Lead Underwriters specifically for
inclusion therein) in the Public Record, preventing or restricting the trading in or
the distribution of the Purchased Securities or any of them in any of the Provinces or
in the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust not complying with any requirement of applicable Securities Laws or
U.S. securities laws in connection with the transactions contemplated herein; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach of, default under or non-compliance by the Trust or the Corporation
with any representation, warranty, term or condition of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.2 In order to provide for just and equitable contribution in circumstances in which the
indemnification provided for in section 12.1 hereof is unavailable, in whole or in part, for any
reason to an Indemnified Party in respect of any liabilities, claims, demands, losses, costs,
damages and expenses referred to therein, the Indemnitors shall jointly and severally contribute to
the amount paid or payable (or, if such indemnity is unavailable only in respect of a portion of
the amount so paid or payable, such portion of the amount so paid or payable) by such Indemnified
Party as a result of such liabilities, claims, demands, losses, costs, damages and expenses:
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in such proportion as is appropriate to reflect the relative benefits received
by the Trust on the one hand and the Underwriters on the other hand from the
distribution of the Purchased Securities; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the allocation provided by clause (a)&nbsp;above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (a)&nbsp;above but also the relative fault of the Trust or the
Corporation on the one hand and the Underwriters on the other hand in connection with
the matters or things referred to in section 12.1 hereof which resulted in such
liabilities, claims, demands, losses, costs, damages or expenses, as well as any other
relevant equitable considerations,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that the Underwriters shall not in any event be liable to contribute, in the aggregate,
any amount in excess of the Underwriting Fee or any portion thereof actually received. The
relative benefits received by the Trust on the one hand and the Underwriters on the other shall be
deemed to be in the same ratio as the total net proceeds from the distribution of the Purchased
Securities received by the Trust is to the Underwriting Fee received by the Underwriters. The
relative fault of the Trust or the Corporation on the one hand and of the Underwriters on the other
shall be determined by reference to, among other things, whether the matters or things referred to
in section 12.1 hereof which resulted in such liabilities, claims, demands, losses, costs, damages
and expenses relate to information supplied by or steps or actions taken or done or not taken or
done by or on behalf of the Trust or the Corporation (including indirectly as aforesaid) or to
information supplied by or steps or actions taken or done or not taken or done by or on behalf of
the Underwriters and the relative intent, knowledge, access to information and opportunity to
correct or prevent such statement, omission or misrepresentation, or other matter or thing referred
to in section 12.1 hereof. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this section 12.2 were determined by any method of allocation which does
not take into account the equitable considerations referred to above in this section 12.2.
Notwithstanding the provisions of this section&nbsp;12.2, (i)&nbsp;no person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the U.S. Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation,
and (ii)&nbsp;no person who has engaged in fraud, wilful misconduct or gross negligence shall be
entitled to contribution from any person who was not guilty of such fraud, wilful misconduct or
gross negligence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.3 If any matter or thing contemplated by this Article&nbsp;12 shall be asserted against any
Indemnified Party, the Indemnified Party concerned shall promptly notify the Trust and the
Underwriters of the nature of such claim (provided that any failure to so notify the Trust promptly
shall relieve the Trust and the Corporation of liability under this Article&nbsp;12 only to the extent
that such failure prejudices the Trust&#146;s or the Corporation&#146;s ability to defend such claim), and
the Trust shall, subject as hereinafter provided, be entitled (but not required) to assume the
defence of any suit or proceeding (including any governmental or regulatory investigation or
proceeding) brought to enforce such claim. Any such defence shall be through legal counsel
acceptable to the Indemnified Party (whose acceptance shall not be unreasonably withheld), and no
admission of liability or settlement shall be made by the Trust or the Corporation or any
Indemnified Party in respect of any Indemnified Party without, in each case, the prior written
consent of the Indemnified Party (and in the case of a settlement, such consent not to be
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">unreasonably withheld). An Indemnified Party shall have the right to employ separate counsel in any
such suit and participate in the defence thereof but the fees and expenses of such counsel shall be
at the expense of the Indemnified Party unless: (i)&nbsp;the Trust fails to assume the defence of such
suit on behalf of the Indemnified Party within a reasonable period of time; or (ii)&nbsp;the employment
of such counsel has been authorized in writing by the Trust; or (iii)&nbsp;the named parties to any such
suit or proceeding include the Indemnified Party as well as the Trust or the Corporation and the
Indemnified Party shall have received a written opinion from counsel that there may be one or more
legal defences available to the Indemnified Party which are different from or in addition to those
available to the Trust or the Corporation and representation of the Indemnified Party by the same
counsel would be inadvisable due to the actual or potential differing interests between them (in
which case, if such Indemnified Party notifies the Trust in writing that it elects to employ
separate counsel at the expense of the Trust, the Trust shall not have the right to assume the
defence of such suit or proceeding on behalf of the Indemnified Party and shall be liable to pay
the reasonable fees and expenses of counsel for the Indemnified Party), it being understood,
however, that the Trust and the Corporation shall not, in connection with any one such action or
separate but substantially similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances, be liable for the fees and expenses of more than one
separate law firm for all such Indemnified Parties (other than local counsel). It is the intention
of the Trust and the Corporation to constitute each of the Underwriters as trustees, for the
Underwriters&#146; directors, officers, shareholders, agents and employees, and each person who controls
any Underwriter of the covenants of the Trust and the Corporation under sections 12.1 and 12.2
hereof with respect to the Underwriters&#146; directors, officers, shareholders, agents and employees,
and each person who controls any Underwriter, and the Underwriters agree to accept such trust and
to hold and enforce such covenants on behalf of such persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.4 The Trust and the Corporation agree that in case any legal proceedings or investigation shall
be brought against or initiated against the Trust or the Corporation by any governmental
commission, regulatory authority, exchange, court or other authority and an Indemnified Person or
other representative of any of the Underwriters shall be required to testify or respond to
procedures designed to discover information regarding, in connection with or relating to the
performance of professional services rendered to the Trust by one or more of the Underwriters, the
Trust agrees to pay the Underwriter the reasonable costs (including an amount to reimburse the
Underwriter for the time spent by the personnel in connection therewith on a normal <I>per diem </I>basis
and out-of-pocket expenses) in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.5 The rights provided in this Article&nbsp;12 shall be in addition to and not in derogation of any
other right which the Underwriters may have by statute or otherwise at law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;13<BR>
Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.1 Whether or not the transactions herein contemplated are completed, all expenses of or
incidental to the issue and offering of the Purchased Securities shall be borne by the Trust,
including, without limitation, reasonable expenses payable in connection with the qualification of
the Purchased Securities for distribution in the Provinces and in the United States; the
preparation, printing, issuance and delivery of certificates for the Purchased Securities,
including
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any stamp or transfer taxes in connection with the original issuance and sale of the Purchased
Securities; if applicable, any registration or qualification of the Purchased Securities for offer
and sale under the securities or blue sky laws of the several states (including filing fees
relating to such registration and qualification); any filings required to be made with the
Financial Industry Regulatory Authority, Inc. (including filing fees and the reasonable fees and
expenses of counsel for the Underwriters relating to such filings); the travel, transportation and
other expenses in connection with presentations to prospective purchasers of the Purchased
Securities; all other costs and expenses of the Trust and the Corporation and their representatives
incident to the performance by the Trust and the Corporation of their obligations hereunder; the
fees and expenses of counsel and auditors for the Trust; listing fees; and all costs incurred in
connection with the preparation, translation, printing, filing and delivery of the Canadian
Prospectus, the Registration Statement, the U.S. Base Prospectus, the U.S. Final Prospectus, any
Issuer Free Writing Prospectus and any amendment or supplement to any of them, and the
Underwriters&#146; out-of-pocket expenses and the reasonable fees and expenses of counsel for the
Underwriters. All fees and expenses incurred by the Underwriters which are reimbursable hereunder
shall be payable by the Trust immediately upon receiving an invoice containing reasonable detail
therefor from the Underwriters.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;14<BR>
Several Obligations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.1 The Underwriters&#146; obligations to purchase the Purchased Securities at the Closing Time shall
be several and not joint and the Underwriters&#146; respective obligations in this respect shall be in
the following percentages of the aggregate principal amount of Purchased Securities to be purchased
at that time:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RBC Dominion Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deutsche Bank Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TD Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HSBC Securities (Canada) Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cormark Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FirstEnergy Capital Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tristone Capital Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to section 14.2, no Underwriter shall be obligated to take up and pay for any of the
Purchased Securities to be purchased by it unless the other Underwriters simultaneously take up and
pay for the percentage of Purchased Securities set out opposite their name above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.2 If one or more of the Underwriters fails to purchase its or their applicable percentage of the
Purchased Securities at the Closing Time, and if the aggregate number of Purchased Securities not
purchased is:
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>less than or equal to 10% of the aggregate number of Purchased Securities
agreed to be purchased by the Underwriters pursuant to this Agreement, then each of the
other Underwriters shall be obligated to purchase severally the Purchased Securities
not taken up, on a <I>pro rata </I>basis or as they may otherwise agree as between themselves;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>greater than 10% of the aggregate number of Purchased Securities agreed to be
purchased by the Underwriters pursuant to this Agreement, then the remaining
Underwriters shall not be obligated to purchase such Purchased Securities, however, the
remaining Underwriters shall have the right, exercisable at their option, to purchase
on a <I>pro rata </I>basis (or on such other basis as may be agreed to by the remaining
Underwriters) all, but not less than all, of the Purchased Securities which would
otherwise have been purchased by the defaulting Underwriter or Underwriters;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the remaining Underwriters shall also have the right, by notice in writing to the Trust, to
postpone the Closing Time for a period not exceeding two business days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.3 In the event that the right to purchase under section 14.2(b) above is not exercised, the
Underwriter or Underwriters which are able and willing to purchase shall be relieved of all
obligations to the Trust and the Corporation on submission to the Trust of reasonable evidence of
its or their ability and willingness to fulfil its or their obligations hereunder at the Closing
Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.4 Nothing in this Article&nbsp;14 shall obligate the Trust to sell to any or all of the Underwriters
less than all of the Purchased Securities or shall relieve any of the Underwriters in default
hereunder from liability to the Trust or the Corporation or to any non-defaulting Underwriter in
respect of its default hereunder. In the event of a termination by the Trust of its obligations
under this Agreement, there shall be no further liability on the part of the Trust to the
Underwriters except in respect of any liability which may have arisen or may thereafter arise under
Article&nbsp;12 or Article&nbsp;13 hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;15<BR>
Co-Lead Underwriters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.1 All steps that must or may be taken by the Underwriters in connection with this Agreement but
with the exception of the steps contemplated by Article&nbsp;10, Article&nbsp;12, and Article&nbsp;14 hereof may
be taken by the Co-Lead Underwriters on the Underwriters&#146; behalf, and this Agreement is the Trust&#146;s
and the Corporation&#146;s authority for dealing solely with, and accepting notification from, the
Co-Lead Underwriters with respect to any such steps on their behalf. Other than as set forth in
this section 15.1, no action by any Underwriter shall be binding on any other Underwriter.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;16<BR>
Notices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.1 Any notices or other communication to be given hereunder shall:
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of notice to the Trust or the Corporation, be addressed to the
attention of the Chief Financial Officer of the Corporation, with a copy to the
attention of the General Counsel of the Corporation, at the address on page 1 hereof
(facsimile: (403)&nbsp;716-4988); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of notice to the Underwriters, be addressed as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>RBC Dominion Securities Inc.<BR>
Bankers Hall West<BR>
888 &#151; 3rd Street S.W.<BR>
Suite&nbsp;1100<BR>
Calgary, Alberta<BR>
T2P 5C5</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jim McKee<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing Director<BR>
Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (403)&nbsp;299-6900</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deutsche Bank Securities Inc.<BR>
60 Wall Street, 4th Floor<BR>
New York, NY 10005</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECM Syndicate Desk<BR>
Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212)&nbsp;797-9344</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with a copy to the General Counsel<BR>
Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (212)&nbsp;797-4564</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any notice or other communication shall be in writing and, unless delivered personally to a
responsible officer of the addressee shall be given by facsimile, and shall be deemed to be given
at the time faxed or delivered, if faxed or delivered to the recipient on a business day (in the
city in which the addressee is located) and before 5:00 p.m. (local time in the city in which the
addressee is located) on such business day, and otherwise shall be deemed to be given at 9:00 a.m.
(local time in the city in which the addressee is located) on the next following business day (in
the city in which the addressee is located). Any party hereto may change its address for notice by
notice to the other parties hereto given in the manner herein provided.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">16.2 (a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By the execution and delivery of this Agreement, each of the Trust and the Corporation
(i)&nbsp;acknowledges that it has, by separate written instrument, irrevocably designated and
appointed Lobos (or any successor) (together with any successor, the &#147;<B>Agent for Service</B>&#148;), as
its authorized agent upon which process may be served in any suit or proceeding arising out of
or relating to this Agreement or the Purchased Securities, that may be instituted in any
federal or state court in the State of New York, or brought under U.S. securities laws, and
acknowledges that the Agent for Service has accepted such designation, and (ii)&nbsp;agrees that
service of process upon the Agent for Service (or any successor) and</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 43 -<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>written notice of said service to the Trust and the Corporation shall be deemed in
every respect effective service of process upon the Trust or the Corporation, as
applicable, in any such suit or proceeding. Each of the Trust and the Corporation
further agrees to take any and all action, including the execution and filing of any
and all such documents and instruments, as may be necessary to continue such
designation and appointment of the Agent for Service in full force and effect so
long as any of the Purchased Securities shall be outstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Trust and the Corporation irrevocably (i)&nbsp;agrees that any legal
suit, action or proceeding against the Trust or the Corporation brought by any
Underwriter or by any person who controls any Underwriter arising out of or based upon
this Agreement or the transactions contemplated thereby may be instituted in the
federal courts of the United States or the courts of the state of New York, in each
case located in the Borough of Manhattan in the City of New York, (ii)&nbsp;waives, to the
fullest extent it may effectively do so, any objection which it may now or hereafter
have to the laying of venue of any such proceeding and (iii)&nbsp;submits to the
non-exclusive jurisdiction of such courts in any such suit, action or proceeding. To
the extent that the Trust or the Corporation has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, it hereby irrevocably waives such
immunity in respect of its obligations under the above-referenced documents, to the
extent permitted by law. The provisions of this section 16.2 shall survive any
termination of this Agreement, in whole or in part.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Article&nbsp;17<BR>
Miscellaneous</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.1 Unless otherwise indicated all references herein to currency shall be to the lawful money of
Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.2 The representations, warranties and covenants contained in this Agreement shall survive the
purchase by the Underwriters of the Purchased Securities and shall continue in full force and
effect unaffected by any subsequent disposition by the Underwriters of the Purchased Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.3 Time shall be of the essence of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.4 This Agreement may be executed in several counterparts, each of which when so executed shall
be deemed to be an original but which together shall constitute one and the same agreement. A
signed counterpart of this Agreement provided by way of facsimile or other electronic transmission
shall be as binding upon the parties as an originally signed counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.5 If any provision of this Agreement is determined to be void or unenforceable in whole or in
part, it shall be deemed not to affect or impair the validity of any other provision of this
Agreement and such void or unenforceable provision shall be severable from this Agreement.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.6 Each of the Trust and the Corporation acknowledges and agrees that (i)&nbsp;the purchase and sale
of the Purchased Securities pursuant to this Agreement is an arm&#146;s-length commercial transaction
between the Trust and the Corporation, on the one hand, and the Underwriters, on the other, (ii)&nbsp;in
connection therewith and with the process leading to such transaction each Underwriter is acting
solely as a principal and not the agent or fiduciary of the Trust or the Corporation, (iii)&nbsp;no
Underwriter has assumed an advisory or fiduciary responsibility in favor of the Trust or the
Corporation with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether such Underwriter has advised or is currently advising the Trust or the
Corporation on other matters) or any other obligation to the Trust or the Corporation except the
obligations expressly set forth in this Agreement and (iv)&nbsp;the Trust and the Corporation have
consulted its own legal and financial advisors to the extent it deemed appropriate. Each of the
Trust and the Corporation agrees that it will not claim that any Underwriter has rendered advisory
services of any nature or respect, or owes a fiduciary or similar duty to the Trust or the
Corporation, in connection with such transaction or the process leading thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.7 This Agreement shall be governed by and interpreted in accordance with the laws of the
Province of Alberta and the federal laws of Canada applicable in the Province of Alberta. Each of
the parties hereto irrevocably attorns to the non-exclusive jurisdiction of the courts of the
Province of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.8 The terms and conditions of this Agreement supersede any previous verbal or written agreement
between the Underwriters (or any of them) and the Trust and the Corporation with respect to the
subject matter hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.9 The parties hereto acknowledge that the obligations of the Trust hereunder shall not be
personally binding upon the Corporation, in its capacity as administrator of the Trust, any of the
trustees of the Trust or any of the unitholders of the Trust or any annuitant under a plan of which
a unitholder of the Trust is a trustee or carrier and that any recourse against the Trust, the
Corporation (in its capacity as administrator of the Trust), any of the trustees of the Trust or
any of the unitholders of the Trust or annuitant in any manner in respect of any indebtedness,
obligation or liability of the Trust arising hereunder or arising in connection herewith or from
the matters to which this Agreement relates, if any, including, without limitation, claims based on
negligence or otherwise tortious behavior, shall be limited to, and satisfied only out of, the
&#147;Trust Assets&#148; as defined in the Trust&#146;s Declaration of Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.10 Each of the parties hereto shall promptly do, make, execute or deliver, or cause to be done,
made, executed or delivered, all such further acts, documents and things as the other party hereto
may reasonably require from time to time for the purposes of giving effect to this Agreement and
shall use reasonable commercial efforts and take all such steps as may be reasonably within its
power to implement to their full extent the provisions of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;intentionally left blank&#093;
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the foregoing is acceptable to you, please signify such acceptance by executing and returning
the enclosed copy of this letter to the Co-Lead Underwriters. Such acceptance will constitute an
agreement for the purchase by the Underwriters and issue and sale by the Trust of the Purchased
Securities on the terms set out herein. Delivery of a signed counterpart hereof by means of
facsimile or electronic mail shall be as effective as delivery of an originally signed counterpart.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>RBC DOMINION SECURITIES INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>DEUTSCHE BANK SECURITIES INC.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>James S. McKee</I>&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Brad Miller</I>&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Edward Bryant</I>&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>TD SECURITIES INC.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Scott Davis</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>HSBC SECURITIES (CANADA)&nbsp;INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Rod A. McIsaac</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>CORMARK SECURITIES
INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>FIRSTENERGY CAPITAL CORP.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TRISTONE CAPITAL INC.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Ryan A. Shay</I>&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Jamie N. Ha</I>&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Arun Chandrasekaran</I>&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to on February&nbsp;9, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>PRECISION DRILLING TRUST</B>, by its
administrator, <B>PRECISION DRILLING CORPORATION</B></TD>

</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Kevin A. Neveu</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Douglas J. Strong</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Kevin A. Neveu</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Douglas J. Strong</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX A</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Opinion of Mayer Brown LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;Each subsidiary listed on Schedule&nbsp;A hereto (individually a &#147;U.S. Subsidiary&#148; and collectively
the &#147;U.S. Subsidiaries&#148;) is a corporation duly incorporated, validly existing and in good standing
under the laws of the jurisdiction in which it is chartered or organized. The U.S. Subsidiaries
indicated on Schedule&nbsp;A hereto have all necessary corporate power and authority to own and hold
their respective properties and conduct their respective businesses as described in the U.S. Final
Prospectus and the Disclosure Package. The Corporation is the registered owner of 250,000 common
shares of Lobos common stock and the Trust is the registered owner of 1,000 common share of Lobos
common stock, which together represent all of the issued and outstanding common stock of Lobos and
all of which have been duly authorized and validly issued as fully paid and non-assessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;Assuming the compliance of the Canadian Prospectus, including the documents incorporated by
reference therein, with the requirements of the securities laws and regulations of the Province of
Alberta and other requirements of Canadian law, the Registration Statement and the U.S. Final
Prospectus (other than the financial statements, including schedules, and other financial and
statistical information contained therein or omitted therefrom, as to which we express no opinion)
appear on their face to be appropriately responsive as to form in all material respects to the
applicable requirements of the U.S. Securities Act and the rules and regulations of the SEC under
the U.S. Securities Act (the &#147;Rules and Regulations&#148;); the Form&nbsp;F-X, as of its date, appears on its
face to be appropriately responsive in all material respects to the requirements of the U.S.
Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;No consent, approval, authorization or order of, or filing, registration or qualification
with, any Governmental Authority, which has not been obtained, taken or made (other than as
required by any state securities laws, as to which such counsel expresses no opinion) is required
on the part of the Trust under any Applicable Law for the issuance or sale of the Purchased
Securities or the performance by the Trust of its obligations under the Underwriting Agreement.
For purposes of this opinion, the term &#147;Governmental Authority&#148; means any executive, legislative,
judicial, administrative or regulatory body of the State of New York or the United States of
America. For purposes of this opinion, the term &#147;Applicable Law&#148; means those laws, rules and
regulations of the United States of America and the State of New York, in each case which in our
experience are normally applicable to the transactions of the type contemplated by the Underwriting
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;The Trust is not and, after giving effect to the offering and the sale of the Purchased
Securities and the application of their proceeds as described in the Disclosure Package and the
U.S. Final Prospectus under the heading &#147;Use of Proceeds,&#148; will not be required to be registered as
an investment company under the Investment Company Act of 1940, as amended, and the rules and
regulations of the SEC promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(v)&nbsp;The statements in the Disclosure Package and the U.S. Final Prospectus under the caption
&#147;United States Federal Income Tax Considerations,&#148; to the extent that they constitute summaries
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-2 <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of United States federal statutes, rules and regulations, or portions thereof, are accurate in all
material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(vi)&nbsp;The issuance and sale of the Purchased Securities by the Trust, the compliance by the Trust
with all of the provisions of the Underwriting Agreement and the performance by the Trust of its
obligations thereunder will not (i)&nbsp;result in a violation of the charter or by-laws of the U.S.
Subsidiaries, (ii)&nbsp;breach or result in a default under any agreement, indenture or instrument
listed on Schedule&nbsp;B hereto, or (iii)&nbsp;violate any United States federal or New York State statute,
law, rule, or regulation known to us to be applicable to the offering of the Purchased Securities
or, to our knowledge, any judgment, order or decree of any United States federal or New York State
court or arbitrator , except where, in the case of (ii)&nbsp;and (iii)&nbsp;above, the breach would not have
a material adverse effect on the condition (financial or otherwise), earnings, business or
properties of the Trust and its subsidiaries, taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(vii)&nbsp;The Trust Units are listed and posted for trading on the NYSE and the NYSE has conditionally
approved the listing and posting for trading of the Purchased Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(viii)&nbsp;The form of the definitive certificate representing the Purchased Securities complies with
the rules of the NYSE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering such opinion, such counsel may state that insofar as the opinion set forth in
paragraph (ii)&nbsp;addresses the U.S. Final Prospectus and the documents incorporated by reference
therein, and insofar as such documents were prepared, entirely or in large part, in accordance with
the requirements of the securities laws, rules and regulations of the Province of Alberta as
interpreted and applied by the Securities Commissions and other requirements of Canadian law, such
counsel does not express any opinion with respect to the compliance of such documents with such
requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such counsel will state in a separate letter that they have participated in the preparation of the
Registration Statement, the Disclosure Package and the U.S. Final Prospectus and in conferences
with officers and other representatives of the Trust, representatives of the independent chartered
accountants for the Trust, the Underwriters and representatives of the Underwriters at which the
contents of the Registration Statement, the Disclosure Package and the U.S. Final Prospectus and
related matters were discussed. Given the limitations inherent in the independent verification of
factual matters and the character of determinations involved in the registration process, we have
not verified, and are not passing upon and do not assume responsibility for, the accuracy,
completeness or fairness of the statements contained in any of them, and have made no independent
check or verification thereof. Subject to the foregoing and in the course of such participation
(and relying as to factual matters to the extent such counsel deems reasonable on officers,
employees and other representatives of the Trust), no facts came to our attention that caused us to
believe that (a)&nbsp;the Registration Statement, at its effective date and on the date of the
Underwriting Agreement, contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading, (b)&nbsp;the U.S. Final Prospectus, as of the date the U.S. Final Prospectus was issued and
as of the Closing Date, included or includes an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, or (c)&nbsp;the Disclosure Package, as of
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-3 <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Initial Sale Time, contained an untrue statement of a material fact or omitted to state a
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. In each case, we do not express any belief as to (i)
financial statements, financial statement schedules and other financial and statistical information
or data included or incorporated by reference in or omitted from the Registration Statement, the
Disclosure Package and the U.S. Final Prospectus or (ii)&nbsp;discussions of the regulation of the
Trust&#146;s business under the federal and provincial laws of Canada in documents filed with the
Securities Commissions or filed with the SEC and incorporated by reference in the Registration
Statement, the Disclosure Package and the U.S. Final Prospectus.
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-4 <!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TO ANNEX A</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">U.S. SUBSIDIARIES DIRECTLY OR INDIRECTLY OWNED BY<BR>
PRECISION DRILLING TRUST

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Name</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Texas</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DI Energy, Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Di/Perfensa, Inc. 100%

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf Drilling Company LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf International, Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Oilfield Services Corporation

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Delaware</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kenting, Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Murco Drilling Corp.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling, Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Oilfield Services, Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Nevada</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf Holdings Company

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf Mexico Holdings LLC

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Louisiana</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf LLC

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>California</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Bolting, Inc.

</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-5 <!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE B<BR><BR style="font-size:6pt">
TO ANNEX A</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit agreement providing for the Secured Facility (as defined in the Base Prospectus);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit agreement providing for the Bridge Facility (as defined in the Base Prospectus);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture providing for the issuance of Grey Wolf&#146;s 3.75% Notes (as defined in the Base
Prospectus); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture providing for the issuance of Grey Wolf&#146;s Floating Rate Notes (as defined in the
Base Prospectus).</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX B<BR><BR style="font-size:6pt">
Opinion of Bennett Jones LLP</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trust exists under the laws of Alberta and the trustees of the Trust have
all requisite power and authority to perform the obligations and to own the assets of
the Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of 1194312 Alberta Ltd., PDLP and the Corporation (individually a
&#147;Canadian Subsidiary&#148; and collectively the &#147;Canadian Subsidiaries&#148;) is a corporation or
partnership, as applicable, duly incorporated or formed and is validly existing under
the laws of the jurisdiction of its incorporation or formation and has all corporate or
partnership power to conduct its business as described in the Prospectus and to own its
assets and is qualified to carry on business under the laws of the jurisdictions where
it carries on a material portion of its business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and the Corporation has the requisite power and authority to
enter into and deliver the Underwriting Agreement and to perform its obligations
thereunder and to carry out the transactions contemplated thereby and the Underwriting
Agreement has been duly authorized, executed and delivered by the Trust and the
Corporation, and such agreement is a legal, valid and binding agreement of the Trust
and the Corporation and is enforceable against the Trust and the Corporation in
accordance with its terms under the laws of the Province of Alberta or the federal laws
of Canada applicable therein (the &#147;<B>Applicable Law</B>&#148;) subject to the usual qualifications
on enforceability;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all necessary actions have been taken by the Trust to validly allot and issue
to the Underwriters the Purchased Securities and to grant the Over-Allotment Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust is the registered holder of all issued and outstanding securities of
PDLP, other than the PDLP Exchangeable Units, and all of the securities of 1194312
Alberta Ltd., and PDLP is the registered holder of all issued and outstanding
securities of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the attributes and characteristics of the Purchased Securities conform in all
material respects with the descriptions thereof in the Canadian Prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the authorized capital of the Trust consists of an unlimited number of Trust
Units and an unlimited number of Special Voting Units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the <B>&#149;</B>&nbsp;Trust Units delivered under the Underwriting Agreement have been
validly issued as fully paid and non-assessable trust units in the capital of the
Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the execution and delivery by each of the Trust and the Corporation of, and the
performance by each of the Trust and the Corporation of its obligations under the
Underwriting Agreement will not contravene any provisions of (i)&nbsp;the articles of
incorporation or by-laws of the Corporation, (ii)&nbsp;any provisions of the Precision
Declaration of Trust, (iii)&nbsp;any resolution of the trustees, directors (or any</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->B-2 <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>committee thereof), unitholders or shareholders of the Trust or the Corporation, as
applicable, (iv)&nbsp;Applicable Law applicable to the offering of the Purchased
Securities, (v)&nbsp;any indenture, mortgage, deed of trust, loan, credit agreement, note
or any other agreement to which the Trust, the Corporation or any other Canadian
Subsidiary is a party, or by which it is bound, of which such counsel is aware, or,
(vi)&nbsp;to the knowledge of such counsel, any judgment, order or decree of any
governmental body, agency or court in Canada having jurisdiction over the Trust, the
Corporation or the other Canadian Subsidiaries except in the case of (iv), (v)&nbsp;or
(vi), such contraventions conflicts, breaches, violations, liens, charges and
encumbrances that, individually, or in the aggregate, would not reasonably be
expected to have a material adverse effect on the condition (financial or
otherwise), earnings, business or properties of the Trust and its subsidiaries,
taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no consent, approval or authorization or order of or registration,
qualification, recording or filing with any governmental body or agency is required for
the execution, delivery and performance by the Trust and the Corporation of the
Underwriting Agreement or the consummation by the Trust and the Corporation of the
transactions contemplated therein, except such as may have been made or obtained;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and PDLP is a &#147;reporting issuer&#148;, or its equivalent, in each
of the Provinces and it is not listed as in default of any requirement of the
Securities Laws in any of the Provinces in those jurisdictions where such lists are
maintained;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Trust and the Corporation have the necessary power and authority to
execute and deliver each of the Base Prospectus, the Canadian Preliminary Prospectus
and the Prospectus Supplement and all necessary action has been taken by each of the
Trust and the Corporation to authorize the execution and delivery by it of each of the
Base Prospectus, the Canadian Preliminary Prospectus and the Prospectus Supplement and
the filing thereof, as the case may be, in each of the Provinces in accordance with
applicable Securities Laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust Units are listed and posted for trading on the TSX and the TSX has
conditionally approved the listing of the Purchased Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all laws of the Province of Qu&#233;bec relating to the use of the French language
in connection with the offering, issuance and sale of the Purchased Securities in such
province have been complied with;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all necessary documents have been filed, all necessary proceedings have been
taken and all legal requirements have been fulfilled as required under the Securities
Laws of each of the Provinces in order to qualify the Purchased Securities for
distribution and sale to the public in each of such Provinces by or through investment
dealers and brokers duly registered under the applicable laws</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->B-3 <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of such Provinces who have complied with the relevant provisions of such Securities
Laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computershare Trust Company of Canada has been duly appointed as the transfer
agent and registrar for the Trust Units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of the definitive certificate representing the Purchased Securities
complies with the provisions of the Precision Declaration of Trust, applicable law and
the rules of the NYSE and has been duly approved by the Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the submission by the Trust to the non-exclusive jurisdiction of the courts of
the State of New York or the courts of the United States of America sitting in The City
of New York, contained in the Underwriting Agreement, would be recognized and given
effect by the courts of the Province of Alberta as a valid submission to the
jurisdiction of such courts, provided that the applicable provisions, if any, of the
Underwriting Agreement, respecting service of process on the Trust are complied with;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the courts in the Province of Alberta would recognize the appointment by the
Trust and the Corporation of Lobos as its agent for service of process in the United
States of America under the Underwriting Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such counsel will state separately that such counsel has participated in the preparation of the
Registration Statement, the Base Prospectus, the Canadian Preliminary Prospectus, the Prospectus
Supplement and the U.S. Final Prospectus in connection with the offering of the Purchased
Securities and in conferences with officers and other representatives of the Trust, representatives
of the independent chartered accountants of the Trust and representatives of the Underwriters, at
which the contents of the Registration Statement, the Base Prospectus, the Canadian Preliminary
Prospectus, the Prospectus Supplement and the U.S. Final Prospectus and related matters were
discussed. Although such counsel need assume no responsibility for, nor make any special inquiry or
independent investigation in respect of, the accuracy, completeness or fairness of statements of
fact contained in the Base Prospectus, the Canadian Preliminary Prospectus, the Prospectus
Supplement and the U.S. Final Prospectus (including the documents incorporated by reference
therein), except as expressly stated herein, on the basis of and relying upon the foregoing, such
counsel confirms that no facts have come to their attention that have caused them to believe that
(a)&nbsp;the Canadian Prospectus (other than the financial statements and related reports thereon or
schedules and other financial or accounting data, as to which such counsel need express no
opinion), as of the date of the Prospectus Supplement and at the Closing Date, contained or contain
an untrue statement of a material fact or omitted or omits to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; (b)&nbsp;as of the Initial Sale Time, the Canadian Preliminary
Prospectus (other than the financial statements and related reports thereon or schedules and other
financial or accounting data, as to which such counsel need express no opinion) contained an untrue
statement of a material fact or omitted or omits to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; and (c)&nbsp;they do not know, without any special inquiry or independent
investigation, of any documents of a character
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required to be incorporated by reference into the Canadian Prospectus and the U.S. Final Prospectus
or required to be described in the Canadian Prospectus and the U.S. Final Prospectus which are not
incorporated by reference or described therein as required. For the purpose of this opinion
&#147;material fact&#148; means when used in relation to securities issued or proposed to be issued means a
fact that significantly affects or would reasonably be expected to have a significant effect on the
market price or value of the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In giving the opinions described above, such counsel may (A)&nbsp;state that the opinions above are
limited to the laws of the Province of Alberta and the federal laws of Canada therein, except to
the extent such opinions are made in reliance on the opinion of local counsel in other
jurisdictions, and (B)&nbsp;as to matters of fact, to the extent they deem proper, on certificates of
responsible officers of the Trust and public officials. In addition, in connection with the belief
expressed above, such counsel may assume that the term &#147;material fact&#148; has the same interpretation
under United States law as the same has under the securities laws of the Provinces.
</DIV>

</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX C<BR><BR style="font-size:6pt">

Opinion of Felesky Flynn LLP</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>based on reliance on a certificate of the Chief Financial Officer of Precision
Drilling Corporation, a copy of which certificate has been delivered to Felesky Flynn
LLP and Blake, Cassels &#038; Graydon LLP today, and subject to the comments and assumptions
contained under the headings &#147;Canadian Federal Income Tax Considerations&#148; and
&#147;Eligibility for Investment&#148; in the Prospectus Supplement being correct on the Closing
Date, the Purchased Securities will, on the Closing Date, be qualified investments
under the <I>Income Tax Act </I>(Canada) and the regulations thereunder for trusts governed by
&#147;registered retirement savings plans&#148;, &#147;registered retirement income funds&#148;,
&#147;registered disability savings plans&#148;, &#147;deferred profit sharing plans&#148;, &#147;registered
education savings plans&#148; and &#147;tax-free savings accounts&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the statements in the Prospectus Supplement under the caption &#147;Canadian Federal
Income Tax Considerations&#148;, with respect to Canadian federal income tax fairly
summarize the matters referred to therein, subject to specific limitations and
qualifications stated or referred to therein and applicable thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>based on reliance on a certificate of the Chief Financial Officer of Precision
Drilling Corporation, a copy of which certificate has been delivered to Felesky Flynn
LLP and Blake, Cassels &#038; Graydon LLP today, and subject to the comments and assumptions
contained under the headings &#147;Canadian Federal Income Tax Considerations&#148; and
&#147;Eligibility for Investment&#148; in the Prospectus Supplement being correct on the Closing
Date, the Purchased Securities are eligible for investment as set forth under the
caption &#147;Eligibility for Investment&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no withholding tax imposed under the federal laws of Canada or the laws of the
Province of Alberta will be payable in respect of any commission or fee to be paid by
the Trust pursuant to this Agreement to an Underwriter that is not resident in Canada
for purposes of the <I>Income Tax Act </I>(Canada), provided that such Underwriter deals at
arm&#146;s length with the Trust (as such term is understood for purposes of the <I>Income Tax
Act </I>(Canada)), any such commission or fee is payable in respect of services rendered by
such Underwriter wholly outside of Canada that are performed in the ordinary course of
business carried on by the Underwriter that includes the performance of such services
for a fee and any such amount is reasonable in the circumstances.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX D</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">None

</DIV>
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX E</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left">Pricing Terms included in Disclosure Package:</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Firm Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Option Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,900,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Price per Share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">3.75</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



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